01 Stock Market
As of Oct 29, U.S. stock index futures performed as follows: Dow Jones futures fell 0.33% to 52,524.00; S&P 500 futures fell 0.43% to 7,750.00; and Nasdaq 100 futures fell 1.19% to 29,622.50. The tone was weaker across the board, with the Nasdaq 100 leading declines and suggesting heavier pressure on growth and semiconductor shares than on cyclicals. Even so, the broader cash benchmarks were still modestly higher at the time of the data snapshot, underscoring a split between pre-open pricing and the prior session’s close.
Notable Stock Movers: Alphabet GOOG fell 11.08% at $286.24; Alphabet GOOGL fell 11.27% at $288.29; ServiceNow NOW fell 18.46% at $122.41; Fortinet FTNT fell 25.90% at $129.00; Caterpillar CAT fell 9.52% at $645.48; and Marvell Technology MRVL fell 11.85% at $221.83. On the upside, Microsoft MSFT rose 1.58% at $539.42; Apple AAPL rose 1.30% at $348.30; Meta Platforms META rose 0.86% at $617.78; Palantir Technologies PLTR rose 0.97% at $198.72; and Lumentum LITE rose 5.70% at $966.00. Among U.S.-listed Chinese names, Boqii Holding BQ rose 11.00% at $0.56, Canadian Solar CSIQ rose 3.34% at $9.91, while New Oriental Education & Technology EDU fell 6.51% at $47.42, Kingsoft Cloud KC fell 4.52% at $8.24, and United Microelectronics UMC fell 6.16% at $17.66.
Overall, pre-market action was driven by earnings and deal headlines, with software, chips, and industrial names under pressure while select health care, consumer, and internet names held up better. The biggest declines were concentrated in companies tied to recent results or forward guidance, while gains clustered in names that beat expectations or benefited from transaction speculation. This mix points to a market that is still rewarding clear operating surprises and punishing any sign of slower growth or softer billings.
02 Other Markets
• 10-year U.S. Treasury yield fell 0.42%, to 5.02%.
• U.S. Dollar Index rose 0.08% to 102.20.
• WTI crude oil futures fell 0.75% to 102.01 USD/barrel; COMEX gold futures fell 0.48% to 4032.20 USD/ounce.
03 Key News
1. DoorDash agreed to buy Instacart in a roughly $17 billion deal, expanding its grocery delivery push. The acquisition would give DoorDash a larger footprint in online grocery, a segment management has targeted as restaurant delivery matures. The report said Instacart shareholders would receive $65 per share, and DoorDash shares jumped in premarket trading. The transaction still faces the usual execution and regulatory risks associated with large platform deals.
2. Norwegian Cruise Line raised full-year guidance after posting better-than-expected quarterly revenue and earnings. The company said stronger close-in demand and higher onboard spending helped lift results, while cost discipline also improved profitability. It now expects higher adjusted EBITDA and adjusted EPS for the full year. The update suggests travel demand remains resilient even as consumers remain selective.
3. Bristol Myers Squibb raised revenue guidance but lowered its earnings outlook after taking an acquisition-related charge. The drugmaker said newer medicines drove sales strength, with quarterly revenue and adjusted EPS both beating expectations. Management also pointed to stronger sales from its newer therapies, even as the charge weighed on the profit forecast. The mixed guidance change highlights the tradeoff between growth investment and near-term earnings.
4. Crocs lifted its full-year outlook after reporting stronger quarterly profit and revenue. International growth and a rebound at the HeyDude brand supported the results, and the company also benefited from tariff refunds and cost reductions. Adjusted earnings and revenue both exceeded analyst estimates. The improved outlook suggests the brand recovery is gaining traction.
5. Eli Lilly raised its revenue forecast after strong demand for weight-loss drugs, while trimming profit guidance because of deal charges. The company said sales momentum in injectable obesity treatments was broad enough to increase its revenue target, but acquisition-related research charges pressured the profit view. Quarterly revenue and adjusted earnings both beat expectations. The update reinforces Lilly’s lead in the GLP-1 market.
6. Merck posted stronger quarterly results and lifted the low end of its full-year revenue forecast. Keytruda and Gardasil both delivered better-than-expected sales, helping the company beat Wall Street estimates on both revenue and earnings. Management said early drug purchases also supported the quarter. The report points to solid momentum across its main franchises.
7. Caterpillar reported higher quarterly profit and revenue, but its shares fell sharply in premarket trading. The company cited strong demand for backup power equipment, turbines, and construction machinery, and said order rates and backlog remained robust. Even with solid operating performance, the market focused on valuation and the size of the post-report move. The stock reaction showed investors were not uniformly rewarding industrial strength.
8. Shell announced stronger quarterly profit and increased its share buyback program. The energy major said refining margins and liquefied natural gas prices supported results, with profits beating expectations across major divisions. It raised the pace of quarterly repurchases, signaling confidence in cash generation. The update also reflects the benefit of elevated energy market conditions.
9. BYD reported slower profit growth and missed estimates as competition intensified. The electric vehicle maker said third-quarter net profit rose, but less than analysts expected, while revenue growth improved from the prior quarter. Overseas shipments helped offset softer domestic sales, though the company warned competition in export markets is increasing. The report suggests growth is becoming more difficult despite global expansion.
10. Wilmar International agreed to fund an independent inquiry into possible links between its operations and Indonesia haze fires. The investigation will be conducted through outside firms appointed under Singapore’s regulatory process. Access to operational and supply-chain information has been outlined as part of the review. The move adds a formal regulatory and reputational overhang for the company.
Sources: Reuters, Dow Jones, Tiger Newspress, public market data
Disclaimer: For informational purposes only; not investment advice.
