US PREMARKET STOCKS: October 10, 2025

Indices Futures
Dow Futures: +0.1%
S&P 500 Futures: +0.2%
Nasdaq 100 Futures: +0.2%
US 10-year Yield: 4.59%

Market Environment

US markets are trying to stage a slight rebound this Friday after a Thursday session marked by a pause in the upward rally. Concerns about a possible extension of the US government shutdown are weighing on sentiment.

The Federal Reserve remains quiet: Jerome Powell gave no hints on monetary policy or the economy during his appearance yesterday.

"Markets have struggled to find fresh momentum for the past 24 hours, as investors wonder how much longer this rally can last, while worries grow over a prolonged shutdown in the United States." – Henry Allen, Deutsche Bank

"If the shutdown continues next week, we won’t get the inflation (CPI) numbers on Wednesday, which will add to our uncertainty about the US economy... For now, this lack of data kind of forces us to fly blind on the US economy, and we still don’t have the September jobs report, which was supposed to be released a week ago." – Henry Allen, Deutsche Bank

On the indicators front, investors await the Michigan consumer sentiment figures for October. Another drop is expected, to 54.0 from 55.1 in September.

"The Michigan consumer sentiment survey and associated inflation expectation data are due to be released – but as always, they will be subject to partisan bias." – Paul Donovan, UBS

Also noteworthy today, several Fed members will speak, including Austan Goolsbee (Chicago) and Alberto Musalem (St. Louis).

Stocks to Watch

Elastic (ESTC) +12.2%
The stock jumps after raising targets at its Analyst Day, along with announcing a share buyback program.

ORBS +27.84%
Sharp surge following the launch of a pilot AI authentication program for enterprises.

SEALSQ (LAES) +5.91%
Up for a third consecutive day, supported by 41% revenue growth and a new partnership in US defense.

Mosaic (MOS) -8.19%
The group falls after reporting phosphate sales below production due to shipping delays.

Qualcomm (QCOM) -1.1%
The Chinese regulator has opened a probe into Qualcomm’s acquisition of Autotalks for possible antitrust violations.

Lowe’s (LOW) +0.4%
Attempting a rebound after 9 straight sessions of declines. The stock remains under pressure despite favorable analyst consensus.

Rating Changes

Upgrades

Newmont Corporation ($NEM) → CIBC upgrades to Outperform, price target raised from $78 to $112
Synchrony Financial ($SYF) → HSBC upgrades to Buy, target raised from $73 to $81
Littelfuse ($LFUS) → Baird upgrades to Outperform, target of $310 (vs $290)
Celsius Holdings ($CELH) → William O'Neil initiates coverage at Buy

Neutral

Comerica ($CMA) → Keefe Bruyette downgrades to Market Perform (vs Outperform), target raised to $93 (vs $73)
Abbvie ($ABBV) → Piper Sandler maintains Overweight, target raised from $231 to $284
AMD ($AMD) → TD Cowen maintains Buy, target raised from $195 to $270
Applied Materials ($AMAT) → B Riley maintains Buy, target of $265 (vs $200)
Tesla ($TSLA) → RBC maintains Outperform, target raised from $325 to $500
Marvell Technology ($MRVL) → Oppenheimer maintains Outperform, target of $115 (vs $95)
Robinhood ($HOOD) → Citizens maintains Outperform, target of $170 (vs $130)
United Therapeutics ($UTHR) → Morgan Stanley maintains Equal Weight, target raised from $328 to $435

Downgrades

Align Technology ($ALGN