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Nasdaq and S&P 500 Decline Amid AI Spending Concerns
The Nasdaq and S&P were broadly lower amid renewed concerns over AI spending and an increase in oil prices. Meta shares slid despite strong revenue growth as investors weigh rising AI spending and legal costs, while Tesla is under pressure as its investment plans raise questions about returns. Oil prices were more than 2% higher amid continued tensions between the U.S. and Iran, as President Trump accused Iran in a Truth Social post of "doing everything they can to drive up the price of oil" prior to midterms.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Metareported mixed Q3 results, narrowed its FY26 capital expenditure guidance, and announced the establishment of a new Class C common stockTeslareported better-than-expected Q3 earnings, with CEO Elon Musk saying it will take at least a year to get Optimus robot production to 20,000 units per weekIBMreported upbeat Q3 results, with the company saying it is executing "solidly" against its prioritiesTexas Instrumentsreported better-than-expected Q3 results and provided upbeat Q4 earnings guidanceLockheed Martinprovided a "beat and raise" report for Q3 and announced a framework agreement with the Department of War for F-35 Lightning II fighter jets2. WALL STREET CALLS:BMO upgraded Blockto Outperform on Square volume accelerationNetflixdowngraded to Peer Perform at Wolfe ResearchCLSA and BNP Paribas upgraded Teslato Hold on potential SpaceXmergerRBC downgraded Dutch Broson competition, tough comparisonsBMO upgraded Ionisahead of Q3 report3. AROUND THE WEB:SB Energy, the SoftBank Group-controlleddeveloper of a massive planned Ohio data center project for OpenAI, is considering going public in December or possibly waiting until next year, The Information reportsA Sixth Circuit panel appeared reluctant to overturn Ford's$13.2M trade secrets verdict, Bloomberg Law reportsInfineum, a U.K.-based chemicals joint venture owned by Shelland ExxonMobil, has selected Bank of America to run a sale of the business, FT saysTSMCis looking into alternatives to rare-earth components in factory equipment, hoping to reduce the potential for Beijing export controls to disrupt plant operations, Reuters reportsSamsungand SK Hynixare upgrading their factories in China to produce more advanced memory chips, Reuters reports4. MOVERS:Biohavengained after the FDA accepted its new drug application resubmission for VyglxiaSpotifyincreased in New York after reporting Q3 results and providing guidance for Q4Kohl'swas higher after Gordon Haskett upgraded the stock to BuyTTM Technologieswas lower after reporting Q3 results and providing guidance for Q4, FY26, and FY27Hexcelfell after reporting Q3 results and increasing its buyback program to $750M5. EARNINGS/GUIDANCE:Honeywell Technologiesreported Q3 results and raised its guidance for Q4 and FY26Cencoraprovided guidance for FY26Badger Meterreported Q3 results, with EPS beating consensusFirstServicereported Q3 results, with CEO Scott Patterson noting he was "pleased" with the resultsPool Corp.reported Q3 results and backed its guidance for FY26INDEXES:The Dow rose 11.89, or 0.02%, to 52,867.98, the Nasdaq lost 694.00, or 2.60%, to 26,008.86, and the S&P 500 declined 93.74, or 1.21%, to 7,663.43.
General Motors and Ford to Report Quarterly Results
General Motorsis scheduled to report quarterly results before market open on Tuesday, October 20, with a conference call scheduled for 8:30 am EST, while Fordis scheduled to report after market close on Wednesday, October 28, with a conference call scheduled for 5:00 pm EST. What to watch for:GM SALES:Earlier in October, GM reported sales in Q3 totaling 670,974 vehicles, a decline of 6% compared with the same period a year earlier, which, "reflected the much smaller EV market and discontinued vehicles. However, sales of GM's highest volume vehicles were in line with the outstanding level of a year ago." "Our business is performing very well, the launch of our next-generation full-size pickup trucks is on track, and we are making investments in new vehicles, innovative technologies, and our U.S. manufacturing footprint to drive our next phase of growth," said Duncan Aldred, President of GM North America.GM GUIDANCE:Along with its Q2 earnings, the company raised its FY26 adjusted EPS guidance to $12.00-$14.00 from $11.50-$13.50. Consensus, which stood at $12.79 at the time, has since risen to $13.42. The company also raised its FY26 EBIT-adjusted view to $14B-$16B from $13.5B-$15.5B and adjusted automotive free cash flow view to $9.5B-$11.5B from $9B-$11B. GM also announced that 2027 results are expected to be better than 2026, with several key drivers set to grow revenue, margins, EBIT and FCF.GM PARTNERSHIPS, INITIATIVES:In July, Micronand GM announced a strategic customer agreement to secure a long-term supply of memory and storage platforms for GM's vehicle production and delivery at scale. The company also announced in July availability of ChargePointin Energy Pass. In August, GM, Pilot Company and EVgoannounced their collaborative EV fast-charging network surpassed 300 locations. The company also announced a 20-year extension to its joint venture partnership with SAIC. Additionally in August, Samsung SDIannounced an agreement with GM to buy its stake in U.S. battery joint venture SynergyCells. In September, the company announced a new truck user interface that integrates with Android Autoand Apple CarPlay. The company also reported the award of a $697.7M U.S. Army contract in September. Additionally in the month, GM launched the Smart Charge Bundle initiative with PG&E. The company also unveiled its updated 2027 heavy-duty truck lineup and launched the OnStar Fleet Intelligence Platform.ANALYST VIEW:RBC Capital raised the firm's price target on GM to $102 from $100 and kept an Outperform rating on the shares as part of a broader research note previewing Q3 results for global Automakers. For U.S. OEMs, resilient SAAR supports pricing power and higher average transaction prices heading into the quarter, the analyst said, adding that a potential US-Mexico bilateral trade agreement before year-end could represent meaningful upside. The firm further noted that for western suppliers, current valuations look compelling, though China remains the key focus following S&P's latest China production forecast cut.JPMorgan lowered the firm's price target on GM to $110 from $120 and kept an Overweight rating on the shares. The firm sees a "muted setup" for Ford and GM into the Q3 earnings reports, saying preliminary 2027 outlook commentary "is likely to present a cautious tone." JPMorgan expects in-line to slightly better Q3 prints, but said investor focus is likely to be on 2027 estimate revisions, and it does not see the results driving meaningful upside.FORD SALES:In August, Ford reported total U.S. vehicle sales in July of 169,951 were down 10.2% from 189,313 in the same month of last year. In September, the company reported U.S. total vehicles sales of 170,681 in August, down 10.3% from the same month of last year. In October, Ford announced that, excluding the planned phase-out of Escape and Corsair, the company estimated its Q3 retail share increased approximately 0.4 percentage points year over year to 12.1%. Q3 sales totaled 509,764 vehicles, down 6.6%, reflecting the planned portfolio changes. Adjusting for Escape and Corsair, Ford's total vehicle sales volume was essentially unchanged compared with an industry decline of about 1%. "We delivered a solid quarter and continued to gain retail share adjusted for the planned sunset of Escape and Corsair," said Andrew Frick, president, Ford Blue and Model e.FORD GUIDANCE:Along with its Q2 results, Ford raised its FY26 adjusted EBIT view to $10B-$11B from $8.5B-$10.5B. The company said, "Building on strong first-half results, the company is raising full-year 2026 guidance. Ford now expects the following for full-year 2026: Adjusted EBIT of $10B to $11B; free cash flow of $6B to $7B which now includes expected 2026 cash recovery of approximately $500M of the $1.3B IEEPA reimbursement recorded in the first quarter; Capital expenditures of $9.5B to $10.5B, unchanged from prior guidance. By segment, Ford now expects: Ford Blue EBIT of $5B to $5.5B; Ford Pro EBIT of $7B to $7.5B; Ford Model e loss of approximately $4B, this includes about $1B in incremental investment for the Universal Electric Vehicle platform and Ford Energy, mostly weighted toward the second half of the year; Ford Credit earnings before taxes above $2.5B."FORD PARTNERSHIPS, INITIATIVES:In July, Micron and Ford announced a long-term strategic customer agreement to strengthen the supply of memory and storage solutions supporting Ford's next-generation vehicle production. Additionally in July, the company ratified a three-year national collective agreement with Unifor. Ford also partnered with BlackRock, Carhartt and Google to launch the Alliance for Americas Skilled Trades and announced a Europe-focused joint venture with Geely Automobilein July as well. The company also announced in July that Apple Maps would power navigation for its upcoming UEV platform. In August, Ford appointed Dave Carroll as president of Ford Energy. In September, the company, along with JPMorganand the State of Michigan, announced the launch of the Michigan LIFT initiative.ANALYST VIEW:JPMorgan lowered the firm's price target on Ford to $16 from $17 and kept an Overweight rating on the shares. The firm expects in-line to slightly better Q3 prints.UBS lowered the firm's price target on Ford to $15 from $17 and kept a Buy rating on the shares. Ford's Q3 results are now expected to be roughly in line after late-quarter F-150 downtime reduced the previously expected beat, while 2027 profit guidance should remain limited, but the stock remains attractive around $12 given potential for a BESS announcement, the analyst said.
Major U.S. Averages Rise on Jobs Data
The major averages ended the week on a high note as Treasury yields retreated following the September jobs data, which showed jobs growing well below forecasts and unemployment rising to 4.2%. Traders may see the weak jobs report raising hopes that the Fed will hold rates steady this month. Also helping stocks were oil prices falling nearly 2% as European countries agreed to release strategic fuel reserves following pressure from the Trump administration to boost supplies.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:U.S. nonfarm payrolls rose a lower-than-expected 29,000 in September, with the unemployment rate rising to 4.2%Nikereported upbeat Q1 results but provided a lower-than-expected outlook for FY27Onsemiand Synapticsannounced a revised merger agreementTeslareported Q3 deliveries ahead of estimates while Fordreported a 6.6% year-over-year decline in Q3 U.S. vehicle salesDavid Ellison said the combined Paramountand Warner Bros. Discoverywill be named "Skydance"2. WALL STREET CALLS:Edison Internationaldowngraded to Underperform from Hold at JefferiesKeyBanc upgraded Airbnbto Overweight, says growth increasingly durableAST SpaceMobiledowngraded to Neutral from Buy at B. RileyDaiwa upgrade HPEto Outperform after "bullish" networking eventNorthrop Grummandowngraded to Sector Perform from Outperform at RBC Capital3. AROUND THE WEB:The FAA determined that a new Boeing737 MAX software glitch doesn't pose a flight-safety issue, WSJ reportsBNYis in discussions with Payward, the parent company of crypto exchange Kraken, over a major partnership spanning digital assets and financial market infrastructure, CoinDesk reportsSoftBankhas completed its final $10B investment in its $30B commitment to OpenAI's latest funding round, while Nvidiaalso completed its final $10B investment, The Information reportsAmazonis looking to offload $8B of Nvidiachips to external customers via a new vehicle meant to strengthen its balance sheet, FT saysGoldman Sachshas purchased shares worth $220M in Shein following the retailer's stock market debut last month, FT reports4. MOVERS:Sable Offshoregained after JPMorgan initiated coverage of the stock with an Overweight ratingNNincreased after announcing a $50M private placement of stockApplied Digitalwas higher after achieving its Ready for Service for the second phase of Building 2 at its Polaris Forge 1 campusTarget Hospitalityfell after announcing an 11M share Block TradeRivianwas lower after producing 19,751 vehicles in Q35. EARNINGS/GUIDANCE:Taylor Devicesreported Q1 results, with EPS and revenue lower year-over-yearIntegra LifeSciencesreported preliminary Q3 results and cut its guidance for FY26Ruanyun Edai Technologyreported preliminary results for 1HPhillips Edisonbacked its guidance for FY26Algoma Steelprovided its outlook for Q3INDEXES:The Dow rose 250.40, or 0.49%, to 51,176.96, the Nasdaq gained 319.27, or 1.19%, to 27,190.86, and the S&P 500 advanced 56.27, or 0.73%, to 7,722.72.
Major Averages Rise as Jobs Data Shows Weak Growth; Nasdaq Up 1.09%
The major averages were higher near noon as Treasury yields retreated following the September jobs data, which showed jobs growing well below forecasts and unemployment rising to 4.2%. Traders may see the weak jobs report raising hopes that the Fed will hold rates steady this month. Also helping stocks are oil prices falling sharply as European countries release strategic fuel reserves following pressure from the Trump administration to boost supplies.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:U.S. nonfarm payrolls rose a lower-than-expected 29,000 in September, with the unemployment rate rising to 4.2%Nikereported upbeat Q1 results but provided a lower-than-expected outlook for FY27Onsemiand Synapticsannounced a revised merger agreementTeslareported Q3 deliveries ahead of estimates while Fordreported a 6.6% year-over-year decline in Q3 U.S. vehicle salesDavid Ellison said the combined Paramountand Warner Bros. Discoverywill be named "Skydance"2. WALL STREET CALLS:Edison Internationaldowngraded to Underperform from Hold at JefferiesKeyBanc upgraded Airbnbto Overweight, says growth increasingly durableAST SpaceMobiledowngraded to Neutral from Buy at B. RileyDaiwa upgrade HPEto Outperform after "bullish" networking eventNorthrop Grummandowngraded to Sector Perform from Outperform at RBC Capital3. AROUND THE WEB:SoftBankhas completed its final $10B investment in its $30B commitment to OpenAI's latest funding round, while Nvidiaalso completed its final $10B investment, The Information reportsAmazonis looking to offload $8B of Nvidiachips to external customers via a new vehicle meant to strengthen its balance sheet, FT saysGoldman Sachshas purchased shares worth $220M in Shein following the retailer's stock market debut last month, FT reportsBroadcom'sWall Street syndicate has begun gathering $60B of fresh AI chip financing, which will benefit Anthropic and others in the sector, Bloomberg saysJapan's Financial Services Agency is preparing to issue a three-month partial business suspension order against Prudential Life Insurance, Nikkei reports4. MOVERS:Sable Offshoregains after JPMorgan initiated coverage of the stock with an Overweight ratingNNincreases after announcing a $50M private placement of stockApplied Digitalhigher after achieving its Ready for Service for the second phase of Building 2 at its Polaris Forge 1 campusTarget Hospitalityfalls after announcing an 11M share Block TradeRivianlower after producing 19,751 vehicles in Q35. EARNINGS/GUIDANCE:Taylor Devicesreported Q1 results, with EPS and revenue lower year-over-yearIntegra LifeSciencesreported preliminary Q3 results and cut its guidance for FY26Ruanyun Edai Technologyreported preliminary results for 1HPhillips Edisonbacked its guidance for FY26Algoma Steelprovided its outlook for Q3INDEXES:Near midday, the Dow was up 163.16, or 0.32%, to 51,089.72, the Nasdaq was up 292.38, or 1.09%, to 27,163.98, and the S&P 500 was up 50.11, or 0.65%, to 7,716.56.
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