President Donald Trump took another swing at China on Tuesday afternoon, sending the major indexes lower and soybean-related stocks soaring just <a href="https://www.benzinga.com/news/politics/25/10/48191317/trump-caught-on-hot-mic-with-indonesian-president-ill-have-eric-call-whats-going-on">before the closing bell.&nbsp;</a>



<ul class="wp-block-list">
<li>The SPY closed lower Tuesday. <a href="https://www.benzinga.com/quote/SPY">See the chart and details here.&nbsp;</a></li>
</ul>



<h2 class="wp-block-heading">Trade Tensions</h2>



President Trump said in a Truth Social <a href="https://truthsocial.com/@realDonaldTrump/posts/115374202790006886">post</a> that China committed an "Economically Hostile Act" by "purposefully not buying our Soybeans, and causing difficulty for our Soybean Farmers."&nbsp;



"We are considering terminating business with China having to do with Cooking Oil, and other elements of Trade, as retribution,"&nbsp; Trump said.&nbsp;



Read Next: <a href="https://www.benzinga.com/trading-ideas/movers/25/10/48175980/usa-rare-earth-critical-metals-stocks-explode-jpmorgan-adds-fuel-to-the-fire">USA Rare Earth, Critical Metals Stocks Explode—JPMorgan Adds Fuel To The Fire</a>



The latest trade threat comes as tensions between the U.S. and China run high and Trump's position seems to change daily.&nbsp;



Last Friday, President Trump said that starting Nov. 1, the U.S. <a href="https://www.benzinga.com/news/politics/25/10/48162671/trump-puts-additional-100-tariffs-on-china-crypto-stocks-drop">would introduce new </a>100% tariffs on all Chinese goods after China tightened controls on the export of rare earth minerals.&nbsp;



He then walked his <a href="https://truthsocial.com/@realDonaldTrump/posts/115362196088273474">statement </a>back on Monday, stating "Don't worry about China, it will all be fine! Highly respected President Xi just had a bad moment."&nbsp;



Markets rallied on Monday as the tension had seemed to ease.&nbsp;



<h2 class="wp-block-heading">Markets React</h2>



After Trump's social media post on Tuesday afternoon all three major indexes dropped as tensions ramped up again in the ongoing trade dispute with China.&nbsp;



The S&amp;P 500, tracked by the SPDR S&amp;P 500 (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SPY">SPY</a>), closed down by 0.16% and the Nasdaq 100, tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QQQ">QQQ</a>) ended the day 0.76% lower, according to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>.&nbsp;



Seed and agriculture-related stocks rallied, however, with Origin Agritech Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/SEED">SEED</a>) up 81%, Arcadia Biosciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/RKDA">RKDA</a>) up 57% and Australian Oilseeds Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/COOT">COOT</a>) up 80% in Tuesday's extended trading. 



Read Next:&nbsp;



<ul class="wp-block-list">
<li><a href="http://benzinga.com/trading-ideas/movers/25/10/48179585/rigetti-d-wave-ionq-could-get-jpmorgans-support-quantum-stocks-take-off">Rigetti, D-Wave, IonQ Could Get JPMorgan&#8217;s Support—Quantum Stocks Take Off</a></li>
</ul>



Photo: Shutterstock

News

Politics

Global

Movers

Trading Ideas

COOT

RKDA

SEED

Trump Hits China Again—Markets Stumble Into The Close, Soybean Stocks Soar

An upbeat start to Wall Street's earnings season, combined with dovish signals from Federal Reserve Chair Jerome Powell, has unleashed a powerful rally across U.S. regional banks, marking their strongest two-day performance since Donald <a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noopener">Trump's 2024 election victory.</a>



The SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/KRE">KRE</a>) surged another 3.6% on Tuesday, after rising 2.2% on Monday. That 5.9% gain marks its best two-day performance since Nov. 7, 2024, when investors rushed into smaller financials on expectations of lighter regulation and increased M&amp;A activity under a Trump administration.



Notably, all 161 holdings in the KRE ETF traded in positive territory by late afternoon trading on Tuesday, highlighting a rare instance of broad-based enthusiasm across an industry that has largely underperformed in 2025.



The biggest gainers included NBT Bancorp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NBTB">NBTB</a>), Hingham Institution for Savings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/HIFS">HIFS</a>) and The Bancorp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TBBK">TBBK</a>), each up between 6.5% and 7%.



<h2 class="wp-block-heading">Big Banks Set The Tone, But Gains Trickled Down</h2>



On Tuesday, major Wall Street banks, including JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/JPM">JPM</a>), Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GS">GS</a>), Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/WFC">WFC</a>) and Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/C">C</a>) all topped estimates during the third quarter, reassuring investors about the health of the financial sector.



Read Also:<a href="https://www.benzinga.com/markets/earnings/25/10/48198547/jpmorgan-chase-earnings-bank-results-q3-wells-fargo-citigroup-goldman-sachs"> JPMorgan Kicks Off Bank Earnings With A Strong Beat: What You Need To Know</a>



Shares in Wells Fargo jumped nearly 8% – the top performer within the S&amp;P 500 – while Citigroup also rose by a robust 4.2%. JP Morgan and Goldman Sachs traded 1.5% and 1.3% lower, respectively. 



Favorable tailwinds for small and mid-sized banks also came from Powell's Tuesday speech, which reiterated that the Fed remains on track for two more interest rate cuts this year.



"The rising downside risks to employment have shifted our assessment of the balance of risks," Powell said, reaffirming the Fed&#8217;s decision to cut in September and signaling more easing ahead.



<h2 class="wp-block-heading">Fed Watchers Expect October, December Cuts</h2>



According to the CME FedWatch Tool, traders now price in a near-certainty of a 25-basis-point cut at the Fed's Oct. 30 meeting, with a 95% chance of another cut in December, bringing the federal funds rate down to 3.50%-3.75%.



Despite Powell&#8217;s mention that employment data "does not appear to have changed much" since September, analysts keyed in on the Fed's increasingly cautious tone on inflation. 



According to CME FedWatch, investors almost entirely price a 25-basis-point cut at the Oct. 30 meeting, and there is a 95% chance of another cut to 3.50%-3.75% occurring in December.



Powell said that outlook for employment and labor "does not appear to have changed much" since September, even as growth surprises to the upside.



He highlighted that &#8220;growth in economic activity may be on a somewhat firmer trajectory than expected," suggesting a still-resilient backdrop but one that may not hold the Fed back from further cuts, given the ongoing risks.



According to Peter Williams, analyst at 22V Research, while Powell's inflationary baseline remains a benign one, he repeated his two-sided caution from the September press conference that "there is no risk-free path for policy as we navigate the tension between our employment and inflation goals."



Another key takeaway from Powell's speech involved the Fed&#8217;s balance sheet strategy. He signaled that quantitative tightening (QT)—the reduction of the Fed's balance sheet—will likely conclude by year's end, as the central bank aims to maintain reserve levels "somewhat above" what it considers ample.



"The Fed is being cautious to avoid money market strains like those seen in September 2019," Powell said, reinforcing a risk-averse stance amid volatile liquidity conditions.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/25/10/48206019/government-shutdown-how-long-will-last-october-november-payrolls-air-traffic-paychecks-contractors">Shutdown Could Be The Longest On Record – And Wall Street Starts To Sweat</a></li>
</ul>



Photo: Shutterstock

Equities

Federal Reserve

HIFS

NBTB

TBBK

Regional Banks Notch Best 2-Day Rally Since Trump's Election Win

Alphabet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOG">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOGL">GOOGL</a>) Google is updating its <a target="_blank" href="https://www.benzinga.com/topic/google" rel="noreferrer noopener">Search ecosystem with</a> Artificial Intelligence (AI) Overviews, AI Mode, and a redesigned ad experience that groups text ads under a single "Sponsored Results" label, allowing users to hide them with a single click.



The changes aim to boost monetization by improving user experience, enabling more consistent ad loads across queries, and increasing click-through rates or click quality. These updates will roll out globally, including for Shopping ads.



Also Read: <a target="_blank" href="https://www.benzinga.com/markets/tech/25/10/48145800/google-designated-strategic-player-in-uk-search-and-advertising-market" rel="noreferrer noopener">Google Designated Strategic Player In UK Search And Advertising Market</a>



JP Morgan analyst Doug Anmuth <a href="https://www.benzinga.com/quote/GOOGL/analyst-ratings" target="_blank" rel="noreferrer noopener">remained Overweight on</a> Alphabet.



Anmuth said Google is evolving its Search ecosystem with the launches of AI Overviews and AI Mode, along with updates to how text ads appear on desktop and mobile. Google now groups text ads under a single "Sponsored Results" label that remains visible as users scroll, and has added a "Hide sponsored results" control that allows users to collapse ads with a single click, the analyst noted.



He highlighted that while hiding ads might initially seem concerning for monetization, testing shows the changes could boost revenue in three ways, including improving user experience and engagement. He referred to making navigation easier and search more satisfying, enabling higher ad load consistency across queries without disrupting users, and increasing click-through rates or improving click quality as ads appear more like top-ranking organic results while reducing low-value clicks.



Google is rolling out these updates globally, and the "Sponsored" label will extend to other ad units, including Shopping ads, Anmuth added.



GOOGL Price Action: Alphabet shares were up 0.59% at $245.58 premarket at the time of publication on Tuesday.&nbsp;



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/earnings/25/10/48193121/ericsson-ceo-says-margins-hit-new-highs-despite-ongoing-tariff-pressures" target="_blank" rel="noreferrer noopener">Ericsson CEO Says Margins Hit New Highs Despite Ongoing Tariff Pressures</a></li>
</ul>



Photo: Shutterstock

Reiteration

Analyst Ratings

Tech

GOOG

GOOGL

Alphabet's New Search Updates Could Boost Revenue By Enhancing Ad Visibility And User Experience

Before Wall Street wakes up to quantum, the Pentagon already has. That's the subtext of Rigetti Computing Inc's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/RGTI">RGTI</a>) latest pivot — one that increasingly mirrors Palantir Technologies Inc's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/PLTR">PLTR</a>) early years as a defense-funded deep-tech player before it became a <a href="https://www.benzinga.com/markets/tech/25/08/47206671/at-412-billion-palantir-is-valued-like-it-invented-time-travel">data analytics powerhouse</a>.



<ul class="wp-block-list">
<li>Track RGTI stock <a href="https://www.benzinga.com/quote/RGTI">here</a>.</li>
</ul>



<h2 class="wp-block-heading">Government Leads, Industry Follows</h2>



Rigetti CEO Subodh Kulkarni isn't chasing finance clients; he's chasing sovereign ones. "For the time being, government-funded areas like defense and energy are driving more demand," he told Benzinga in an exclusive email interview. From encryption-resistant security systems to grid optimization and advanced materials research, national programs are advancing more rapidly than corporate labs.



It's a playbook that feels familiar. Palantir's early lifeline came from government contracts that allowed it to refine its product long before commercial buyers stepped in. 



Read Also: <a href="https://www.benzinga.com/markets/tech/25/07/46612985/palantir-won-pentagon-next-target-fortune-500">Palantir Won Pentagon—Next Target: Fortune 500</a>



Rigetti's $5.7 million in <a href="https://www.benzinga.com/markets/tech/25/10/48120349/exclusive-rigetti-turns-contracts-into-credibility-on-its-4-year-quantum-roadmap">new Novera system orders</a> — for delivery in 2026 — marks a similar shift: quantum is moving from research access to owned infrastructure. 



As governments in the U.S., Europe, and Asia embed quantum computing into their security and energy strategies, Rigetti is positioning itself as a key hardware provider for sovereign-grade systems.



<h2 class="wp-block-heading">Quantum Advantage Could Flip The Script</h2>



Still, Kulkarni isn't ignoring the private market. He sees finance and pharma demand accelerating once "higher-fidelity qubits and algorithm breakthroughs" push the field closer to quantum advantage. 



A single leap in quantum machine learning or chemistry simulation could ignite a multi-sector rush — the same way AI models went from lab experiments to enterprise must-haves almost overnight.



<h2 class="wp-block-heading">The Palantir Parallel</h2>



Palantir built its moat by mastering complexity for governments before monetizing that expertise with corporations. Rigetti's trajectory hints at a similar pattern — only this time, the battleground isn't data, it's physics. Defense contracts could underwrite years of R&amp;D while positioning Rigetti as the trusted quantum backbone when commercial workloads finally scale.



If Palantir was the intelligence platform of the last decade, Rigetti could become the quantum infrastructure platform of the next — funded by defense today, fueled by disruption tomorrow.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/10/48084269/exclusive-rigetti-leverages-nvidia-chiplets-to-outpace-ibm-and-google-in-quantum-race" target="_blank" rel="noreferrer noopener">EXCLUSIVE: Rigetti Leverages Nvidia, Chiplets To Outpace IBM And Google In Quantum Race</a></li>
</ul>



Photo: Shutterstock

Long Ideas

Exclusives

Interview

PLTR

RGTI

Rigetti Could Be Palantir 2.0 — Quantum's Defense-First Disruptor

NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>) shares are trading lower on Tuesday alongside other semiconductor stocks as escalating U.S.-China trade tensions create macro uncertainty, <a href="https://www.benzinga.com/news/politics/25/10/48172557/trump-us-china-tariffs-retaliation-5-ways">weighing on the broader market</a>.



What Happened: U.S. stocks declined on Tuesday as Beijing ramped up its trade dispute with Washington, <a href="https://www.bloomberg.com/news/articles/2025-10-14/us-stocks-tumble-as-china-retaliation-raises-trade-war-stakes">according</a> to Bloomberg.



The S&amp;P 500 dropped as much as 1% in early trading Tuesday, marking its third consecutive session with a move of at least 1% in either direction — the first such streak since April. The Nasdaq experienced an even sharper downturn as tech investors digested the recent re-escalation of trade tensions between the U.S. and China.



China reportedly imposed sanctions on five US divisions of South Korean shipping company Hanwha Ocean Co. and warned of further retaliatory actions against the industry. The move represents the latest volley in an ongoing series of retaliatory measures between the two countries as both seek leverage heading into anticipated trade negotiations.



According to Reuters, China also began collecting additional port fees on U.S.-linked vessels on Tuesday, though Chinese-built ships are exempted. The U.S. plans to implement additional port fees for Chinese ships in response. Beijing criticized Washington for seeking talks while simultaneously making threats.



Beijing has implemented stricter <a href="https://www.benzinga.com/news/politics/25/10/48172557/trump-us-china-tariffs-retaliation-5-ways">export controls on rare earths</a> alongside other actions, while Washington has broadened restrictions on China&#8217;s chip access and threatened the nation with additional 100% tariffs. The rising trade uncertainty is weighing on chip stocks on Tuesday, with Nvidia leading the declines. 



NVDA Analysis: Despite Tuesday&#8217;s pullback, Nvidia remains a dominant player in the semiconductor space, boasting a market capitalization of $4.46 trillion, significantly larger than its closest competitors, per <a href="http://pro.benzinga.com">Benzinga Pro</a>.



From a technical perspective, the current price is situated above the 50-day moving average of $179.44, which serves as a key support level. Should the stock continue to decline, this moving average could provide a cushion against further losses. The 200-day moving average, currently at $144.69, is well below the current price, indicating a strong long-term bullish trend.



Resistance is identified just below the 52-week high, suggesting that a breakout above this level could lead to renewed buying interest and potentially push the stock toward new highs. The relative strength index (RSI) at 57.63 indicates neutral momentum, suggesting that while the stock is not overbought, it may require a catalyst to break through overhead resistance.



NVDA Price Action: <a href="https://www.benzinga.com/quote/NVDA">Nvidia shares</a> are declining by 3.18% to $182.28 on Tuesday at the time of publication, per <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. The stock is sitting about 6% below its 52-week high and is still 27.2% above its 200-day moving average.



Read Next:



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<li><a href="https://www.benzinga.com/markets/tech/25/10/48191176/nvidias-dgx-spark-a-personal-ai-supercomputer-will-debut-this-week-at-3999-i-hand-delivered-the-first-system-to-elon-jensen-huang-recalls">Nvidia&#8217;s DGX Spark, A Personal &#8216;AI Supercomputer,&#8217; Will Debut This Week At $3,999: &#8216;I Hand-Delivered The First System To Elon,&#8217; Jensen Huang Recalls</a></li>
</ul>



Image: Saulo Ferreira Angelo/Shutterstock

Large Cap

NVDA

Nvidia Stock Is Facing Selling Pressure Today: Why Some Investors Are Taking Profits

U.S. banks kicked off the third-quarter earnings season with a wave of upside surprises, as JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/JPM">JPM</a>), Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GS">GS</a>), Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/WFC">WFC</a>), and Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/C">C</a>) all topped Wall Street expectations, signaling continued strength across lending, <a href="https://www.benzinga.com/earnings">trading, and consumer banking.</a>



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><thead><tr><th>Company</th><th>EPS</th><th>EPS Surprise</th><th>Revenue (B)</th><th>Revenue Surprise</th></tr></thead><tbody><tr><td>JPMorgan Chase &amp; Co. </td><td>$5.07</td><td>+4.84%</td><td>$47.12</td><td>+3.82%</td></tr><tr><td>Citigroup Inc.</td><td>$2.24</td><td>+17.89%</td><td>$22.09</td><td>+4.76%</td></tr><tr><td>Wells Fargo &amp; Co. </td><td>$1.66</td><td>+7.44%</td><td>$21.44</td><td>+1.37%</td></tr><tr><td>Goldman Sachs Group Inc. </td><td>$12.25</td><td>+11.38%</td><td>$15.18</td><td>+7.69%</td></tr></tbody></table><figcaption class="wp-element-caption">Data: Benzinga Pro</figcaption></figure>



<h2 class="wp-block-heading">JPMorgan Tops Estimates</h2>



According to <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>, JPMorgan Chase &amp; Co. reported earnings per share of $5.07, beating the consensus of $4.84. 



Net income rose 16% year-over-year to $14.4 billion, while revenue jumped 8.78% to $47.12 billion, surpassing forecasts by more than $1.7 billion.



The bank delivered a 20% return on tangible common equity (ROTCE), a key profitability metric, and saw robust performance across all business lines. 



CEO Jamie Dimon said JPMorgan saw "record third-quarter Markets revenue of nearly $9 billion," with investment banking fees rising 16% thanks to improving deal flow in equity and M&amp;A activity.



In consumer banking, JPMorgan added over 400,000 net new checking accounts and reached a new high in first-time investors, surpassing 43,000. Its wealth management unit generated $109 billion in net inflows, while asset and wealth management revenue exceeded $6 billion.



Dimon highlighted macroeconomic uncertainty, noting signs of softening in the labor market and persistent geopolitical risks. 



"The U.S. economy generally remained resilient," he said, but warned of "elevated asset prices and the risk of sticky inflation."



Read Also: <a href="https://www.benzinga.com/markets/earnings/25/10/48195281/jpmorgan-ceo-jamie-dimon-calls-us-economy-resilient-but-warns-of-trade-uncertainty-sticky-inflation">JPMorgan CEO Jamie Dimon Calls US Economy &#8216;Resilient&#8217;, But Warns Of &#8216;Trade Uncertainty, Sticky Inflation&#8217;</a>



<h2 class="wp-block-heading">What Did Analysts Say About JPMorgan's Results? </h2>



Goldman Sachs analyst Richard Ramsden expects a positive investor response, despite net interest income (NII) for the third quarter coming in slightly below estimates.



Ramsden highlighted that JPMorgan raised its full-year 2025 NII guidance (excluding markets) to $92.2 billion and now sees 2026 NII at about $95 billion, above the consensus of $94.5 billion.



The firm also trimmed its 2025 guidance on credit card net charge-offs—loan losses from unpaid balances—to 3.3%, from 3.6% previously. 



JPMorgan&#8217;s cost guidance was lifted only modestly, to $95.9 billion from $95.5 billion, suggesting better-than-feared expense control. Goldman's price target of $350 implies a 13.6% upside on JPM shares. 



<h2 class="wp-block-heading">Wells Fargo Delivers and Raises ROTCE Target</h2>



Wells Fargo also impressed with EPS of $1.66, beating estimates by 7.4%. Revenue of $21.44 billion climbed 5.25% year-over-year and came in modestly ahead of projections. 



The positive surprise was driven by better fee income in areas like cards and capital markets, and a much lower provision for credit losses—$681 million versus a forecast of $1.2 billion.



The bank raised its medium-term ROTCE target to 17-18%, up from a prior 15%, and announced a new common equity tier 1 capital (CET1) target of 10-10.5%, signaling more aggressive capital deployment plans.



Its 2025 net interest income guidance remains unchanged at $47.7 billion, slightly above Wall Street estimates.



Shares of Wells Fargo jumped 2.7% in early trading on Tuesday, outperforming the other major banks.



<h2 class="wp-block-heading">Goldman Sachs and Citigroup Also Beat Expectations</h2>



Goldman Sachs reported an EPS of $12.25, surpassing the $11 estimate by over 11%, driven by strong trading and investment banking performance.



Revenue soared nearly 20% year-over-year to $15.18 billion, outpacing the $14.1 billion consensus. However, the stock slid 5% in early trading on Tuesday.



Citigroup delivered an EPS of $2.24, up a staggering 48.3% from a year ago and ahead of the $1.90 estimate. Revenue rose 8.74% to $22.09 billion. The stock edged up 0.6% in early trading.



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<li><a href="https://www.benzinga.com/markets/earnings/25/10/48196037/big-deals-and-stuffed-crust-keep-dominos-customers-coming-back">Big Deals And Stuffed Crust Keep Domino&#8217;s Customers Coming Back</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

Earnings

Markets

JPMorgan Kicks Off Bank Earnings With A Strong Beat: What You Need To Know

Wall Street edged higher Tuesday as strong bank earnings lifted sentiment, even as renewed U.S.-China trade tensions kept <a href="https://www.benzinga.com/markets/earnings/25/10/48198547/jpmorgan-chase-earnings-bank-results-q3-wells-fargo-citigroup-goldman-sachs">investor enthusiasm in check.</a>



 • WFC is surging to new heights today. <a href="https://www.benzinga.com/quote/WFC" target="_blank" rel="noreferrer noopener">Check the market position here.</a>



The early batch of earnings reports from Wall Street giants gave markets something to cheer about. Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/WFC">WFC</a>), Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/C">C</a>), JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/JPM">JPM</a>) and Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GS">GS</a>) all surpassed analyst expectations.



Shares in Wells Fargo soared nearly 7%, making it the top gainer on the S&amp;P 500, after the bank raised its full-year guidance. Citigroup followed with a 4.5% jump. BlackRock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BLK">BLK</a>) also reported better-than-expected results, with shares up nearly 3%. 



At a National Association for Business Economics event, Federal Reserve Chair Jerome Powell reiterated that the risks to employment have increased, shifting the Fed&#8217;s balance of risk. This bolstered market confidence in a 25-basis-point interest rate cut, which investors now fully anticipate.



Powell also commented on the government shutdown, now beyond the two-week mark, warning that the Fed will begin to lack key data if the impasse continues and October releases are delayed.



Tech stocks showed mixed performance. Optimism around a de-escalation in U.S.-China trade relations quickly faded after both countries introduced new port fees targeting each other's shipments, raising the specter of renewed friction.



Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/INTC">INTC</a>) dropped 3% after Bank of America cut its rating to underperform, setting a $34 price target. NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>) and Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AVGO">AVGO</a>) — the two biggest chipmakers — also traded lower, down 3.19% and 2.33% respectively.



Meanwhile, small caps outperformed, with the Russell 2000 climbing over 1% to notch its best two-day gain since mid-August.



In commodity markets, gold hit a new record, rising 1% to $4,150 per ounce, while silver slipped 1% after hitting an all-time high of $53, snapping a four-day winning streak. Copper prices dropped 2% and WTI crude settled down 1.2% at $58.50 a barrel, the lowest since May.



In digital assets, selling pressure continued. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 2.5% and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) slid 3.1%. 



<h2 class="wp-block-heading">Tuesday&#8217;s Performance In Major U.S. Indices, ETFs</h2>



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Major Indices </td><td>Price</td><td>1-day %Chg</td></tr><tr><td>Russell 2000</td><td>2,486.30</td><td>1.0%</td></tr><tr><td>Dow Jones</td><td>46,384.09</td><td>0.7%</td></tr><tr><td>S&amp;P 500</td><td>6,671.97</td><td>0.3%</td></tr><tr><td>Nasdaq 100</td><td>24,750.35</td><td>0.0%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 1:10 p.m. ET</figcaption></figure>



<h2 class="wp-block-heading">S&amp;P 500&#8217;s Top 5 Gainers On Tuesday</h2>



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Name</td><td>Chg %</td></tr><tr><td>Wells Fargo &amp; Company</td><td>7.54%</td></tr><tr><td>KKR &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/KKR">KKR</a>)</td><td>5.17%</td></tr><tr><td>Delta Air Lines, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DAL">DAL</a>)</td><td>5.05%</td></tr><tr><td>Builders FirstSource, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BLDR">BLDR</a>)</td><td>5.04%</td></tr><tr><td>Caterpillar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CAT">CAT</a>)</td><td>4.66%</td></tr></tbody></table></figure>



<h2 class="wp-block-heading">S&amp;P 500&#8217;s Top 5 Losers On Tuesday</h2>



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Name</td><td>Chg %</td></tr><tr><td>Arista Networks Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ANET">ANET</a>)</td><td>-4.21%</td></tr><tr><td>Humana Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/HUM">HUM</a>)</td><td>-3.61%</td></tr><tr><td>Western Digital Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/WDC">WDC</a>) </td><td>-2.91%</td></tr><tr><td>CrowdStrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/CRWD">CRWD</a>)</td><td>-2.88%</td></tr><tr><td>Archer-Daniels-Midland Comp.. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ADM">ADM</a>)</td><td>-2.73%</td></tr></tbody></table></figure>



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Photo: Shutterstock

Commodities

Econ #s

ETFs

$BTC

$ETH

ANET

AVGO

BLDR

CRWD

INTC

Wells Fargo, Citigroup Jump; Powell Flags Jobs Risks: What's Moving Markets Tuesday?

Oracle&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ORCL">ORCL</a>) Cloud Infrastructure announced on Tuesday that it will deploy 50,000 Advanced Micro Devices (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AMD">AMD</a>) graphics processors starting in the second half of 2026, marking a significant shift away from the Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>) GPUs that dominate the market.



AMD shares climbed 1.9% in pre-market trading, while Oracle&#8217;s stock ticked slightly lower. Nvidia&#8217;s shares were down 1.5%.



<h2 class="wp-block-heading">Competition For Nvidia</h2>



Oracle Cloud Infrastructure will deploy 50,000 of AMD's Instinct MI450 chips, introduced earlier this year. These are AMD's first AI processors designed to be combined into a rack-sized system, enabling 72 chips to operate as a single unit — a key capability for building and running advanced AI models.



The companies did not disclose the financial terms of the deal. &#8220;We feel like customers are going to take up AMD very, very well — especially in the inferencing space,&#8221; said Karan Batta, senior vice president of Oracle Cloud Infrastructure. AMD&#8217;s software stack was also highlighted as &#8220;critical&#8221; by Batta.



The decision to shift to AMD&#8217;s GPUs is indicative of a broader trend in the cloud industry, where companies are increasingly considering AMD as a viable alternative to Nvidia&#8217;s GPUs for AI.



See Also:&nbsp;<a href="https://benzinga.com/crypto/cryptocurrency/25/10/48191331/bitcoin-not-yet-a-short-term-risk-diversifier-like-gold-says-jeremy-siegel-it-will-snap-back-but" target="_blank" rel="noreferrer noopener">Bitcoin Not Yet A Short-Term Risk Diversifier Like Gold, Says Jeremy Siegel: &#8216;It Will Snap Back But&#8230;&#8217; &#8211; Benzinga</a>



<h2 class="wp-block-heading">Jensen Huang On AMD-Open AI Deal</h2>



The move comes just a week after AMD and OpenAI announced a deal. OpenAI will purchase up to six gigawatts of AMD&#8217;s next-generation Instinct MI450X GPUs over the next five years — a contract analysts estimate could generate over $100 billion in revenue. This deal was <a href="https://www.benzinga.com/markets/tech/25/10/48170583/altimeter-capital-ceo-brad-gerstner-breaks-down-amd-openai-gpu-bet-says-lisa-su-is-betting-the-farm-to-catch-up-to-rival-nvidia">described </a>as a &#8220;bet-the-farm&#8221; moment for AMD CEO Lisa Su.



Nvidia&#8217;s CEO, Jensen Huang, expressed his surprise at <a href="https://www.benzinga.com/markets/tech/25/10/48116340/nvidia-ceo-jensen-huang-says-hes-surprised-amd-would-give-away-10-of-the-company-in-its-deal-with-openai-its-clever-i-guess">AMD&#8217;s decision</a> to grant OpenAI warrants for up to 160 million AMD shares, worth nearly 10% of the company, in exchange for a massive GPU purchase commitment. This was described as &#8220;imaginative&#8221; but &#8220;surprising&#8221; by Huang.



The current AI boom has been described as a potential <a href="https://www.benzinga.com/markets/equities/25/10/48096140/openai-nvidia-and-oracle-building-a-high-tech-house-of-cards-expert-warns-infinite-money-glitch-could-trigger-ai-led-job-losses-and-market-chaos">&#8220;high-tech house of cards&#8221; </a>and an &#8220;excuse to eliminate millions of American jobs&#8221; by Gordon Johnson, CEO and Founder of GLJ Research, LLC.



<figure class="wp-block-image aligncenter size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="455" height="274" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14083103/image-360.png" alt="" class="wp-image-1113158" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14083103/image-360.png 455w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14083103/image-360-300x181.png 300w" sizes="(max-width: 455px) 100vw, 455px" /></a></figure>



Benzinga's Edge Rankings place AMD in the 84th percentile for quality and the 94th percentile for growth, reflecting its strong performance in both areas. Check the <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">detailed report here</a>.&nbsp;



READ NEXT:



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<li><a href="https://www.benzinga.com/markets/tech/25/10/48195408/oracle-ceo-says-of-course-openai-can-handle-60-billion-cloud-bill-despite-5-billion-loss-in-2024-just-look-at-the-rate">Oracle CEO Says &#8216;Of Course&#8217; OpenAI Can Handle $60 Billion Cloud Bill Despite $5 Billion Loss In 2024: &#8216;Just Look At The Rate&#8230;&#8217;</a></li>
</ul>



Image via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

ORCL

Oracle Cloud To Deploy 50,000 AMD Chips, Challenging Nvidia's Dominance

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) ETFs saw a combined outflow of $755 million, though technical indicators still show resilience, hinting the market may not be as weak <a href="https://www.benzinga.com/crypto/cryptocurrency/25/10/48168733/bitcoins-flash-crash-over-weekend-prompts-analyst-to-sound-warning-on-btc-etfs-continuous-liquidity-essential-to-prudent-risk-management">as flows suggest.</a>



<h3 class="wp-block-heading">Bitcoin ETF Outflows Accelerate But BlackRock's IBIT Defies the Trend</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="489" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14085412/image-361-1024x489.png" alt="" class="wp-image-1113198" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14085412/image-361-1024x489.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14085412/image-361-300x143.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14085412/image-361-768x366.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14085412/image-361-1536x733.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14085412/image-361.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<a href="https://sosovalue.com/assets/etf/us-btc-spot">US BTC Spot ETF (Source: SoSoValue)</a>



According to data from SoSoValue, U.S. Bitcoin ETFs saw combined outflows of $326 million on Oct. 13.&nbsp;



Grayscale's (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GBTC">GBTC</a>) recorded redemptions of $145 million, while Fidelity's (BATS:<a class="ticker" href="https://www.benzinga.com/quote/FBTC">FBTC</a>) and Ark's (S: ARKB) lost $93 million and $211 million, respectively.



BlackRock's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/IBIT">IBIT</a>) remained the outlier, drawing $60 million in inflows and holding net assets of about $93 billion.&nbsp;



Cumulative inflows for all U.S. Bitcoin ETFs remain above $62.4 billion, showing continued long-term institutional participation despite short-term volatility.



<h3 class="wp-block-heading">Ethereum ETFs Face $428M Blow As Institutional Support Wavers</h3>



<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14085412/image-361-1024x694.png" alt="" class="wp-image-1113201"/></figure>



<a href="https://sosovalue.com/assets/etf/us-eth-spot">US ETH Spot ETF (Source: SoSoValue)</a>



Ethereum ETFs faced heavier selling pressure, recording $428 million in daily outflows.&nbsp;



BlackRock's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/ETHA">ETHA</a>) led with $310 million in redemptions, followed by Grayscale's (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ETHE">ETHE</a>) with $21 million.&nbsp;



Total ETF assets now stand near $28.7 billion, representing about 5.56% of Ethereum's market capitalization.



The imbalance highlights Bitcoin's deeper institutional base compared with Ethereum's more fragile investor positioning.



<h3 class="wp-block-heading">Bitcoin Price Holds $111,000 Support As Ascending Channel Stays Intact</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="694" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14085412/image-361-1024x694.png" alt="" class="wp-image-1113199" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14085412/image-361-1024x694.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14085412/image-361-300x203.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14085412/image-361-768x520.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14085412/image-361-1536x1040.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14085412/image-361.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<a href="https://in.tradingview.com/symbols/BTCUSD/">BTC Technical Analysis (Source: TradingView)</a>



On the daily chart, Bitcoin dropped to $111,500 after failing to reclaim resistance near $116,000, where the 20-day and 50-day EMAs are aligned.



Despite the decline, Bitcoin continues to respect its ascending trendline from April, with $111,000 acting as a short-term support level and the 200-day EMA near $108,000 serving as a secondary floor.



Unless price closes below $108,000, the larger structure remains intact, keeping the upper projection near $128,000 valid.&nbsp;



The Supertrend indicator shows resistance near $124,500, aligning with the upper channel boundary.&nbsp;



A move above that level would confirm a continuation higher, while a drop below $111,000 would risk a deeper pullback toward the 200-day EMA.



<h3 class="wp-block-heading">Ethereum Price Defends $3,900 Despite Heavy Redemptions</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="694" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14085733/photo_6300712548336078040_w-1024x694.jpg" alt="" class="wp-image-1113205" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14085733/photo_6300712548336078040_w-1024x694.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14085733/photo_6300712548336078040_w-300x203.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14085733/photo_6300712548336078040_w-768x520.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14085733/photo_6300712548336078040_w-1536x1040.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14085733/photo_6300712548336078040_w.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<a href="https://in.tradingview.com/symbols/ETHUSD/">ETH Price Dynamics (Source: TradingView)</a>



Ethereum fell to $3,975 after failing to sustain momentum above the $4,600–$4,800 resistance range.&nbsp;



The correction coincided with heavy ETF outflows, intensifying short-term weakness.



Price continues to defend its ascending trendline, with the 200-day EMA near $3,540 marking the critical support for the broader bullish structure.



Momentum indicators show compression rather than breakdown, with the RSI stabilizing and the MACD flattening.



If Ethereum holds above $3,900–$3,600, the setup favors a rebound toward $4,250–$4,600.&nbsp;



A break below $3,540 would invalidate this pattern and expose deeper downside risk toward $3,200.



<h3 class="wp-block-heading">ETF Outflows Clash With Bullish Chart Patterns In BTC And ETH</h3>



Despite the steep ETF outflows, both Bitcoin and Ethereum continue to trade within longer-term bullish formations.&nbsp;



The divergence between institutional flows and technical structure suggests the outflows may reflect short-term repositioning rather than a breakdown in market confidence.



For Bitcoin, maintaining $108,000–$111,000 keeps the path toward $128,000 open.&nbsp;



For Ethereum, staying above $3,600 is essential for any near-term recovery.



The combination of weakening ETF flows and intact trendlines points to a potential sentiment-driven flush rather than a fundamental shift in market positioning.



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Image: Shutterstock

Cryptocurrency

ARKB

ETHA

ETHE

FBTC

GBTC

IBIT

Bitcoin, Ethereum ETFs Bleed $755 Million, But Technical Analysis Gives Bulls Hope

JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/JPM">JPM</a>) reported <a target="_blank" href="https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2025/3rd-quarter/4d1864a5-0376-4269-8271-24f7f49662ba.pdf" rel="noreferrer noopener">third-quarter 2025</a> net income of $14.4 billion, or $5.07 per share, up 12% year over year, beating the $4.84 analyst estimate as sales of $47.12 billion topped expectations of $45.39 billion.



Managed revenue rose 9% to $47.12 billion, while reported revenue totaled $46.4 billion.



Net interest income increased 2% to $24.1 billion, and noninterest revenue climbed 16% to $23.0 billion. Noninterest expense advanced 8% to $24.3 billion, driven by higher compensation, marketing, and distribution costs.



Also Read: <a target="_blank" href="https://www.benzinga.com/trading-ideas/movers/25/10/48176550/how-jp-morgan-wants-to-fix-americas-supply-chain-problem" rel="noreferrer noopener">How JP Morgan Wants To Fix America&#8217;s Supply Chain Problem</a>



The firm posted a return on equity (ROE) of 17% and a return on tangible common equity (ROTCE) of 20%.



Chairman and CEO Jamie Dimon said, &#8220;While there have been some signs of a softening, particularly in job growth, the U.S. economy generally remained resilient. However, there continues to be a heightened degree of uncertainty stemming from complex geopolitical conditions, tariffs and trade uncertainty, elevated asset prices and the risk of sticky inflation.&#8221;



The bank maintained a strong balance sheet, ending the quarter with a Common Equity Tier 1 ratio of 14.8% under the Standardized approach and 14.9% under the Advanced approach.



Total loss-absorbing capacity stood at $568 billion, standardized risk-weighted assets were $1.9 trillion, and the supplementary leverage ratio was 5.8%. Cash and marketable securities totaled $1.5 trillion, while average loans and deposits each reached $1.4 trillion.



Credit costs were $3.4 billion, including $2.6 billion of net charge-offs and an $810 million reserve build, driven mainly by Wholesale and Card Services. Book value per share increased 9% to $124.96, and tangible book value per share rose 10% to $105.70.



<h2 class="wp-block-heading">Segment Performance</h2>



In Consumer &amp; Community Banking, net income rose 24% to $5.0 billion on 9% revenue growth to $19.5 billion, led by stronger deposit margin income and asset management fees. Card Services and Auto revenue climbed 12% to $7.2 billion, with debit and credit card sales volume up 9% and active mobile customers up 7%.



The Commercial &amp; Investment Bank earned $6.9 billion, up 21% from a year earlier. Revenue increased 17% to $19.9 billion, led by Markets and Securities Services, which grew 24% to $10.4 billion. Fixed Income Markets revenue rose 21%, and Equity Markets surged 33%. Investment Banking fees increased 16% to $2.6 billion, maintaining JPMorgan&#8217;s global ranking as No. 1 with an 8.7% wallet share.



Asset &amp; Wealth Management reported net income of $1.7 billion, up 23%, on revenue of $6.1 billion, up 12%. Assets under management reached $4.6 trillion, an 18% increase, while client assets totaled $6.8 trillion, up 20%.



The firm returned $12.1 billion to shareholders, including a $4.1 billion common dividend, or $1.50 per share, and $8.0 billion in share repurchases.



<h2 class="wp-block-heading">Outlook</h2>



Looking ahead, JPMorgan <a target="_blank" href="https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2025/3rd-quarter/a66755ce-2daf-4303-bae0-55cb6a121a3a.pdf" rel="noreferrer noopener">expects</a> fourth-quarter net interest income, excluding Markets, of about $23.5 billion, bringing the full-year 2025 total to roughly $92.2 billion. Total net interest income is projected at $25 billion for the quarter and $95.8 billion for the year.



Adjusted noninterest expense is expected at $24.5 billion in the fourth quarter and $95.9 billion for the full year. The firm also projects a Card Services net charge-off rate near 3.3% for 2025.



Price Action: JPM shares were trading higher by 0.66% to $310.00&nbsp;at the last check on Tuesday.



Read Next:



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</ul>



Photo by Lewis Tse via Shutterstock

Guidance

JPMorgan CEO Jamie Dimon Calls US Economy 'Resilient', But Warns Of 'Trade Uncertainty, Sticky Inflation'

Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GS">GS</a>) shares are trading lower on Tuesday after the&nbsp;firm <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">reported&nbsp;third-quarter&nbsp;results</a>.



The firm beat analyst expectations, boosted by growth across all segments.



Net revenue rose&nbsp;20%&nbsp;year over year (Y/Y) to&nbsp;$15.18 billion, topping the consensus estimate of&nbsp;$14.10 billion.



Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/25/10/48191943/stock-market-today-sp-500-nasdaq-futures-tumble-ahead-of-big-bank-earnings-goldman-sachs-jpmorgan-citigroup-in-focus" rel="noreferrer noopener">Stock Market Today: S&amp;P 500, Nasdaq Futures Tumble Ahead Of Big Bank Earnings—Goldman Sachs, JPMorgan, Citigroup In Focus</a>



Net Interest Income surged&nbsp;64% Y/Y&nbsp;to&nbsp;$3.85 billion in the quarter on a decline in funding costs and higher interest-earning assets.



Provision for credit losses declined to&nbsp;$339 million, compared with&nbsp;$397 million&nbsp;a year ago and&nbsp;$384 million&nbsp;last quarter, driven by net provisions related to the credit card portfolio.



GAAP earnings came in at&nbsp;$12.25&nbsp;per share, up from&nbsp;$8.40 <a target="_blank" href="https://www.goldmansachs.com/pressroom/press-releases/current/pdfs/2025-q3-results.pdf" rel="noreferrer noopener">a</a> year ago and above the&nbsp;$10.86 consensus.



Operating expenses rose 14%&nbsp;Y/Y to&nbsp;$9.45 billion, on higher compensation and transaction-based costs.



The firm&#8217;s efficiency ratio improved to&nbsp;62.1%&nbsp;for the first nine months of 2025, down from&nbsp;64.3%&nbsp;a year ago.



The firm&#8217;s Standardized CET1 capital ratio stood at&nbsp;14.4%, while the Advanced CET1 ratio came in at 15.2%.



<h2 class="wp-block-heading">Quarterly Highlights</h2>



Goldman Sachs reported its third-highest quarterly net revenues, driven by strong investment banking fees and equities performance, including a record in equities financing.



The firm ranked first in announced and completed M&amp;A and second in high-yield debt and leveraged loan offerings. 



Assets under supervision (AUS) reached a record $3.45 trillion, marking the 31st consecutive quarter of long-term fee-based net inflows. 



Management and other fees, as well as private banking and lending net revenues, also hit record levels. The quarter included the completed sale of the General Motors credit card program.



David Solomon, Chairman and CEO of Goldman Sachs, commented, &#8220;This quarter&#8217;s results reflect the strength of our client franchise and focus on executing our strategic priorities in an improved market environment. Across our business, clients continue to turn to us for their most complex and consequential matters.&#8221;



&#8220;We know that conditions can change quickly and so we remain focused on strong risk management. Longer term, we are prioritizing the need to operate more efficiently to seamlessly deliver the firm to our clients helped by new AI technologies.&#8221;



<h2 class="wp-block-heading">Segment Highlights</h2>



Global Banking and Markets revenue rose 18%&nbsp;Y/Y to&nbsp;$10.12 billion, led by a&nbsp;42%&nbsp;Y/Y rise in investment banking fees and strong performance in FICC (+17% Y/Y) and equities (+7% Y/Y).



Asset and Wealth Management revenue surged 17% Y/Y to&nbsp;$4.40 billion,&nbsp;led by increased Management and other fees and significantly higher net revenues in Private banking and lending. Wealth management client assets totaled approximately&nbsp;$1.8 trillion.



Platform Solutions revenue jumped 71%&nbsp;Y/Y to&nbsp;$670 million, on easier Y/Y comparison.



<h2 class="wp-block-heading">Dividend And Share Buyback</h2>



Goldman returned&nbsp;$3.25 billion&nbsp;to shareholders, including&nbsp;$2 billion&nbsp;in buybacks and&nbsp;$1.25 billion&nbsp;in dividends.



On October 13, the Board increased the quarterly dividend to&nbsp;$4.00&nbsp;per common share from&nbsp;$3.00, payable on December 30, 2025, to common shareholders of record on December 2, 2025.



Investors can gain exposure to the Goldman Sachs stock via&nbsp;Shares U.S. Broker-Dealers &amp; Securities Exchanges ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IAI">IAI</a>), and&nbsp;Global X Funds Global X Dow 30 Covered Call ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DJIA">DJIA</a>).



Price Action:&nbsp;GS shares were trading lower by 3.16% to $761.93 premarket at last check Tuesday.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/10/48190445/nasdaq-jumps-over-2-as-trumps-tariff-threat-fades-investor-fear-eases-but-greed-index-remains-in-fear-zone" target="_blank" rel="noreferrer noopener">Nasdaq Jumps Over 2% As Trump&#8217;s Tariff Threat Fades: Investor Fear Eases, But Greed Index Remains In &#8216;Fear&#8217; Zone</a></li>
</ul>



Image by ioda via Shutterstock

Dividends

Buybacks

DJIA

Goldman Sachs Profit Soars As Investment Banking Fees Surge

Bitcoin is back below $112,000 as rising spot BTC and ETH ETF outflows, combined with growing liquidations, drag the broader crypto market down 4.2% early Tuesday. 



<a href="https://www.benzinga.com/money/best-spot-bitcoin-etfs">Spot Bitcoin ETFs</a> saw $326.5 million in outflows, while Ethereum ETFs recorded a larger exit of $428.5 million.



Over the past 24 hours, around 223,291 traders were liquidated, totaling $716.72 million.



Standard Correction Ahead Of Clear New Trend



Bitcoin remains range-bound between $107,000 and $117,000. 



A breakout above $117,000 potentially signals a new all-time high, while a drop below $107,000 risks bearish momentum, <a href="https://x.com/DaanCrypto/status/1978050897016983938">according</a> to Daan Crypto Trades.



Michael van de Poppe noted BTC's current pullback is routine, with volatility likely to remain high until a clear trend forms.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Nothing special on todays correction of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>. Just some standard chop happening here, as likely, the volatility will remain high before there&#39;s a clear new trend. <a href="https://t.co/sH5rFw32St">pic.twitter.com/sH5rFw32St</a>&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1978024338658869718?ref_src=twsrc%5Etfw">October 14, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



XRP has fallen below $2.50, as 2.23 billion XRP were sold by whales since Friday, <a href="https://x.com/ali_charts/status/1977993272908984816">reported</a> chart analyst Ali Martinez.



Ethereum has broken below $4,060 support. Analyst Ted Pillows <a href="https://x.com/TedPillows/status/1978000822601736651">highlighted</a> $3,800 as the next key level, with further downside toward $3,400–$3,600 possible. A reclaim of $4,060–$4,250 could spark a strong rebound.



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Ticker</td><td>Price</td></tr><tr><td>Bitcoin</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>$111,396.36</td></tr><tr><td>Ethereum</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>$3,978.33</td></tr><tr><td>Solana</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>$195.79</td></tr><tr><td>XRP</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td><td>$2.45</td></tr></tbody></table></figure>



The meme coin market cap dropped 5.6% over the past 24 hours to $64.1 billion, according to CoinGecko. Cat-themed coins led the decline with an 8.6% loss, followed by AI meme coins down 7.6%.



Analyst Ali Martinez <a href="https://x.com/ali_charts/status/1977842026407514231">noted</a> that if Dogecoin holds $0.16, it could rebound strongly toward $0.48.



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Ticker</td><td>Price</td></tr><tr><td>Dogecoin</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>$0.1993</td></tr><tr><td>Shiba Inu</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>$0.00001041</td></tr></tbody></table></figure>



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/10/48184146/strategy-adds-220-btc-bitmine-buys-over-200000-eth-amid-crypto-liquidation-cascade">Strategy, Adds 220 BTC, BitMine Buys Over 200,000 ETH Amid Crypto Liquidation Cascade</a></li>
</ul>



Image: Shutterstock

$DOGE

$SHIB

$SOL

$XRP

Bitcoin Slides Below $112,000 As Ethereum, XRP, Dogecoin Drop Over 3% On Early Tuesday

Gold-backed exchange-traded funds are experiencing unprecedented demand, highlighted by the SPDR Gold Shares ETF recording its second-highest trading volume ever on Thursday, Oct. 9th.



The fund saw an astonishing $12.5 billion in volume, a level not witnessed since 2013, indicating a massive surge in investor interest in the yellow metal.



Check out <a href="https://www.benzinga.com/quote/GLD">GLD&#8217;s ETF details here</a>.



<h2 class="wp-block-heading">GLD Outpaces Mag 7&#8217;s Trading Volume</h2>



This single ETF&#8217;s trading activity even outstripped the daily volume of most of the vaunted &#8220;Magnificent 7&#8221; tech stocks, underscoring a significant rotation of capital in the financial markets.



This monumental volume spike comes as gold prices themselves have been on a historic tear, with the yellow metal soaring by nearly 57% over the past year.



Having recently surpassed the $4,000 per ounce threshold, gold is currently approaching the significant $4,200 mark, establishing a new all-time high of $4,179.71.



The robust performance of gold and silver is dramatically outperforming traditional equities, with silver, for instance, up an astonishing 68% in 2025 and trading above $50/oz for the first time since 1980.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Shocking stat of the day: The largest gold ETF, <a href="https://twitter.com/search?q=%24GLD&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GLD</a>, posted $12.5 BILLION in volume on Thursday, the 2nd-highest on record. The only other time it reached that level was in 2013. By comparison, during April's gold rally, daily volume peaked at ~$11 billion. Thursday's… <a href="https://t.co/OwWpgCd4js">https://t.co/OwWpgCd4js</a> <a href="https://t.co/hYexO3Gav9">pic.twitter.com/hYexO3Gav9</a>&mdash; The Kobeissi Letter (@KobeissiLetter) <a href="https://twitter.com/KobeissiLetter/status/1977819125322781115?ref_src=twsrc%5Etfw">October 13, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also: <a href="https://www.benzinga.com/markets/commodities/25/08/47377934/central-banks-worldwide-hold-more-gold-than-us-treasuries-for-1st-time-in-nearly-30-years-significant-global-rebalancings-on-cards-says-analyst">Central Banks Worldwide Hold More Gold Than US Treasuries For 1st Time In Nearly 30 Years: &#8216;Significant Global Rebalancings&#8217; On Cards Says Analyst</a>



<h2 class="wp-block-heading">Central Banks Load Up On Both Gold And Silver</h2>



The Kobeissi Letter attributes this escalating demand to a broader &#8220;global currency crisis.&#8221; For the first time in over five decades, central banks are actively accumulating silver, with the Saudi Central Bank notably purchasing $28.5 million worth of it in August.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">For the first time in 50+ years, central banks are actually buying silver as well. The Saudi Central Bank purchased $28.5 million worth of <a href="https://twitter.com/search?q=%24SLV&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SLV</a> in August. Institutional capital has followed with purchases by many large Wall Street institutions. Once again, a major shift. <a href="https://t.co/zCHQ1Aj3P0">pic.twitter.com/zCHQ1Aj3P0</a>&mdash; The Kobeissi Letter (@KobeissiLetter) <a href="https://twitter.com/KobeissiLetter/status/1977753895079125338?ref_src=twsrc%5Etfw">October 13, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



This institutional shift is mirrored by a significant trend among foreign investors, who now <a href="https://www.benzinga.com/markets/commodities/25/08/47377934/central-banks-worldwide-hold-more-gold-than-us-treasuries-for-1st-time-in-nearly-30-years-significant-global-rebalancings-on-cards-says-analyst">hold more gold than U.S. Treasuries</a>. The share of U.S. Treasuries held by foreign entities has plummeted from 49% in 2013 to a mere 31% today, signifying a fundamental re-evaluation of global safe havens. 



This pivot towards physical assets suggests a profound shift in investment strategy amidst rising geopolitical and economic uncertainties, positioning gold as the preeminent global safe haven in a rapidly evolving financial landscape.



<h2 class="wp-block-heading">Price Action</h2>



Gold prices were 0.05% lower at $4,108.05 per ounce as of the publication of this article. It has gained 54.89% over the year and 28.02% over the last six months.



Here are a few Gold ETFs along with GLD that investors could consider.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Gold ETFs</td><td>YTD Performance</td><td>One Year Performance</td></tr><tr><td>Franklin Responsibly Sourced Gold ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/FGDL">FGDL</a>)</td><td>55.00%</td><td>55.26%</td></tr><tr><td>Goldman Sachs Physical Gold ETF (BATS:<a class="ticker" href="https://www.benzinga.com/quote/AAAU">AAAU</a>)</td><td>54.32%</td><td>54.61%</td></tr><tr><td>GraniteShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BAR">BAR</a>)</td><td>54.38%</td><td>54.74%</td></tr><tr><td>VanEck Merk Gold ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/OUNZ">OUNZ</a>)</td><td>54.11%</td><td>54.53%</td></tr><tr><td>SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GLD">GLD</a>)</td><td>54.06%</td><td>54.28%</td></tr><tr><td>iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IAU">IAU</a>)</td><td>54.27%</td><td>54.55%</td></tr><tr><td>SPDR Gold MiniShares Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GLDM">GLDM</a>)</td><td>54.41%</td><td>54.77%</td></tr><tr><td>abrdn Physical Gold Shares ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SGOL">SGOL</a>)</td><td>54.31%</td><td>54.68%</td></tr><tr><td>iShares Gold Trust Micro (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IAUM">IAUM</a>)</td><td>54.49%</td><td>54.84%</td></tr><tr><td>Invesco DB Precious Metals Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DBP">DBP</a>)</td><td>54.45%</td><td>47.84%</td></tr></tbody></table></figure>



On Monday, the S&amp;P 500 index ended 1.56% higher at 6,654.72, whereas the Nasdaq 100 index advanced 2.18% to 24,750.25. Dow Jones also gained 1.29% to 46,067.58.



The futures of the S&amp;P 500, Dow Jones, and Nasdaq 100 indices were trading lower on Tuesday.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/economic-data/25/10/48186173/silver-is-still-dirt-cheap-compared-gold-history-says-that-wont-last">Silver Is Still Dirt Cheap Compared Gold — History Says That Won&#8217;t Last</a></li>
</ul>



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.



Photo courtesy: Shutterstock

Market Summary

AAAU

FGDL

GLDM

IAUM

OUNZ

SGOL

Gold Assets Sparkle: GLD Sees Highest Volume In 12 Years, Surpassing Mag 7 As Yellow Metal Soars Nearly 57% In A Year

Editor&#8217;s Note: The future prices of benchmark tracking ETFs, the lede, and the latest economic releases were updated in the story.



U.S. stock futures declined on Tuesday following Monday&#8217;s reversal rally. Futures of major benchmark indices were lower.



Based on the latest NFIB report, small business optimism fell in September for the first time in three months, dropping 2.0 points to 98.8. The decline was largely driven by a sharp drop in owners&#8217; expectations of better business conditions in the coming months. Compounding the issue, the Uncertainty Index surged 7 points to 100, the fourth-highest reading in over 51 years, as concerns over inflation, labor quality, and taxes continue to weigh on business owners.



Treasury Secretary Scott Bessent said that the ongoing government shutdown has <a href="https://www.benzinga.com/markets/macro-economic-events/25/10/48191644/scott-bessent-says-shutdown-has-started-to-affect-the-economy-no-kings-means-no-paychecks">started to affect the real economy</a> and accused the mainstream media of &#8220;downplaying the shutdown&#8221; to &#8220;avoid embarrassing Democrats,&#8221; further exacerbating the public&#8217;s understanding of the situation&#8217;s severity.



Meanwhile, the 10-year Treasury bond yielded 4.01% and the two-year bond was at 3.47%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool&#8217;</a>s projections show markets pricing a 97.8% likelihood of the Federal Reserve cutting the current interest rates in its October meeting. 



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Dow Jones</td><td>-0.41%</td></tr><tr><td>S&amp;P 500</td><td>-0.72%</td></tr><tr><td>Nasdaq 100</td><td>-0.95%</td></tr><tr><td>Russell 2000</td><td>-0.72%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SPY">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QQQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, fell in premarket on Tuesday. The SPY was down 0.83% at $657.56 while the QQQ declined 1.09% to $595.45, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Stock Market News Today &#x7C; Big Bank Earnings—Goldman Sachs, JPMorgan, Citigroup In Focus &#x7C; Oct 14" width="500" height="281" src="https://www.youtube.com/embed/OfGyN1j45aM?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading">Stocks In Focus</h2>



<h2 class="wp-block-heading">Goldman Sachs Group</h2>



<ul class="wp-block-list">
<li>Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GS">GS</a>) fell 0.61%, ahead of its earnings before the opening bell. Analysts estimate earnings of $11.00 per share on revenue of $14.10 billion.</li>
</ul>



<ul class="wp-block-list">
<li>GS maintained a stronger price trend over the short, medium, and long terms, with a moderate quality ranking, as per Benzinga&#8217;s Edge Stock Rankings. Additional performance details are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href=" https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="150" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14052451/GS-EDGE--1024x150.png" alt="Benzinga's Edge Stock Rankings for GS." class="wp-image-1112843" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14052451/GS-EDGE--1024x150.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14052451/GS-EDGE--300x44.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14052451/GS-EDGE--768x112.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14052451/GS-EDGE-.png 1155w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">JPMorgan Chase</h2>



<ul class="wp-block-list">
<li>JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/JPM">JPM</a>) was up 0.50% as analysts estimate earnings of $4.84 per share on revenue of $45.39 billion before the opening bell.</li>
</ul>



<ul class="wp-block-list">
<li>Benzinga&#8217;s Edge Stock Rankings indicate that JPM had a stronger price trend in the short, medium, and long terms, with a good growth ranking. Additional performance details are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here</a>.</li>
</ul>



<figure class="wp-block-image size-large"><a href=" https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="148" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14052440/JPM-EDGE--1024x148.png" alt="Benzinga's Edge Stock Rankings for JPM." class="wp-image-1112842" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14052440/JPM-EDGE--1024x148.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14052440/JPM-EDGE--300x43.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14052440/JPM-EDGE--768x111.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14052440/JPM-EDGE-.png 1150w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Johnson &amp; Johnson</h2>



<ul class="wp-block-list">
<li>Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/JNJ">JNJ</a>) was 0.23% lower ahead of its earnings before the opening bell. Analysts estimate earnings of $2.75 per share on revenue of $23.74 billion.</li>
</ul>



<ul class="wp-block-list">
<li>JNJ maintained a stronger price trend over the short, medium, and long terms, with a poor value ranking. Additional performance details, as per Benzinga&#8217;s Edge Stock Rankings, are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here</a>.</li>
</ul>



<figure class="wp-block-image size-large"><a href=" https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="147" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14052430/JNJ-EDGE-Oct-14-1024x147.png" alt="Benzinga's Edge Stock Rankings for JNJ." class="wp-image-1112841" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14052430/JNJ-EDGE-Oct-14-1024x147.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14052430/JNJ-EDGE-Oct-14-300x43.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14052430/JNJ-EDGE-Oct-14-768x110.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14052430/JNJ-EDGE-Oct-14.png 1159w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Citigroup</h2>



<ul class="wp-block-list">
<li>Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/C">C</a>) was 0.44% higher as analysts estimate earnings of $1.90 per share on revenue of $21.09 billion before the opening bell.</li>
</ul>



<ul class="wp-block-list">
<li>Benzinga&#8217;s Edge Stock Rankings indicate that Citigroup maintains a stronger price trend over the medium and long terms but a weak trend in the short term, with a moderate growth ranking. Additional performance details are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href=" https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="150" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14052409/C-EDGE-1024x150.png" alt="Benzinga's Edge Stock Rankings for C." class="wp-image-1112839" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14052409/C-EDGE-1024x150.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14052409/C-EDGE-300x44.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14052409/C-EDGE-768x112.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14052409/C-EDGE.png 1149w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Polaris</h2>



<ul class="wp-block-list">
<li>Polaris Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/PII">PII</a>) shares climbed 10.98% as it entered into a definitive agreement to sell a majority stake in Indian Motorcycle to an independent private equity firm, Carolwood LP.</li>
</ul>



<ul class="wp-block-list">
<li>PII maintained a stronger price trend over the short, medium, and long terms, with a poor value ranking. Additional performance details, as per Benzinga&#8217;s Edge Stock Rankings, are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="154" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14052257/PII-EDGE-1024x154.png" alt="Benzinga's Edge Stock Rankings for PII." class="wp-image-1112836" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14052257/PII-EDGE-1024x154.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14052257/PII-EDGE-300x45.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14052257/PII-EDGE-768x115.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/14052257/PII-EDGE.png 1159w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Cues From Last Session</h2>



Information technology, consumer discretionary, and communication services stocks recorded the biggest gains on Monday, leading most sectors on the S&amp;P 500 to a positive close.



However, consumer staples and health care stocks bucked the overall market trend, closing the session lower. This rally saw U.S. stocks settle higher, with the Nasdaq Composite gaining more than 2% as President Donald Trump softened his tone on China, reversing Friday's sell-off and reigniting risk appetite.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>2.21%</td><td>22,694.61</td></tr><tr><td>S&amp;P 500</td><td>1.56%</td><td>6,654.72</td></tr><tr><td>Dow Jones</td><td>1.29%</td><td>46,067.58</td></tr><tr><td>Russell 2000</td><td>2.79%</td><td>2,461.42</td></tr></tbody></table></figure>



<h2 class="wp-block-heading">Insights From Analysts</h2>



According to Professor Jeremy Siegel, President Trump&#8217;s recent threat to impose 100% tariffs on China, which roiled markets, may be the &#8220;last salvo before a final deal is worked out&#8221;. In his weekly commentary, Siegel argues that the delayed Nov. 1 effective date is unusual and &#8220;indicates that Trump is fishing for a final deal, using the tariff as a bargaining chip&#8221;.



While strong and steady AI capital spending continues to anchor economic growth, Siegel warns that a prolonged government shutdown poses a significant risk. The uncertainty could filter into hiring intentions and nudge consumers into a &#8220;self-imposed &#8216;strike'&#8221; that slows spending.



On monetary policy, Siegel expects the Federal Reserve to cut rates at its upcoming meeting, as market pricing has &#8220;moved decisively toward easing&#8221;. He believes the policy rate should eventually &#8220;migrate toward the mid-3s&#8221; over the cycle. Despite near-term volatility, Siegel's long-term view remains that equities are the &#8220;primary engine of wealth creation&#8221;.



However, he adds that as a hedge, owning some "store-of-value" exposure can make sense. &#8220;I'd size gold or a mix of gold and major crypto around the low single digits and cap near 10% for most investors, recognizing that over long horizons equities, the primary engine of wealth creation should remain stocks for the long run,&#8221; he said.



See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How to Trade Futures</a> 



<h2 class="wp-block-heading">Upcoming Economic Data</h2>



Here's what investors will be keeping an eye on Tuesday;



<ul class="wp-block-list">
<li>In September, small business optimism declined by 2.0 points, while owner uncertainty surged to its fourth-highest level in over 51 years. </li>
</ul>



<ul class="wp-block-list">
<li>Fed governor Michelle Bowman will speak at 8:45 a.m., Fed governor Christopher Waller will speak at 3:25 p.m., and Boston Fed President Susan Collins will speak at 3:30 p.m. ET.</li>
</ul>



<h2 class="wp-block-heading">Commodities, Gold, Crypto, And Global Equity Markets</h2>



Crude oil futures were trading lower in the early New York session by 2.19% to hover around $58.19 per barrel.



Gold Spot US Dollar rose 0.71% to hover around $4,140.04 per ounce. Its last record high stood at $4,179.71 per ounce. The U.S. Dollar Index spot was 0.10% higher at the 99.3640 level.



Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was trading 2.68% lower at $112,018.35 per coin.



Asian markets closed lower on Tuesday, except Australia's ASX 200 index. South Korea's Kospi, India&#8217;s NIFTY 50, Hong Kong's Hang Seng, China&#8217;s CSI 300, and Japan's Nikkei 225 fell. European markets were mixed in early trade.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/10/48191076/spac-king-chamath-palihapitiya-hails-rare-earth-play-mp-materials-as-stock-nears-100-one-of-the-deals-that-worked">SPAC King Chamath Palihapitiya Hails Rare Earth Play MP Materials As Stock Nears $100: One Of The Deals &#8216;That Worked&#8217; </a></li>
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Stock Market Today: Dow Jones, Nasdaq Futures Tumble Ahead Of Big Bank Earnings—Goldman Sachs, JPMorgan, Citigroup In Focus (UPDATED)

According to U.S. Treasury Secretary Scott Bessent, the ongoing federal <a href="https://www.benzinga.com/markets/equities/25/10/48035705/government-shutdown-could-drag-on-until-october-15-polymarket-bets-on-70-chance-of-reopening-beyond-half-a-month">government shutdown</a> is showing signs of affecting the nation&#8217;s economy.



<h2 class="wp-block-heading">&#8216;No Kings Means No Paychecks&#8217;</h2>



Bessent, speaking on Fox Business Network&#8217;s &#8220;Mornings with Maria&#8221; on Monday, acknowledged the economic repercussions of the government shutdown, which has now entered its 13th day.



&#8220;&#8230;why this has dragged on for so long is that&#8230; the democratic friends in the mainstream media are downplaying the shutdown,&#8221; Bessent told host Maria Bartiromo. 



"It's starting to affect the real economy. It's starting to affect people's lives," he added.



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="‘THIS IS THE DIRTY SECRET': Bessent reveals why the government shutdown is dragging on" width="500" height="281" src="https://www.youtube.com/embed/hfq7aE36lgM?list=PLv1qHE0zuJL-EqaXwwo6Le34uycJnNCsB" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



The shutdown has led the government to prioritize military pay over other federal services, such as the Smithsonian museums and the National Zoo. 



&#8220;We are having to shuffle things around. We are having to furlough workers here in DC and around the country,&#8221; the Treasury Secretary said.



When asked about the ‘No Kings' march to be held in Washington over the next weekend, Bessent replied, &#8220;..you know, ‘no kings' means no paychecks. No paychecks and no government."



See Also:&nbsp;<a href="https://benzinga.com/news/topics/25/10/48175705/too-young-to-retire-but-too-old-to-start-over-gen-x-could-be-the-first-generation-that-forces-univers" target="_blank" rel="noreferrer noopener">&#8216;Too Young To Retire But Too Old To Start Over&#8217;—Gen X Could Be The First Generation That Forces Universal Basic Income Into Reality</a>



<h2 class="wp-block-heading">Shutdown Could Cost $15 Billion A Week</h2>



The Trump administration had previously warned of the economic consequences of the shutdown. A White House memo projected a potential loss of&nbsp;<a href="https://www.benzinga.com/news/politics/25/10/47987546/trump-administration-warns-of-15-billion-weekly-gdp-loss-over-43000-job-cuts-if-shutdown-persists-report">$15 billion</a> in GDP per week, with an additional 43,000 unemployed individuals if the shutdown were to last a month.



Despite the economic impact, the shutdown has not significantly deterred Americans from making major purchases. A&nbsp;<a href="https://www.benzinga.com/personal-finance/financial-advisors/25/10/48167205/shutdown-impact-americans-are-delaying-big-purchases-but-not-as-many-as-you-think">Redfin survey</a>&nbsp;revealed that 17% of Americans are delaying major purchases, while 7% have canceled their plans entirely. Meanwhile, 65% of those unaffected by the shutdown have reported no change in their financial plans.



Meanwhile, Senate Minority Leader Chuck Schumer (D-N.Y.) has accused President Donald Trump and White House budget chief Russell Vought of <a href="https://www.benzinga.com/news/politics/25/10/48190456/chuck-schumer-claims-trump-vought-are-using-americans-as-pawns-after-white-house-budget-chief-pressures-democrats-to-end-shutdown">using Americans as &#8220;pawns&#8221; in the shutdown</a>, which has led to thousands of federal layoffs.



READ NEXT:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/politics/25/10/48167086/trumps-approval-rating-down-amid-government-shutdown-and-national-guard-action">Trump&#8217;s Approval Rating Down Amid Government Shutdown and National Guard Action </a></li>
</ul>



Image via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Scott Bessent Says Shutdown Has Started To Affect The Economy: 'No Kings Means No Paychecks'

The CNN Money Fear and Greed index showed some easing in the overall fear level, while the index remained in the &#8220;Fear&#8221; zone on Monday.



U.S. stocks settled higher on Monday, with the Nasdaq Composite gaining more than 2% during the session after President Donald Trump softened his tone on China over the weekend, reversing much of Friday&#8217;s sharp sell-off and reigniting risk appetite across asset classes.



The S&amp;P 500 plunged 2.4% last week, while the Dow also recorded a weekly decline of 2.7% after President Donald Trump threatened a sweeping increase in tariffs on Chinese imports.



Oracle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ORCL">ORCL</a>) shares jumped more than 5%, while Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>) gained almost 3% on Monday. Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AVGO">AVGO</a>) soared around 10% after OpenAI pledged a $500-billion investment to co-develop 10 gigawatts of custom AI accelerators with the chipmaker.



Most sectors on the S&amp;P 500 closed on a positive note, with information technology, consumer discretionary and communication services stocks recording the biggest gains on Monday. However, consumer staples and health care stocks bucked the overall market trend, closing the session lower.



The Dow Jones closed higher by around 588 points to 46,067.58 on Monday. The S&amp;P 500 jumped 1.56% to 6,654.72, while the Nasdaq Composite surged 2.21% at 22,694.61 during Monday's session.



Investors are awaiting earnings results from Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GS">GS</a>), JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/JPM">JPM</a>) and Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/C">C</a>) today.



What is CNN Business Fear &amp; Greed Index?



At a current reading of 33.2, the index remained in the &#8220;Fear&#8221; zone on Monday, versus a prior reading of 31.7.



The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/trading-ideas/dividends/25/10/48173929/wall-streets-most-accurate-analysts-spotlight-on-3-energy-stocks-delivering-high-dividend-yields-3">Wall Street&#8217;s Most Accurate Analysts Spotlight On 3 Energy Stocks Delivering High-Dividend Yields</a></li>
</ul>

Nasdaq Jumps Over 2% As Trump's Tariff Threat Fades: Investor Fear Eases, But Greed Index Remains In 'Fear' Zone

Investor Steve Eisman, known for accurately calling the 2008 financial crisis, is sounding the alarm once again, this time on the growing disconnect between America&#8217;s booming tech sector and its stagnating broader economy. 



<h2 class="wp-block-heading">GDP Growth Entirely &#8216;Composed of Large Tech Companies&#8217;</h2>



On The Real Eisman Playbook podcast last week, Eisman pointed to new GDP estimates and said what's fueling growth is far narrower than headlines suggest. 



&#8220;It's become clear that the 1.8% estimated growth in US GDP this year is almost 100% composed of large tech companies,&#8221; he said, adding that their capex related to AI makes up a bulk of this growth, while noting that &#8220;the rest of the US economy is barely growing.&#8221;



See Also: <a href="https://www.benzinga.com/news/topics/25/10/48139349/cooking-at-home-reusing-clothes-and-going-to-libraries-saves-money-but-if-everyone-did-it-it-would-cripple-our-economy">Cooking At Home, Reusing Clothes And Going To Libraries Saves Money, But If Everyone Did It, &#8216;It Would Cripple Our Economy&#8217;</a>



He called it &#8220;a tale of two economies,&#8221; warning that the divide between AI-fueled CapEx and the real-world experience of workers and businesses is growing more stark. &#8220;The impact on people's lives is real and cannot be overstated,&#8221; he said.



While investors continue to pile into tech stocks, Eisman cautioned that the long-term payoff is still uncertain. &#8220;Right now, there is just an incredible AI capex feeding frenzy,&#8221; which he said is adding to the &#8220;bullish sentiment.&#8221; 



However, he notes, that in the long run, the companies &#8220;must generate very strong returns on investments in order to justify themselves and their stock prices.&#8221;



<h2 class="wp-block-heading">The U.S. Is &#8216;On The Cusp of A Non-AI Recession&#8217;</h2>



Economist Justin Wolfers <a href="https://www.benzinga.com/markets/economic-data/25/10/48169880/justin-wolfers-warns-of-two-economies-were-on-the-cusp-of-a-non-ai-recession">echoed similar concerns</a> during his appearance on CNN&#8217;s Laura Coates Live this week, saying that &#8220;the non-AI parts of the economy&#8221; are flatlining, adding that &#8220;we&#8217;re on the cusp of a non-AI recession.&#8221;



&#8220;We are in some sense lucky to be held up by AI right now,&#8221; he said, while acknowledging that the &#8220;AI boom doesn't create a lot of jobs,&#8221; since there are very few people who work at data centers, which are primarily filled with machines. 



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&quot;The U.S. is two economies. There&#39;s an enormous AI boom going on, huge investments, particularly in data centers. If you took that out of the numbers and you just looked at the non-AI parts of the economy, it&#39;s basically flatlining. We&#39;re on the cusp of a non-AI recession.&quot; &#8211;… <a href="https://t.co/MU4X4GZeXb">pic.twitter.com/MU4X4GZeXb</a>&mdash; Justin Wolfers (@JustinWolfers) <a href="https://twitter.com/JustinWolfers/status/1977493545922502795?ref_src=twsrc%5Etfw">October 12, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



According to the Chief Economist at Moody&#8217;s Analytics, Mark Zandi, 22 states in the Union are currently seeing their economies contract, while 16 continue to grow, and 13 others are &#8220;treading water.&#8221;



Zandi also <a href="https://www.benzinga.com/news/macro-notification/25/10/48144173/us-growth-hides-trouble-beneath-economist-warns-low-income-americans-are-hanging-on-by-fingertips">warned that</a> &#8220;Lower-income households are hanging on by their fingertips financially,&#8221; while adding that despite having a job, spending and remaining engaged in the economy, the grip of such households &#8220;feels more tenuous because no one's getting hired.&#8221;



Read More: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/commodities/25/10/48169857/tech-stocks-now-valued-270-higher-than-at-dot-com-peak-analyst-says-market-shows-a-near-total-disregard-for-risk">Tech Stocks Now Valued 270% Higher Than At Dot-Com Peak: Analyst Says Market Shows A &#8216;Near-Total Disregard For Risk&#8217;</a></li>
</ul>



Photo courtesy: Shutterstock

'A Tale of Two Economies:' Steve Eisman Warns AI Spending Is Masking America's Weak Growth Reality — Rest Of Country 'Is Barely Growing'

Bitcoin traded sideways on Monday, but most leading cryptocurrencies extended gains as investors awaited the market&#8217;s rebound following a major shakeout.



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency</th><th>Gains +/-</th><th>Price (Recorded at 9:30 p.m. ET)</th></tr></thead><tbody><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-0.87%</td><td>$114,695.05</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+1.55%</td><td>$4,228.94</td></tr><tr><td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+2.76%</td><td>$2.60</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+6.07%</td><td>$209.90</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+2.97%</td><td>$0.2134</td></tr></tbody></table></figure>



<h2 class="wp-block-heading">BTC Consolidates, ETH Inches Higher</h2>



Bitcoin's comeback rally lost steam as the apex cryptocurrency wobbled between the high $114,000s and high $115,000s for most of the day. It was still 6.3% off its pre-<a href="https://www.benzinga.com/crypto/cryptocurrency/25/10/48167167/crypto-market-suffers-huge-liquidation-raoul-pal-encourages-investors-to-capitalize-on-the-dip">"Black Friday"</a> levels.



Ethereum, on the other hand, extended its gains, nearly reclaiming $4,300 after falling below $3,500 over the weekend. XRP and Dogecoin also went further up.



Bitcoin's market dominance hit 58.3%, while Ethereum's share of the cryptocurrency market fell to 13%.



Cryptocurrency liquidations hit $390 million in the last 24 hours, with nearly all amounts of longs and shorts erased from the market, <a href="https://www.coinglass.com/LongShortRatio">according </a>to Coinglass. 



Bitcoin&#8217;s open interest fell 1.12% over the last 24 hours, following the sharp bounce on Sunday. That said, the majority of Binance traders with open BTC positions were long as of this writing.



"Fear" sentiment prevailed in the market, according to the Crypto Fear &amp; Greed Index.



Top Gainers (24 Hours)&nbsp;



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency (Market Cap&gt;$100 M)</th><th>Gains +/-</th><th>Price (Recorded at 9:30 p.m. ET)</th></tr></thead><tbody><tr><td>Synthetix (SNX)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+133.85%</td><td>$0.1718</td></tr><tr><td>4 (4)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+127.37%</td><td>$0.04976</td></tr><tr><td>Dash (DASH )&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+31.21%</td><td>$0.1720 </td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.94 trillion, following an increase of 1.18% in the last 24 hours.



<h2 class="wp-block-heading">Stocks Rebound</h2>



Stocks staged a sharp comeback on Monday. The Dow Jones Industrial Average rallied 587.98 points, or 1.29%, to end at 46,067.58. The S&amp;P 500 jumped 1.56% to finish at 6,654.72, while the tech-heavy Nasdaq Composite gained 2.21% to settle at 22,694.61.



The rally comes as investors saw signs of de-escalation between the U.S. and China after Trump said <a href="https://www.benzinga.com/crypto/cryptocurrency/25/10/48168425/bitcoin-ethereum-xrp-dogecoin-rebound-after-trump-says-us-wants-to-help-china-analyst-sees-no-bear-market-signal-yet">"it will all be fine"</a> via his Truth Social.&nbsp;



"The U.S.A. wants to help China, not hurt it," Trump said, calming global trepidation about the U.S.-China trade war.&nbsp; On Friday, Trump threatened <a href="https://www.benzinga.com/news/politics/25/10/48166569/wall-street-expects-trumps-massive-tariff-hike-threat-against-china-to-hurt-us-more-says-expert-dollar-is-not-looking-healthy">"100%" tariffs</a> on China over its "aggressive" stance on export controls.



<h2 class="wp-block-heading">Upsides After Leverage Flush?</h2>



On-chain analytics firm Santiment noted that emotional trading tied to political news is dominating cryptocurrency's short-term market behavior, possibly more than at any other moment in the asset class's history.



"Since crypto is sentiment-driven, traders collectively decide what news should impact their confidence in markets. And there is enough evidence to show that Trump&#8217;s tariffs have instant impacts on reversals whenever a new development unfolds," Santiment added.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f1fa;&#x1f1f8; When Donald Trump suggested renewed friction with China's President Xi Friday, social media chatter about the topic unsurprisingly spiked across X, Reddit, Telegram, and others. In the chart below: &#x1f7e6; Social volume of Trump related to Xi, China, tariffs &#x1f7e5; Social dominance… <a href="https://t.co/3HHdcTTYgS">pic.twitter.com/3HHdcTTYgS</a>&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1977809745261301867?ref_src=twsrc%5Etfw">October 13, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Blockchain analytics firm CryptoQuant highlighted that the recent crash "reset leveraged positioning across the board," which historically, have preceded significant upsides in the long term.



The Bitcoin Estimated Leverage Ratio, which measures the average leverage used by traders relative to exchange reserves, declined after multi-year highs, the firm noted.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Bitcoin's Biggest Reset: Pain Today, Gain Tomorrow? "The recent capitulation has effectively reset leveraged positioning across the board. Historically, such large-scale deleveraging events have often preceded significant uptrends in the long term." – By <a href="https://twitter.com/EgyHashX?ref_src=twsrc%5Etfw">@EgyHashX</a> <a href="https://t.co/foCGdwOniE">pic.twitter.com/foCGdwOniE</a>&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1977648560943579487?ref_src=twsrc%5Etfw">October 13, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Read Next:&nbsp;&nbsp;&nbsp;&nbsp;



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/10/48171675/anthony-pompliano-says-bitcoins-made-gold-a-disastrous-investment-how-come-gld-keeps-making-new-highs">Anthony Pompliano Says Bitcoin&#8217;s Made Gold A &#8216;Disastrous Investment&#8217;—How Come GLD Keeps Making New Highs?</a></li>
</ul>



Photo courtesy: Shutterstock

Bitcoin Consolidates As Ethereum, Dogecoin And XRP Extend Gains: Analytics Firm Says 'Significant Upsides' Possible Long Term After Recent Sell-Off

Leading hedge fund manager Howard Marks isn&#8217;t too concerned about market valuations, particularly among tech and AI stocks just yet. While he acknowledged the surge in enthusiasm surrounding these stocks, he pushed back on the idea that markets are in irrational territory.



<h2 class="wp-block-heading">Valuations High, &#8216;But Not Crazy&#8217;</h2>



The Oaktree Capital co-founder, when pressed on whether current market valuations mirror past bubbles, said that they were &#8220;high, but not crazy,&#8221; during his appearance on CNBC&#8217;s Squawk on the Street on Monday.



The veteran investor, known for his widely read memos, said labeling this period as a bubble would require more evidence of speculative mania. &#8220;To me, the main ingredient in bubbles is psychological excess,&#8221; Marks said. &#8220;There's no such thing as a price too high, and I don't detect that level of mania at this time.&#8221;



See Also: <a href="https://www.benzinga.com/markets/tech/25/10/48094979/elon-musk-questions-openais-nonprofit-status-after-500-billion-valuation-nvidias-100-billion-deal-and-amd-stake">Elon Musk Questions OpenAI&#8217;s &#8216;Nonprofit&#8217; Status After $500 Billion Valuation, Nvidia&#8217;s $100 Billion Deal And AMD Stake</a>



He acknowledged that AI is indeed transformational and that some investors fear missing out. &#8220;AI has been successful as an investment, and people are piling in and there&#8217;s some fear about being left out,&#8221; he said.



Mark, however, warned against complacency. He said, &#8220;This may prove to have been a time when you should have become defensive and people will look back and say, well, why didn't you? But I don't think you can say that dependably right now.&#8221;



While the S&amp;P 500 is trading at a forward price-to-earnings ratio of around 24, compared to its historic average of 16, he noted the case for optimism, saying that &#8220;The S&amp;P now is better. They're better companies. They have market dominance, fabulous products.&#8221;



<h2 class="wp-block-heading">Tech Valuations 270% Higher Than Dot-Com Peak</h2>



Kevin C. Smith, the Chief Investment Officer at Crescat Capital, <a href="https://www.benzinga.com/markets/commodities/25/10/48169857/tech-stocks-now-valued-270-higher-than-at-dot-com-peak-analyst-says-market-shows-a-near-total-disregard-for-risk">sounded the alarm</a> this week, noting that the enterprise value of the top 10 largest mega-cap U.S. stocks is now at 76.8% of the country&#8217;s GDP, a figure that he said was 270% higher than the 28.4% peak reached by tech and telecom stocks at the peak of the dot-com bubble. 



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Evidence continues to mount that the US equity market is nearing a critical turning point — one that could evolve into something far more significant than a routine correction. Even as some investors remain cautious, overall investor positioning has reached levels of exuberance… <a href="https://t.co/ll81wuo34p">pic.twitter.com/ll81wuo34p</a>&mdash; Kevin C. Smith, CFA (@crescatkevin) <a href="https://twitter.com/crescatkevin/status/1977511654985494805?ref_src=twsrc%5Etfw">October 12, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



According to Smith, investing in tech-dominated index funds at these levels &#8220;assumes that gravity no longer applies.&#8221;



Read More: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/macro-economic-events/25/10/48117992/boe-warns-of-twin-market-risks-bursting-of-ai-valuation-bubble-loss-of-faith-in-feds-independence-could-trigger-sharp-correction">BoE Warns Of Twin Market Risks: Bursting Of AI Valuation Bubble, Loss Of Faith In Fed&#8217;s Independence Could Trigger Sharp Correction</a></li>
</ul>



Photo courtesy: Korot Yurii on Shutterstock.com

Howard Marks Says Valuations Are 'High, But Not Crazy' — AI Boom Hasn't Reached 'Mania' Levels Yet

Donald Trump's latest trade whiplash is drawing fire from renowned economist Nouriel Roubini, who says the president's threat-retreat cycle is <a href="https://www.benzinga.com/markets/equities/25/10/48170359/stock-markets-today-futures-rally-trump-china">getting shorter and shorter</a>—and markets still haven't learned to ignore it.



In a post on X.com, Roubini pointed to Trump's Friday outburst against China, which triggered a sharp selloff across financial markets. Trump had threatened to slap 100% tariffs on Chinese goods and hinted at pulling out of a scheduled meeting with President Xi Jinping. But by Sunday, the tone had flipped. In a post on Truth Social, Trump wrote:



"Don&#8217;t worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn&#8217;t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!"



Roubini's diagnosis? A familiar pattern—just faster.



"Another TALO and TACO cycle," he wrote, using his shorthand for Trump's tendency to lash out (TALO) and then chicken out (TACO). "They get shorter but markets still over-react to them rather than fading them in advance knowing that as soon as he lashes out, market discipline will force him to chicken out."



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">He said (lashes), Xi said. Another TALO and TACO cycle. They get shorter but markets still over-react to them rather than fading them in advance knowing that as soon as he lashes out, market discipline will force him to chicken out &#x1f9e8;&#x1f3a2;&#x1f3a1;&#x1f3a2;&#x1f413;&mdash; Nouriel Roubini (@Nouriel) <a href="https://twitter.com/Nouriel/status/1977775531014721541?ref_src=twsrc%5Etfw">October 13, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The phrase "market discipline" is key. Roubini seems to suggest Trump's reversals aren't strategic—they're reactive. When markets slump in response to his threats, Trump backs off to avoid economic fallout. What's changed, Roubini argues, is the speed: the time between threat and retreat is shrinking, but investors still treat each outburst as if it might stick.



Friday's threat was one of Trump's most aggressive in months. The 100% tariff warning came with a dose of diplomatic brinkmanship, as Trump floated the idea of canceling his meeting with Xi. The result was immediate: stocks fell, bond yields dipped, and traders scrambled to reassess risk.



But by Monday, the storm had passed. Trump's conciliatory message from Sunday—praising Xi and promising cooperation—left analysts wondering whether the initial threat was ever serious. Markets rallied.



Roubini's critique isn't just about Trump. It's about the market's reflex. Despite years of exposure to Trump's threat-retreat rhythm, investors still react to the lash-out phase as if it's policy.



That, Roubini seems to suggest, is a mistake. Because if the cycle keeps shortening, the only thing predictable about Trump's threats is how quickly they'll collapse.



Read More:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/politics/25/10/48172557/trump-us-china-tariffs-retaliation-5-ways">China&#8217;s Silence Is Scarier Than Tariffs—5 Ways It Could Hit Trump Hard</a></li>
</ul>



Image: Shutterstock

Trump Is Chickening Out Faster Than Ever, But Markets Still Overreact, Nouriel Roubini Says

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