Market Snapshot
| Dow | 46067.37 | +587.98 | (1.29%) | | Nasdaq | 22694.63 | +490.18 | (2.21%) | | SP 500 | 6654.71 | +102.21 | (1.56%) | | 10-yr Note |
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| | NYSE | Adv 2198 | Dec 578 | Vol 1.06 bln | | Nasdaq | Adv 3430 | Dec 1247 | Vol 9.06 bln |
Industry Watch
| Strong: Information Technology, Communication Services, Consumer Discretionary, Materials |
| | Weak: Consumer Staples, Health Care |
Moving the Market
President Trump eases tensions around China trade concerns, stating, "all will be fine"
Strength in mega-cap and semiconductor names, Broadcom (AVGO) sharply higher on news of an OpenAI partnership
Treasury market closed for Columbus Day
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Major averages recoup half of Friday's losses as Trump eases China concerns
13-Oct-25 16:30 ET
Dow +587.98 at 46067.37, Nasdaq +490.18 at 22694.63, S&P +102.21 at 6654.71
[BRIEFING.COM] The S&P 500 (+1.6%), Nasdaq Composite (+2.2%), and DJIA (+1.3%) recovered roughly half of Friday's losses as the market staged a broad-based advance amid easing trade tensions between the U.S. and China.
The rebound was fueled by remarks from President Trump, who sought to calm concerns after previously threatening a 100% tariff rate on Chinese imports in response to tightened rare earth export controls, saying on Truth Social, "Don't worry about China, it will all be fine!" Treasury Secretary Scott Bessent added to the optimism, telling Fox Business that the U.S. and China were in contact over the weekend and that he still expects President Trump to meet with Chinese President Xi in the near future.
The improvement in sentiment lifted smaller-cap indices as well, with the Russell 2000 (+2.8%) and S&P Mid Cap 400 (+2.0%) outperforming as the market released its defensive posture from Friday.
Nine S&P 500 sectors finished in positive territory, with some of Friday's laggards driving the index-level advance today.
The information technology sector (+2.5%) led the way, supported by strength in its chipmaker names that pushed the PHLX Semiconductor Index to a 4.9% gain.
Broadcom (AVGO 356.70, +32.07, +9.88%) benefitted from what was arguably the most notable stock-specific headline today, trading sharply higher after announcing the company will collaborate with OpenAI on 10 gigawatts of custom AI accelerators.
NVIDIA (NVDA 188.31, +5.15, +2.81%) also captured a solid gain after announcing that Meta Platforms (META 715.70, +10.40, +1.47%) and Oracle (ORCL 308.01, +15.05, +5.14%) will use NVIDIA Spectrum-X Ethernet networking switches to boost their AI data center networks, though the announcement weighed on Arista Networks (ANET 147.45, -6.65, -4.32%).
Strength across mega-cap names also pushed the consumer discretionary (+2.3%) and communication services (+1.8%) sectors higher, with Tesla (TSLA 435.90, +22.41, +5.42%) leading the "magnificent seven" group. The Vanguard Mega Cap Growth ETF gained 1.9% today, helping the market-weighted S&P 500 (+1.6%) outperform the S&P 500 Equal Weighted Index (+1.0%).
While the financials sector (+0.9%) finished in the middle of the pack today, several major banking names, such as Goldman Sachs (GS 786.78, +22.42, +2.93%), JPMorgan Chase (JPM 307.97, +7.08, +2.35%), and Citigroup (C 96.10, +2.17, +2.31%), traded higher ahead of their earnings reports tomorrow morning, which will serve as an early barometer of Q3 earnings strength.
Other strong performances today came from retail names that rely on Chinese imports, such as Best Buy (BBY 77.46, +7.02, +9.97%), Burlington Stores (BURL 276.23, +21.71, +8.53%), and Ross Stores (ROST 154.77, +7.06, +4.78%).
Quantum computing names surged today after IonQ (IONQ 82.11, +11.46, +16.22%) soared to new record highs after announcing a significant advancement in quantum chemistry simulations this morning. The industry also benefitted from JPMorgan Chase's announcement that the company will make significant investments in companies that it deems crucial to U.S. interests, including quantum computing names.
Weakness was limited to the consumer staples sector (-0.4%), which traded higher during Friday's retreat, and the health care sector (-0.1%), which faced an outsized loss in its largest component, Eli Lilly (LLY 819.11, -14.38, -1.73%).
Elsewhere, Fastenal (FAST 42.33, -3.45, -7.54%) was the worst-performing S&P 500 name today after missing EPS expectations by $0.01.
Today's advance was a near mirror image of Friday's retreat, with gains spanning nearly every corner of the market while small-cap, mega-cap, and semiconductor stocks led the way. The rally was driven by optimism following President Trump's comments assuring a resolution to rising trade tensions with China, but with no economic data releases and the bond market closed for the Columbus Day holiday, there was little to divert attention from the rebound.
With the ongoing government shutdown expected to delay key data releases for the foreseeable future, tomorrow's round of big bank earnings reports will serve as an important early gauge of market sentiment and direction.
- Nasdaq Composite: +17.5% YTD
- S&P 500: +13.1% YTD
- Russell 2000: +10.4% YTD
- DJIA: +8.3% YTD
- S&P Mid Cap 400: +3.3% YTD
Major averages well positioned for higher finish
13-Oct-25 15:30 ET
Dow +569.60 at 46048.99, Nasdaq +486.21 at 22690.66, S&P +100.94 at 6653.44
[BRIEFING.COM] The major averages currently hold gains that negate around half of Friday's losses.
Strength has been broad-based today, with eight S&P 500 sectors currently holding gains of 0.9% or wider. The health care sector (flat) briefly dipped into slightly negative territory as its largest component, Eli Lilly (LLY 820.00, -13.49, -1.62%), steadily ticks lower, though this has not had a material effect at the index level.
Meanwhile, the energy sector (+1.2%), which is the worst-performing S&P 500 sector so far this month, holds a nice gain near the close as crude oil futures settled today's session $0.50 higher (+0.9%) at $59.44 per barrel.
NVDA Ethernet switching deal
13-Oct-25 14:55 ET
Dow +524.53 at 46003.92, Nasdaq +456.54 at 22660.99, S&P +92.67 at 6645.17
[BRIEFING.COM] The S&P 500 (+1.5%), Nasdaq Composite (+2.1%), and DJIA (+1.3%) continue to hover near session highs as the market enters the final hour of the session.
NVIDIA (NVDA 187.48, +4.32, +2.36%) announced today that Meta Platforms (META 713.80, +8.50, +1.21%) and Oracle (ORCL 309.70, +16.74, +5.71%) will standardize their AI data center networks with NVIDIA Spectrum-X Ethernet networking switches.
While all three companies involved hold gains for the day, Arista Networks (ANET 146.50, -7.60, -4.93%) has slipped on concerns that NVIDIA's push into Ethernet switching for AI data centers could eat into Arista's core business with major cloud customers.
S&P 500 rallies 1.7% as onsemi, Albemarle, and Vistra lead gains; Fastenal slumps on Q3 miss
13-Oct-25 14:25 ET
Dow +622.48 at 46101.87, Nasdaq +502.89 at 22707.34, S&P +108.45 at 6660.95
[BRIEFING.COM] The S&P 500 (+1.66%) is in second place on Monday afternoon, up about 108 points.
Briefly, S&P 500 constituents onsemi (ON 50.62, +4.88, +10.67%), Albemarle (ALB 97.09, +7.23, +8.05%), and Vistra Corp. (VST 209.12, +12.26, +6.23%) pepper the top of the standings. ON is today's top performer in the PHLX Semiconductor Index (SOX), while ALB and VST's fortunes are rising with the broader market rally.
Meanwhile, Fastenal (FAST 43.03, -2.75, -6.01%) is today's worst laggard after a modest Q3 earnings miss highlighted fading pricing power and margin pressure despite steady sales growth.
Gold soars 3% to record $4,132 as tariff threats, Fed cut bets stoke safe-haven demand
13-Oct-25 14:00 ET
Dow +526.28 at 46005.67, Nasdaq +458.02 at 22662.47, S&P +96.00 at 6648.50
[BRIEFING.COM] The Nasdaq Composite (+2.06%) is up about 458 points with two hours to go on Monday.
Gold futures settled $132.40 higher (+3.2%) at $4,132.80/oz, as investors piled into the yellow metal on renewed safe-haven demand. The rally appears to be fueled by a cocktail of factors: renewed U.S.-China trade tension (Trump threatened 100% tariffs on Chinese goods, and Beijing responded defensively), mounting bets that the Federal Reserve will cut rates imminently, and rising geopolitical and economic uncertainty more broadly.
Meanwhile, the U.S. Dollar Index is up about +0.3% to $99.23.
Fastenal Slips After Q3 EPS Miss; Contract Gains Offset Sluggish Industrial Demand (FAST)
Fastenal (FAST) is trading lower after reporting its Q3 results this morning, which featured a slight EPS miss, while revenue growth accelerated sequentially to 11.7% to reach $2.13 bln, merely meeting analyst expectations. The industrial products distributor typically meets or modestly exceeds EPS estimates, making this miss just its fourth in the past five years.
- Industrial production remained sluggish, though improved contract signings drove growth; customers spending $10K+ per month rose 8.1%.
- Manufacturing end markets (+12.7%) outperformed on key account gains and its fastener expansion initiative, while other end markets (+8.4%) benefited from non-residential construction, healthcare, and data center customers.
- Fasteners (+14.4%) outpaced non-fasteners (+10.4%) on easier comps, large account growth, and better product availability.
- Price added about 240-270 bps to growth, slightly below expectations; margins expanded 40 bps yr/yr to 45.5%, aided by inventory investments.
- Management said growth came largely from "self-help" efforts and market share gains rather than macro lift, with PMI averaging below 50.
Briefing.com Analyst Insight
FAST's solid Q3 reflected strong execution, with profitability improving and revenue marking its highest growth rate in 12 quarters, but results still fell short of investor expectations. Management noted growth was driven by self-help and contract wins, not broader industrial recovery, which may have dampened investor sentiment. Still, national account momentum and accelerating onsite signings leave FAST well-placed to capitalize when industrial demand finally turns higher.
Wabash Natl Under Pressure After Disappointing Q3 Outlook Amid Freight Weakness (WNC)
Wabash National is trading lower after issuing significantly downside Q3 guidance late Friday. Despite the weak outlook, the fairly muted stock reaction suggests the news was largely priced in — WNC shares have already fallen more than 20% since mid-September, sliding from ~$11.50 to below $9.00.
- WNC guided to Q3 revenue of $382 mln, down 17.7% yr/yr and below analyst expectations.
- Adjusted EPS guidance of $(0.51) points to a much steeper loss than analysts had been modeling.
- The company gave little new detail, but referenced persistent market softness and cautious capital spending from customers, as flagged on the Q2 call.
- Broader economic conditions continue to weigh on demand across the industry. WNC said these trends reflect industry-wide weakness, not company- or product-specific issues.
- Transportation Solutions, its core segment, remains under pressure, though WNC is managing costs aggressively.
- Bright spot: the Parts & Services segment delivered growth in Q2 despite a tough backdrop.
Briefing.com Analyst Insight:
WNC's guidance miss raises concerns not just for trucking but for the broader industrial group as Q3 earnings season begins. While WNC has proactively reshaped its business in recent years, this recent quarter highlights the depth of the current downturn in freight and trailer demand. Management said in late July that it remains "cautiously optimistic" about a recovery in 2026, but that outlook may change after this guidance. The stock remains under pressure, but we'd like to see clearer signs of a bottom before getting constructive here.
Applied Digital Soars to New Highs on Q1 Results; Bullish on Visibility and Long-Term Growth (APLD)
Applied Digital (APLD) is soaring to new highs today after reporting its Q1 (Aug) results last night. The AI data center infrastructure developer handily beat expectations on both the top and bottom line, with revenue rocketing 84.3% yr/yr (68% sequentially) to $64.21 mln. The stock continues to build on its impressive run from its April low, up over 1000%, as the bullish commentary from management seems to have satisfied high growth expectations.
- In addition to the underlying leases with CoreWeave (CRWV) at Polaris Forge 1, which total about $11 bln over 15 years, CRWV engaged to perform the first 100 MW fit-out.
- Management targets roughly $500 mln in annual NOI once PF1 is fully online.
- Also broke ground on new campus, Polaris Forge 2, with initial construction totaling 300 MW IT load and capacity to scale to 1 GW. First power is expected in late 2026 and full capacity by 2027.
- PF2 is expected to drive the next major NOI leg toward APLD's $1 bln run-rate goal within five years. The company is in advanced lease talks with an investment-grade hyperscaler for PF2 and negotiating with two more for new sites.
- Its investments are just beginning to generate returns, with the PF1 fit-out setting up lease revenue later this year. It contributed $26.3 mln in Q1 and is expected to ramp significantly next quarter.
- While power availability has been the key focus across the industry, APLD says its priority is shifting toward scaling, development, and construction, backed by its 4 GW active pipeline.
- As demand shifts from GPUs to AI-ready data centers, APLD believes it is well positioned to meet the growing infrastructure gap and help enable the roughly $350 bln in hyperscaler investments expected this year.
Briefing.com Analyst Insight
This was an impressive start to FY26, underscored by expanding contracts, accelerating monetization, and a clear roadmap toward profitability. The $11 bln CoreWeave lease and PF2 build mark major visibility milestones, with management noting this is only the beginning. The company continues to execute well and maintain discipline on financing. Investors should monitor PF1 and PF2 construction timelines, project-finance progress, and APLD's ability to sustain its 12-14 month build cadence as it scales multiple campuses in parallel. The stock remains one to watch in the AI infrastructure buildout.
Levi Strauss Stock Slides Despite Strong Q3 as Q4 EPS Guidance Disappoints (LEVI)
Levi Strauss is trading sharply lower despite delivering strong Q3 (Aug) results, as investor optimism ahead of the report gave way to disappointment over downside Q4 (Nov) EPS guidance.
- LEVI posted broad-based Q3 strength across DTC (+9%), wholesale, and both domestic (+3%) and international markets (+9%). Asia stood out with double-digit growth in India, Japan, Korea, and Turkey.
- The company's DTC-first strategy continues to deliver, while the wholesale segment remains stable and growing.
- Women's business is up 12% YTD, helped by high-impact campaigns like REIIMAGINE with Beyoncé. The latest global campaign with Shaboozey aims to boost male engagement and brand authenticity.
- LEVI sees itself well-positioned for the holiday season, with the right product mix and marketing firepower.
- However, LEVI expects an 80 bps tariff-related headwind to gross margin in Q4, with a $0.03 impact on EPS.
Briefing.com Analyst Insight:
LEVI's Q3 was strong across nearly every dimension, but investor sentiment heading into the print was high following a bullish Q2 beat-and-raise and strong denim trends from peers like AEO. That raised the bar but the Q4 EPS guide fell short of consensus. With the stock trending nicely higher, we think downside Q4 guidance was a pretty big shock for investors. The company is executing well on its DTC pivot and marketing strategy, but the tariff cost uptick and cautious Q4 outlook take some shine off the story—at least near term.
Costco's comps shine again in September, fueled by traffic, ticket size, and digital sales (COST)
Costco (COST) reported another solid month of sales growth in September, underscoring the retailer’s continued momentum heading into the holiday season. Comparable sales rose +6.0% when excluding gasoline and foreign exchange impacts. While slightly below August’s +6.9% and July’s +7.0%, last September’s sales were boosted by roughly 2% in the U.S. and 1.5% worldwide due to hurricane-related buying and port strikes.
- Extended Executive hours and higher traffic/average spend supported sales.
- COST is seeing broad category strength. In Q4 (reported on September 25), fresh foods were up high-single digits, while standout non-foods included gold & jewelry, electronics, toys, gift cards, and men’s apparel.
- E-commerce surged +26.3% in September, driven by faster delivery, expanded online assortment, and improved digital integration.
- COST's strong September sales indicate that Amazon’s (AMZN) same-day delivery hasn’t impacted its market share yet.
- Strong momentum sets COST up well for the upcoming holiday season.
Briefing.com Analyst Insight:
COST’s September results reaffirm its position as one of the most reliable retail performers in a still-choppy consumer environment. While the month’s comps showed a mild sequential slowdown, the underlying trends -- strong traffic, healthy ticket growth, and robust e-commerce -- remain highly encouraging. The company’s blend of value, quality, and member loyalty continues to buffer it against macro and competitive pressures, including AMZN’s latest delivery push. With category strength broad-based and digital engagement accelerating, COST enters the holiday quarter with strong operating momentum and renewed pricing power.
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