US PREMARKET STOCKS: October 29, 2025

**Futures Indices**

Dow Futures: 0.00%
S&P 500 Futures: +0.4%
Nasdaq 100 Futures: +0.7%

Market Environment

Wall Street is set to continue its upward trend, fueled by anticipation of results from tech giants and today’s expected Fed decision. On Tuesday, indexes closed higher, supported by strong earnings and improved geopolitical climate with new trade deals between the US, Japan, and South Korea.

"The rally is still being driven by tech and AI, despite a packed macro backdrop," notes Jim Reid (Deutsche Bank), who points out limited market participation, with only 104 stocks rising in the S&P 500.

The day looks critical with eagerly awaited reports from Microsoft, Alphabet and Meta Platforms.

The Fed is expected to cut rates by 25 basis points. Focus will mainly be on Jerome Powell’s press conference and how markets interpret the Fed’s future policy direction.

"With no fresh economic data, the Fed will have to rely on general economic trends," says Paul Donovan (UBS), adding that the market will also speculate on Powell’s potential successor.

On the geopolitical front, a meeting between Donald Trump and Xi Jinping is scheduled tomorrow at the APEC summit in South Korea to revive trade talks.

On the macro side, the goods trade deficit (September) is expected to rise to $90B, while pending home sales index is forecast to grow 1.6%.

Stocks to Watch

CSG Systems (CSGS) +15.78%
The company canceled its Q3 earnings call as it’s being acquired by NEC, which the market welcomed.

Bloom Energy (BE) +15.55%
The group beat earnings expectations and projects 2 GW in capacity by 2026, benefiting from growing AI-driven energy demand.

Caterpillar (CAT) +4.60%
Results beat consensus with adjusted EPS of $4.95 vs. $4.52 expected. Revenue also exceeded forecasts.

Enphase Energy (ENPH) -10.74%
Shares fell after disappointing Q4 guidance, hurt by headwinds from tariffs.

Brinker International (EAT) -4.76%
Despite strong demand at Chili’s, the stock dipped after disappointing annual outlook.

United Therapeutics (UTHR) -1.03%
Net profit above expectations, but revenue slightly down, weighing on the stock.

Fiserv (FI) -31.62%
The group announced it’s shifting its listing to Nasdaq without further details, sparking a sharp negative market reaction.

CVS Health (CVS) +0.05%
The group raised its annual outlook despite a one-off $5.7B charge tied to its care clinics.

Upgrades and Downgrades

Raised

Edwards Lifesciences ($EW) → Wolfe Research upgraded to peer perform; Jefferies upgraded to buy with a target raised from $80 to $98.

Everest Group ($EG) → Wolfe Research upgraded to peer perform.

Skyworks Solutions ($SWKS) → Piper Sandler upgraded to overweight and raised target from $70 to $140.

Bloom Energy ($BE) → BTIG reiterated buy, target increased from $80 to $145.

Carpenter Technology ($CRS) → JP Morgan maintained overweight, target lifted from $305 to $388.

Corning ($GLW) → Barclays maintained equalweight, target raised from $65 to $83.

Lyft ($LYFT) → Roth Capital maintained buy, target lifted from $19 to $25.

Seagate Technology ($STX) → Baird maintained outperform, target raised from $188 to $270.

Sofi Technologies ($SOFI) → Citi maintained buy, target raised from $28 to $37.

Tenet Healthcare ($THC) → Cantor Fitzgerald maintained overweight, target raised from $190 to $245.

Tesla ($TSLA) → President Capital maintained buy, target lifted from $373 to $529.

UnitedHealth Group ($UNH) → Nephron Research maintained buy, target raised from $293 to $438.

Neutral

Universal Health Services ($UHS) → Nephron Research maintained hold, target raised from $189 to $238.

Wayfair ($W) → BMO maintained market perform, target raised from $68 to $110.

Iqvia Holdings ($IQV) → JP Morgan maintained overweight, target raised from $177 to $255.

Ati Inc. ($ATI) → TD Cowen maintained buy, target lifted from $95 to $120.

Downgraded

Qorvo ($QRVO) → Morgan Stanley downgraded to market weight (from overweight), but raised target from $94 to $110.

Commvault Systems ($CVLT) → RBC maintained sector perform, but cut target from $217 to $167.

Have a great session
Sylvain Mouilhaud: Stocks Coach