[Pre-market U.S. Stocks] Pre-market keywords of the day (2025.10.21)

Risk appetite continued but momentum tended to wait and see. Futures rose slightly and funds were focused on large-scale technology financial reports and government closures. Yields remained low and gold prices fell back, highlighting the popularity of risky assets. After the three major indexes all rose by more than 1% in the previous trading day, the market evaluated Apple's endurance and net Frisbee earnings. GM's pre-market surge became the highlight of the morning session. At the same time, it was also aware of the impact of the U.S. government shutdown into its third week on economic data schedule. Interference.

Futures consolidated. After the surge the day before yesterday, sentiment turned to observation. The three major futures indexes only rose slightly before the market, reflecting the technical cooling after the strong rebound last day. The yield rate on the 10-year U.S. bond is about 3.98%, hovering in the low range of nearly six months, supporting the valuation of growth stocks. Safe-haven assets retreated, with gold futures falling 2% to US$4,275 per ounce, with clear signs of rising risk appetite.

On the 21st day of closure, the White House announced that the deadlock could be resolved this week, and policy uncertainty still affected the pace of the market. White House economic adviser Kevin Hassett said in an exclusive interview with CNBC that the shutdown "may end this week" and said that if there is no progress, the White House is prepared to take stronger measures. Affected by the shutdown, the release of statistics such as job claims, retail sales and housing starts has been delayed, and the market has turned its attention to inflation data expected to be revealed on Friday.

In a data vacuum, corporate financial reports dominate pricing, and lower yields and earnings visibility are key. The delay in macro readings suppresses the pace of adjustment of trading positions. Investors use the company's perspective on year-end demand and costs to calibrate their expectations. In the short term, they use large-scale weights and industry leaders 'revenue, gross profit and cash flow guidance as the wind direction, accompanied by quarterly fluctuations in the earnings report. Increase.

Apple's theme continues to be popular, but the stock price cooled slightly before the market, and the iPhone 17 's initial sales performance was better than the previous generation.

Apple(Apple, AAPL) closed to a record high last day driven by bullish gains, with a market value approaching US$4 trillion, with a slight decline of about 0.2% before the market. Market research agency Counterpoint Research pointed out that sales in the United States and China in the 10 days before the launch of iPhone 17 were 14% higher than those of iPhone 16 in the same period, helping to stabilize the linkage between the average price of high-end models and service revenue.

The surprise of GM's financial report drove sentiment in auto stocks, and the upward revision of the full-year outlook offset the decline in electric vehicles.

General Motors(GM)'s third-quarter revenue of $48.59 billion exceeded market expectations of $45.02 billion, and its EPS of $2.80 was higher than its forecast of $2.25. It also raised its full-year adjusted EBITDA target from $10 billion to $12.5 billion to $12 billion to $13 billion, and raised its adjusted EPS range to $9.75 to $10.50. Cooling demand for electric vehicles had previously brought impairment warnings of up to US$1.6 billion, but the stock price still rose more than 11% before the market, indicating that the market is more concerned about the profitability of the industry.

After the appearance of the net Frisbee, the expansion and growth momentum of the advertising business is under review.

Netflix(Netflix, NFLX) is expected to report third-quarter revenue of US$11.52 billion, an increase of 17% year-on-year, and EPS of US$6.92, an increase of 28%. The market is concerned about the penetration rate of advertising grading plans, average revenue per household and content investment efficiency. With a cumulative increase of nearly 40% since the beginning of the year, the stock price continued to rise by about 0.8% before the market. Financial measurement and net increase in users will be the key to after-hours sentiment.

The noise of cloud services has not changed the tone of large-scale technology, and Amazon's steady trend has driven the theme rotation.

Amazon's AWS crashed briefly yesterday, affecting some websites and services, but its share price still closed up about 1.6%, indicating that the market remains confident in long-term demand for the cloud. The overall value of technology has benefited from the fall in yield rates and the return of popularity driven by Apple. At the same time, in addition to Netflix this week, heavyweight financial reports such as Tesla(Tesla, TSLA) and Intel(Intel, INTC) have also attracted attention. Nvidia(NVDA) has the largest year-to-date increase, and there is room for capital redeployment.

Asian and European stock markets generally rose, with South Korean stocks reaching highs for six consecutive days. Japan's new political situation and policy themes have increased risk appetite.

The Asia-Pacific intraday was more, with South Korea's KOSPI continuing to hit record highs, and European stocks Stoxx 600 closed up 1.03% in the previous trading day. Japan's House of Representatives voted to elect Takashi, President of the Liberal Democratic Party, as prime minister, becoming the first female prime minister. The continuity of policies and the pace of reform will be monitored by international funds.

The resource supply chain welcomes deepening cooperation between the United States and Australia, and the expansion of investment in rare earths and key minerals may help alleviate upstream bottlenecks.

The United States and Australia have signed a mineral agreement covering projects of up to US$8.5 billion, including expanding rare earth processing capabilities in Australia. This development has positive implications for the upstream stability of electric vehicles, wind power and defense supply chains, complements U.S. domestic manufacturing policies, and may also improve car manufacturers 'cost visibility of rare earths and motor materials.

The flow of foreign exchange and commodities shows that funds are biased towards risky assets, and the pressure on the pound contrasts with the fall in gold prices.

Fund managers added short sterling positions ahead of the UK budget, reflecting reservations about the UK economic outlook. In contrast, the strength of the stock market led to a cooling of demand for risk aversion, which led to a correction in gold, and the overall funds were directed to the stock market and credit assets.

The interaction between stock fluctuations and index weights before the market intensified, and the opening rhythm was based on financial reports and policy signals intertwined.

Apple retreated slightly before the market, General Motors rose sharply, Netflix rose slightly, and the three major index futures rose slightly. Coupled with the trend of low U.S. bond yields and falling gold prices, this indicates a market trend dominated by corporate fundamentals and policy progress. Investors will pay close attention to financial guidance, inventory and cash flow updates, and the impact of the progress of the government shutdown on the data release schedule this week and next week.