We're joined by Mike Wilson, chief U.S. equity strategist at Morgan Stanley. Really great to have you with us on this first day after the government shut down. Mike, now that it's over, now what.Good morning. Good morning, Nathan. Yeah.Well, I think most people probably won't feel the effects. I'm sure the government employees are happy to get back to work. And look, I think from our standpoint, from a market standpoint, I mean, this is the longer that this kind of, you know, lagged into the holidays, it de ...

Goldman and UnitedHealth help push the Dow industrials to a record. ...

B. Riley Financial's ( RILY ) thesis is basically based on solvency/reliability/leverage. This is because the company has a very hybrid business model based on being a broker-dealer and investment bank, as well as being activeEquity Research Analyst at DM Martins Research.The best opportunities often don’t scream for attention. I cover stocks that are often undercovered, focusing primarily on Brazil and Latin America — but I also occasionally write about global large caps. My work can also be found on TipRa ...

Accessibility StatementSkip Navigation NEW YORK, Oct. 31, 2025 /PRNewswire/ - Oppenheimer Holdings Inc. (NYSE: OPY) (the "Company" or "Firm") today reported net income of $21.7 million or $2.06 basic earnings per share for the third quarter of 2025, compared with net income of $24.5 million or $2.38 basic earnings per share for the third quarter of 2024. Third quarter 2025 results were significantly impacted by higher pre-tax compensation expenses for liability-based awards totaling $13.5 million or $0.95 b ...

Group 1 - Tesla's Q3 earnings report indicated a strong focus on artificial intelligence and fully autonomous driving, with Morgan Stanley claiming that Tesla has "solved" autonomy [1] - The stock market reacted positively to trade deal optimism between the U.S. and China, with the Dow Jones index rising by 200 points [2] - Tesla's stock, along with Nvidia, experienced a rally amid the overall market's positive sentiment [1][2] Group 2 - Despite Tesla's advancements, the earnings call did not mention certain risks associated with the company's operations, indicating a strategic focus on growth [4] - The market is showing resilience, with the Dow Jones hitting new highs and shrugging off concerns related to gold and AI [4] - Ford's stock is rising despite its EV division reporting a loss of $1.4 billion, highlighting the competitive landscape in the EV market [4]

Financial Performance - Nomura Holdings, Inc. reported a 6-month net income attributable to shareholders of 196.6 billion yen, representing a 17.5% increase from the previous year [1] - Net income per share increased to 64.53 yen, compared to 54.58 yen in the prior year [1] - Income before income taxes for the six months ended September 30, 2025, was 296.9 billion yen [1] Revenue and Expenses - The company's net revenue reached 1.04 trillion yen, marking a 10.8% increase from the prior year [1] - Non-interest expenses rose by 5.7% year-over-year to 741.9 billion yen [1]

Market Overview - The Dow Jones Industrial Average increased by 472.52 points (1.0111%), reaching 47207.12, driven by positive market narratives including optimism around a potential US-China trade deal and expectations of a Federal Reserve interest rate cut [1] - Cooler-than-expected inflation data released on Friday reinforced expectations for a 25 basis point rate reduction by the Fed [1] Earnings Expectations - Anticipation of strong third-quarter earnings from major technology companies, known as the "Magnificent Seven," is contributing to a bullish market outlook [2] - Dow Futures also reflected positive sentiment, rising by 238.00 points (0.5022%) to 47634.00 [2] Company Performance - Among Dow components, IBM saw a significant gain of 7.89%, while Goldman Sachs rose by 4.41% and Nvidia increased by 2.36% [3] - Conversely, Honeywell experienced the largest decline at -2.12%, followed by 3M Company at -1.81%, and Walt Disney at -1.17% [3]

Group 1 - The appetite for equities among large investors is decreasing due to concerns that the current rally may be unsustainable, which could be beneficial for the bull market [1][2] - Professional allocators are showing skepticism, while retail investors are experiencing euphoria as the S&P 500 approaches its sixth consecutive monthly gain, suggesting that the cash held by professionals could fuel further stock rallies [2][3] - Factors contributing to the skepticism include the ongoing US government shutdown, persistent trade tensions with China, and caution surrounding the artificial intelligence sector [3][4] Group 2 - At Deutsche Bank AG, a measure of aggregate equity positioning has shifted from moderately overweight to neutral, indicating a significant reduction in stock exposure among discretionary investors [4] - "Fast money" investors have exhibited a pronounced risk-off sentiment, with long-short hedge funds reducing net leverage to 50.7%, the lowest level in three years, while offloading stocks at a rapid pace [5]

Core Viewpoint - Piper Sandler Companies will announce its financial results for the third quarter of 2025 and will host a conference call on October 31, 2025 [1] Group 1 - The announcement pertains to the financial results for the third quarter of 2025 [1] - A conference call is scheduled to discuss these results [1]

Earnings Reports - Microsoft Corporation is set to release its first-quarter earnings on October 29, with analysts expecting earnings of $3.66 per share and revenue of $75.36 billion [1] - Goldman Sachs reported third-quarter net revenue of $15.18 billion, a 20% year-over-year increase, surpassing the consensus estimate of $14.10 billion. GAAP earnings were $12.25 per share, up from $8.40 a year ago and above the consensus of $10.86 [3] - Charles Schwab reported adjusted earnings per share of $1.31 for the third quarter, a 70% year-over-year increase, exceeding the analyst consensus estimate of $1.25. Quarterly sales reached $6.135 billion, a 27% year-over-year increase, surpassing the expected $6.009 billion [4] Stock Performance - Goldman Sachs shares fell 1.3% to close at $758.09 [7] - Microsoft shares declined 0.4% to close at $511.61 [7] - Charles Schwab shares decreased by 1% to close at $93.41 [7] - Toast, Inc. shares increased by 0.5% to settle at $37.40 [7]