Market Time Shift Aligns with Trade Thaw and Earnings Boost

The U.S. stock market will open at 22:30 Beijing Time starting today as North America transitions into Daylight Saving Time. The shift, which affects market hours for international investors, comes amid a backdrop of mixed corporate earnings and evolving U.S.-China trade dynamics. Key players in energy, technology, and financial services reported strong performance in the third quarter of 2025, while geopolitical developments hint at a potential short-term easing of tensions between the world's two largest economies.

Energy infrastructure firm DT Midstream (DTM) highlighted robust operations in its third-quarter earnings call, with adjusted EBITDA reaching $288 million, up $11 million sequentially, driven by record Haynesville gathering volumes of 2.04 Bcf per day, according to the DT Midstream Q3 transcript. The company also announced the completion of its LEAP Phase Four expansion, which increased capacity to 2.1 Bcf per day, positioning it to capitalize on Gulf Coast liquefied natural gas (LNG) demand, the transcript said. Federated Hermes (FHI), meanwhile, reported a record $871 billion in assets under management, with equity assets growing by $5.7 billion due to market gains, according to the Federated Hermes transcript. The firm's MDT equity mutual funds also outperformed peers, with 53% of its equity funds exceeding benchmarks over the trailing three years, the transcript noted.

The U.S.-China trade landscape saw a significant development as leaders agreed to pause rare-earth export controls and investigations targeting U.S. semiconductor firms for one year, according to a Business Standard article. The deal, announced after a meeting between U.S. Defense Secretary Pete Hegseth and Chinese counterpart Dong Jun, aims to reduce tensions and stabilize supply chains, the Economic Times article reported. Additionally, the U.S. agreed to halve fentanyl-related tariffs to 10% from 20%, while China committed to resuming purchases of American agricultural products, the Fortune article added. These measures, though temporary, signal a tactical de-escalation in a trade relationship that has long been a source of volatility for global markets.

Technology and financial services firms also reported strategic updates. OneSpan (OSPN) revised its 2025 revenue guidance to $239 million–$241 million, citing strong software and services growth but a 16% decline in hardware revenue, according to the OneSpan earnings call. The company attributed regional shifts to a global trend toward mobile-first solutions, particularly in Europe and Asia Pacific. In the logistics sector, Teekay (TK) noted a surge in global tanker rates, driven by increased oil production and trade volumes, in the Teekay transcript. The firm highlighted a 1.6 million barrel-per-day rise in third-quarter crude exports, fueled by OPEC+ supply adjustments and new offshore production in Brazil and Guyana, the company said.

Despite these gains, some companies faced operational headwinds. Civeo, a provider of remote workforce accommodations, outlined ongoing cost-cutting efforts in Canada, where oil sands activity remains subdued, according to the Civeo earnings report. The firm emphasized that margin expansion in Australia would require region-specific strategies, given differences in cost structures and climate conditions. ICF International (ICFI) also noted uncertainty in federal government contract awards, with management cautioning that a shutdown had not been factored into 2025 guidance, according to the ICF transcript.

As markets adjust to the time shift, investors are weighing corporate resilience against broader macroeconomic signals. The U.S.-China trade pause and strong earnings from energy and financial sectors suggest a cautiously optimistic outlook, though long-term risks remain tied to geopolitical and commodity price fluctuations.