Earnings season is putting corporate profits under the microscope, with major U.S. banks offering an early look at how businesses are navigating higher borrowing costs. Meanwhile, competition across AI hardware is intensifying as Microsoft expands its custom chip ambitions and Chinese manufacturers challenge established suppliers.
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Futures at a Glance📈
Futures are mixed as Wall Street rotates out of tech and into financials ahead of a packed bank earnings slate. Fresh concerns over AI chip spending are weighing on Nasdaq futures, while JPMorgan, Goldman Sachs, and other banking giants take center stage. Wednesday’s inflation report is also looming large.
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What to Watch
Earnings (Premarket):
· JPMorgan Chase & Co. [JPM]
· Johnson & Johnson [JNJ]
· UnitedHealth Group Incorporated [UNH]
· Goldman Sachs Group, Inc. [GS]
· Wells Fargo & Company [WFC]
· Citigroup Inc. [C]
· Domino's Pizza Inc. [DPZ]
· Albertsons Companies, Inc. [ACI]
· FB Financial Corporation [FBK]
Earnings (Aftermarket):
· AZZ Inc. [AZZ]
Economic Reports:
· Fed Governor Christopher Waller speech: 3:45 am
· NFIB Small Business Optimism Index (September): 6:00 am
· Existing home sales (September): 10:00 am
· Richmond Fed President Thomas Barkin speech: 1:00 pm
· Monthly Treasury balance (September): 2:00 pm
Market Pulse
Major U.S. banks are putting higher interest rates to the test as third-quarter earnings reveal trends in lending, credit quality, and trading revenue.
Elevated oil prices are keeping inflation risks front and center as Middle East supply disruptions threaten energy markets, complicating the Fed's interest rate outlook and corporate cost pressures.
AI & Technology
Microsoft plans to deploy potentially more than one million custom AI chips next year, with its new Maia 300 promising better computing efficiency and reduced dependence on Nvidia.
Chinese memory-chip advances are rattling global semiconductor stocks after reported breakthroughs at ChangXin Memory Technologies raised concerns about intensifying competition for established suppliers.
Healthcare & Biotech
Bristol Myers scored a late-stage cancer drug win after its radioactive therapy RYZ101 slowed progression of rare neuroendocrine tumors, strengthening its radiopharmaceutical pipeline.
Roche is expanding its obesity push with a deal worth up to $1.16 billion after licensing an experimental treatment from China's Rona Therapeutics, challenging established drugmakers.
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Finance & Deals
Bumble jumped after reports of a potential $1 billion take-private deal, with Ithaca Holdings in advanced talks as the dating app battles declining subscriber numbers.
Steris is buying Xodus Medical for $2.1 billion to expand its surgical consumables business, adding operating-room safety products as healthcare providers seek reliable equipment supplies.
Capital & IPOs
India's Zetwerk is seeking a $2.64 billion valuation through a $518 million IPO opening this week, tapping demand for industrial manufacturing and energy equipment.
Nigeria's Dangote refinery extended its $1.6 billion IPO to give more African investors access, testing demand for public ownership of the massive 700,000-barrel-per-day facility.
Would you rather start your trading day at 4am with the futures, or wait for the cash open at 9:30?
Movers and Shakers
Six Flags Entertainment [FUN]: Premarket Move: −8%
Six Flags plunged after a fatal roller coaster incident at its Six Flags Over Georgia park left one person dead and several others injured. The company temporarily closed nine roller coasters across six parks as authorities investigated the incident, raising fresh concerns about safety and potential legal exposure. The selloff adds pressure to the struggling theme park operator.
VF Corporation [VFC]: Premarket Move: +3%
VF Corporation extended its recent rally as traders continued to bet on improving performance across its brands ahead of its October 28 earnings report. Shares gained more than 5% Monday, building momentum around the apparel company's turnaround. Recent results showed The North Face revenue growing 6% and Timberland gaining 4%, while net debt declined $1.1 billion. However, Vans remains a weak spot, with sales falling 8%.
Clover Health [CLOV]: Premarket Move: −4%
Clover Health pulled back following Friday's rally after receiving upgraded Medicare Advantage ratings. Its PPO plans earned a five-star rating for 2027, potentially unlocking higher federal bonus payments and year-round enrollment opportunities. However, the rating excludes 20 disputed quality measures under a court ruling currently being appealed.
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Everything Else
🧭 Everyone owns the Mag 7 but seven new contenders are already building toward the kind of leadership that tends to come next
💻 Microsoft unveiled its next-generation AI chip, with plans to deploy potentially more than one million Maia 300 processors in 2027 to reduce reliance on Nvidia.
📡 Nokia agreed to sell a division to private equity firm Aurelius, divesting its Enterprise Campus Edge operations as it sharpens its business focus.
🤖 HCLTech signed a major Anthropic partnership, establishing a dedicated business unit to develop secure AI solutions for enterprise customers.
☁️ Salesforce gained following a bullish upgrade, with Bank of America citing confidence in the software company's AI strategy.
🏦 Bandhan Bank jumped on potential investment reports, gaining 7.7% amid speculation that Abu Dhabi funds could invest in its promoter company.
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