US STOCKS PREMARKET: October 31, 2025

Futures Indices

Dow Futures: +0.15%
S&P 500 Futures: +0.8%
Nasdaq 100 Futures: +1.4%

Market Environment

US markets are rebounding this Friday, lifted by a string of strong tech earnings led by Amazon and Apple. The Nasdaq is outperforming, after the sector was under pressure following mixed results from Meta and Microsoft.

Jim Reid (Deutsche Bank) notes:
"Just when tech sentiment seemed to be darkening, Amazon and Apple results have reignited enthusiasm this morning."

Concerns about massive investments in AI, highlighted by Meta's drop (-11.33%), remain, but operational performance is reassuring.

On the geopolitical front, the United States canceled a planned summit in Budapest between Trump and Putin, in response to Russia’s firm stance on the Ukrainian issue.

Today, investors are also watching for upcoming results from Chevron and ExxonMobil, due before the open.

Stocks to Watch

Amazon (AMZN) +13%
The e-commerce giant surges after Q3 results above expectations: EPS at $1.95 (+$0.37 vs est.), revenue up 13% to $180.2B, with 20% growth for AWS ($33B). Ad revenues reach $17.7B. Despite lower margins, Amazon is ramping up investments in AI and cloud.

Western Digital (WDC) +10%
The storage specialist climbs after strong FQ1 results (+27% YoY) and Q2 guidance above expectations. EPS guidance of ~$1.88 vs $1.74 estimated, revenue between $2.8B and $3.0B. The quarterly dividend is raised by 25%.

Twilio (TWLO) +7%
The cloud communications group beats Q3 expectations and raises full-year guidance (FY2025 growth: 12.4%–12.6%). The buyback program advances ($349M in Q3). However, margins remain under pressure with adjusted operating income guidance lowered.

Coinbase (COIN) +6%
The crypto platform is up after a strong Q3, supported by a rebound in trading volumes and lower costs. "Subscription and services" revenue expected between $710M–$790M in Q4, with controlled development spending.

Apple (AAPL) +3%
The group reassures, despite reduced iPhone and China sales. CEO Tim Cook expects revenue growth of 10%–12% in Q1 2026 and confirms AI-powered Siri will arrive next year.

Roku (ROKU) -6%
Despite overall inline Q3 results, Q4 guidance failed to convince. Expected revenue ($1.35B) and adjusted EBITDA ($395M) are just above estimates.

Recommendation Changes

Upgrades

Roblox (RBLX) → Goldman Sachs upgrades to Buy (from Neutral), price target raised from $155 to $180.
Idexx Laboratories (IDXX) → Stifel upgrades to Buy (from Hold), price target $700 (from $640).
Western Digital (WDC) → Baird maintains Outperform, price target raised to $180 (from $97).
Monolithic Power Systems (MPWR) → Deutsche Bank maintains Buy, price target raised to $1,200 (from $820).
Amazon (AMZN) → MoffettNathanson maintains Buy, price target raised from $263 to $338.

Neutral

Aptiv (APTV) → Piper Sandler remains Neutral, price target $87 (from $72).
C.H. Robinson (CHRW) → Loop Capital remains Hold, price target $160 (from $133).
Centene (CNC) → Deutsche Bank remains Hold, price target $32 (from $24).

Downgrades

FMC Corp (FMC) → Wells Fargo downgrades to Equal Weight (from Overweight), price target reduced to $16 (from $41).
SPS Commerce (SPSC) → Stifel downgrades to Hold (from Buy), price target reduced to $80 (from $150).

Have a great session, everyone!
Sylvain Mouilhaud: Stock Coach