Market Snapshot
| Dow | 47206.91 | +472.51 | (1.01%) | | Nasdaq | 23204.89 | +263.07 | (1.15%) | | SP 500 | 6791.68 | +53.25 | (0.79%) | | 10-yr Note |
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| | NYSE | Adv 1719 | Dec 1005 | Vol 1.03 bln | | Nasdaq | Adv 3149 | Dec 1491 | Vol 10.39 bln |
Industry Watch
| Strong: Information Technology, Communication Services, Financials, Utilities |
| | Weak: Materials, Consumer Staples, Energy, Consumer Discretionary |
Moving the Market
Cooler-than-expected September CPI cements rate cut expectations
Strong leadership in tech and mega-cap names, semiconductors higher after earnings beat from Intel (INTC) and AMD (AMD) quantum computing prospects
U.S.-China trade deal optimism
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Rate-cut optimism fuels record highs ahead of mega-cap earnings
24-Oct-25 16:30 ET
Dow +472.51 at 47206.91, Nasdaq +263.07 at 23204.89, S&P +53.25 at 6791.68
[BRIEFING.COM] The stock market rallied throughout the session, lifting the S&P 500 (+0.8%), Nasdaq Composite (+1.2%), and DJIA (+1.0%) to record intraday and closing highs after the long-awaited September Consumer Price Index (0.3%; Briefing.com consensus: 0.4%) reinforced expectations for two additional Fed rate cuts this year.
The advance was broad-based, with mega-caps exhibiting strong leadership, sending the Vanguard Mega Cap Growth ETF 1.1% higher.
All of the information technology sector's (+1.6%) mega-cap components traded higher today, helping the sector finish with the widest gain for both the day and the week.
Intel (INTC 38.28, +0.12, +0.31%) boosted sentiment across chipmaker names after a surprise Q3 earnings beat.
Additionally, Reuters published a report highlighting IBM's (IBM 307.46, +22.46, +7.88%) belief that Advanced Micro Devices (AMD 252.92, +17.93, +7.63%) processors can effectively run a critical quantum computing error correction algorithm, sending both names sharply higher. The PHLX Semiconductor Index finished with a 1.9% gain.
Alphabet (GOOG 260.51, +6.78, +2.67%)was a standout in the mega-cap space, moving higher after the company announced a cloud deal with Anthropic yesterday reportedly worth billions of dollars. The communication services sector (+1.3%) finished near the top of the leaderboard.
The financials sector (+1.1%) was another point of strength, supported by gains across major banking names, while Coinbase Global (COIN 354.46, +31.70, +9.82%) led the sector after JPMorgan upgraded the stock to Overweight from Neutral.
The utilities sector (+1.2%) rounded out the four S&P 500 sectors with gains greater than 1.0% as most of its components finished higher.
As for today's four declining sectors, the energy sector (-1.0%) faced the widest loss, seeing some profit-taking after a strong week that saw it finish with the second-best week-to-date gain. Additionally, crude oil futures settled today's session $0.31 lower (-0.5%) at $61.47 per barrel, though the price of oil still increased over 7% this week.
The materials sector (-0.6%) closed lower, with Newmont Corporation (NEM 83.33, -5.58, -6.28%) lagging despite beating top-and-bottom line expectations.
Post-earnings price action saw the consumer discretionary sector (-0.1%) finish flattish, as Ford Motor (F 13.83, +1.49, +12.07%) moved higher after beating expectations, while Deckers Outdoor (DECK 86.94, -15.60, -15.21%) lagged.
The consumer staples sector (-0.4%) also closed with a loss, while the health care sector finished flat.
Smaller-cap stocks were a point of strength today as the two additional rate cuts before the end of the year remain the most likely policy path. The Russell 2000 gained 1.3%, while the S&P Mid Cap 400 (+0.6%) finished with a more modest gain.
In addition to today's rate cut optimism and continued mega-cap strength, the market now enters the weekend with the U.S. and China seemingly on better, more conciliatory terms. President Trump will meet with Chinese President Xi next Thursday, hoping to strike a trade deal.
Today's broad strength highlighted the market's momentum, carrying the major averages to record highs ahead of next week's slate of mega-cap earnings. Alphabet (GOOG 260.51, +6.78, +2.67%), Amazon (AMZN 224.21, +3.12, +1.41%), Apple (AAPL 262.82, +3.24, +1.25%), Meta Platforms (META 738.36, +4.36, +0.59%), and Microsoft (MSFT 523.61, +3.05, +0.59%) all ended the week on a strong note ahead of earnings.
Investors enter the new week with optimism fueled by softer inflation, expectations for further Fed rate cuts, and signs of progress in U.S.-China trade talks.
U.S. Treasuries finished the week on a generally flat note after overcoming some early post-CPI volatility. The 2-year note yield finished unchanged at 3.48% (+2 basis points this week), and the 10-year note yield settled up one basis point to 4.00% (-1 basis point this week).
- Nasdaq Composite: +20.2% YTD
- S&P 500: + 15.5% YTD
- Russell 2000: +12.7% YTD
- DJIA: +11.0% YTD
- S&P Mid Cap 400: +5.7% YTD
Reviewing today's data:
- September CPI 0.3% (Briefing.com consensus 0.4%); Prior 0.4%, September Core CPI 0.2% (Briefing.com consensus 0.3%); Prior 0.3%
- The key takeaway from the report is that CPI and Core CPI were both cooler than expected, which will keep the market thinking that the FOMC will announce a 25-basis point rate cut at the conclusion of next week's policy meeting and should not upset expectations for another cut in December.
- October S&P Global U.S. Manufacturing PMI - Prelim 52.2; Prior 52.0
- October S&P Global U.S. Services PMI - Prelim 55.2; Prior 54.2
- October Univ. of Michigan Consumer Sentiment - Final 53.6 (Briefing.com consensus 55.0); Prior 55.0
- The key takeaway from the report is that the overall sentiment has remained pressured for the third month in a row amid persistently high inflation expectations.
Mega-caps trade higher ahead of earnings
24-Oct-25 15:35 ET
Dow +526.63 at 47261.03, Nasdaq +306.42 at 23248.24, S&P +65.78 at 6804.21
[BRIEFING.COM] The major averages are little changed from previous levels, well poised to capture record closing highs to go along with earlier record intraday levels.
While the market benefitted from a handful of tailwinds earlier in the session, the afternoon has passed in a largely uneventful manner.
Next week will feature the earnings releases of five "magnificent seven" companies, including Alphabet (GOOG 261.28, +7.55, +2.97%), Amazon (AMZN 224.32, +3.24, +1.46%), Apple (AAPL 263.56, +3.98, +1.53%), Meta Platforms (META 739.43, +5.43, +0.74%), and Microsoft (MSFT 525.15, +4.59, +0.88%).
Energy sectors sees some profit-taking
24-Oct-25 15:00 ET
Dow +556.35 at 47290.75, Nasdaq +293.02 at 23234.84, S&P +64.81 at 6803.24
[BRIEFING.COM] The S&P 500 (+0.9%), Nasdaq Composite (+1.3%), and DJIA (+1.1%) sit a touch beneath session highs as the market enters the final hour of the session.
Of the three S&P 500 sectors in negative territory, only the energy sector (-0.8%) holds a loss wider than 0.2%, finally facing some profit-taking after a strong week. Even with today's loss, the energy sector is still up 2.6% for the week, which puts the group only behind technology (+2.9%) on this week's leaderboard.
While crude oil futures settled today's session $0.31 lower (-0.5%) at $61.47 per barrel, the price of oil still gained over 7% this week.
In related news, Bloomberg reports that the Trump administration is planning to open most coastal waters to offshore drilling.
Albemarle jumps on upgrade as Deckers tumbles on weak outlook; S&P 500 lags peers despite gains
24-Oct-25 14:30 ET
Dow +548.22 at 47282.62, Nasdaq +305.98 at 23247.80, S&P +66.78 at 6805.21
[BRIEFING.COM] The S&P 500 (+0.99%) is in last place on Friday afternoon, up 67 points.
Briefly, S&P 500 constituents Albemarle (ALB 106.57, +9.21, +9.46%), Emcor (EME 750.03, +53.75, +7.72%), and AppLovin (APP 621.32, +31.62, +5.36%) dot the top of the standings. ALB rises after earning a Buy recommendation this morning from Rothschild & Co Redburn, while EME and APP continue recent momentum despite a dearth of corporate news.
Meanwhile, Deckers Outdoor (DECK 89.33, -13.21, -12.88%) slides hard to the bottom of the average after issuing FY26 guidance below expectations, with slower projected growth for HOKA and UGG and flat margins overshadowing its Q2 beat and prompting profit-taking after a strong run.
Gold slips as profit-taking and easing U.S.-China tensions cool safe-haven demand
24-Oct-25 14:00 ET
Dow +538.11 at 47272.51, Nasdaq +304.08 at 23245.90, S&P +65.52 at 6803.95
[BRIEFING.COM] The tech-heavy Nasdaq Composite (+1.33%) is today's top-performing major average, up about 305 points.
Gold futures settled $7.80 lower (-0.2%) at $4,137.80/oz, extending their weekly decline to about -1.8% as profit-taking and easing U.S./China tensions cooled demand for safe-haven assets. Analysts said the move also reflects investors pausing after a nine-week rally, with focus turning to upcoming U.S. inflation data and the outlook for Fed rate cuts.
Meanwhile, the U.S. Dollar Index is up less than +0.1% to $98.96.
Deckers Steps Back After Q2 Results; Growth Cools and FY26 Guidance Underwhelms (DECK)
Deckers (DECK) is under pressure today after reporting its Q2 (Sep) results last night. The footwear company delivered a big EPS beat, while revenue was in line, increasing 9.1% yr/yr to $1.43 bln. It was a bit softer than the 17% growth rate seen in Q1, and the company reinstated annual guidance (from quarterly) with revenue below expectations. FY26 EPS is expected to be $6.30-6.39, while revenue is approximately $5.35 bln.
- HOKA brand revenue increased 11.1% to $634.1 mln, supported by a 13% increase in wholesale, though growth eased from the +19.8% revenue and +30% wholesale increases in Q1.
- UGG brand revenue increased 10.1% to $759.6 mln, driven by a 17% increase in wholesale and offset by a 10% decline in DTC, softer than Q1's +19.8% revenue, +30% wholesale, and -1% DTC.
- Growth continues to be supported by international markets, which surged +29% yr/yr, while domestic sales declined 1.7%, reflecting a more cautious U.S. consumer.
- DTC struggled in Q2, down 0.8%, with comps falling 2.9%, as shoppers favored multi-brand stores and earlier wholesale availability.
- Looking ahead, management expects international and wholesale to remain the key growth drivers, while anticipating a more cautious consumer as the full impact of tariffs and price increases take effect in the U.S.
Briefing.com Analyst Insight
Given the more upbeat Q1 report, we think investors were looking for something similar in Q2. The brands are still growing, but momentum clearly cooled, and the FY26 revenue guidance came in a bit light. Also, with the big EPS beats in Q1 and Q2, the in-line guidance might have been a bit disappointing. With the U.S. consumer under pressure and tariff headwinds set to increase in the back half, sentiment has turned more cautious. That said, Deckers' strong international growth, wholesale performance, and brand loyalty remain positives that should support longer-term confidence.
Ford Motor rallies as underlying business shows strength amid tariffs, plant fire headwinds (F)
Ford Motor (F) delivered stronger-than-expected Q3 results, with both EPS and revenue exceeding estimates as unit sales rose 8.2% yr/yr to 545,522 vehicles. The beat was driven by robust demand for SUVs and pickup trucks, alongside a record quarter for electric vehicles (EVs). Adjusted EBIT was flat yr/yr at $2.6 bln but topped expectations, underscoring solid operational performance despite ongoing cost pressures.
- Ford’s Model e (EVs) segment posted a 52% yr/yr revenue surge to $1.8 bln, supported by strong sales of the Mustang Mach-E and F-150 Lightning ahead of the EV tax credit expiration. However, segment EBIT declined to $(1.41) bln from $(1.23) bln, reflecting higher input costs, tariffs, and the Louisville Assembly Plant changeover.
- Ford Blue, which includes its traditional ICE lineup, grew revenue 7.0% to $28.0 bln, though EBIT dipped slightly to $1.54 bln as pricing normalized.
- The company trimmed its FY25 adjusted EBIT guidance to $6.0-$6.5 bln (from $6.5-$7.5 bln) and adjusted free cash flow to $2-$3 bln (from $3.5-$4.5 bln), citing the mid-September Novelis aluminum plant fire.
- The fire is expected to create a $1.5-$2.0 bln adjusted EBITDA headwind in 2025, with the full impact recognized in Q4.
- Ford emphasized that it would have guided above its prior EBIT range if not for the Novelis disruption, noting that performance was tracking toward $8 bln-plus in adjusted EBIT before the fire. The company expects to mitigate at least $1.0 bln of lost EBIT in 2026.
- The Novelis plant restart is now expected later this year -- ahead of the original 2026 timeline -- although F-150 production will face temporary disruptions.
- Ford also plans to boost F-150 and F-Series Super Duty production by over 50,000 trucks in 2026 to meet demand and offset lost output. F-150 Lightning production remains paused as Ford prioritizes its gas and hybrid models amid strong consumer demand.
Briefing.com Analyst Insight:
Ford’s Q3 report reinforced its underlying operational strength and demand resilience, even in the face of temporary disruptions. The beat across earnings and sales demonstrates that its core ICE business remains healthy while EV adoption continues to gather momentum. Although the reduced FY25 guidance initially looks disappointing, management’s transparency in attributing the shortfall to the Novelis fire -- a one-off event -- is giving investors confidence. In fact, Ford’s commentary that EBIT would have exceeded prior guidance underscores the health of the underlying business. With EVs showing strong top-line growth and Ford Blue continuing to generate solid profitability, the company appears well-positioned for a rebound in 2026 once the supply issues abate. While execution risks remain, Ford’s swift operational response and production recovery plans suggest the recent headwinds are temporary rather than structural.
Procter & Gamble Rises After Steady Q1; Reaffirmed Guidance Supports Stability (PG)
Proctor & Gamble (PG) is moving higher after reporting its Q1 (Sep) results this morning. The consumer products giant beat EPS expectations, with the upside a bit higher than the previous 5 quarters, while revenue grew 3% yr/yr to $22.39 bln, in line with expectations. The company also reaffirmed its FY26 guidance of core EPS growth of 0-4% (about $6.83-7.09) and revenue growth of 1-5% (about $85.14-88.52 bln).
- Strength was broad-based across 8 of 10 categories, led by high-single-digit growth in Skin and Personal Care, while Fabric and Family Care lagged amid heavier promotions and softer demand in U.S. and Europe.
- China and Latin America were bright spots, up 5% and 7% organically. North America grew 1%, though category consumption decelerated through the quarter; Europe was flat.
- Management described the environment as challenging but stable and lowered its expected tariff impact to about $400 mln, helped by supply chain and pricing adjustments.
- Consumers remain focused on value, with higher-income shoppers buying larger pack sizes, while lower-income consumers continue to stretch usage and delay replenishment.
- P&G is countering competitive pressures with innovation and perceived value, highlighting Tide's largest liquid upgrade in 20 years, the Tide Evo rollout, and refreshed Pampers lines.
- Q2 is expected to be the softest quarter due to last year's port-strike order spikes, with stronger growth in the back half and modest EPS gains as investments in innovation and competitiveness increase.
Briefing.com Analyst Insight
This wasn't a blowout quarter, but P&G delivered a steady start to FY26, reflecting consistent execution in a still-tough environment. Volumes held steady rather than growing, and management spoke more about competitive pressures this quarter, emphasizing a focus on defending share through innovation and brand strength. The reaffirmed outlook and lower tariff burden add confidence in steady progress, though investors will watch how the competitive environment and innovation impact performance through the rest of the year.
Intel delivers surprise Q3 profit as AI demand lifts core x86 business and PC sales (INTC)
Intel (INTC) easily beat muted Q3 expectations, sparking a sharp rally in the stock as EPS ($0.23 vs. breakeven guide) and revenue ($13.7 bln) topped forecasts. The sizable EPS beat was driven by stronger-than-expected gross margin of 40.0% (vs. 36.0% guidance), a 17% cut in R&D and SG&A expenses, and modest 3% top-line growth. Results were held back somewhat by capacity constraints on Intel 10 and Intel 7 nodes, limiting shipments in both data center and client products.
- INTC issued downside Q4 EPS guidance of $0.08, with revenue in line at $12.8–$13.8 bln, reflecting a margin drop to 36.5% due to mix, Core Ultra 3 ramp costs, and the deconsolidation of Altera.
- Client Computing Group (CCG) revenue rose 5% yr/yr to $8.5 bln, helped by a stronger PC TAM, Windows 11 upgrades, and growing AI PC demand. INTC expects continued momentum in 2026 as Core Ultra 3 ramps and PC TAM posts its fastest growth since 2021.
- Data Center and AI (DCAI) revenue dipped 1% yr/yr to $4.1 bln but rose sequentially, with solid demand for Xeon 6 (Granite Rapids) and AI servers despite supply limits. INTC expects strong sequential growth in Q4 as it prioritizes wafer capacity for server shipments.
- Foundry revenue fell 2% to $4.2 bln, though operating loss improved by $847 mln to $2.3 bln after an $800 mln impairment last quarter. Foundry revenue should rise sequentially on increased 18A output.
- CEO Lip-Bu Tan said AI adoption is reviving INTC’s x86 platform, boosting demand across cloud, edge, and inference markets.
- Tan also highlighted INTC’s new collaboration with NVIDIA (NVDA) linking INTC CPUs with NVDA’s accelerated computing via NVLink, strengthening INTC’s AI positioning.
Briefing.com Analyst Insight:
INTC’s Q3 results mark a clear step forward in its turnaround, powered by margin recovery, cost control, and early AI-driven demand. The softer Q4 outlook is being overshadowed by improving fundamentals and optimism for 2026 as INTC benefits from tighter industry supply and AI tailwinds. CEO Lip-Bu Tan’s strategy to rebuild execution discipline and leverage INTC’s U.S.-based manufacturing footprint is gaining credibility. If execution continues to improve, investor confidence should follow -- though competition and manufacturing yield risks remain key watchpoints. With INTC’s strategic partnership with NVDA and steady progress on its 18A node, the company is positioning itself as a credible contender in the next wave of AI and advanced chip manufacturing.
American Airlines narrows losses and upgrades Q4 outlook amid unit revenue recovery (AAL)
American Airlines’ (AAL) 3Q25 earnings report delivered several positive surprises, echoing trends seen with its peers Delta Airlines (DAL) and United Airlines (UAL), but also showing signs of distinct recovery strength and operational improvement. AAL exceeded Q3 EPS expectations with EPS of $(0.17), which was toward the upper end of prior guidance and mainly driven by stronger-than-expected revenue performance. More importantly, AAL issued robust Q4 EPS guidance of $0.45 to $0.75 -- over two times higher than the midpoint of prior guidance -- which is also notable given that last quarter’s Q3 EPS outlook badly missed consensus and sent shares tumbling.
- Unit revenue (TRASM) improved to (1.9)% from Q2’s (2.7)%, with domestic TRASM rebounding and September posting positive growth.
- Capacity growth (ASMs) slowed to 2.3% vs 3.2% prior quarter, aiding pricing.
- Premium cabin outperformed with premium unit revenue beating main cabin by 5 pts. Premium paid load factor hit nearly 80%.
- AAdvantage Loyalty active accounts were up 7% and co-branded card spend up was up 9%. Chicago enrollments surged by 20%.
- Main cabin demand is rebounding with strong holiday bookings and Q4 unit revenue guided flat.
- The balance sheet improved with debt down by $1.2 bln and liquidity at $10.3 bln. Free cash flow is expected to exceed $1 bln in 2025.
- AAL is narrowing the competitive gaps but remains behind DAL and UAL in PRASM and efficiency.
Briefing.com Analyst Insight
AAL posted encouraging Q3 results and a sharp Q4 guidance upgrade, showing progress after lagging peers. While premium and loyalty are now core earnings drivers, unit revenue remains mildly negative and efficiency gaps persist versus DAL and UAL. Execution in Q4 and beyond is key for valuation upside, but AAL remains riskier than top competitors given its track record.
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