U.S.-China Relations
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1) Pre-Market Performance
U.S. index futures were mixed ahead of the opening bell. Dow Jones futures rose 208 points, or 0.40%, to 52,706, while S&P 500 futures edged up 5.3 points, or 0.07%, to 7,579.5. Nasdaq 100 futures lagged, down 93.75 points, or 0.33%, to 27,920.8, reflecting continued caution around mega-cap technology and AI-linked shares.
European equities traded broadly higher. The FTSE 100 gained 52.63 points, or 0.49%, to 10,835.50, with an intraday high of 10,868.51. France's CAC 40 advanced 89.59 points, or 1.09%, to 8,322.88, while Germany's DAX climbed 330.67 points, or 1.26%, to 26,597.86.
Commodities remained a central driver of sentiment. Brent crude traded near $90.11 per barrel, down 2.7%, and WTI crude was around $84.80 per barrel, down 2.4%, extending the retreat tied to easing Middle East risk and improving supply expectations. Gold held near $4,130 per ounce, while the U.S. Dollar Index was slightly firmer around 101.74-101.75.
2) Hot News
- Oil slide supports broader risk sentiment. Crude prices extended losses after President Donald Trump downplayed the likelihood of additional military action against Iran, easing fears of sustained supply disruptions. Reuters also reported that OPEC output rose in October, adding to the market's focus on improving supply conditions. Read more
- Equity futures split as investors rotate within risk assets. Dow and S&P 500 futures advanced while Nasdaq 100 futures softened, with lower oil prices improving the inflation backdrop but investors still cautious after recent volatility in AI and semiconductor names. Read more
- Global shares firm after Wall Street rebound. Overseas markets traded higher after Monday's U.S. rally, helped by the decline in oil prices and renewed buying in selected technology shares. AP reported that Brent fell below $91 per barrel, its lowest level in three months, as the geopolitical risk premium continued to unwind. Read more
- AI trade remains selective. Some AI-linked shares recovered after last week's selloff, but Nvidia-specific governance concerns kept the sector from moving uniformly. Investors continued to distinguish between companies with fresh earnings momentum and those facing event-driven risk. Read more
- China trade data stays in focus for global cyclicals. China's trade surplus surpassed $1 trillion for a second straight year, with October imports boosted in part by recovering crude shipments from the Persian Gulf. The data kept global trade, industrial demand and commodity flows on investors' radar. Read more
3) U.S. Stock Focus
- Nvidia — Board investigation remains an overhang. Nvidia stayed in focus after Reuters reported that revelations involving CEO Jensen Huang and a businesswoman suspected of being linked to Chinese intelligence have pushed the company's board into a high-stakes review. The board said it had confidence in Huang and the leadership team, but the issue continued to weigh on sentiment around the stock and the broader AI complex. Read more
- Take-Two Interactive — Earnings beat, but guidance raises questions. Take-Two reported fiscal second-quarter net bookings of $1.60 billion and adjusted earnings that topped consensus estimates, while reiterating its fiscal 2027 net bookings outlook of $8.0 billion to $8.2 billion. Reuters reported that the company's third-quarter bookings projection came in below Wall Street expectations, keeping attention on demand for Grand Theft Auto VI ahead of its November 19 release. Read more
- Rocket Lab — Record revenue and backlog headline Q3 report. Rocket Lab reported record third-quarter revenue of about $268 million and a record backlog of $3.57 billion, up $1.2 billion sequentially. The company guided fourth-quarter revenue to $270 million to $290 million, with investors weighing the growth in backlog against continued loss metrics. Read more
- Babcock & Wilcox — Shares jump after strong Q3 results. Babcock & Wilcox reported third-quarter revenue of about $291 million, up 109% from the prior year, and net income of $93.9 million, compared with $35.1 million a year earlier. The company also reported EPS of $0.61, and shares were indicated sharply higher in extended trading following the release. Read more
- Occidental Petroleum — Profit beats as oil volatility intensifies. Occidental reported third-quarter net income attributable to common stockholders of $1.6 billion, or $1.61 per diluted share, and adjusted income of $2.0 billion, or $1.91 per share. The report arrived as crude prices extended their sharp pullback, putting energy shares in focus before the open. Read more
- Constellation Energy — Earnings beat and guidance lift investor interest. Constellation Energy reported third-quarter adjusted earnings of $5.06 per share on revenue of $9.55 billion, ahead of consensus expectations. The company also raised and narrowed its full-year earnings outlook, supporting pre-market interest in the stock. Read more
- TransDigm Group — Aerospace supplier set to report before the open. TransDigm was on the watch list with analysts expecting quarterly earnings of about $12.21 per share on revenue of roughly $2.95 billion. The stock was modestly higher in after-hours trading as investors positioned for the aerospace components company's latest results. Read more
- CoreWeave — AI infrastructure earnings due after the close. CoreWeave is scheduled to report third-quarter results after today's close, keeping the AI infrastructure trade in focus after recent volatility across data-center and chip-linked stocks. Shares were indicated slightly higher in early pre-market trading as investors awaited updated revenue, capacity and customer-demand commentary. Read more
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