Market Update
Big Tech Earnings Drive Market Sentiment, Fed's December Rate-Cut Less Likely
Barry Adams
30 Oct, 2025
New York City
Wall Street indexes struggled to advance after Big Tech earnings delivered mixed signals.
The S&P 500 index edged lower 0.3%, and the tech-heavy Nasdaq Composite decreased 0.5% following earnings results from Microsoft, Alphabet, Meta Platforms, Chipotle Mexican Grill, and Starbucks.
Meta Platforms took a one-time non-cash charge of multiple billions of dollars, reflecting changes in how deferred tax assets are accounted for under the revised tax code.
Microsoft Corp. eased after the company's earnings took a hit because of elevated AI-related spending, raising worries that future AI spending growth may face hurdles.
The yield on 10-year Treasury notes edged up to 4.11%, a day after the Federal Reserve lowered its fed funds rate range by 25 basis points to between 3.75% and 4.0%.
Fed Chair Jerome Powell signaled that there are uncertainties surrounding a possible rate cut after the December meeting amid a federal government data blackout and weakening labor market.
The U.S. and China agreed to ease trade restrictions and roll back some of the duties, following a meeting between leaders of the two nations.
Trump announced reducing fentanyl tariffs on Chinese goods to 10%, lowering overall tariffs to 47% from 57%.
Xi Jinping said China will delay the latest trade restrictions on rare-earth shipments by one year but will keep in place the curbs announced in April.
U.S. Stock Movers
Chipotle Mexican Grill Inc. plunged 19% to $39.76, and the restaurant company lowered its same-store sales outlook for the third consecutive quarter.
Total revenue in the third quarter increased 7.5% to $3.0 billion from $2.8 billion, net income decreased to $382.1 million from $387.4 million, and diluted earnings per share rose to 29 cents from 28 cents a year ago.
"The increase in total revenue was driven by new restaurant openings and a 0.3% increase in comparable restaurant sales due to a 1.1% increase in average check, partially offset by lower transactions of 0.8%. Digital sales represented 36.7% of total food and beverage revenue," said the burrito chain operator in a statement to investors.
The company lowered its same-store sales growth outlook in 2025 to the low single-digit range from February's estimate of an increase in the low to mid single-digit percentage.
The company confirmed that its core customers between the ages of 25 and 35 years are visiting its stores less frequently.
Alphabet Inc. Class C jumped 7.4% to $295.09, and the parent company of Google and YouTube reported better-than-expected third-quarter results.
Revenue increased 16% to $102.4 billion from $88.3 billion, net income advanced 33% to $34.97 billion from $26.3 billion, and diluted earnings per share rose 35% to $2.87 from $2.12 a year ago.
"The Gemini app now has over 650 million monthly active users. We continue to drive strong growth in new businesses. Google Cloud accelerated, ending the quarter with $155 billion in backlog. And we have over 300 million paid subscriptions led by Google One and YouTube Premium,” said CEO Sundar Pichai.
Google Search & other, YouTube ads, Google subscriptions, platforms, and devices, and Google Cloud each delivered double-digit growth in the third quarter.
Google Services revenues jumped 14% to $87.1 billion, reflecting robust performance across Google Search, subscriptions, and YouTube advertising.
Google Cloud revenues soared 34% to $15.2 billion, led by growth in Google Cloud Platform across core products, AI infrastructure, and generative AI solutions.
Meta Platforms Inc. decreased 8.8% to $686.0, despite the parent company of Facebook and Instagram reporting better-than-expected revenue and earnings in the third quarter.
Revenue surged 26% to $51.2 billion from $40.6 billion, net income plunged 83% to $2.7 billion from $15.7 billion, and diluted earnings per share decreased to $1.05 from $6.03 a year ago.
The decline in net income was driven by a one-time non-cash income tax charge of $15.93 billion because of the decline in valuation allowance against the company's deferred tax assets.
The company held out for lower annual income tax expense starting next year, resulting from changes announced in the latest U.S. government budget.
Microsoft Corp. decreased 2.2% to $529.70, and the software and cloud services provider reported mixed results in the fiscal first quarter ending in September.
Revenue increased 18% to $77 billion from $65 billion, net income advanced 12% to $27.7 billion from $24.7 billion, and diluted earnings per share rose to $3.72 from $3.30 a year ago.
Revenue in the cloud segment rose 26% to $49.1 billion, personal computing advanced 4% to $13.8 billion, and the productivity and business processes unit advanced 17% to $33 billion.
Microsoft returned $10.7 billion to shareholders in the form of dividends and share repurchases in the first quarter of fiscal year 2026.
Bank of Japan Held Short-Term Rates, Chip Equipment Makers Surged
Akira Ito
30 Oct, 2025
Tokyo
Japan's benchmark indexes edged lower, and investors reviewed rate decisions from major central banks.
After rate decisions and earnings announcements, the Nikkei 225 Stock Average fell 0.6% while the larger Topix edged higher by 0.3%.
The Bank of Japan held its short-term rates at 0.5%, keeping borrowing costs at the highest level since 2008.
The central bank also reaffirmed its intentions to resume policy normalization in the event that economic projections materialize.
The Japanese yen weakened to 152.95 against the U.S. dollar after the BoJ delivered the widely anticipated rate decisions.
The U.S. Federal Reserve lowered its short-term interest rate range by 25 basis points and highlighted uncertainty related to a possible rate cut at the next meeting in December.
Artificial intelligence chip and equipment makers led gainers in Tokyo, following a flurry of deals announced by Nvidia.
Moreover, Advantest Corp. soared to a new record high after the equipment maker lifted its annual outlook.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.6% to 51,009.53, and the broader Topix index inched higher 0.3% to 3,286.32.
Advantest Corp. advanced 0.6% and extended its five-day surge to 30% after the company released its quarterly results.
Advantest Corp. traded at ¥22,215.0.
Lasertec Corp. soared 22% to ¥28,575.0 ahead of the company's results later this week.
Nidec Corp. closed unchanged at ¥1,960.0, and the stock is set to be removed from the popular benchmark Nikkei 225 Stock Average.
The electric motor maker said it discovered accounting irregularities, and the company is likely to restate its financial statements for several years.
Last Friday, the company withdrew its annual revenue and earnings outlook, suspended its previously announced interim dividend of 20 yen per share, and halted its 35-billion yen stock repurchase program.
Bank of Japan Held Short-Term Rates, Chip Equipment Makers Surged
Akira Ito
30 Oct, 2025
Tokyo
Japan's benchmark indexes edged lower, and investors reviewed rate decisions from major central banks.
After rate decisions and earnings announcements, the Nikkei 225 Stock Average fell 0.6% while the larger Topix edged higher by 0.3%.
The Bank of Japan held its short-term rates at 0.5%, keeping borrowing costs at the highest level since 2008.
The central bank also reaffirmed its intentions to resume policy normalization in the event that economic projections materialize.
The Japanese yen weakened to 152.95 against the U.S. dollar after the BoJ delivered the widely anticipated rate decisions.
The U.S. Federal Reserve lowered its short-term interest rate range by 25 basis points and highlighted uncertainty related to a possible rate cut at the next meeting in December.
Artificial intelligence chip and equipment makers led gainers in Tokyo, following a flurry of deals announced by Nvidia.
Moreover, Advantest Corp. soared to a new record high after the equipment maker lifted its annual outlook.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.6% to 51,009.53, and the broader Topix index inched higher 0.3% to 3,286.32.
Advantest Corp. advanced 0.6% and extended its five-day surge to 30% after the company released its quarterly results.
Advantest Corp. traded at ¥22,215.0.
Lasertec Corp. soared 22% to ¥28,575.0 ahead of the company's results later this week.
Nidec Corp. closed unchanged at ¥1,960.0, and the stock is set to be removed from the popular benchmark Nikkei 225 Stock Average.
The electric motor maker said it discovered accounting irregularities, and the company is likely to restate its financial statements for several years.
Last Friday, the company withdrew its annual revenue and earnings outlook, suspended its previously announced interim dividend of 20 yen per share, and halted its 35-billion yen stock repurchase program.
Investors Look Beyond Trump-Xi Meeting, HKMA Trims Interest Rates
Li Chen
30 Oct, 2025
Hong Kong
Stocks in China and Hong Kong advanced as investors reviewed the latest rate actions by the U.S. Federal Reserve.
The Hang Seng Index increased 0.4%, and the mainland-focused CSI 300 index edged up 0.3% as investors lowered their expectations of a breakthrough following a meeting between leaders of China and the U.S.
The Trump-Xi meeting got underway in Busan, South Korea, on Thursday, as both leaders seek to lower trade tensions and finalize a trade framework agreement.
Over the past week, investors have boosted stock prices, anticipating a concession from the U.S. president to reduce the exorbitant trade tariffs on Chinese goods.
However, Donald Trump's erratic trade policy and unstructured style of managing trade have unnerved Chinese policymakers and lowered expectations for a definitive solution.
Chinese policymakers are focused on long-term development while maintaining social stability, and they have adopted a trade stance that the Trump administration will not be there forever.
The Hong Kong Monetary Authority lowered the base rate by 25 basis points, following a similar rate cut by the U.S. Federal Reserve.
The Federal Reserve lowered its fed funds rate range to between 3.75% and 4.0%, and Fed Chair Jerome Powell signaled that a rate cut at the next policy meeting in December may not materialize.
China Indexes and Stocks
The Hang Seng Index increased 0.4% to 26,451.16, and the mainland-focused CSI 300 index advanced 0.3% to 4,754.15.
Zijin Mining Group increased 4% to HK $32.62, China Shenhua Energy advanced 3% to HK $42.26, and SMIC decreased 0.6% to HK $79.60.
Alibaba Group Holding increased 1.7% to HK $173.80, Tencent Holdings added 2.2% to HK $660.50,
Investors Look Beyond Trump-Xi Meeting, HKMA Trims Interest Rates
Li Chen
30 Oct, 2025
Hong Kong
Stocks in China and Hong Kong advanced as investors reviewed the latest rate actions by the U.S. Federal Reserve.
The Hang Seng Index increased 0.4%, and the mainland-focused CSI 300 index edged up 0.3% as investors lowered their expectations of a breakthrough following a meeting between leaders of China and the U.S.
The Trump-Xi meeting got underway in Busan, South Korea, on Thursday, as both leaders seek to lower trade tensions and finalize a trade framework agreement.
Over the past week, investors have boosted stock prices, anticipating a concession from the U.S. president to reduce the exorbitant trade tariffs on Chinese goods.
However, Donald Trump's erratic trade policy and unstructured style of managing trade have unnerved Chinese policymakers and lowered expectations for a definitive solution.
Chinese policymakers are focused on long-term development while maintaining social stability, and they have adopted a trade stance that the Trump administration will not be there forever.
The Hong Kong Monetary Authority lowered the base rate by 25 basis points, following a similar rate cut by the U.S. Federal Reserve.
The Federal Reserve lowered its fed funds rate range to between 3.75% and 4.0%, and Fed Chair Jerome Powell signaled that a rate cut at the next policy meeting in December may not materialize.
China Indexes and Stocks
The Hang Seng Index increased 0.4% to 26,451.16, and the mainland-focused CSI 300 index advanced 0.3% to 4,754.15.
Zijin Mining Group increased 4% to HK $32.62, China Shenhua Energy advanced 3% to HK $42.26, and SMIC decreased 0.6% to HK $79.60.
Alibaba Group Holding increased 1.7% to HK $173.80, Tencent Holdings added 2.2% to HK $660.50,
Fed's Rate Outlook and Balance Sheet Views In Focus
Barry Adams
29 Oct, 2025
New York City
Benchmark indexes in New York rested near the flatline ahead of the Federal Reserve's rate actions.
The S&P 500 index increased 0.01%, and the tech-heavy Nasdaq Composite edged up 0.02% ahead of the widely anticipated Fed's rate cut of 25 basis points.
Investors are hoping that the central bank will signal a possible rate cut at the end of the next policy meeting in December.
The government's shutdown is limiting data visibility, hampering the Fed's ability to decipher movements in the labor market, consumer spending, and industrial activities.
On the international trade front, US-China negotiators are likely to strike a framework deal that could recede elevated tensions, resume the flow of rare-earth material shipments, and finalize the sale of TikTok's US assets.
U.S. Stock Movers
CVS Health Corp. increased 0.8% to $82.64, and the pharmaceutical retailer hiked its outlook and reported better-than-expected third-quarter results.
Total revenues rose 7.8% to $102.9 billion from $95.4 billion, net income swung to a loss of $3.99 billion from a profit of $71 million, and diluted earnings per share turned to a loss of $3.13 compared to a profit of 7 cents a year ago.
The third quarter GAAP diluted loss per share of $3.13 reflects a $5.7 billion goodwill impairment charge related to the Health Care Delivery reporting unit, partially offset by a gain of $483 million on the deconsolidation of Omnicare, LLC in connection with the initiation of Omnicare's voluntary Chapter 11 proceedings.
Adjusted earnings per share, which excludes certain items and transactions, increased to $1.60 from $1.09 in the prior year primarily due to improved adjusted operating income in the Health Care Benefits segment.
The company raised its full-year 2025 guidance range to between $6.55 and $6.65 from the previous range between $6.30 and $6.40.
CVS estimated 2025 GAAP diluted loss per share to range between 34 cents and 24 cents from the previous estimated profit range between $3.84 and $3.94.
Seagate Technology Holdings PLC increased 6.7% to $238.30, and the data storage company reported sharply higher results in the fiscal first quarter ending on October 3.
Revenue increased to $2.6 billion from $2.2 billion, net income advanced to $549 million from $305 million, and diluted earnings per share rose to $2.43 from $1.41 a year ago.
The company declared a cash dividend of 74 cents per share, payable on January 9, 2026, to investors on record on December 24, 2025.
The company estimated fiscal second quarter revenue of $2.7 billion, with a band of $100 million, and adjusted earnings per share of $2.75, with a band of 20 cents.
Visa Inc. increased 1% to $347.21, and the payment processor reported better-than-expected fiscal fourth-quarter results.
Revenue increased 12% to $10.7 billion, net income decreased 4% to $5.1 billion, and diluted earnings per share eased 1% to $2.62.
Payment volume rose 9%, driven by a 12% rise in cross-border volume, and processed transactions advanced 10% from a year ago.
Fed's Rate Outlook and Balance Sheet Views In Focus
Barry Adams
29 Oct, 2025
New York City
Benchmark indexes in New York rested near the flatline ahead of the Federal Reserve's rate actions.
The S&P 500 index increased 0.01%, and the tech-heavy Nasdaq Composite edged up 0.02% ahead of the widely anticipated Fed's rate cut of 25 basis points.
Investors are hoping that the central bank will signal a possible rate cut at the end of the next policy meeting in December.
The government's shutdown is limiting data visibility, hampering the Fed's ability to decipher movements in the labor market, consumer spending, and industrial activities.
On the international trade front, US-China negotiators are likely to strike a framework deal that could recede elevated tensions, resume the flow of rare-earth material shipments, and finalize the sale of TikTok's US assets.
U.S. Stock Movers
CVS Health Corp. increased 0.8% to $82.64, and the pharmaceutical retailer hiked its outlook and reported better-than-expected third-quarter results.
Total revenues rose 7.8% to $102.9 billion from $95.4 billion, net income swung to a loss of $3.99 billion from a profit of $71 million, and diluted earnings per share turned to a loss of $3.13 compared to a profit of 7 cents a year ago.
The third quarter GAAP diluted loss per share of $3.13 reflects a $5.7 billion goodwill impairment charge related to the Health Care Delivery reporting unit, partially offset by a gain of $483 million on the deconsolidation of Omnicare, LLC in connection with the initiation of Omnicare's voluntary Chapter 11 proceedings.
Adjusted earnings per share, which excludes certain items and transactions, increased to $1.60 from $1.09 in the prior year primarily due to improved adjusted operating income in the Health Care Benefits segment.
The company raised its full-year 2025 guidance range to between $6.55 and $6.65 from the previous range between $6.30 and $6.40.
CVS estimated 2025 GAAP diluted loss per share to range between 34 cents and 24 cents from the previous estimated profit range between $3.84 and $3.94.
Seagate Technology Holdings PLC increased 6.7% to $238.30, and the data storage company reported sharply higher results in the fiscal first quarter ending on October 3.
Revenue increased to $2.6 billion from $2.2 billion, net income advanced to $549 million from $305 million, and diluted earnings per share rose to $2.43 from $1.41 a year ago.
The company declared a cash dividend of 74 cents per share, payable on January 9, 2026, to investors on record on December 24, 2025.
The company estimated fiscal second quarter revenue of $2.7 billion, with a band of $100 million, and adjusted earnings per share of $2.75, with a band of 20 cents.
Visa Inc. increased 1% to $347.21, and the payment processor reported better-than-expected fiscal fourth-quarter results.
Revenue increased 12% to $10.7 billion, net income decreased 4% to $5.1 billion, and diluted earnings per share eased 1% to $2.62.
Payment volume rose 9%, driven by a 12% rise in cross-border volume, and processed transactions advanced 10% from a year ago.
AI-Rally Lifts Japan's Nikkei 225 to New Record High
Akira Ito
29 Oct, 2025
Tokyo
Japan's indexes soared to new record highs following a tech-driven rally in overnight trading in New York.
The Nikkei 225 Stock Average jumped 2%, but the broader Topix inched lower by 0.2%.
Japan's technology companies with exposure to artificial intelligence and the global chip supply chain led gainers in Tokyo.
Rate actions from major central banks also dominated market sentiment, and the U.S. Federal Reserve is widely anticipated to lower its fed funds rate by 25 basis points on Wednesday.
The Bank of Japan is likely to hold its short-term rates and yield curve unrevised on Thursday, as policymakers pursue a gradual approach in raising rates.
Japan Indexes and Stocks
The Nikkei 225 Stock Average soared 2.2% to 51,327.89, and the broader Topix fell 0.2% to 3,280.26.
Tokyo Electron increased 3.3% to ¥32,510.0, Advantest Corp. soared 22% to ¥22,120.0, Lasertec Corp. jumped 7% to ¥23,625.0, and Disco Corp. gained 5.3% to ¥56,720.0.
Nippon Yusen KK decreased 0.3% to ¥5,272.0, Kawasaki Kisen Kaisha Ltd. declined 0.3% to ¥2,190.50, and Mitsui O.S.K. Lines Ltd. eased 1.1% to ¥4,497.0.
AI-Rally Lifts Japan's Nikkei 225 to New Record High
Akira Ito
29 Oct, 2025
Tokyo
Japan's indexes soared to new record highs following a tech-driven rally in overnight trading in New York.
The Nikkei 225 Stock Average jumped 2%, but the broader Topix inched lower by 0.2%.
Japan's technology companies with exposure to artificial intelligence and the global chip supply chain led gainers in Tokyo.
Rate actions from major central banks also dominated market sentiment, and the U.S. Federal Reserve is widely anticipated to lower its fed funds rate by 25 basis points on Wednesday.
The Bank of Japan is likely to hold its short-term rates and yield curve unrevised on Thursday, as policymakers pursue a gradual approach in raising rates.
Japan Indexes and Stocks
The Nikkei 225 Stock Average soared 2.2% to 51,327.89, and the broader Topix fell 0.2% to 3,280.26.
Tokyo Electron increased 3.3% to ¥32,510.0, Advantest Corp. soared 22% to ¥22,120.0, Lasertec Corp. jumped 7% to ¥23,625.0, and Disco Corp. gained 5.3% to ¥56,720.0.
Nippon Yusen KK decreased 0.3% to ¥5,272.0, Kawasaki Kisen Kaisha Ltd. declined 0.3% to ¥2,190.50, and Mitsui O.S.K. Lines Ltd. eased 1.1% to ¥4,497.0.
Temporary Easing of US-China Trade Tensions Pushed China Indexes to Four-Year Highs
Li Chen
29 Oct, 2025
Hong Kong
China indexes advanced to four-year highs as US-China trade tensions appear to ease ahead of a meeting of leaders of the two nations.
Benchmark indexes in Shanghai and Beijing gained around 0.4%, amid expectations that the mercurial U.S. president will follow through on his promises of lowering tariffs.
Donald Trump proposed to lower goods tariffs, and if implemented, it would lower tariffs to 45% from the current 65%, making Chinese goods more attractive to U.S. businesses and customers.
Despite positive trade developments, investors remained cautious, because Donald Trump could change his mind tomorrow and raise tariffs again.
Tech stocks advanced in the hopes that the government's five-year plan drove home the importance of self-reliance in technology for China's economic development and national security.
China Indexes and Stocks
The mainland-focused CSI 300 index gained 0.5% to 4,714.54, and the Shanghai Composite Total Return Index added 0.4% to 4,568.62.
Financial markets in Hong Kong are closed to celebrate the Double Nine Festival.
ZTE dropped 7% to ¥45.90 after the telecom equipment maker reported an 88% drop in annual profit in the third quarter.
Ping An Insurance Group of China rose 2.4% to ¥59.14, and the company reported a 45% rise in third-quarter earnings due to improved investment gains.
Temporary Easing of US-China Trade Tensions Pushed China Indexes to Four-Year Highs
Li Chen
29 Oct, 2025
Hong Kong
China indexes advanced to four-year highs as US-China trade tensions appear to ease ahead of a meeting of leaders of the two nations.
Benchmark indexes in Shanghai and Beijing gained around 0.4%, amid expectations that the mercurial U.S. president will follow through on his promises of lowering tariffs.
Donald Trump proposed to lower goods tariffs, and if implemented, it would lower tariffs to 45% from the current 65%, making Chinese goods more attractive to U.S. businesses and customers.
Despite positive trade developments, investors remained cautious, because Donald Trump could change his mind tomorrow and raise tariffs again.
Tech stocks advanced in the hopes that the government's five-year plan drove home the importance of self-reliance in technology for China's economic development and national security.
China Indexes and Stocks
The mainland-focused CSI 300 index gained 0.5% to 4,714.54, and the Shanghai Composite Total Return Index added 0.4% to 4,568.62.
Financial markets in Hong Kong are closed to celebrate the Double Nine Festival.
ZTE dropped 7% to ¥45.90 after the telecom equipment maker reported an 88% drop in annual profit in the third quarter.
Ping An Insurance Group of China rose 2.4% to ¥59.14, and the company reported a 45% rise in third-quarter earnings due to improved investment gains.
Positive Earnings and Rate Cut Expectations Support Market Levels at New Record Highs
Barry Adams
28 Oct, 2025
New York City
Wall Street indexes lacked direction, and investors awaited release of key earnings results from mega-cap tech companies.
The S&P 500 index edged up 0.01%, and the tech-heavy Nasdaq Composite edged down 0.01% ahead of earnings results from Amazon.com, Apple, Microsoft, Meta Platforms, and Alphabet.
Benchmark indexes advanced to record highs on Monday, as investors bid up stocks following last week's positive earnings announcements from banks, brokerage houses, airlines, and aviation companies.
Investors voiced optimism about a possible trade deal between the U.S. and China, as negotiators signaled progress in resolving differences.
However, the market's optimism may be misplaced, as China's trade negotiators lowered expectations because of unresolved issues related to advanced technology products and steep tariffs on China's goods.
Gold extended its one-week losses to 10%, and the futures price dropped to a two-week low as speculators unwind leveraged trades amid receding US-China trade tensions.
U.S. Stock Movers
NXP Semiconductors increased 2% to $226.0, and the Dutch manufacturer reported better-than-expected third-quarter results.
Revenue decreased 2% to $3.2 billion from $3.25 billion. Net income decreased 12% to $631 million from $745 million, and diluted earnings per share dropped 11% to $2.48 from $2.79 a year ago.
The company's fourth-quarter guidance surpassed market expectations.
Revenue in the fourth quarter is estimated to range between $3.2 billion and $3.4 billion, operating income between $878 million and $1.0 billion, and diluted earnings per share to fall between $2.40 and $2.81.
Cadence Design Systems decreased 1.4% to $346.50, and the software company lifted its full-year outlook.
Revenue increased to $1.3 billion from $1.2 billion, net income advanced to $287.1 million from $238.1 million, and diluted earnings per share rose to $1.05 from 87 cents a year ago.
The company said the backlog at the end of the quarter increased to $7.0 billion, and revenue expected to be recognized in the next 12 months from remaining performance obligations was $3.5 billion.
Cadence estimated full-year revenue to range between $5.26 billion and $5.29 billion, and diluted net income per share to fall between $3.80 and $3.86.
Chegg Inc. decreased to $1.40 after the company announced it would lay off 45% of its corporate staff, and the former chief executive Dan Rosensweig returned effective October 27, replacing the current CEO Nathan Schulz.
Amazon.com Inc. rose 0.4% to $228.0, and the company plans to lay off as many as 30,000 from its corporate ranks as the e-commerce company accelerates its AI investment.
F5 Inc. dropped 7.7% to $267.53, and the cybersecurity company's guidance fell short of market expectations.
Revenue in the fiscal fourth quarter increased 8% to $810 million from $747 million, net income advanced 15% to $190 million from $165 million, and diluted earnings per share rose to $3.26 from $2.80 a year ago.
Systems revenue jumped 42% to $186 million, software revenue inched up 0.3% to $229 million, and global services advanced 2% to $396 million from a year ago, respectively.
Positive Earnings and Rate Cut Expectations Support Market Levels at New Record H
Barry Adams
28 Oct, 2025
New York City
Wall Street indexes lacked direction, and investors awaited release of key earnings results from mega-cap tech companies.
The S&P 500 index edged up 0.01%, and the tech-heavy Nasdaq Composite edged down 0.01% ahead of earnings results from Amazon.com, Apple, Microsoft, Meta Platforms, and Alphabet.
Benchmark indexes advanced to record highs on Monday, as investors bid up stocks following last week's positive earnings announcements from banks, brokerage houses, airlines, and aviation companies.
Investors voiced optimism about a possible trade deal between the U.S. and China, as negotiators signaled progress in resolving differences.
However, the market's optimism may be misplaced, as China's trade negotiators lowered expectations because of unresolved issues related to advanced technology products and steep tariffs on China's goods.
Gold extended its one-week losses to 10%, and the futures price dropped to a two-week low as speculators unwind leveraged trades amid receding US-China trade tensions.
U.S. Stock Movers
NXP Semiconductors increased 2% to $226.0, and the Dutch manufacturer reported better-than-expected third-quarter results.
Revenue decreased 2% to $3.2 billion from $3.25 billion. Net income decreased 12% to $631 million from $745 million, and diluted earnings per share dropped 11% to $2.48 from $2.79 a year ago.
The company's fourth-quarter guidance surpassed market expectations.
Revenue in the fourth quarter is estimated to range between $3.2 billion and $3.4 billion, operating income between $878 million and $1.0 billion, and diluted earnings per share to fall between $2.40 and $2.81.
Cadence Design Systems decreased 1.4% to $346.50, and the software company lifted its full-year outlook.
Revenue increased to $1.3 billion from $1.2 billion, net income advanced to $287.1 million from $238.1 million, and diluted earnings per share rose to $1.05 from 87 cents a year ago.
The company said the backlog at the end of the quarter increased to $7.0 billion, and revenue expected to be recognized in the next 12 months from remaining performance obligations was $3.5 billion.
Cadence estimated full-year revenue to range between $5.26 billion and $5.29 billion, and diluted net income per share to fall between $3.80 and $3.86.
Chegg Inc. decreased to $1.40 after the company announced it would lay off 45% of its corporate staff, and the former chief executive Dan Rosensweig returned effective October 27, replacing the current CEO Nathan Schulz.
Amazon.com Inc. rose 0.4% to $228.0, and the company plans to lay off as many as 30,000 from its corporate ranks as the e-commerce company accelerates its AI investment.
F5 Inc. dropped 7.7% to $267.53, and the cybersecurity company's guidance fell short of market expectations.
Revenue in the fiscal fourth quarter increased 8% to $810 million from $747 million, net income advanced 15% to $190 million from $165 million, and diluted earnings per share rose to $3.26 from $2.80 a year ago.
Systems revenue jumped 42% to $186 million, software revenue inched up 0.3% to $229 million, and global services advanced 2% to $396 million from a year ago, respectively.
Hong Kong IPOs Find Favor Among Foreign Investors
Li Chen
28 Oct, 2025
Hong Kong
China's indexes rested near recent levels, and investors prepared for a flood of earnings releases.
The Hang Seng Index decreased 0.2%, and the mainland-focused CSI 300 index eased 0.3% as investors awaited the release of quarterly results from banks.
China's foreign direct investment continued its downward trend, despite a recent rebound amid heightened geopolitical tensions and US-China trade uncertainty.
The leaders of the U.S. and China are set to meet on the sidelines of the APEC meeting, and investors anticipate that the meeting is likely to lower trade tensions between the two nations.
Over the last decade, China has successfully expanded its exports to the ASEAN region, the European Union, Africa, and South America and reduced its reliance on the U.S. markets.
Moreover, China's advances in renewable energy products, household appliances, and AI-driven electronic devices and robots have helped Chinese companies to open new markets.
The Trump administration's chaotic trade policy has driven China to seek agricultural products from Peru, Argentina, and Brazil, bypassing wheat, soybean and corn farmers in the U.S.
China Indexes and Stocks
The Hang Seng Index dropped 0.2% to 26,395.67, and the mainland-focused CSI 300 index fell 0.3% to 4,701.82.
HSBC Holding plc decreased 0.2% to HK 1,002.20, and the UK-based bank reported a sharp decline in earnings in the third quarter.
Net income in the third quarter decreased 25% from a year ago to US$ 4.5 billion, or 28 cents per share.
The company booked US$1.1 billion in charges related to Bernie Madoff's Ponzi scheme.
Four companies debuted trading on the Hong Kong Stock Exchange, the busiest day in three months, as companies raced to complete public offerings.
Bama Tea soared nearly 85% to HK $84.55, and the tea leaf products priced their initial public offering at HK $50.0 per share.
The largest tea company in China, by revenue, sold 9 million shares and raised HK$389.9 million in net proceeds.
Deepexi Technology Co. Ltd. soared more than 123% to HK $61.90, and the AI-solution provider priced its initial offering at HK $26.66 per share.
The company sold 26.6 million shares and raised net proceeds of HK $609.8 million.
CIG Shanghai Co. Ltd. rose 45% to HK $97.50, and the telecom equipment maker priced its offering at HK $68.88 per share.
The optical and wireless connectivity device maker sold 67 million shares and raised net proceeds of HK $4.48 billion.
Sany Heavy Industry advanced 3% to HK $21.90, and the equipment maker priced its offering at HK $21.30 per share.
The world's third-largest construction machinery company sold 631.6 million shares and raised net proceeds of HK $13.3 billion.
Hong Kong IPOs Find Favor Among Foreign Investors
Li Chen
28 Oct, 2025
Hong Kong
China's indexes rested near recent levels, and investors prepared for a flood of earnings releases.
The Hang Seng Index decreased 0.2%, and the mainland-focused CSI 300 index eased 0.3% as investors awaited the release of quarterly results from banks.
China's foreign direct investment continued its downward trend, despite a recent rebound amid heightened geopolitical tensions and US-China trade uncertainty.
The leaders of the U.S. and China are set to meet on the sidelines of the APEC meeting, and investors anticipate that the meeting is likely to lower trade tensions between the two nations.
Over the last decade, China has successfully expanded its exports to the ASEAN region, the European Union, Africa, and South America and reduced its reliance on the U.S. markets.
Moreover, China's advances in renewable energy products, household appliances, and AI-driven electronic devices and robots have helped Chinese companies to open new markets.
The Trump administration's chaotic trade policy has driven China to seek agricultural products from Peru, Argentina, and Brazil, bypassing wheat, soybean and corn farmers in the U.S.
China Indexes and Stocks
The Hang Seng Index dropped 0.2% to 26,395.67, and the mainland-focused CSI 300 index fell 0.3% to 4,701.82.
HSBC Holding plc decreased 0.2% to HK 1,002.20, and the UK-based bank reported a sharp decline in earnings in the third quarter.
Net income in the third quarter decreased 25% from a year ago to US$ 4.5 billion, or 28 cents per share.
The company booked US$1.1 billion in charges related to Bernie Madoff's Ponzi scheme.
Four companies debuted trading on the Hong Kong Stock Exchange, the busiest day in three months, as companies raced to complete public offerings.
Bama Tea soared nearly 85% to HK $84.55, and the tea leaf products priced their initial public offering at HK $50.0 per share.
The largest tea company in China, by revenue, sold 9 million shares and raised HK$389.9 million in net proceeds.
Deepexi Technology Co. Ltd. soared more than 123% to HK $61.90, and the AI-solution provider priced its initial offering at HK $26.66 per share.
The company sold 26.6 million shares and raised net proceeds of HK $609.8 million.
CIG Shanghai Co. Ltd. rose 45% to HK $97.50, and the telecom equipment maker priced its offering at HK $68.88 per share.
The optical and wireless connectivity device maker sold 67 million shares and raised net proceeds of HK $4.48 billion.
Sany Heavy Industry advanced 3% to HK $21.90, and the equipment maker priced its offering at HK $21.30 per share.
The world's third-largest construction machinery company sold 631.6 million shares and raised net proceeds of HK $13.3 billion.