Federal Reserve Operations - Demand for the Federal Reserve's overnight reverse repurchase agreement (RRP) operation decreased, with 8 counterparties taking $4.005 billion, down from $4.699 billion and 10 bids previously, indicating less excess liquidity in the financial system [2][7]. Michelin - Michelin's CEO, Florent Menegaux, confirmed that there is "no reason to change dividend policy," with a €1.38 dividend per share for the 2024 fiscal year approved, reflecting a 2.2% increase from the previous year and a payout ratio of 52% of net income, showcasing the company's confidence in its strategic execution [3][7]. Automotive Industry - Former President Trump announced that General Motors (GM) CEO Mary Barra and Ford Motor Company (F) Executive Chairman Bill Ford thanked him for implementing 25% tariffs on imported medium- and heavy-duty trucks, set to take effect on November 1, 2025, aimed at boosting domestic manufacturing [4][7]. Job Market - Initial jobless claims filed by federal workers surged by 121% week-over-week to 7,244 for the week ending October 11, 2025, the highest level since the 2019 government shutdown, attributed to the ongoing federal government shutdown [8][9]. Cattle Industry - President Trump called for cattle ranchers to lower prices amidst record-high beef prices, suggesting importing beef from Argentina to increase supply and lower consumer costs, a proposal that faced strong opposition from U.S. cattle producers [9].

Market Overview - Pre-market futures are showing a downward bias, with the Dow down -9 points, S&P 500 up +3, Nasdaq down -38, and Russell 2000 down -9 points [1] - The Dow recently reached a record closing high, but Q3 earnings reports have not been as positive as expected [1] Federal Reserve Insights - Fed Governor Michael Barr is scheduled to make appearances ahead of the upcoming monetary policy decision, with nearly 100% of analysts anticipating a 25 basis-point rate cut [2] Q3 Earnings Reports - **AT&T (T)**: Reported Q3 earnings of 54 cents per share, missing estimates by a penny, with revenues of $30.71 billion, down -0.81% from estimates; shares down -1.6% [3] - **Thermo Fisher (TMO)**: Reported earnings of $5.79 per share, beating estimates of $5.50, with revenues of $11.12 billion, exceeding expectations by +2%; shares up +2% [4] - **GE Vernova (GEV)**: Reported earnings of $1.64 per share, missing estimates of $1.78 by -7.87%, but revenues of $9.97 billion were +8.62% higher than anticipated; shares up +3.8% [5] - **Teck Resources (TECK)**: Reported earnings of 55 cents per share, surpassing estimates of 39 cents by +41%, with revenues of $2.46 billion, exceeding consensus by +14.3% [6] Upcoming Earnings Expectations - **Tesla (TSLA)**: Expected to report negative earnings per share down -26.4% year over year, but +5% on revenues; shares are flat ahead of the report [7] - **IBM (IBM)**: Anticipated to report earnings +6% higher and revenues +7.57% higher, with shares up +28% year to date [8] - **Southwest Airlines (LUV)**: Facing a tough year-over-year comparison with expected earnings growth down -93% and revenues up +1.44% [8]

Market Overview - Pre-market futures are showing a flat trend with a slight downward bias following a record closing high for the Dow on Tuesday [1] - The Dow is down 9 points, S&P 500 is up 3 points, Nasdaq is down 38 points, and Russell 2000 is down 9 points at this hour [1] Federal Reserve Insights - Fed Governor Michael Barr is scheduled to make appearances ahead of the upcoming monetary policy decision from the FOMC [2] - Analysts are nearly unanimous in expecting a 25 basis-point rate cut next Wednesday, which would lower the Fed funds rate to a range of 3.75-4.00% [2] Q3 Earnings Reports - **AT&T (T)**: Reported Q3 earnings of 54 cents per share, missing estimates by 1 cent, with revenues of $30.71 billion, down 0.81% from estimates. Shares are down 1.6% [3] - **Thermo Fisher (TMO)**: Reported earnings of $5.79 per share, beating estimates of $5.50, with revenues of $11.12 billion, exceeding expectations by 2%. Shares are up 2% [4] - **GE Vernova (GEV)**: Reported earnings of $1.64 per share, missing the consensus of $1.78 by 7.87%, but revenues of $9.97 billion were 8.62% higher than anticipated. Shares are up 3.8% [5] - **Teck Resources (TECK)**: Reported earnings of 55 cents per share, surpassing projections by 41%, with revenues of $2.46 billion, exceeding consensus by 14.3%. This company may gain relevance due to rare earth negotiations with China [6] Upcoming Earnings Expectations - **Tesla (TSLA)**: Expected to report negative earnings per share, down 26.4% year over year, but with a 5% increase in revenues. Shares are up 9.6% year to date [7] - **IBM**: Anticipated to report earnings 6% higher and revenues up 7.57% for the quarter, with shares having gained 28% since the start of the year [9] - **Southwest Airlines (LUV)**: Facing a tough year-over-year comparison with expected earnings growth down 93% but a slight revenue increase of 1.44% [9]

Let's stick with earning shares of. It's now taking a hit as retailers delay orders over tariff uncertainty impacts and the current. Joins us now for more.And there we're starting to see it might not be a big stock market issue but a company turning around is saying some retailers are holding back, waiting for clarity. How much of an economic issue might that be. Well, it's a big question, a big missing piece of the jigsaw.When will these tariffs start to flow through to more broadly goods on the shelf. Jon ...

Group 1 - US stock futures showed mixed performance after a record-setting session for the Dow, with the Dow Jones Industrial Average and S&P 500 remaining little changed, while the Nasdaq Composite declined by approximately 0.2% [1] - Wall Street is optimistic about earnings reports, particularly from Tesla, which is expected to release its quarterly report, marking the beginning of updates from the "Magnificent Seven" companies [2] - Netflix's stock fell over 8% due to earnings that missed expectations, influenced by a tax dispute in Brazil, while Mattel's shares also declined as North American sales did not meet forecasts [3] Group 2 - Gold prices continued to decline after experiencing the largest one-day drop in over a decade, as market concerns over trade tensions appear to be temporarily set aside [4] - The US federal shutdown has delayed official economic releases, with the upcoming Consumer Price Index report expected to influence market expectations ahead of the Federal Reserve's meeting, where a 25-basis-point interest-rate cut is widely anticipated [5]

Earnings Overview - Earnings season is gaining momentum with major companies like Tesla, Netflix, General Motors, and Ford reporting results this week [1][3] - As of October 17, 12% of S&P 500 companies have reported results, with analysts expecting an 8.5% increase in earnings per share for Q3, marking the ninth consecutive quarter of positive earnings growth but a slowdown from the 12% growth in Q2 [1][2] Sector Performance - A diverse range of sectors is represented in the earnings reports, including airlines, toy manufacturers, and telecom providers, with consumer spending updates expected from companies like Procter & Gamble and Deckers Outdoors [4] - Companies such as GE Vernova reported a 55% increase in orders to $14.6 billion, driven by its power and electrification equipment division, despite profits being below expectations [8][9] Company-Specific Highlights - Hilton reported adjusted earnings of $2.11 per share, exceeding expectations, while revenue per available room (RevPAR) declined 1.1% year-over-year [11][12] - AT&T surpassed subscriber estimates due to strong demand for bundled services and iPhone promotions, leading to a nearly 2% rise in stock [13][14] - Intuitive Surgical's stock surged 15% after beating earnings estimates, driven by strong demand for surgical robots [15] - Texas Instruments' stock fell 7% following a weaker-than-expected Q4 outlook, with projected sales of $4.22 billion to $4.58 billion [16][17] - Capital One reported a 23% increase in total net revenue to $15.4 billion, with earnings per share of $4.83, surpassing expectations [19][20] - Philip Morris experienced an 8% drop in stock after reporting a 3.2% decline in cigarette shipments, although smokeless product shipments increased by 16.6% [21][22][23] - 3M raised its annual earnings outlook after reporting sales of $6.3 billion, slightly above estimates, with adjusted earnings per share of $2.19 [24][25] - Halliburton's stock rose over 5% after reporting adjusted earnings of $0.58 per share, exceeding estimates despite a revenue decline to $5.6 billion [26][27] - GE Aerospace's stock increased over 2.5% after reporting a 26% revenue growth to $11.3 billion and raising its full-year EPS forecast [30][31] Market Sentiment - Bank of America noted that 76% of S&P 500 companies reporting so far have exceeded earnings expectations, indicating a stronger-than-usual earnings season [42][43] - Ally Financial reported better-than-expected consumer health, with earnings per share of $1.18, surpassing estimates [45][46]

Corporate Earnings - Tesla (TSLA) is the first of the Magnificent Seven companies to report earnings, with significant attention from investors [1][4] - S&P 500 companies are expected to see an average quarterly earnings increase of +7.2% for Q3 compared to the previous year, marking the smallest rise in two years [1] Market Performance - Wall Street's major indexes ended mixed, with General Motors (GM) gaining over +14% after better-than-expected Q3 results and raised full-year adjusted EPS guidance [3] - Warner Bros. Discovery (WBD) climbed more than +10% after announcing a review of strategic alternatives [3] - Halliburton (HAL) surged over +11% following stronger-than-expected Q3 results [3] - Netflix (NFLX) slumped over -6% in pre-market trading due to weaker-than-expected Q3 EPS [5][15] - Texas Instruments (TXN) plunged more than -8% in pre-market trading after posting weaker-than-expected Q3 EPS and underwhelming Q4 guidance [5][15] Economic Indicators - Investors are awaiting the EIA's weekly crude oil inventories report, with expectations of 2.2 million barrels compared to last week's 3.5 million barrels [6] - U.S. rate futures indicate a 96.7% chance of a 25 basis point rate cut at the next FOMC meeting [7] International Market Trends - The Euro Stoxx 50 Index is down -0.44% as investors react to mixed corporate earnings reports and uncertainty in U.S. negotiations with other nations [10] - Japan's Nikkei 225 Stock Index closed just below the flatline, with automobile stocks outperforming due to a weaker yen and hopes for lower gasoline taxes [13] - Japan's September exports rose +4.2% year-on-year, although this was weaker than expectations [14]

Core Viewpoint - Guangdong Province has introduced the "Action Plan for High-Quality Development of Manufacturing Empowered by Artificial Intelligence (2025-2027)" to accelerate the integration of AI and manufacturing, aiming to create a globally influential demonstration zone for this integration [1][2]. Group 1: Policy Measures - The Action Plan outlines 16 policy measures across four main areas: strengthening key supply, promoting application, building support systems, and optimizing element guarantees [2][3]. - The first five measures focus on enhancing the supply of industrial AI, targeting key industries such as electronics, smart home appliances, automotive, and robotics, and promoting the development of vertical large models and specialized small models [2][3]. - Measures six to ten emphasize the large-scale application of industrial AI, establishing a "diagnosis-transformation-promotion" system for manufacturing enterprises to facilitate AI adoption [3]. - Measures eleven to thirteen aim to build a supporting system for industrial AI, including the establishment of AI application pilot bases and digital transformation promotion centers [3][4]. - The final three measures focus on optimizing the guarantees for industrial AI, including financial support through provincial and municipal funds and encouraging financial institutions to offer financing services for AI product development [3][4]. Group 2: Industry Focus - The Action Plan identifies specific industries for AI integration, including consumer electronics, high-end equipment, automotive, petrochemicals, metal manufacturing, advanced materials, and more [4][5]. - The plan aims to enhance the entire manufacturing process, from R&D and production to sales and management, by leveraging AI technologies [4][5]. Group 3: Financial Support and Investment - Guangdong Province plans to allocate 132 million yuan in its 2025 budget to support cutting-edge AI technology projects, with a total of 2.196 billion yuan designated for AI research and platform construction [7]. - The province aims to increase AI-related investments to over 20 billion yuan by 2027, driving the scale of related industries to exceed 100 billion yuan [7][8]. - Various funds, including the Advanced Manufacturing Industry Investment Fund, have been established, with a cumulative subscribed scale of approximately 70 billion yuan [7][8].

Group 1: Teck Resources Performance - Teck Resources reported a strong Q3 2025, with adjusted earnings per share of C$0.76, exceeding the analyst estimate of C$0.53 [2] - Revenue for the quarter reached C$3.38 billion, an 18.2% year-over-year increase, surpassing the forecast of C$2.92 billion [2][3] - The performance was driven by higher base-metal prices, particularly copper and zinc, and lower copper smelting charges [3] Group 2: Ford Motor Company Recall - Ford is recalling over 1.4 million vehicles in the U.S. due to a rearview camera issue that can distort or blank the image when in reverse [4][5] - The recall affects various models from 2015-2019, with 18 accidents reported but no injuries [5] Group 3: Woodside Energy Update - Woodside Energy reported a 9% year-on-year decline in Q3 revenue to $3.36 billion, attributed to an 8% decrease in average realized oil prices [6][7] - Despite the revenue dip, Woodside raised its full-year 2025 production guidance to between 192 and 197 million barrels of oil equivalent [7] Group 4: European Space Sector Consolidation - Major European aerospace companies, including Airbus, Thales, and Leonardo, are nearing a $11.6 billion merger of satellite operations, known as Project Bromo [8][10] - This merger aims to create a regional champion to compete against global players like SpaceX, consolidating Europe's fragmented satellite industry [11] Group 5: M&A Activity in Financial Services - PAI Partners is in exclusive negotiations to acquire a majority stake in French wealth manager Cyrus, which manages over €20 billion in assets [12] - Oaktree Capital Management is using private credit to finance its proposed acquisition of Perpetual's wealth management unit, with the sale expected to fetch between $500 million and $1 billion [13]

Market Overview - US stock futures remained flat after a record-setting session for the Dow, with investors anticipating upcoming earnings reports, particularly from Tesla [1] - The Dow Jones Industrial Average reached an intraday record above 47,000, closing at an all-time high, driven by strong quarterly results from General Motors and Coca-Cola [3] Company Earnings - Netflix's stock dropped over 6% in premarket trading after missing profit and revenue expectations, despite raising guidance for the current quarter [2][12] - Texas Instruments' stock fell 8% in premarket trading due to a downbeat forecast for fourth-quarter profit and revenue, indicating concerns over the semiconductor industry's recovery [10] - Intuitive Surgical's stock surged 15% after exceeding Wall Street earnings expectations for the third quarter [11] Economic Indicators - Investors are awaiting the September Consumer Price Index report, which will influence expectations for the Federal Reserve's upcoming meeting, where a 25-basis-point rate cut is widely anticipated [5] Industry Developments - Google is reportedly in talks with Anthropic for a cloud deal potentially worth "tens of billions," indicating strong demand for AI and suggesting Google Cloud is gaining market share [7] - The semiconductor market is recovering, albeit at a slower pace than previous upturns, as noted by Texas Instruments' CEO, highlighting broader macroeconomic uncertainties [9]