US PREMARKET STOCKS: October 14, 2025

**Futures Indices**
Dow Futures: -0.5%
S&P 500 Futures: -0.8%
Nasdaq 100 Futures: -1.2%
US 10-year Yield: 4.62%

Market Environment

US futures are down this Tuesday, weighed by rising trade tensions between the United States and China. Starting today, both countries are implementing new port fees on each other's vessels, rekindling fears of a trade escalation.

"Markets have detected a shift in the US approach to trade with China," observes Paul Donovan at UBS. The prospect of a meeting between Joe Biden and Xi Jinping gives hope for a truce, but uncertainty remains high.

Investors are also digesting the first bank earnings. Wells Fargo, JPMorgan, Citigroup, Goldman Sachs, and BlackRock all reported this morning. The focus is on net interest income (NII) outlook and spending levels for 2025-2026.

Note: The impasse over the US federal shutdown continues, with no legislative progress in sight. According to Kalshi, the government shutdown could last more than 33 days. Few economic statistics are being released as a result, but markets will be watching speeches from Jerome Powell and Susan Collins today.

Stocks to Watch

**Navitas (NVTS) +25.28%**
The stock is surging following news of progress in its 800 VDC power devices for Nvidia AI platforms, a strong growth driver.

**Broadcom (AVGO) +9.88%**
The company is benefiting from the announcement of a major contract with OpenAI to supply computing chips with a 10 GW capacity, a major AI-related catalyst.

**Wells Fargo (WFC) +2.67%**
Q3 results came in above expectations. Adjusted profit was $1.73 per share (vs $1.54 consensus). The stock also benefited from the Fed lifting its asset cap.

**JPMorgan Chase (JPM) +0.56%**
Strong results across the board. The group slightly raised its interest income forecast for 2025 and provided 2026 outlook, highlighting the resilience of the US economy.

**Goldman Sachs (GS) -1.25%**
Although results beat consensus (EPS $12.25 vs $11.09 expected), the stock is down, probably due to profit taking after a strong recent performance.

Recommendation Changes

Upgrades

Doordash ($DASH) → JP Morgan upgrades from "not rated" to "overweight", target $325.
HP Inc. ($HPQ) → HSBC upgrades to "buy" from "hold", target raised to $30.
Microsoft ($MSFT) → Baptista Research upgrades to "buy", target $631.90.
T-Mobile US ($TMUS) → RBC Capital upgrades to "outperform", target $270.

Neutral

AMD ($AMD) → "Buy" maintained at Arete Research, target raised to $310.
Broadcom ($AVGO) → "Buy" maintained, target raised to $420.
Applovin ($APP) → "Overweight" maintained at Wells Fargo, target raised to $633.
C.H. Robinson ($CHRW) → "Outperform" maintained at Raymond James, target $158.
Caterpillar ($CAT) → "Overweight" maintained at JP Morgan, target $650.
First Solar ($FSLR) → "Buy" maintained at Citi, target raised to $300.
Teradyne ($TER) → "Equal weight" maintained at Morgan Stanley, target $136.

Downgrades

CyberArk ($CYBR) → Barclays downgrades to "market weight" from "overweight", but raises target from $440 to $520.
The Mosaic Company ($MOS) → Baptista Research downgrades to "buy" from "outperform", target lowered to $37.70.

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Have a great session everyone
Sylvain Mouilhaud: Stock Coach