Rising energy, freight, and commodity costs are putting corporate margins back under pressure, just as markets prepare for another critical Fed meeting. Meanwhile, major deals and industrial investments continue moving forward, with fresh activity across financial data, defense, healthcare, and U.S. manufacturing.

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Futures at a Glance📈

Futures are lower after Thursday’s sharp tech selloff, with AI spending concerns continuing to weigh on sentiment. Rising oil prices are adding to inflation worries, while traders look to American Express earnings and fresh manufacturing and services data for direction.

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What to Watch

Earnings (Premarket):
· American Express Company [AXP]
· ENI S.p.A. [E]
· SLB Limited [SLB]
· Infosys Limited [INFY]
· First Citizens BancShares, Inc. [FCNCA]
· Rogers Communications Inc. [RCI]
· Booz Allen Hamilton Holding Corporation [BAH]
· Autoliv, Inc. [ALV]
· Balchem Corporation [BCPC]

Earnings (Time Not Supplied):

· Dr. Reddy's Laboratories Ltd. [RDY]

Economic Reports:

· U.S. flash manufacturing PMI (October): 9:45 am
· U.S. flash services PMI (October): 9:45 am
· University of Michigan final consumer sentiment (October): 10:00 am

Market Pulse

Next week's Fed meeting looms larger after the Treasury rally as markets reduce expectations for further hikes amid worries that weaker AI spending could slow U.S. growth.

Oil's five-month high is renewing inflation concerns as Middle East supply fears intensify, putting corporate margins and the Fed's rate outlook under pressure heading into next week.

Earnings & Consumer

Procter & Gamble warned rising costs could reduce annual profit by $1.4 billion as commodity, energy and freight expenses climb, despite stronger-than-expected quarterly sales.

Spotify forecast fourth-quarter operating profit of €820 million as AI-powered features help attract subscribers, reinforcing its push toward stronger profitability and user engagement.

Healthcare & Biotech

AbbVie reported positive late-stage results for its skin-disease drug lutikizumab after patients saw major lesion reductions, with 31% meeting the response threshold versus 23% on placebo.

BioNTech and Gilead will test a new breast-cancer combination in a revised late-stage clinical trial, pairing experimental pumitamig with approved Trodelvy against aggressive triple-negative tumors.

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Finance & Capital

London Stock Exchange Group agreed to acquire credit-data provider Octus for $3.54 billion as its biggest deal in seven years expands proprietary analytics and strengthens its competitive position.

SK Hynix paused plans to list its Solidigm unit in the U.S. after regulators raised shareholder-protection concerns over an IPO that could have raised up to $15 billion.

Defense & Industry

Lockheed Martin raised its annual outlook as a new Pentagon production framework envisions at least 850 F-35 jets over a decade, alongside a record $292 billion backlog.

HD Hyundai and Kiewit agreed to build a new U.S. shipyard with operations planned to begin in 2029 and roughly 3,000 jobs expected across commercial and military shipbuilding.

Would you rather trust a stock's pre-market move as a reliable preview of the regular session, or treat it as pure noise to ignore until 9:30?

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Movers and Shakers

RingCentral (RNG) +16%

RingCentral is looking less like a traditional business phone provider and more like an AI software play. Shares surged after the company reported accelerating adoption of AI products, with customers using paid AI tools now representing nearly 15% of annual recurring revenue, double the year-earlier share. Quarterly revenue rose 6% to $676 million, while record operating margins helped management raise its full-year outlook. The combination of AI growth and improving profitability is giving Wall Street a reason to rethink the stock.

Crown Castle (CCI) +7%

SpaceX wants to become America's fourth nationwide wireless carrier, and Crown Castle could be one of the biggest beneficiaries. The company is reportedly negotiating with Elon Musk's SpaceX as it seeks access to at least 80,000 U.S. cell sites. Crown Castle operates roughly 40,000 towers nationwide, making it a natural infrastructure partner. No agreement has been finalized, but the prospect of an entirely new major wireless customer could create a significant long-term revenue opportunity.

Deckers Outdoor (DECK) -9%

The problem isn't that HOKA and UGG have stopped growing. It's that they're no longer growing fast enough to satisfy Wall Street. Deckers shares tumbled after management slashed its full-year sales outlook to roughly $5.7 billion, down from nearly $5.9 billion previously. HOKA sales grew just 6.8% last quarter, while UGG managed 3.5%. With shoppers increasingly hunting for discounts, Deckers faces a difficult balancing act between protecting its premium image and maintaining sales momentum.

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Everything Else

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Elite Trade Club

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