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>
</ul>



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Stock Market Today: Dow Jones, Nasdaq Futures Tumble Ahead Of Big Bank Earnings—Goldman Sachs, JPMorgan, Citigroup In Focus (UPDATED)

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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<li><a href="https://www.benzinga.com/markets/earnings/25/10/48193694/blackrock-hits-13-5-trillion-aum-ceo-sees-building-momentum" target="_blank" rel="noreferrer noopener">BlackRock Hits $13.5 Trillion AUM, CEO Sees Building Momentum</a></li>
</ul>



Photo by Lewis Tse via Shutterstock

Movers

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

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:



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</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

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

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:



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<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.

Politics

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.



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<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;



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<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

Tech

'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

Cryptocurrency

Trading Ideas

$DOGE

$ETH

$SOL

$XRP

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:



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<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

Shares of Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>) and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TSLA">TSLA</a>) climbed 3.57% and 2.61%, respectively, during Monday&#8217;s pre-market trading session, after President Donald Trump softened his stance on China tariffs.



Nasdaq 100 futures climbed 1.95% to 24,873.50, while S&amp;P 500 futures rose 1.39% to 6,686.75, according to data from <a href="http://pro.benzinga.com">Benzinga Pro.</a>



<h2 class="wp-block-heading">Magnificent Seven Stocks Rise As Trump Signals Trade Calm</h2>



The other Magnificent Seven stocks, Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AMZN">AMZN</a>), Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AAPL">AAPL</a>), Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MSFT">MSFT</a>) rose 2.05%, 1.68%, 1.57%, each, while Alphabet Inc. (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>) and Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/META">META</a>) climbed 1.68% and 1.5%, respectively. 



China <a href="https://www.benzinga.com/markets/market-summary/25/10/48168817/china-says-not-afraid-of-trade-war-with-us-as-trump-posts-it-will-be-fine-dow-future-rise-400-points-asian-markets-open-lower">reiterated </a>its position on the trade war, stating that while they do not seek it, they are not afraid of it. This statement came in response to the U.S.&nbsp;decision to walk back on&nbsp;its latest tariff escalation with China.



President Trump took to Truth Social to reassure the public, stating, &#8220;Don&#8217;t&nbsp;worry about China, it will&nbsp;all be fine,&#8221; and suggesting a potential de-escalation following a difficult moment for President Xi.



Meanwhile, Tesla <a href="https://www.benzinga.com/markets/asia/25/10/48169677/tesla-china-sales-soar-25-in-september-second-biggest-month-of-2025">reported </a>a 25.15% month-over-month growth in its China sales, indicating the country&#8217;s importance as a market amid the trade tensions.



<h2 class="wp-block-heading">China Clarifies Stance On Rare Earth Export Controls</h2>



A&nbsp;spokesperson for the Chinese Ministry&nbsp;of Commerce also clarified that China&#8217;s&nbsp;new export controls on rare&nbsp;earths were not bans, but&nbsp;measures to regulate civilian use.



China accused Washington of a &#8220;textbook double standard&#8221;, pointing out&nbsp;that the U.S. has over&nbsp;3,000 items on its export controls list, compared to China&#8217;s 900.



<h2 class="wp-block-heading">US-China Trade Tensions May Shift as Vance Sees Leverage</h2>



The ongoing trade tensions between the U.S. and China have been a major point of concern for global markets. The recent developments suggest a potential shift in the dynamics of this conflict, with China maintaining a strong stance while the U.S. signals a possible de-escalation.



Meanwhile, Vice President JD Vance asserted that the U.S. holds a <a href="https://www.benzinga.com/markets/macro-economic-events/25/10/48169732/jd-vance-says-us-has-far-more-cards-than-china-in-trade-war-if-they-respond-aggressively-we-have-a-lot-of-leverage">stronger position </a>than China in the ongoing trade tensions. He expressed optimism that Beijing will opt for a "reasonable" approach. 



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Image via Shutterstock



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

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