US PREMARKET STOCKS: October 6, 2025

Futures Indices
Dow Futures: +0.2%
S&P 500 Futures: +0.3%
Nasdaq 100 Futures: +0.5%
US 10-year Yield: 4.14% +1 bps

Market Environment

US index futures are advancing this Monday, led by the Nasdaq as the US government shutdown enters its sixth day. The S&P 500 and the Dow are also trending higher, despite persistent uncertainty.

Jim Reid (Deutsche Bank) pointed to a "strangely calm" atmosphere on Friday due to the absence of the jobs report, which was delayed because of the shutdown. Polymarket estimates a 72% chance the closure will extend beyond October 15. Kalshi now expects a 21-day shutdown, matching the second longest in US history.

This week, investors will closely monitor the FOMC minutes on Wednesday and several private data releases: consumer credit tomorrow and consumer confidence on Friday. UBS adds, "the economic calendar remains on hold as the shutdown continues."

Stocks to Watch

AMD (Advanced Micro Devices) +25%
The stock surges after a major deal with OpenAI, backed by Microsoft. The partnership plans to deploy 6 gigawatts of AMD GPUs, creating potential revenues of tens of billions of dollars. Performance-based stock grants have also been issued.

Critical Metals (CRML) +75%
The stock jumps amid rumors the Trump administration may take a stake in the company, linked to a strategic rare earths project in Greenland. Preliminary talks are ongoing for an ~8% stake.

Firefly Aerospace (FLY) +15%
Rises after the announced acquisition of SciTec for $855M, aiming to strengthen its defense and data capabilities.

Bitfarms (BITF) +7%
Benefits from the new Bitcoin record above $125,000. The rally extends across the whole crypto sector.

Micron Technology (MU) +3%
Moves higher after a bullish call from Morgan Stanley, which anticipates several quarters of double-digit price increases in DRAM and NAND memory.

Quantum Computing (QUBT) -8%
Falls after the announcement of a $750M private placement, which is dilutive, to fund expansion and strategic acquisitions.

Aston Martin (AMGDF) -10%
Sinks after a profit warning. The carmaker cuts its 2025 outlook due to US tariffs, weak demand, and supply chain pressures.

Recommendation Changes

Upgrades

Affirm Holdings ($AFRM) → Buy (vs Neutral), target raised from $74 to $101 – Rothschild & Co Redburn
Micron Technology ($MU) → Overweight (vs Equal Weight), target raised from $160 to $220 – Morgan Stanley
Nike ($NKE) → Outperform (vs Hold), target raised from $69.30 to $83.20 – Baptista Research
Stellantis ($STLA) → Neutral (vs Underperform), target raised from €7.70 to €9.70 – Mediobanca
TPG Inc. ($TPG) → Overweight (vs Neutral), target raised from $65 to $78 – JP Morgan

Neutral

Microsoft ($MSFT) → Buy maintained, target raised from $485 to $625 – Griffin Securities
Newmont Corporation ($NEM) → Buy maintained, target raised from $73 to $107 – Jefferies
Unity Software ($U) → Outperform maintained, target raised from $36 to $50 – CICC

Downgrades

Emerson Electric ($EMR) → Equal Weight (vs Overweight), target lowered from $150 to $140 – Wells Fargo
Lennox International ($LII) → Equal Weight (vs Underweight), target lowered from $675 to $575 – Wells Fargo

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Have a great session, everyone
Sylvain Mouilhaud: Stock Coach