Market Snapshot
| Dow | 47706.16 | +161.78 | (0.34%) | | Nasdaq | 23827.52 | +190.04 | (0.80%) | | SP 500 | 6890.88 | +15.73 | (0.23%) | | 10-yr Note |
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| | NYSE | Adv 999 | Dec 1738 | Vol 1.09 bln | | Nasdaq | Adv 1843 | Dec 2819 | Vol 10.71 bln |
Industry Watch
| Strong: Information Technology, Materials, Consumer Discretionary |
| | Weak: Real Estate, Utilities, Health Care, Energy, Consumer Staples, Communication Services, Industrials, Financials |
Moving the Market
Tech names still providing leadership while the broader market largely moves lower
NVIDIA's (NVDA) GTC conference showcases slate of partnerships, sends stock to record highs
Large batch of earnings reports is driving some notable stock-specific moves
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NVIDIA rally pushes major averages to record highs
28-Oct-25 16:25 ET
Dow +161.78 at 47706.16, Nasdaq +190.04 at 23827.52, S&P +15.73 at 6890.88
[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (+0.8%), and DJIA (+0.3%) notched fresh record highs today amid a mega-cap rally, with NVIDIA (NVDA 201.03, +9.54, +4.98%) leading the advance as the market was struck with a wave of developments that came out of the company's GPU Technology Conference.
NVIDIA captured a record high of its own, rising past the $200 mark for the first time since its stock split. Importantly, CEO Jensen Huang said that the company has over $500 billion in orders through 2026 for its Blackwell and early Rubin chips. Mr. Huang also stated that the Blackwell chips are now being manufactured in Arizona.
Today's surge in NVIDIA's strength brought a number of companies with it.
Nokia (NOK 7.77, +1.41, +22.17%) traded sharply higher after NVIDIA announced it will take a $1 billion equity stake in the company. The two companies will also collaborate to launch AI-native 5G-Advanced and 6G networks on NVIDIA platforms.
Super Micro Computer (SMCI 52.36, +0.79, +1.53%), CrowdStrike (CRWD 546.94, +17.24, +3.25%), and Palantir Technologies (PLTR 189.60, +0.42, +0.22%) were among the other names that traded higher after mentions at the conference.
Unsurprisingly, the information technology sector (+1.6%) led today's advance. Microsoft (MSFT 542.07, +10.55, +1.98%) also captured a solid gain after announcing the plans for its continued partnership with OpenAI.
NVIDIA's impressive strength was not ubiquitous across other chipmaker names, as the PHLX Semiconductor Index captured a rather modest 0.4% gain.
Mega-cap strength was, however, more consistent today. The consumer discretionary sector (+0.3%) finished with a gain due to strength in Tesla (TSLA 460.55, +8.13, +1.80%) and Amazon (AMZN 229.25, +2.28, +1.00%).
The Vanguard Mega-Cap Growth ETF gained 0.9% today, and the market-weighted S&P 500 (+0.2%) decidedly outpaced the S&P 500 Equal Weighted Index (-0.9%).
Outside of the mega-cap realm, the materials sector (+0.1%) was the only other S&P 500 sector to finish higher. The sector was supported by strong performances from Sherwin-Williams (SHW 354.57, +18.49, +5.50%) and Nucor (NUE 152.04, +7.88, +5.47%) after beating earnings expectations.
Eight S&P 500 sectors finished in negative territory, with the real estate sector (-2.2%) slipping the furthest, as shares of Alexandria RE (ARE 62.95, -14.92, -19.16%) fell after an earnings miss.
The utilities (-1.7%), energy (-1.1%), and consumer staples (-1.0%) sectors also incurred fairly wide losses.
Smaller-cap indices also faced pressure today, with the Russell 2000 (-0.6%) and S&P Mid Cap 400 (-0.9%) closing well beneath their baselines.
Ultimately today's advance was underpinned by the strength of a few of the market's largest names, and in particular, its largest. While NVIDIA's rally boosted the major averages, the majority of stocks saw some profit-taking after yesterday's broad-based advance. However, the market displayed conviction in the AI trade today, which bodes well for a host of other mega-cap names set to start reporting earnings tomorrow after the close.
Additionally, tomorrow's FOMC decision is widely expected to bring forth another 25-basis point rate cut, which could help stimulate growth in pockets of the market that lagged today.
U.S. Treasuries recorded slight gains on Tuesday after spending the session in a sideways range that narrowed as the day went on. The 2-year note yield settled down one basis point at 3.49%, and the 10-year note yield settled down one basis point to 3.98%.
- Nasdaq Composite: +23.4% YTD
- S&P 500: + 17.2% YTD
- Russell 2000: +12.4% YTD
- DJIA: +12.1% YTD
- S&P Mid Cap 400: +5.1% YTD
Reviewing today's data:
- The Conference Board's Consumer Confidence Index slipped to 94.6 in October (Briefing.com consensus 94.2) from an upwardly revised 95.6 (from 94.2) in September. In the same period a year ago, the index stood at 109.6.
- The key takeaway from the report is that there wasn't much change in consumer confidence in October, as a small uptick in views about the present situation was offset by a small drop in views about the outlook.
- The FHFA Housing Price Index was up 0.4% month-over-month in August (Briefing.com consensus 0.1%) after a revised flat reading (from -0.1%) in July.
- The S&P Case-Shiller Home Price Index was up 1.6% year-over-year in August (Briefing.com consensus 1.9%), down from 1.8% in July.
Mega-caps shine, smaller-caps lag
28-Oct-25 15:30 ET
Dow +273.93 at 47818.31, Nasdaq +252.51 at 23889.99, S&P +33.42 at 6908.57
[BRIEFING.COM] The major averages are well positioned to capture record closing highs to go along with their record intraday levels.
Today's tech- and mega-cap-led rally has not benefitted the small-cap Russell 2000 (-0.4%) or S&P Mid Cap 400 (-0.7%).
Overall, breadth remains negative, with decliners outpacing advancers by a roughly 3-to-2 clip on both the NYSE and Nasdaq.
Nonetheless, a 1.2% gain in the Vanguard Mega-Cap Growth ETF outweighs broader market weakness, sending the major averages to record highs for the second consecutive day this week.
NVIDIA GTC confernce sends a number of stocks higher
28-Oct-25 15:05 ET
Dow +295.53 at 47839.91, Nasdaq +213.45 at 23850.93, S&P +26.08 at 6901.23
[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.9%), and DJIA (+0.7%) continue to chart new session, and record highs as NVIDIA (NVDA 199.25, +7.76, +4.05%) reaches further into record territory of its own.
NVIDIA's GTC conference has showcased a number of collaborations, with Super Micro Computer (SMCI 53.09, +1.52, +2.95%), CrowdStrike (CRWD 546.72, +17.02, +3.21%), Palantir Technologies (PLTR 190.72, +1.54, +0.81%), and Uber (UBER 96.74, +0.32, +0.33%) among the names that trade higher after mentions at the conference.
The information technology sector is now up 1.8% on the day.
S&P 500 gains led by REGN, MSCI, and Intel; F5 slides on weak FY26 guidance
28-Oct-25 14:30 ET
Dow +344.69 at 47889.07, Nasdaq +222.66 at 23860.14, S&P +29.15 at 6904.30
[BRIEFING.COM] The S&P 500 (+0.42%) is in last place on Tuesday afternoon, up about 29 points.
Briefly, S&P 500 constituents Regeneron Pharma (REGN 638.00, +52.69, +9.00%), MSCI (MSCI 587.98, +41.12, +7.52%), and Intel (INTC 41.47, +1.93, +4.88%) pepper the top of the standings. REGN and MSCI rise amid strong earnings, while INTC bubbles higher amid strength in mega-cap tech and chipmakers with NVIDIA's (NVDA 199.38, +7.89, +4.12%) GTC from Washington, D.C. ongoing.
Meanwhile, F5 Networks (FFIV 268.26, -22.15, -7.63%) is one of today's worst laggards, after the company's strong Q4 results were overshadowed by weak FY26 guidance, with EPS and revenue expected below consensus due to near-term sales disruptions from a recent security incident.
Gold slips as trade optimism and rising yields weigh on safe-haven demand
28-Oct-25 14:00 ET
Dow +326.12 at 47870.50, Nasdaq +187.39 at 23824.87, S&P +22.44 at 6897.59
[BRIEFING.COM] The Nasdaq Composite (+0.79%) is up about 187 points this afternoon, leading the major averages with about two hours to go in the session.
Gold futures settled $36.60 lower (-0.9%) at $3,983.10/oz, as optimism over progress in U.S./China trade talks reduced safe-haven demand. A firmer dollar and higher Treasury yields added pressure, offsetting expectations that a dovish Fed stance could soon revive interest in the metal.
Meanwhile, the U.S. Dollar Index is down about -0.2% to $98.67.
Wayfair Finds Its Way as Q3 Shows Accelerating Orders and Growth Momentum
Wayfair (W) is soaring to new multi-year highs today after delivering its Q3 results this morning. The e-commerce home furnishings company handily beat EPS expectations, while revenue accelerated, increasing 8.1% yr/yr to $3.18 bln, well ahead of expectations. The company's model continues to benefit in the current environment, with suppliers competing to win share and keeping prices low for consumers.
- Orders grew 5% yr/yr with two straight quarters of mid-single-digit new order growth; U.S. revenue +9% and international +5%. Active customers fell 2.3% yr/yr to 21.2 mln, but returned to sequential growth for the first time since 2023.
- Importantly, management cleared the air on growth quality, it is structural, not tariff driven. Only short-lived blips in large appliances and vanities were seen, neither impacting aggregate results materially.
- While not relying on a housing rebound, management sees category trends stabilizing, with years of double-digit declines giving way to near-flat performance in FY25 and offering a more supportive backdrop even as macro conditions remain soft.
- Looking ahead, management is upbeat on holiday trends and sees AI advancements driving further share gains. W plans to resume annual guidance, and expects FY26 adjusted EBITDA to grow faster than revenue as profitability continues to scale.
Briefing.com Analyst Insight
This is another sharp move higher for W on the heels of a well-received report. Q2 was already a standout, and Q3 delivered the strongest third-quarter sequential growth since 2019. That came even as the housing backdrop remains soft, though management noted signs that the category is sort of bottoming out. Just as important, they put questions about tariff pull-forward to rest, with growth structurally driven. With new AI enhancements around the corner and a more supportive demand environment emerging, Wayfair seems well positioned to keep building on its current momentum.
Skyworks and Qorvo (QRVO) Tune In Together: $22B RF Merger Aims to Amplify Growth (SWKS)
Skyworks (SWKS) and Qorvo (QRVO) are making headlines after announcing a cash-and-stock merger valuing the combined company at about $22 bln. The deal unites two major players in radio frequency (RF) and analog semiconductors, creating a stronger, more diversified competitor across multiple end markets.
- The merger blends Skyworks' RF and analog strength in wireless, automotive, and industrial with Qorvo's RF chip and module expertise in mobile devices, infrastructure, IoT, and defense.
- The combined company will target high-growth areas such as AI data centers, 5G infrastructure, defense, automotive, and edge IoT.
- Skyworks has been struggling after losing some of its Apple (AAPL) business, while Qorvo faces similar Apple dependence (46% of FY24 sales) and weakness in Android markets.
- The merger helps both diversify beyond smartphones as Apple develops in-house RF chips.
- Cost synergies, expanded R&D capabilities, and a broader product portfolio are expected, though leadership details were not disclosed.
Briefing.com Analyst Insight:
This merger feels like a defensive but strategically sound move for both Skyworks and Qorvo. With Apple pursuing in-house RF chip designs and smartphone unit growth plateauing, the two mid-cap RF players faced growing pressure to scale up or risk being marginalized. By joining forces, they can pool R&D resources, streamline manufacturing, and broaden exposure to high-growth verticals like defense, automotive, and industrial IoT. The combined company could emerge as a stronger, more diversified RF powerhouse with enough critical mass to stand toe-to-toe with Broadcom (AVGO) and Qualcomm (QCOM) in the next phase of connectivity evolution.
UnitedHealth Flashes Signs of Improvement in Q3, Though Key Challenges Still Remain (UNH)
UnitedHealth (UNH) is relatively flat after reporting its Q3 results this morning. The managed care giant beat EPS expectations, a nice bounce back after missing in the prior two quarters, while revenue increased 12.2% yr/yr to $113.16 bln, in line with expectations. Encouragingly, management raised its FY25 EPS guidance to $16.25, above expectations.
- UnitedHealthcare revenue increased 16% yr/yr to $87.1 bln; Optum Health and Optum Insight were flat at $25.9 bln and $4.9 bln, while Optum Rx grew 16% to $39.7 bln.
- Medical care ratio of 89.9% (+470 bps yr/yr) remains elevated and reflects lingering cost pressures, though management expects it to land at the low end of the 89.0--89.5% full-year range.
- Broad repricing across Medicare Advantage, Commercial, and residual ACA offerings provides better visibility into margin improvement in 2026, while Medicaid margins remain pressured as funding still lags higher acuity.
- Optum Health's turnaround is progressing, with 90% of 2026 contracts reset, narrowing networks, and exits from 200K underperforming PPO lives aimed at stabilizing cohorts and supporting margin improvement in 2026, followed by a ramp toward the 6-8% target in 2027.
- Looking ahead, management is comfortable with current 2026 consensus and expects margin progress, though V28 and Medicaid funding headwinds remain. The focus is on balancing recovery with investment, setting up a return to more durable double-digit growth in 2027.
Briefing.com Analyst Insight
UnitedHealth is still marred by headwinds, but this report showed flashes of operational improvement. The raised guidance and steady segment performance, UHC and Optum Rx growing nicely while Optum Health and Insight held steady, suggest early progress in the reset. The real story turns to 2026 and beyond, where management sees meaningful earnings growth returning as pricing actions stick and Optum execution improves. For now, the update is constructive but not conclusive, and the muted stock reaction reflects that balance: investors want more proof that margin traction and cost discipline are here to stay.
D.R. Horton falls short on EPS amid persistent affordability constraints and margin pressure (DHI)
D.R. Horton (DHI) reported mixed 4Q25 results as affordability challenges and incentives continued to pressure margins and earnings. The company’s 1Q26 and FY26 outlooks were generally in line with expectations, though home closings guidance came in light for Q1.
- EPS of $3.04 fell more than 22% yr/yr and badly missed expectations, marking the company’s third EPS miss in the past five quarters despite repurchasing 4.6 mln shares during the period.
- Homes closed dipped 1% yr/yr to 23,368, slightly below forecasts, underscoring affordability headwinds. Even so, revenue exceeded expectations at $10.5 bln, though it was still down 3.2% yr/yr.
- DHI’s underwhelming results follow weak reports from peers KB Home (KBH) and Lennar (LEN), extending a pattern of disappointing performance across the homebuilding sector.
- The company continued to rely on incentives and price reductions to sustain demand. The average sales price fell to $365,600 from $375,500 last year, while home sales gross margin declined to 20.0% from 21.8% in Q3.
- For 1Q26, revenue of $6.3-$6.8 bln was in line, but expected homes closed of 17,100-17,600 missed estimates. FY26 revenue of $33.5-$35.0 bln and homes closed of 86,000-88,000 were roughly in line with analysts' projections.
Briefing.com Analyst Insight:
DHI’s Q4 report adds to a mounting list of soft performances from major homebuilders as persistent affordability challenges continue to weigh on the industry. While the company managed to beat on revenue, the steep EPS miss and ongoing margin erosion reflect the cost of sustaining demand through heavy incentives and lower prices. The in-line FY26 outlook provides some stability, but near-term growth appears limited without meaningful relief in mortgage rates. Given the stock’s premium valuation relative to peers and a cooling housing backdrop, it’s difficult to see a near-term catalyst for upside. For now, the story remains one of solid execution in a tough market rather than accelerating growth.
UPS Special Delivery: UPS Ships Strong Q3 Profits Despite Amazon Pullback (UPS)
UPS (UPS) is surging today after delivering a much stronger-than-expected Q3 report, marking its largest EPS beat since 4Q21. The package delivery giant bounced back sharply following a disappointing Q2, as cost discipline and network optimization efforts began to show results.
- Q3 revenue fell 3.7% yr/yr to $21.41 bln, slightly above consensus estimates. EPS came in well ahead of expectations, representing the company's biggest earnings beat in nearly four years.
- The upside is particularly notable given that UPS is intentionally reducing exposure to low-margin Amazon deliveries — with plans to deliver over 50% fewer Amazon packages by the end of 2026.
- Q3 Amazon-related volume declined -21.2% yr/yr, compared to -13% in 1H25, but less than the -30% UPS had forecasted. The company emphasized that it's shedding unprofitable business while growing higher-margin volume.
- UPS closed 19 additional U.S. buildings in Q3, bringing the 2025 total to 93 closures, part of a broad network reconfiguration aimed at boosting long-term margins.
- U.S. average daily volume (ADV) declined yr/yr due to the Amazon glide down and reduced exposure to lower-yield e-commerce, but U.S. revenue per piece jumped 9.8%.
- International ADV grew 4.8%, aided by tariff-related rerouting of capacity, although export volumes softened modestly.
- For the peak holiday season, UPS expects U.S. ADV to decline given the Amazon strategy but anticipates strong operational performance, supported by improved network efficiency and lower reliance on seasonal hires and leased assets.
Briefing.com Analyst Insight:
UPS's Q3 performance was a pleasant surprise, showing that its margin-centric strategy is beginning to pay off despite weaker top-line growth. The company's decision to wean itself off Amazon's high-volume, low-margin business is a bold but necessary move for long-term profitability. The strong revenue per piece and tighter cost structure suggest UPS is successfully transitioning toward a more disciplined, high-quality revenue model. However, with volume pressure likely to persist into 2026 and FedEx ramping up competitive efforts with Amazon, sustained growth may remain challenging. UPS eased investors' fears with the huge EPS beat and fairly positive Q4 commentary.
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