Preview of US Stock Market | Apple and Amazon financial reports ignite the stock market, with Nasdaq futures rising over 1%.

1. Before the US stock market on October 31 (Friday), the futures of the three major US stock indexes rose together. As of the time of writing, the Dow Jones Industrial Average futures rose by 0.24%, the S&P 500 Index futures rose by 0.87%, and the Nasdaq futures rose by 1.43%. 2. As of the time of writing, the German DAX index fell by 0.47%, the UK FTSE 100 index fell by 0.32%, the French CAC40 index fell by 0.26%, and the European Stoxx 50 index fell by 0.34%. 3. As of the time of writing, WTI crude oil fell by 0.38% to $60.34 per barrel. Brent crude oil fell by 0.40% to $64.11 per barrel. Market News Starting next week, the US stock market will enter daylight saving time, with opening and closing times delayed by one hour. Starting from November 3 (next Monday), due to the start of daylight saving time in the United States, the trading hours of the US stock market will be extended by 1 hour, with trading hours changed to 22:30 to 05:00 Beijing time. In addition, starting from next Monday, the release time of important economic data such as US CPI and non-farm data will be delayed by 1 hour during daylight saving time. The adjusted trading hours of the US stock market are as follows: pre-market trading from 17:00 to 22:30 (Beijing time), and intraday trading from 22:30 to 05:00 (Beijing time). US Treasury Secretary says US-China trade deal could be signed as early as next week, Foreign Ministry responds. Foreign Ministry spokesperson Guo Jiajun chaired a routine press conference on October 31. US Treasury Secretary Bentsen said that the US-China trade deal could be signed as early as next week. In response to this, Guo Jiajun stated that during the meeting between the leaders of China and the US in Busan, discussions were held on economic and trade relations, and agreed to strengthen cooperation in economic and trade and other areas. The Chinese authorities also introduced the results of the Kuala Lumpur economic and trade negotiations yesterday. China is willing to work with the US to implement the important consensus reached by the two leaders, based on the principles of equality, respect, and mutual benefit, continuously narrow the list of issues through dialogue and consultation, expand the list of cooperation, and promote the healthy, stable, and sustainable development of US-China relations, injecting more certainty and stability into the world. Goldman Sachs Group, Inc. CEO warns: if economic growth remains weak, the US will face a debt "reckoning". Goldman Sachs Group, Inc. CEO David Solomon warns that if the speed of US economic growth does not improve, the increasing level of debt could lead to an economic "reckoning". Solomon stated, "If we continue on the current path, and growth does not increase, then there will be a reckoning." "The way out of this predicament is through growth." This Wall Street executive also stated that he believes the possibility of a short-term economic recession is "very low." Solomon's remarks echo widespread concerns that the US and other Western economies are increasingly dependent on debt-driven stimulus policies. This trend has been particularly noticeable during the pandemic, when massive stimulus measures taken by governments fueled consumer spending. Prototype of "The Big Short" Michael Burry's attitude reversal? Implicitly warning of market frenzy with "bubble theory". Michael Burry, who gained fame for shorting the US real estate market and was the prototype for the Hollywood movie "The Big Short", seems to be issuing a subtle warning to retail investors about market frenzy. He posted on social media platform, "Sometimes we see bubbles, sometimes we can 'turn the tide,' sometimes we can only win by staying out." At the time of Michael Burry's post on the platform, more and more people began to question the financial stability of the AI boom - this wave of hype has led to a surge in the stock prices of relatively few tech companies. For example, NVIDIA Corporation this week became the first company to break the $5 trillion market value, with its market value now accounting for nearly one-tenth of the total market value of the S&P 500, surpassing the domestic product of India, Japan, and Germany. Individual Stock News Exxon Mobil Corporation (XOM.US) announced third-quarter earnings that exceeded expectations. This achievement was mainly due to the increase in oil and gas production in Guyana and the Permian Basin, offsetting the impact of falling oil prices. The financial report showed that Exxon Mobil Corporation's adjusted profit for the July-September quarter was $8.1 billion, or $1.88 per share, exceeding the analysts' average expectation of $1.82 per share, achieving six consecutive quarters of profit above expectations. Revenue was $85.3 billion, slightly lower than the expected $87.7 billion. As the largest oil producer in the United States, Exxon Mobil Corporation has emphasized its rich asset portfolio and advanced technology, which is said to increase oil recovery rates, allowing it to remain profitable even during periods of low oil prices. The average price of international benchmark Brent crude oil in the third quarter was $68.17, down by approximately 13% from the same period last year. However, pressure on its free cash flow was caused by a series of acquisitions during the reporting period. With the Hess consolidation + high-profit oil fields dual drive, Chevron Corporation (CVX.US) cash flow grew against the trend by 20% in Q3. The American oil and gas giant, Chevron Corporation, significantly increased its oil production and cash flow after completing the profit consolidation brought by the acquisition of fellow Hess for $53 billion for the first time. Financial data showed that Chevron Corporation's net profit for Q3 was approximately $3.6 billion, a decrease of 20% from the same period last year, but Chevron Corporation's adjusted earnings per share for the third quarter were $1.85, exceeding the analysts' average expectation of $1.66. This American oil and gas behemoth and one of its largest competitors, the European competitor Shell, both reported better-than-expected performances, and another U.S. Energy Corp. giant Exxon Mobil Corporation also reported stronger-than-expected profits. Chevron Corporation's performance exceeded expectations, with the assistance of the acquired Hess boosting oil production. iPhone sales forecast! Apple Inc. (AAPL.US) Q4 performance and guidance exceed expectations, predicting double-digit sales growth for the holiday season. Apple Inc. announced better-than-expected fourth-quarter results for the 2025 fiscal year and predicted a significant increase in holiday sales after releasing new iPhone models. For the fourth quarter ending on September 27, sales increased by 7.9% to $102.5 billion, slightly higher than the average expected $102.2 billion. Earnings per share increased to $1.85, higher than the average expected $1.77. The company's net profit for the fourth quarter was $27.46 billion, compared to $14.29 billion in the same period last year, with the decrease attributed to one-time tax expenses. Analysts expect Apple Inc.'s sales for the new fiscal quarter (December quarter) to reach $132.31 billion, with earnings per share at $2.53, exceeding these expectations. Western Digital Corporation (WDC.US) embarks on a storage "super cycle", exceeding Q3 performance expectations. Western Digital Corporation's revenue in Q3 increased by 27.4% year-on-year to $2.82 billion, higher than analysts' expected $2.74 billion, exceeding expectations by 2.8%. Adjusted earnings per share (EPS) were $1.78, higher than analysts' expected $1.58, exceeding expectations by 12.9%. Adjusted operating profit was $856 million, higher than analysts' expected $756.4 million (operating profit margin of 30.4%, exceeding expectations by 13.2%), operating profit margin: 28.1%, higher than the 15.1% of the same period last year, free cash flow of $599 million, a significant improvement from -$61 million in the same period last year, inventory turnover days: 80 days, slightly higher than the previous quarter's 76 days. Amazon.com, Inc. (AMZN.US) Q3 performance exceeds expectations, AWS revenue achieves fastest growth in three years. Amazon.com, Inc.'s Q3 net sales increased by 13% year-on-year to $180.2 billion, surpassing analysts' average expected $177.8 billion. By segment, AWS (Amazon.com, Inc. cloud services) revenue increased by 20% year-on-year to $33 billion, marking the largest growth since 2022, with a growth rate and revenue higher than analysts' average expected 18% and $32.4 billion, respectively. At the same time, North American business sales increased by 11% year-on-year to $106.3 billion, while international business sales increased by 14% year-on-year to $40.9 billion. In terms of profitability, Q3 operating profit was $17.4 billion, the same as the same period last year; net profit was $21.2 billion, a 39% increase from the same period last year; diluted earnings per share were $1.95, higher than the analysts' average expected $1.57. Vale S.A. Sponsored ADR (VALE.US) Q3 revenue exceeds expectations, net profit increases by 78% year-on-year. Vale S.A. Sponsored ADR's Q3 revenue increased by 9% year-on-year to $10.42 billion, better than analysts' general expectation of $10.33 billion. Net profit attributable to shareholders was $2.744 billion, a 78% increase year-on-year, better than analysts' general expectation of $2.1 billion. Pro forma earnings before interest, taxes, depreciation, and amortization (EBITDA) were $4.399 billion, a 17% increase year-on-year; adjusted EBITDA was $4.369 billion, a 21% increase year-on-year, mainly due to increased sales volume and improved cost efficiency. Vale S.A. Sponsored ADR expects that the comprehensive cost of copper in 2025 will be between $1,000 and $1,500 per ton, lower than the previous estimate of $1,500 to $2,000; and the comprehensive cost of nickel in 2025 will be between $13,000 and $14,000 per ton, lower than the previous estimate of $14,000 to $15,500 per ton. NVIDIA Corporation (NVDA.US) deepens its AI footprint in South Korea: assists Samsung, SK, Hyundai to build AI factories, Samsung may supply HBM4 chips. During NVIDIA Corporation CEO Huang Renxun's visit to South Korea, NVIDIA Corporation announced on October 31 that it will cooperate with Samsung Electronics, SK Group, and Hyundai Motor Group to promote the construction of AI factories. According to the agreements reached, NVIDIA Corporation will supply more than 260,000 accelerator chips to help South Korea launch AI projects. NVIDIA Corporation will cooperate with Samsung to build a new generation of AI factories, marking a new era of the fusion of intelligent computing and chip manufacturing. Samsung's semiconductor AI factory will be equipped with over 50,000 NVIDIA Corporation graphics processing units (GPUs). Samsung stated that it is in "close discussions" with NVIDIA Corporation to supply the next-generation high-bandwidth memory chip HBM4. Nokia Oyj Sponsored ADR (NOK.US) receives $1 billion investment from NVIDIA Corporation, becomes a strong European AI core target. Nokia Oyj Sponsored ADR's strong rise this week highlights the importance of this Finnish company as a major target in Europe's artificial intelligence field. After NVIDIA Corporation (NVD A.US) agreed to invest $1 billion in the Finnish company, Nokia Oyj Sponsored ADR's share price is expected to achieve its largest weekly gain since January 2024 and its best month since 2013. According to the collaboration, NVIDIA Corporation's chips will be used to accelerate the software development of Nokia Oyj Sponsored ADR's existing 5G and next-generation 6G networks. Important Economic Data and Event Previews Beijing time 21:45: U.S. Chicago PMI for October. Next day at 01:00 Beijing time: U.S. total number of rigs for the week ending October 31. Beijing time 21:30: 2026 FOMC voter, Dallas Fed President Logan speaks. Next day at 00:00 Beijing time: 2026 FOMC voter, Cleveland Fed President Hamaek speaks at a banking finance conference. Next day at 00:00 Beijing time: 2027 FOMC voter, Atlanta Fed President Bostick participates in a seminar. To be announced: CFTC releases weekly position report.