Market Snapshot
| Dow | 46924.53 | +218.16 | (0.47%) | | Nasdaq | 22953.69 | -36.88 | (-0.16%) | | SP 500 | 6735.34 | +0.22 | (0.00%) | | 10-yr Note |
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| | NYSE | Adv 1579 | Dec 1174 | Vol 1.06 bln | | Nasdaq | Adv 2208 | Dec 2471 | Vol 10.94 bln |
Industry Watch
| Strong: Consumer Discretionary, Industrials, Health Care |
| | Weak: Materials, Utilities, Communication Services, Consumer Staples, Financials, Energy, Information Technology, Real Estate |
Moving the Market
Large batch of earnings reports before the open, with most beating expectations
Earnings guidance has been largely reassuring
Early weakness in mega-cap names
Lack of macro catalysts
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Strong earnings push DJIA to fresh records
21-Oct-25 16:25 ET
Dow +218.16 at 46924.53, Nasdaq -36.88 at 22953.69, S&P +0.22 at 6735.34
[BRIEFING.COM] The DJIA (+0.5%) captured fresh record highs today, driven by positive reactions to this morning's slate of earnings reports, while the S&P 500 (flat) and Nasdaq Composite (-0.2%) remained near their flatlines as mega-cap and tech names largely underwhelmed.
Coca-Cola (KO 71.22, +2.78, +4.06%) and 3M (MMM 166.64, +11.86, +7.67%) both beat earnings expectations and contributed to the Dow's outperformance today.
3M's gain also helped the industrials sector (+0.9%) finish as one of the top-performing S&P 500 sectors.
RTX (RTX 173.04, +12.33, +7.67%) reached an all-time high after its beat-and-raise earnings report this morning, capturing the widest gain in a sector that saw several leading defense names beat earnings expectations. The sector's largest component, GE Aerospace (GE 306.63, +3.95, +1.31%), was among those names, as were Lockheed Martin (LMT 489.50, -16.40, -3.24%) and Northrop Grumman (NOC 599.35, -2.65, -0.44%), which traded lower despite earnings beats of their own.
The iShares U.S. Aerospace and Defense ETF closed with a 1.8% gain.
The consumer discretionary sector (+1.3%) finished as the top gain getter, boosted by General Motors (GM 66.62, +8.62, +14.86%) capturing the widest gain across S&P 500 names today. The company beat top and bottom line expectations and raised its FY25 earnings guidance. Notably, the company expects the impacts of tariffs to be smaller than previously anticipated.
Ford Motor (F 12.56, +0.57, +4.75%) traded higher in sympathy.
Elsewhere, the health care sector (+0.2%) got a piece of today's earnings strength through Danaher (DHR 220.77, +12.38, +5.94%), rounding out the three S&P 500 sectors that closed with gains.
Though the information technology sector (-0.2%) could not scratch out a gain, its improvement from an earlier loss helped the S&P 500 move out of negative territory. The sector faced pressure in its chipmaker components, sending the PHLX Semiconductor Index 0.7% lower, though Texas Instruments (TXN 180.84, +1.26, +0.70%) moved higher ahead of its earnings after the close.
As for today's laggards, the utilities sector (which missed out on yesterday's broad strength) moved 1.0% lower as nearly all of its components closed with losses.
The communication services sector (-0.9%) faced a similar loss, pressured by Alphabet (GOOG 251.34, -5.68, -2.21%), which moved lower after concerns around an upcoming OpenAI browser announcement.
Mega-cap stocks as a whole never overcame their early sluggishness, with the Vanguard Mega Cap Growth ETF (-0.1%) closing with a slight loss.
Amazon (AMZN 222.03, +5.55, +2.56%), however, was an exception, as it was the only "magnificent seven" name to finish with a gain wider than 0.2%.
The S&P 500 Equal Weighted Index (+0.5%) outperformed the market-weighted S&P 500 (flat) as a result.
The materials sector (-0.7%) also faced pressure as precious metals moved lower today. Gold futures settled $250.30 lower (-5.7%) at $4,109.10 per oz, marking its steepest one-day drop since 2020 as investors took profits after a record-setting rally. The pullback was fueled by stronger U.S. yields, a firmer dollar, and fading safe-haven demand amid improving global risk sentiment. Newmont Corporation (NEM 86.30, -8.59, -9.05%) retreated the furthest of any S&P 500 name today.
Outside of the S&P 500, the small-cap Russell 2000 (-0.5%) and S&P Mid Cap 400 (+0.4%) put up mixed performances.
While investors were kept busy by the large round of earnings reports, other notable developments were slim today.
The market briefly pulled back just after 1:00 ET after President Trump commented on meeting with Chinese President Xi, saying, "Maybe it won't happen," though there was not much else to report on the trade front.
There were no economic data releases, and the U.S. government remains in shutdown mode, meaning that earnings will likely remain a key driver of price action throughout the week.
U.S. Treasuries edged higher on Tuesday, pressuring the 10-year yield past its low from last week to a level not seen since early April. The 2-year note yield settled unchanged at 3.46%, and the 10-year note yields settled down two basis points to 3.96%.
- Nasdaq Composite: +18.9% YTD
- S&P 500: + 14.5% YTD
- Russell 2000: +11.6% YTD
- DJIA: +10.3% YTD
- S&P Mid Cap 400: +4.9% YTD
Earnings likely a continued driver of price action this week
21-Oct-25 15:30 ET
Dow +277.73 at 46984.10, Nasdaq -14.22 at 22976.35, S&P +7.79 at 6742.91
[BRIEFING.COM] The S&P 500 (+0.1%), Nasdaq Composite (-0.1%), and DJIA (+0.6%) continue to trade in a sideways manner, having changed very little since early afternoon.
Today's action was largely driven by this morning's hefty slate of earnings reports that triggered a fair share of notable stock-specific moves.
Investors will have another batch of earnings to digest this evening and before the open tomorrow. Among the more notable names are Netflix (NFLX 1241.49, +2.93, +0.24%) and Texas Instruments (TXN 181.02, +1.44, +0.80%), which report after the close today, while Thermo Fisher (TMO 557.77, +13.93, +2.56%), GE Vernova (GEV 589.19, -4.88, -0.82%), and AT&T (T 26.00, -0.10, -0.40%) report before the open tomorrow morning.
Major averages little changed near the close
21-Oct-25 15:00 ET
Dow +272.55 at 46978.92, Nasdaq -15.23 at 22975.34, S&P +6.60 at 6741.72
[BRIEFING.COM] The S&P 500 (+0.1%) and Nasdaq Composite (-0.1%) remain near their baselines, while the DJIA (+0.6%), which notched a new intraday record earlier, holds the bulk of it early gain.
Like the consumer discretionary (+1.6%) and industrials (+1.0%) sectors, the health care sector (+0.3%) benefits from this morning's batch of earnings reports.
Danaher (DHR 222.66, +14.27, +6.85%) is the top mover in the sector after beating EPS estimates by $0.17, reporting revenues in-line, and guiding FY 25 EPS expectations above consensus.
In other earnings news, Zions Bancorp (ZION 52.93, +0.95, +1.83%) trades higher today after beating EPS expectations by $0.02. Perhaps more importantly, the bank eased some concerns around its credit quality after disclosing a $50 million charge-off last week. Excluding the previously disclosed charge-off, the company reported that its remaining net charge-offs were benign at $6 million.
Western Alliance Bancorp (WAL 76.62, +1.22, +1.61%), which alleged fraud by the same borrower that Zions' charge-off was related to, reports its Q3 earnings after the close today.
The KBW Regional Bank ETF (+0.1%) holds a slight gain after advancing 2.5% yesterday.
S&P 500 edges up 0.15%, led by Halliburton, Gartner, and Danaher; Constellation Energy drags lower
21-Oct-25 14:20 ET
Dow +324.14 at 47030.51, Nasdaq -12.53 at 22978.04, S&P +10.10 at 6745.22
[BRIEFING.COM] The S&P 500 (+0.15%) is in second place on Tuesday afternoon, up about 10 points.
Briefly, S&P 500 constituents Halliburton (HAL 24.89, +2.27, +10.04%), Gartner (IT 258.45, +18.97, +7.92%), and Danaher (DHR 223.00, +14.61, +7.01%) pepper the top of the standings. HAL and DHR are higher after earnings, while IT recoups a portion of the stock's recent declines despite a dearth of corporate news.
Meanwhile, Constellation Energy (CEG 357.10, -12.90, -3.49%) is near the bottom of the average, continuing recent weakness.
Gold plunges 5.7% in biggest drop since 2020 on stronger yields, firm dollar
21-Oct-25 13:55 ET
Dow +303.12 at 47009.49, Nasdaq -16.32 at 22974.25, S&P +8.45 at 6743.57
[BRIEFING.COM] The tech-heavy Nasdaq Composite (-0.07%) is the only major average in the red on Tuesday afternoon, down about 16 points.
Gold futures settled $250.30 lower (-5.7%) at $4,109.10/oz, marking its steepest one-day drop since 2020 as investors took profits after a record-setting rally. The pullback was fueled by stronger U.S. yields, a firmer dollar, and fading safe-haven demand amid improving global risk sentiment.
Meanwhile, the U.S. Dollar Index is now up about +0.3% to $98.94.
GE Aerospace tops Q3 estimates, lifts outlook on commercial orders and aftermarket growth (GE)
GE Aerospace (GE) comfortably exceeded expectations for Q3, delivering a robust 44% yr/yr increase in adjusted EPS to $1.66, driven by a 41% surge in engine deliveries. The company benefited from strong global demand for new aircraft engines as commercial air travel continued its sharp post-pandemic rebound.
- FY25 EPS guidance was raised to $6.00–$6.20 from $5.60–$5.80; revenue growth is now expected in the high teens. CFO Rahul Ghai noted the business environment “feels better than Q2.”
- Supply chain constraints limited engine production, delaying shipments and boosting maintenance and service revenue for airlines.
- Commercial Engines & Services: internal shop visits +33%, spare parts +25%, driving 35% profit growth.
- Strong commercial demand highlighted by Korean Air’s 103-aircraft order and Cathay Pacific’s 28-engine agreement.
- Defense & Propulsion: revenue +26% from higher volumes, favorable mix, pricing, and strong demand for military propulsion and next-gen engines.
Briefing.com Analyst Insight:
GE continues to showcase its leadership in both commercial and defense aviation with another stellar quarter that outpaced expectations across nearly every metric. The dual tailwinds of surging aircraft demand and expanded aftermarket revenue are driving operating leverage and margin expansion, even amid supply chain friction. Management’s upbeat tone and raised guidance reinforce confidence that GE is capitalizing on a multi-year upcycle in aviation demand. The defense business, while smaller, is increasingly becoming a steady contributor thanks to modernization initiatives and advanced propulsion contracts. Supply chain normalization and execution on delivery ramp-ups will be key to sustaining momentum, but GE’s trajectory clearly points toward accelerating growth and improving profitability through 2026.
Coca-Cola Fizzes Higher After Q3 Results Show Return to Volume Growth (KO)
Coca-Cola (KO) is bubbling higher today after reporting its Q3 results this morning. The beverage giant beat EPS expectations, with revenue coming in-line, increasing 5.4% yr/yr to $12.5 bln. Encouragingly, total volume increased +1% (-1% in Q2) and reaffirmed its FY25 guidance of organic revenue growth of 5-6% and comparable EPS growth of about 3%.
- Management described the backdrop as "complex," with resilient higher-income consumers offset by pressure among value-conscious groups, weather disruptions, and lingering inflation.
- North America volume was flat but improved sequentially for the second straight quarter, as Coca-Cola Zero Sugar and Diet Coke gained traction through new campaigns and product extensions.
- EMEA stayed a bright spot with +4% volume, while Latin America (flat) and Asia Pacific (-2%) were softer amid weaker spending and macro headwinds in Mexico, India, and the Philippines.
- Together, price/mix grew 6% (4% price, 2% mix), helping raise comparable operating margin 120 bps to 31.9%.
- Coca-Cola advanced its refranchising plan, selling a 40% stake in its Indian bottler to Jubilant Bhartia Group in July and supporting Coca-Cola HBC's move to acquire Coca-Cola Beverages Africa, both expected to unlock growth in key markets.
- Management flagged tougher comps in Q4 and a calendar shift in FY26 but expects normalized pricing trends as inflation cools, with a balanced focus on affordability and premiumization.
Briefing.com Analyst Insight
This was a strong Q3 for Coca-Cola, with volume growth standing out as the clear highlight amid a mixed operating backdrop. Total volumes returned to growth, with continued improvement in North America and solid gains in EMEA helping offset softness in Latin America and Asia Pacific. Management also noted momentum exiting September, suggesting a more constructive demand tone heading into year-end. While some key markets remain under pressure, particularly Mexico and parts of Asia, the overall picture is encouraging. Volumes were the clear standout this quarter, and investors appear to be buying into that renewed momentum.
General Motors Earnings in Overdrive: GM Steers Through Tariff Trouble with Upbeat Outlook (GM)
GM is trading sharply higher after delivering its largest EPS beat since Q3 last year. Revenue dipped 0.3% yr/yr to $48.59 bln, but topped expectations. The big upside came from raised FY25 guidance and lower expected tariff impact.
- FY25 adjusted EPS outlook was raised to $9.75-10.50 (from $8.25-10.00), with Q4 implied upside. FY25 EBIT-adjusted guidance increased to $12-13 bln (from $10.0-12.5 bln).
- Q3 EBIT-adjusted fell 18% yr/yr to $3.38 bln, hit by $1.1 bln in tariffs, partially offset by cost actions.
- FY25 tariff exposure lowered to $3.5-4.5 bln (from $4-5 bln).
- Q3 EBIT margin dropped to 6.9% (would have been ~9% ex-tariffs); North America at 6.2%. Warranty expense rose $900 mln yr/yr; GM is pushing dealers to reduce costs.
- US market share rose to 17% (+50 bps); incentives stayed below industry average.
- EV sales set a Q3 record but demand has since softened; GM is shifting some production back to ICE and cut EV inventory by nearly 30%.
Briefing.com Analyst Insight:
GM delivered a better-than-feared Q3, especially around the headline worries on tariffs. The lowered FY25 tariff exposure and raised profit guidance were clear positives and helped boost sentiment. While revenue was slightly down, cost discipline, strong ICE performance, and reduced EV inventories were encouraging. Still, margin compression and soft EV demand cloud the medium-term story. GM's pivot back toward ICE production highlights ongoing challenges in its EV transition. The stock looks more attractive with the updated outlook, and GM was pretty bullish about 2026. This bodes well for Ford's (F) earnings on Thursday after the close.
3M delivers solid beat-and-raise performance as product innovation and margins strengthen (MMM)
3M (MMM) delivered a solid beat-and-raise performance for 3Q25, reflecting continued operational improvement and strong execution across its diversified portfolio. Organic sales growth accelerated to 2.6% from 1.5% last quarter, marking a second straight quarter of sequential improvement. Management highlighted robust product innovation, with 70 new launches in Q3 and 196 year-to-date, driving a 30% increase in 5-year new product sales.
- MMM also raised its FY25 EPS guidance to $7.95–$8.05 (from $7.75–$8.00) and lifted its organic sales outlook to above 2%.
- Safety & Industrial led again with 4.1% organic growth, driven by strength in electrical markets, adhesives, tapes, and personal safety.
- Transportation & Energy grew 3.6%, as aerospace, defense, and advanced materials offset ongoing auto softness.
- Consumer segment posted modest +0.3% growth, supported by demand for Filtrete filters, Scotch tape, and Meguiar’s products.
- Operating margin expanded 170 bps to 24.7%, reflecting productivity gains and lower restructuring costs.
- The company now expects approximately 250 product launches in 2025, up from 215, and anticipates a similar macro backdrop in FY26, with its eXcellence initiative driving growth and productivity gains offsetting tariffs and stranded costs.
Briefing.com Analyst Insight:
MMM’s third-quarter results reinforced its steady turnaround, supported by innovation momentum and strong cost control. The combination of accelerating organic growth and margin expansion shows management’s initiatives are gaining traction. While auto remains a weak spot, broad-based strength across other markets highlights improving fundamentals. The raised outlook and expanded product launch cadence add confidence heading into 2026. Still, given macro and tariff risks, growth expectations should remain measured. Overall, this was one of MMM’s most encouraging quarters in recent years, pointing to a durable recovery in progress. The company’s ability to sustain innovation-driven growth while maintaining margin discipline will be the key differentiator in extending its rebound through next year.
Cormedix Soars on Upbeat Q3 Guide; DefenCath and Melinta Fuel Outlook (CRMD)
Cormedix (CRMD) is trading sharply higher today after providing Q3 and FY25 revenue guidance showing a major surge in growth, driven by strong DefenCath performance and contributions from the recently acquired Melinta portfolio.
- Q3 revenue guided to more than $100 mln, up sharply from $39.7 mln in Q2; DefenCath represents at least $85 mln on stronger utilization by its LDO customer and broader adoption elsewhere.
- Based on DefenCath sales trends and Melinta portfolio performance, management raised its FY25 revenue outlook to $375 mln from $325-350 mln.
- On its Q2 call, management said the Melinta acquisition diversifies CRMD with six acute-care and anti-infective products, adds Rezzayo as a growth driver, and is expected to be EPS accretive in 2026.
- Melinta integration is tracking well; management targets at least $30 mln in run-rate cost synergies by the end of 4Q25 and another $5-15 mln in 2026.
- Looking ahead, CorMedix completed enrollment in the Phase 3 ReSPECT trial for Rezzayo, with data expected in 2Q26 and management highlighting a $2 bln TAM.
Briefing.com Analyst Insight
While consensus comparisons remain limited post-merger, CorMedix's updated guidance underscores robust DefenCath adoption and validates the strategic fit of the Melinta acquisition. Strong synergy capture and accelerating utilization trends bode well for growth, though successful execution and positive clinical outcomes will be critical to unlocking further upside. With the stock pulling back following its Q2 report in August, investors have found renewed enthusiasm with the robust guidance.
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