Market Overview - U.S. equity markets experienced a slight pullback on October 9, 2025, as investors reassessed record-breaking gains amid a government shutdown and the onset of the third-quarter earnings season [1][2] - Major indexes retreated from recent all-time highs, with the S&P 500 and Nasdaq Composite both falling approximately 0.3%, while the Dow Jones Industrial Average declined 0.4% to 46,473.14 [2] Economic Context - The ongoing government shutdown has delayed key economic data releases, increasing uncertainty around monetary policy and creating regulatory bottlenecks [3] - Federal Reserve Chair Jerome Powell's remarks at a Community Bank Conference did not provide clarity on the economic outlook, leaving traders to interpret recent FOMC minutes indicating a "cutting mood" despite inflation concerns [3] Earnings Season - The third-quarter earnings season has begun, with early reports crucial for validating AI-driven optimism that has fueled market rallies [4] - Major banks like Goldman Sachs and Citigroup are expected to report in the coming weeks, but heavyweight tech companies' performance later in the month will significantly influence the broader market [4] Company Highlights - PepsiCo reported better-than-expected third-quarter results, with sales rising 2.6% and adjusted earnings per share of $2.29 against an expected $2.26, with revenue surpassing estimates at $23.94 billion [8] - Delta Air Lines shares surged over 6% after reporting quarterly revenue of $16.7 billion, exceeding analyst estimates, and provided optimistic forecasts for the end of 2025 [8] - Nvidia reached a new all-time intraday high of $195.30, up nearly 3%, following a price target increase to $300 by Cantor Fitzgerald analyst C.J. Muse, highlighting its role in the ongoing AI boom [8] - UiPath saw a significant jump of 14.6% after announcing a partnership with OpenAI for "enterprise agentic automation" [13] - Akero Therapeutics surged 16.5% on news of its acquisition by Novo Nordisk in a $5.2 billion deal [13] Upcoming Earnings - Investors are anticipating several earnings reports after the market close, which could influence trading in the coming session [9] - Applied Digital Corporation is expected to report first-quarter earnings with a consensus earnings per share of $-0.11 on revenue of $44.47 million [13] - Levi Strauss & Co. is scheduled to release third-quarter earnings with a consensus forecast of $0.31 earnings per share on revenue of $1.50 billion [13]