• Market recap: All 3 main indices inched upward yesterday, but futures fell across the board this morning, weighed down by earnings. Nasdaq futures slumped over 1%, with Caterpillar (CAT) down 9% premarket. Source: CNBC.
• Nvidia faces antitrust and China-linked scrutiny: The DOJ is investigating Nvidia's (NVDA) $12.9B Hugging Face buyout over potential antitrust concerns. The news comes amid reports that U.S. spy agencies identified a businesswoman close to CEO Jensen Huang as a Chinese intelligence asset. Shares fell 1.2%. Sources: CNBC / NY Times.
• German firm pauses T-Mobile merger plans: Deutsche Telekom (ETR:DTE) has reportedly shelved plans to merge with T-Mobile (TMUS), valued at $157B, amid employee opposition and activist investor pressure. T-Mobile gained 4% premarket on the news. Source: Bloomberg.
• FTC scrutinizes personalized pricing practices: The FTC ordered Walmart (WMT), Delta (DAL), Uber (UBER), DoorDash (DASH), and other companies to disclose how they use personal data to set customer prices and gig-worker pay. The inquiry raises regulatory risks for AI-driven price-setting. Source: AP.

• Google: Google (GOOGL) plunged 11% premarket after reporting $9.07B in negative Q3 free cash flow vs. $2.7B expected. Its $195–205B spending outlook and weaker-than-expected search advertising raised concerns over AI returns. Source: CNBC.
• Microsoft: Microsoft (MSFT) reported quarterly profit exceeding $36.6B as revenue rose 19% YoY to $92.3B, driven by 30% cloud growth. Both EPS and revenue beat, and shares gained 2.8% premarket. Source: BBC.
• ServiceNow & Fortinet: Fortinet (FTNT) plummeted 26% premarket despite raising guidance, while ServiceNow (NOW) fell 19% after missing profit estimates. Other software stocks declined as well. Source: Reuters.
• STMicro: STMicroelectronics (STM) expects Q4 revenue of $4.15B and a 39% gross margin, both above estimates. It forecasts 2026 revenue growth of 22.8% to $14.5B, sending shares up 1% premarket. Source: Bloomberg.

• Chipotle: Chipotle (CMG) climbed 7% premarket after Q3 same-store sales grew 2.1% and revenue rose 9.6% to $3.29B. EPS of $0.27 missed estimates, while margins narrowed. Management expects roughly 2% same-store sales growth in Q4. Source: CNBC.
• Eli Lilly: Lilly (LLY) reported Q3 adjusted EPS of $7.48 and revenue of $24.4B, both beating estimates. Strong sales prompted a higher 2026 revenue forecast of $91–92B, sending shares up 4% premarket. Source: CNBC.
• Ford: Ford (F) reported Q3 adjusted EPS of $0.49, beating estimates of $0.40, with core profit reaching $2.7B. It raised its 2026 EBIT guidance floor to $10.5B despite forecasting $2.5B in commodity costs. Shares fell less than 1% premarket. Source: Reuters.
• Frontier Airlines: Frontier (ULCC) reaped 71% more in airfares in Q3 as passenger traffic grew 18% YoY, but its net loss widened to $104M amid an 82% surge in fuel costs. Shares jumped 12% after the carrier forecast a potential adjusted profit in Q4. Source: CNBC.

• Fed holds rates as inflation concerns persist: The Fed held rates at 3.75–4% in a 10–2 vote, with two officials favoring a hike. Stronger economic growth and persistent inflation kept policymakers cautious, while markets priced in a 78% chance of a December rate increase. Source: StockAnalysis.com.
• GDP blows past expectations: The U.S. economy expanded at a 3.4% annualized rate in Q3, beating forecasts of 3.1% and accelerating from 2.2% in Q2. Strong consumer spending and AI-driven business investment fueled growth. Source: WSJ.
• PCE inflation rises: The Personal Consumption Expenditures index — the Fed's preferred inflation gauge — rose 3.6% annually in September, while core PCE inflation reached 3.1%. Source: NY Times.
• Workers' share of income hits record low: Workers' share of U.S. economic output fell to 52.8%, its lowest since records began in 1947, as automation, AI investment, and weaker bargaining power shift gains toward capital owners. Economists warn that the trend could weaken consumer spending and deepen inequality. Source: CNN.
• Jobless claims: Seasonally adjusted initial jobless claims totaled 194,000 for the week ending Oct. 24, down 1,000 WoW. The 4-week moving average was 196,750, down 1,250 WoW. Source: Dept. of Labor.

• Canada raises rates: The Bank of Canada raised its benchmark rate by 25 basis points to 2.50%, its first hike since 2023. It expects inflation to reach 3.5% by year-end and remain above target until 2028. Source: WSJ.
• Australian inflation accelerates: Annual inflation in Australia rose to 4.3% in September, up from 4.0% in August, while core inflation reached 3.6%. Source: WSJ.
• NZ surprises with rate hold: New Zealand's central bank held its benchmark rate at 2.75% in a 4–3 vote, defying market expectations of a 95% chance of a hike. The NZ dollar fell on the decision. Source: WSJ.

• Europe's head banker to quit early: Christine Lagarde, president of the European Central Bank, announced that she will resign in Feb. 2027, 8 months before her term ends. Her departure gives French President Macron a role in selecting her successor. Source: WSJ.
• Alaska investigates Democrat's campaign: Alaska Gov. Mike Dunleavy, a Republican, started a probe into Democrat Mary Peltola's Senate campaign over its alleged recruitment of a candidate sharing her opponent's name in an effort to split votes. Source: NY Times.
• Labor icon Dolores Huerta dies: Dolores Huerta, who co-founded the United Farm Workers alongside Cesar Chavez in the 1960s, has died at age 96. She was a prominent advocate for farmworkers' rights and Latino civil rights in the U.S. Source: BBC.

• 8:30 AM: Core PCE Price Index MoM
• 8:30 AM: PCE Price Index MoM & YoY
• 8:30 AM: GDP Growth Rate & Price Index QoQ Adv.
• 8:30 AM: Personal Income & Spending MoM
• 8:30 AM: Initial Jobless Claims

Alphabet (GOOGL) has released its quarterly earnings.

• Revenue of $127.58B (+24.65% YoY) beats by $2.95B.
• EPS of $2.12 (-26.13% YoY) misses by $0.87.
• Financials · As Reported · Metrics · Press Release

Microsoft (MSFT) has released its quarterly earnings.

• Revenue of $92.28B (+18.80% YoY) beats by $1.57B.
• EPS of $4.89 (+18.40% YoY) beats by $0.17.
• Financials · As Reported · Metrics · Press Release

SK hynix (SKHY) has released its quarterly earnings.

• Revenue of $73.86B beats by $7.45B.
• EPS of $3.84 misses by $2.12.
• Financials · As Reported · Metrics · Press Release

T-Mobile US (TMUS) has released its quarterly earnings.

• Revenue of $23.58B (+7.41% YoY) beats by $411.70M.
• EPS of $3.22 (+24.32% YoY) beats by $0.32.
• Financials · As Reported · Metrics · Press Release

ServiceNow (NOW) has released its quarterly earnings.

• Revenue of $4.11B (+20.52% YoY) beats by $12.15M.
• EPS of $1.00 (+4.17% YoY) beats by $0.07.
• Financials · As Reported · Metrics · Press Release

Fortinet (FTNT) has released its quarterly earnings.

• Revenue of $2.08B (+20.46% YoY) beats by $14.93M.
• EPS of $0.91 (+22.97% YoY) beats by $0.07.
• Financials · As Reported · Metrics · Press Release

FedEx (FDX) has released its quarterly earnings.

• Revenue of $22.86B (+11.86% YoY) beats by $310.77M.
• EPS of $3.74 (+27.65% YoY) beats by $0.38.
• Financials · As Reported · Metrics · Press Release

Carvana Co. (CVNA) has released its quarterly earnings.

• Revenue of $8.04B (+42.38% YoY) beats by $370.14M.
• EPS of $0.39 (+85.71% YoY) misses by $0.05.
• Financials · As Reported · Metrics · Press Release

eBay (EBAY) has released its quarterly earnings.

• Revenue of $3.21B (+13.69% YoY) beats by $97.45M.
• EPS of $1.51 (+11.03% YoY) beats by $0.16.
• Financials · As Reported · Metrics · Press Release

Ford Motor Company (F) has released its quarterly earnings.

• Revenue of $49.53B (+4.96% YoY) beats by $3.75B.
• EPS of $0.49 (+8.89% YoY) beats by $0.09.
• Financials · As Reported · Metrics · Press Release

Chipotle Mexican Grill (CMG) has released its quarterly earnings.

• Revenue of $3.29B (+9.66% YoY) beats by $6.81M.
• EPS of $0.27 (-6.90% YoY) misses by $0.02.
• Financials · As Reported · Metrics · Press Release

Eli Lilly (LLY) has released its quarterly earnings.

• Revenue of $24.40B (+38.61% YoY) beats by $1.88B.
• EPS of $7.48 (+6.55% YoY) beats by $1.12.
• Financials · As Reported · Metrics · Press Release

Merck & Co. (MRK) has released its quarterly earnings.

• Revenue of $18.09B (+4.68% YoY) beats by $763.04M.
• EPS of $2.49 (-3.49% YoY) beats by $0.39.
• Financials · As Reported · Metrics · Press Release

Caterpillar (CAT) has released its quarterly earnings.

• Revenue of $20.68B (+17.26% YoY) beats by $12.39M.
• EPS of $7.20 (+45.45% YoY) beats by $0.15.
• Financials · As Reported · Metrics · Press Release

Shell (SHEL) has released its quarterly earnings.

• Revenue of $92.85B (+36.23% YoY) misses by $6.88B.
• EPS of $3.86 (+107.53% YoY) beats by $0.21.
• Financials · As Reported · Metrics · Press Release

TotalEnergies SE (TTE) has released its quarterly earnings.

• Revenue of $66.82B (+37.23% YoY) beats by $1.73B.
• EPS of $4.03 (+127.68% YoY) beats by $0.32.
• Financials · As Reported · Metrics · Press Release

Anheuser-Busch InBev (BUD) has released its quarterly earnings.

• Revenue of $16.51B (+9.11% YoY) beats by $239.88M.
• EPS of $1.21 (+22.22% YoY) beats by $0.05.
• Financials · As Reported · Metrics · Press Release

Bristol-Myers Squibb Company (BMY) has released its quarterly earnings.

• Revenue of $13.07B (+6.93% YoY) beats by $373.74M.
• EPS of $1.35 (-17.18% YoY) beats by $0.11.
• Financials · As Reported · Metrics · Press Release

Howmet Aerospace (HWM) has released its quarterly earnings.

• Revenue of $2.70B (+29.39% YoY) beats by $111.85M.
• EPS of $1.46 (+53.68% YoY) beats by $0.09.
• Financials · As Reported · Metrics · Press Release

DoorDash (DASH) has released its quarterly earnings.

• Revenue of $4.62B (+33.95% YoY) beats by $60.99M.
• EPS of $1.06 (+92.73% YoY) beats by $0.25.
• Financials · As Reported · Metrics · Press Release

Ambev (ABEV) has released its quarterly earnings.

• Revenue of $4.20B (+3.57% YoY) beats by $111M.
• EPS of $0.05 (+25.00% YoY) in line with estimates.
• Financials · As Reported · Metrics · Press Release

STMicroelectronics (STM) has released its quarterly earnings.

• Revenue of $3.76B (+17.89% YoY) beats by $37.67M.
• EPS of $0.37 (+27.59% YoY) misses by $0.04.
• Financials · As Reported · Metrics · Press Release

D.R. Horton (DHI) has released its quarterly earnings.

• Revenue of $9.37B (-3.06% YoY) beats by $276.66M.
• EPS of $2.67 (-12.17% YoY) misses by $0.34.
• Financials · As Reported · Metrics · Press Release

Restaurant Brands International (QSR) has released its quarterly earnings.

• Revenue of $2.53B (+3.10% YoY) misses by $20.97M.
• EPS of $1.10 (+6.80% YoY) beats by $0.02.
• Financials · As Reported · Metrics · Press Release

Amazon (AMZN) will report today after close.

• Analysts estimate revenue of $202.22B (+12.24% YoY).
• EPS is estimated to be $1.97 (+1.03% YoY).
• Financials · As Reported · Metrics

TFI International (TFII) will report today after close.

• Analysts estimate revenue of $2.23B (+13.18% YoY).
• EPS is estimated to be $1.74 (+45.00% YoY).
• Financials · As Reported · Metrics

General Dynamics (GD) will report tomorrow before market open.

• Analysts estimate revenue of $13.72B (+6.29% YoY).
• EPS is estimated to be $4.13 (+6.44% YoY).
• Financials · As Reported · Metrics

Regeneron Pharmaceuticals (REGN) will report tomorrow before market open.

• Analysts estimate revenue of $4.56B (+21.46% YoY).
• EPS is estimated to be $15.71 (+32.80% YoY).
• Financials · As Reported · Metrics

Apple (AAPL) will report Monday.

• Analysts estimate revenue of $113.25B (+10.52% YoY).
• EPS is estimated to be $1.98 (+7.03% YoY).
• Financials · As Reported · Metrics

The Williams Companies (WMB) will report Monday.

• Analysts estimate revenue of $2.98B (+1.98% YoY).
• EPS is estimated to be $0.54 (+10.20% YoY).
• Financials · As Reported · Metrics

Advanced Micro Devices (AMD) will report Tuesday.

• Analysts estimate revenue of $13.09B (+41.53% YoY).
• EPS is estimated to be $1.88 (+56.67% YoY).
• Financials · As Reported · Metrics

Suncor Energy (SU) will report Tuesday.

• Analysts estimate revenue of $10.71B (+16.41% YoY).
• EPS is estimated to be $2.35 (+119.63% YoY).
• Financials · As Reported · Metrics

Itaú Unibanco Holding (ITUB) will report Tuesday.

• Analysts estimate revenue of $9.53B (+11.50% YoY).
• EPS is estimated to be $0.22 (+22.22% YoY).
• Financials · As Reported · Metrics

Datadog (DDOG) will report Wednesday.

• Analysts estimate revenue of $1.14B (+29.22% YoY).
• EPS is estimated to be $0.55 (0.00% YoY).
• Financials · As Reported · Metrics

Emerson Electric (EMR) will report Wednesday.

• Analysts estimate revenue of $5.12B (+5.42% YoY).
• EPS is estimated to be $1.85 (+14.20% YoY).
• Financials · As Reported · Metrics

AppLovin (APP) will report Wednesday.

• Analysts estimate revenue of $2.08B (+47.70% YoY).
• EPS is estimated to be $4.02 (+64.08% YoY).
• Financials · As Reported · Metrics

• Estimated Thursday, Oct. 29: Georgia Banking Company (GBC), a bank with $182.58M in TTM revenue.
• Estimated Friday, Oct. 30: Aspen Neuroscience, Inc. (ASPE), a biotech firm focused on neurodegenerative diseases.
• Estimated Friday, Oct. 30: Bambusa Therapeutics, Inc. (BBTX), a pharma company focused on immunology and inflammation.
• Estimated Friday, Oct. 30: OPay Limited (OPAY), a Nigerian fintech firm with $805.83M in TTM revenue.