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U.S. stock futures pointed to a higher open on Friday, signaling a potential recovery for Wall Street after Thursday’s declines, with upbeat earnings from Amazon (NASDAQ:AMZN) and Apple (NASDAQ:AAPL) boosting investor confidence in the tech sector.

Market optimism grew early in the day after both companies delivered results that exceeded analyst expectations, suggesting resilience in consumer and cloud spending despite macroeconomic uncertainty.

Amazon shares jumped 13% in premarket trading after the e-commerce and cloud leader reported third-quarter earnings that surpassed forecasts, driven by a surge in Amazon Web Services (AWS) revenue. The performance marked a notable turnaround for its cloud business, which had shown signs of slowing earlier this year.

Apple stock also traded sharply higher before the bell following strong fiscal fourth-quarter results and an upbeat revenue outlook for the holiday quarter, fueled by demand for the iPhone 17 and continued growth in its services division.

In addition, Netflix (NASDAQ:NFLX) may attract buyers after announcing its board approved a 10-for-1 stock split, a move designed to increase liquidity and broaden retail participation.

On the downside, Exxon Mobil (NYSE:XOM) shares could face pressure as the energy giant posted lower third-quarter profits year over year, reflecting the impact of weaker oil prices and softer refining margins.

Thursday Recap: Tech Drag Pulls Markets Lower

U.S. equities ended mostly in the red on Thursday after a volatile session. The Nasdaq Composite led losses, tumbling 1.6% (−377.33 points) to 23,581.14, while the S&P 500 fell 1% to 6,822.34. The Dow Jones Industrial Average declined 0.2% to 47,522.12.

The selloff followed mixed earnings from major tech firms, with Meta Platforms (NASDAQ:META) plunging 11.3% after warning that AI investment costs will rise despite stronger-than-expected earnings. Microsoft (NASDAQ:MSFT) also dropped 2.9%, even after beating estimates, as it projected faster capital expenditure growth for the year ahead.

Meanwhile, Alphabet (NASDAQ:GOOGL) provided some relief, climbing 2.5% after delivering better-than-expected quarterly results, and Eli Lilly (NYSE:LLY) surged 3.8% after a strong beat and raised full-year guidance.

Trade Developments Fail to Lift Sentiment

Traders largely shrugged off encouraging trade signals from President Donald Trump’s meeting with Chinese leader Xi Jinping, where the U.S. agreed to cut fentanyl-linked tariffs from 20% to 10%, and China committed to resume soybean purchases and pause new rare-earth export restrictions.

Despite the positive headlines, sentiment was weighed down by sector weakness. Software stocks sank alongside Microsoft, dragging the Dow Jones U.S. Software Index down 2.2%. Telecom stocks also retreated, with the NYSE Arca North American Telecom Index dropping 2%.

Elsewhere, steel, hardware, retail, and semiconductor stocks struggled, while gold, networking, and pharmaceutical sectors managed modest gains.

Heading into Friday’s session, investors are cautiously optimistic that Amazon and Apple’s upbeat results could help reignite market momentum and reverse the prior session’s losses.

Gold prices slipped during Asian trading on Friday, on track for a second straight weekly loss, as the Federal Reserve’s cautious outlook on future rate cuts and signs of improving U.S.-China trade relations reduced investor appetite for the precious metal.

Spot gold fell 0.4% to $4,008.65 an ounce by 01:49 ET (05:49 GMT), giving back part of Thursday’s sharp gains, while U.S. gold futures inched up 0.1% to $4,019.90. Despite a more than 2% surge in the previous session, bullion was still set to end the week down 2.6%.

Fed’s cautious tone and U.S.-China trade progress weigh on gold

The Federal Reserve lowered its benchmark interest rate by 25 basis points on Wednesday to a range of 3.75%-4.00%. However, Chair Jerome Powell noted that another cut in December was “far from a foregone conclusion.”

His remarks lifted U.S. Treasury yields and the dollar, both of which typically pressure gold prices since the metal pays no interest.

Risk appetite also improved following comments from U.S. President Donald Trump, who said trade talks with China had made “amazing” progress and that a deal could come “pretty soon.”

The two leaders met in South Korea on Thursday, where they agreed to cut a 10% tariff on fentanyl-linked imports. In turn, China resumed purchases of U.S. soybeans and paused new restrictions on rare-earth exports.

The thaw in trade tensions removed one of the main drivers of safe-haven demand, prompting investors to rotate back into risk assets on hopes of a potential deal.

Even so, analysts noted that central bank buying and ongoing global uncertainty could provide a floor for gold prices, despite weak short-term momentum.

Metals trade steady as markets eye weak Chinese data

Other precious and industrial metals traded within narrow ranges on Friday. Silver futures slipped 0.3% to $48.48 per ounce, while platinum futures rose 0.4% to $1,617.45.

On the London Metal Exchange, benchmark copper futures fell 0.4% to $10,866.20 per ton, and U.S. copper futures were down 0.6% to $5.07 per pound.

Fresh data from China showed manufacturing activity contracted for the seventh consecutive month in October, underscoring persistent weakness in the world’s second-largest economy. The figures have fueled speculation that Beijing could soon roll out additional policy support to stabilize growth.

Oil prices slipped on Friday, setting up for a third consecutive monthly decline, as a stronger U.S. dollar and weak Chinese economic data dampened sentiment. Meanwhile, higher output from top global producers continued to outweigh the impact of Western sanctions on Russian crude exports.

By 07:44 GMT, Brent crude futures were down 12 cents, or 0.18%, at $64.88 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped 21 cents, or 0.35%, to $60.36 a barrel.

“A stronger USD weighed on investor appetite across the commodities complex,” ANZ analysts said in a client note.

The greenback strengthened after Federal Reserve Chair Jerome Powell said on Wednesday that an interest rate cut in December was “not guaranteed,” lifting the dollar and pressuring dollar-denominated commodities.

Oil prices also weakened after official data showed that China’s factory activity contracted for the seventh consecutive month in October, underscoring the fragile state of demand in the world’s top crude importer.

Both Brent and WTI are on track for losses of roughly 3% in October, with global oil supply expected to outpace demand growth this year. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, have been gradually increasing production to protect market share.

Additional supply is expected to help absorb the effects of Western sanctions that have disrupted Russian exports to key buyers such as China and India.

Sources familiar with discussions said OPEC+ members are leaning toward a modest output increase in December, ahead of the group’s meeting on Sunday. The alliance has already raised production targets by over 2.7 million barrels per day (bpd) — around 2.5% of global supply — through a series of monthly adjustments.

In Saudi Arabia, crude exports reached a six-month high of 6.407 million bpd in August, according to data from the Joint Organizations Data Initiative, and are expected to rise further. Meanwhile, the U.S. Energy Information Administration reported record domestic production of 13.6 million bpd last week.

U.S. President Donald Trump said on Thursday that China had agreed to begin purchasing U.S. energy, adding that “a very large-scale transaction may take place involving the purchase of oil and gas from Alaska.”

However, analysts expressed doubts about whether a U.S.-China trade deal would lead to a meaningful boost in Chinese demand for American energy. “Alaska produces only 3% of total U.S. crude oil output (not significant), and we think Chinese purchases of Alaskan LNG likely would be market driven,” said Barclays analyst Michael McLean in a note.

The U.S. dollar edged higher on Friday, consolidating recent gains after Federal Reserve Chair Jerome Powell’s hawkish comments earlier in the week, while the euro also advanced in the wake of the latest European Central Bank meeting.

At 05:10 ET (09:10 GMT), the Dollar Index — which measures the greenback against six major currencies — was up 0.1% at 99.380, after hitting a three-month high on Thursday.

Dollar steady as Powell tempers rate cut hopes

The greenback continued to benefit from Powell’s post-meeting remarks following the Federal Reserve’s widely expected 25-basis-point rate cut on Wednesday. Speaking afterward, Powell emphasized that another similar move in December was “far from” a foregone conclusion.

As a result, traders have pared back expectations for another rate cut at the December 10 policy meeting. According to CME Group’s FedWatch tool, futures now imply a 74.7% probability of a quarter-point reduction, down from 91.1% a week earlier.

“The government shutdown has prevented jobs data from offering that catalyst, and Powell’s caution on a December cut has to be taken more at face value now,” analysts at ING said in a note.

ECB maintains steady stance

The euro strengthened slightly, with EUR/USD up 0.1% to 1.1570, after French inflation came in a touch weaker than expected — up 0.9% year-on-year in October, compared with 1.1% in September. The broader eurozone inflation report due later Friday is expected to show annual consumer price growth easing to 2.1% from 2.2%.

The European Central Bank kept its key deposit rate unchanged at 2% for a third straight meeting, repeating that monetary policy remained in a “good place” as economic risks recede.

“The coming weeks will see Governing Council members offering their nuances to the policy-inflation-growth assessments. But don’t expect much. The ECB is clearly in a ‘good place’ at 2% and the bar for more easing remains high,” ING said.

Pound dips amid UK political uncertainty

Sterling slipped 0.1% to 1.3143 amid renewed speculation about British Finance Minister Rachel Reeves’s future. “Markets are wary that a change in Chancellor could herald more relaxed fiscal rules and additional borrowing, at a time when gilt issuance remains elevated. A surprise resignation, which looks unlikely, would, in our view, cause elevated volatility in gilts and the pound,” ING added.

Yen weakens despite upbeat inflation data

In Asia, the yen gave up earlier gains, with USD/JPY rising 0.2% to 154.36. Tokyo’s consumer price index rose more than expected in October, with core inflation staying well above the Bank of Japan’s 2% target. Industrial output also beat expectations, though retail sales growth slowed.

The BOJ left interest rates unchanged on Thursday, as anticipated, but Governor Kazuo Ueda signaled the possibility of rate hikes ahead — contingent on wage growth trends.

China and Australia currencies under pressure

The Chinese yuan edged 0.1% lower to 7.1143 against the dollar, after the People’s Bank of China set a slightly weaker daily midpoint. Official PMI data showed China’s manufacturing sector contracted for the seventh straight month in October, with the composite PMI hovering near contraction territory as weak domestic demand and high U.S. tariffs continued to weigh on business activity.

Despite this, the yuan remains near its strongest level in a year, supported by the central bank’s consistent firm fixings.

Meanwhile, the Australian dollar slipped 0.2% to 0.6542, reversing gains as stronger-than-expected CPI data cooled expectations of further rate cuts from the Reserve Bank of Australia. The Aussie ended October down nearly 1%.

U.S. stock futures edged higher Friday, signaling a potential rebound to close out October, as upbeat results from Amazon (NASDAQ:AMZN) and Apple (NASDAQ:AAPL) lifted investor mood. Meanwhile, Nvidia (NASDAQ:NVDA) announced a new supply deal in South Korea, and fresh data showed that China’s manufacturing sector contracted more than expected.

Futures edge higher

By 02:20 ET, S&P 500 futures rose 0.6% (up 42 points), Nasdaq 100 futures gained 1.1% (up 290 points), and Dow futures were little changed. Investors weighed new tech earnings alongside signs of easing trade tensions as the month drew to a close.

The previous session saw declines across major U.S. indices, dragged lower by Meta Platforms (NASDAQ:META) and Microsoft (NASDAQ:MSFT). Both companies revealed plans to significantly boost spending on artificial intelligence, sparking concerns over compressed profit margins and uncertain returns. Meta shares dropped 11.3%—their steepest one-day fall in three years—while Microsoft slipped 2.9%. Alphabet (NASDAQ:GOOG), however, rose 2.5% after surpassing forecasts on the back of strong advertising and cloud revenue.

Federal Reserve Chair Jerome Powell tempered hopes of further policy easing, saying another rate cut in December was “far from a foregone conclusion.” Meanwhile, trade deals between U.S. President Donald Trump and Chinese President Xi Jinping failed to shift sentiment materially. Nvidia, which this week became the first company to surpass a $5 trillion market valuation, retreated 2%.

Amazon surges on strong cloud and AI-driven results

Amazon reported third-quarter revenue of $180.2 billion, up 13% year-over-year and above expectations of $177.75 billion. Earnings per share came in at $1.95, topping estimates of $1.56 despite a one-off legal settlement and workforce reduction costs.

Growth at Amazon Web Services—central to the company’s AI ambitions—accelerated to 20%, its fastest pace since 2022. For the holiday quarter, Amazon projects sales between $206 billion and $213 billion, implying growth of 10%–13%, and operating income in the range of $21 billion to $26 billion.

The company said it spent nearly $90 billion in capital expenditures during the first nine months of the year, with full-year investment expected to reach $125 billion, as it expands its AI infrastructure.

Apple forecasts record holiday quarter

Apple shares also traded higher premarket after the company delivered an upbeat forecast for the final quarter of 2025. The tech giant expects revenue to climb 10%–12% during the holiday season—well above analyst projections.

CEO Tim Cook told CNBC the iPhone 17 would drive the best December quarter “in the history of the company.” Demand for the latest model has outpaced that of its predecessors, particularly in the U.S. and China.

Apple posted fiscal Q4 earnings of $1.85 per share on revenue of $102.5 billion, compared with expectations of $1.76 per share and $102 billion in sales. While iPhone revenue of $49 billion came in slightly below forecasts due to supply constraints, CFO Kevan Parekh highlighted that investments in artificial intelligence are set to increase, adding around $1.5 billion to expected December-quarter operating expenses.

Nvidia strikes major AI chip deal in South Korea

Nvidia announced plans to supply over 260,000 advanced AI chips to South Korea’s government and major conglomerates, including Samsung Electronics, SK Group, and Hyundai Motor. Each company plans to deploy up to 50,000 chips in smart factory operations, while the government will use its allocation to bolster domestic AI development.

“Just as Korea’s physical factories have inspired the world with sophisticated ships, cars, chips and electronics, the nation can now produce intelligence as a new export that will drive global transformation,” Nvidia CEO Jensen Huang said in a statement.

Huang, who met with President Lee Jae Myung and corporate leaders in Gyeongju, did not disclose the deal’s value or timeline. The announcement further cements Nvidia’s dominance amid the global AI boom.

China’s manufacturing slowdown deepens

Official data showed China’s manufacturing PMI fell to 49.0 in October, below expectations of 49.6 and down from 49.8 in September, signaling a sharper contraction. The sector has now remained below the 50-point threshold for seven consecutive months.

The report indicated that weak domestic demand and persistent U.S. trade tariffs continue to weigh on factory sentiment. Analysts said the figures underscore growing pressure on Beijing to introduce additional stimulus measures as the world’s second-largest economy battles deflation, sluggish consumer spending, and soft private investment.

UK stocks opened on the back foot Friday, tracking broader declines across European markets as investors awaited the latest Eurozone inflation figures. The pound also edged lower against the U.S. dollar.

As of 08:12 GMT, the FTSE 100 was down 0.2%, while the British pound slipped 0.03% against the dollar to 1.31. On the continent, Germany’s DAX fell 0.3%, and France’s CAC 40 eased 0.05%.

UK house prices continue modest recovery

Nationwide’s latest House Price Index showed that UK home prices rose 2.4% year-on-year in October, up slightly from 2.2% in September. On a monthly basis, prices increased by 0.3%, following a 0.5% gain in the previous month. The average house price now stands at £272,226.

Robert Gardner, Nationwide’s Chief Economist, said the market has remained “stable in recent months despite challenging economic conditions.”

TT Electronics rejects DBAY’s takeover offers

In corporate news, TT Electronics Plc (LSE:TTG) has turned down three unsolicited takeover proposals from private equity firm DBAY Advisors over the past three months, with the latest bid valuing the company at 130 pence per share.

The British engineering group said it continues to favor the 155 pence per share offer from Swiss company Cicor Technologies, announced Thursday, representing a 19% premium to DBAY’s most recent proposal.

Raspberry Pi CFO to step down in 2026

Raspberry Pi Holdings PLC (LSE:RPI) announced that Chief Financial Officer Richard Boult plans to step down in the second half of 2026.

Boult, who joined the low-cost computing firm in 2019, has notified the board of his decision to pursue new opportunities after seven years with the company, including two following its 2024 London Stock Exchange listing.

Moonpig names Catherine Faiers as new CEO

Moonpig Group PLC (LSE:MOON) announced the appointment of Catherine Faiers as its next Chief Executive Officer.

Faiers, currently Chief Operating Officer at Auto Trader, will succeed outgoing CEO Nickyl Raithatha, whose departure was first announced in June. She brings extensive digital and e-commerce experience from previous roles at Addison Lee and Trainline.

Moonpig Group PLC (LSE:MOON) announced Friday the appointment of Catherine Faiers as its new Chief Executive Officer.

Faiers, currently Chief Operating Officer at Auto Trader, will assume leadership of the online greeting card and gifting company following the previously announced departure of outgoing CEO Nickyl Raithatha. Moonpig first confirmed in June that Raithatha would be stepping down from his role.

The incoming executive brings extensive digital and e-commerce expertise, having previously served as COO at Addison Lee and as Corporate Development Officer at Trainline before joining Auto Trader.

Moonpig Chair Kate Swann praised Faiers’ credentials in a statement, saying: “Catherine has a wealth of experience in e-commerce and public companies, with a proven track record of leading customer-focused, digital, data, and technology transformations.”

Jefferies analysts commented on the appointment, noting, “While we are mildly surprised at the implication that a transformation may be required at Moonpig, this looks to be a solid appointment, and the Moonpig Board is ‘pleased to have attracted someone of Catherine’s calibre’. For her part, the incoming CEO sees Moonpig as a business with ‘a clear purpose, a strong platform, and an exciting future’, a view with which we agree.”

TT Electronics Plc (LSE:TTG) has turned down three unsolicited acquisition proposals from private equity firm DBAY Advisors over the past three months, the latest valuing the company at 130 pence per share.

The British engineering group announced on Friday that it continues to support the higher 155 pence per share proposal from Swiss-based Cicor Technologies, which was disclosed publicly on Thursday. The Cicor offer represents a 19% premium to DBAY’s most recent bid.

According to TT Electronics, DBAY made three “highly conditional” all-cash offers—beginning at 122 pence per share, then 127 pence, and finally 130 pence on October 7. After reviewing the proposals with its financial advisers Gleacher Shacklock and Rothschild & Co., the board unanimously rejected each of them.

DBAY’s offers included several conditions, such as an eight to ten-week due diligence period and the need to secure funding. The firm stated on Thursday that it does not intend to vote in favor of the Cicor proposal.

TT Electronics’ board commented that DBAY “may in some respects have a different agenda to other TT shareholders” and reaffirmed that the Cicor offer “represents the best path to delivering maximum value for all shareholders.”

European markets ended the week on a softer note Friday, with most regional indexes slipping as investors weighed a flurry of corporate earnings and major central bank decisions ahead of a key eurozone inflation report.

At 08:05 GMT, Germany’s DAX and the UK’s FTSE 100 each edged down 0.2%, while France’s CAC 40 traded flat.

ECB expected to stay patient

The European Central Bank left its deposit rate unchanged at 2% on Thursday for a third consecutive meeting, signaling that policy is in a “good place” as economic risks ease and the eurozone continues to demonstrate resilience amid uncertainty.

Barclays revised its outlook for the ECB’s policy path, now expecting the central bank to hold rates steady in December rather than cutting by 25 basis points as previously anticipated. The bank also expects rates to remain unchanged through the end of 2026.

“The ECB continues to convey very little, if any, conviction on whether and for how long the current stance will persist,” Barclays said in a note.

Economists expect the eurozone consumer price index for October to register at 2.1% year-on-year, a slight decline from 2.2% in September, indicating that inflation remains largely contained. Earlier data showed French consumer prices rose less than expected, with harmonized inflation—adjusted for eurozone comparison—coming in at just 0.9% on the year.

Meanwhile, the U.S. Federal Reserve cut its benchmark rate by 25 basis points earlier this week to a range of 3.75%-4.00%, marking its third reduction this year. However, Chair Jerome Powell cautioned that another cut in December was “far from a foregone conclusion.”

Apple and Amazon earnings highlight U.S. session

Friday was a quieter session for corporate earnings, though results from two of Wall Street’s biggest names drew attention.

Apple (NASDAQ:AAPL) posted stronger-than-expected iPhone and services revenue, with CEO Tim Cook saying the company was poised for a record-breaking holiday quarter.

Amazon (NASDAQ:AMZN) also beat expectations, reporting robust quarterly results driven by improved retail margins and continued strength in its cloud division, Amazon Web Services.

In Europe, Danske Bank (TG:DSN) forecast full-year 2025 profit at the upper end of its target range despite a 5% decline in profit for the first nine months, citing higher loan loss provisions and weaker income from insurance operations.

Caixabank (USOTC:CIXPF) launched a new €500 million share buyback alongside third-quarter results that slightly exceeded expectations, supported by stronger income and steady asset quality.

Aker Solutions (BIT:1AKRO) reported higher Q3 earnings, benefiting from robust project activity, while Fuchs (TG:FPE3) delivered stronger results than expected and reaffirmed its full-year guidance.

Oil on track for third straight monthly decline

Crude prices slipped again Friday, heading for a third consecutive monthly loss as a stronger U.S. dollar and rising output from major producers weighed on sentiment.

Brent crude futures were down 0.3% at $64.21 a barrel, while U.S. West Texas Intermediate (WTI) crude also fell 0.3% to $60.42. Both benchmarks are set to drop roughly 3% in October, with increasing supply expected to outpace demand growth as OPEC and non-OPEC producers boost output to capture market share.

Additional production is also expected to offset disruptions caused by Western sanctions on Russian oil exports to key buyers, including China and India.

Helium One Global Ltd (LSE:HE1) announced that construction has commenced on the production facility pad and gathering system at its Galactica-Pegasus helium project in Colorado, USA. First helium production is targeted for December 2025. This milestone marks a key step in the company’s broader strategy to transition its helium and CO₂ discoveries into commercial production, strengthening its market position and creating new value opportunities for stakeholders.

Despite these positive operational developments, Helium One Global’s financial position remains weak, with persistent losses and no current revenue generation. While the company’s exploration progress provides long-term growth potential, its financial instability and negative valuation metrics continue to weigh on investor sentiment. Technical indicators also show mixed signals, reinforcing a cautious short-term outlook.

More about Helium One Global Ltd

Helium One Global Ltd is an AIM-listed exploration company focused on developing helium resources across Tanzania and North America. The company holds a 50% interest in the Galactica-Pegasus helium project in Colorado, USA, and multiple exploration licenses in Tanzania. Positioned as a key participant in the global helium supply chain, Helium One aims to capitalize on rising demand in a constrained market through strategic project development and resource advancement.