Morning Brief | ASML rise nearly 2%, CEO stating long-term growth

Pre-market Movers

Ahead of Tuesday's trading, the three major U.S. stock index futures were fall, with Dow futures down 0.45%, S&P 500 futures remain unchanged and Nasdaq 100 futures fall 0.61% at press time.

ASML jumped 1.7% in pre-market trading. ASML CEO Christophe Fouquet stated that 2026 will still be a growth year, and they continue to see growth in the long term.

SAP rose 5% in pre-market trading, as its third-quarter performance exceeded expectations, and it raised its full-year profit and free cash flow guidance. 

Nuclear energy concept stocks collectively declined in pre-market trading, with Nano Nuclear Energy dropping nearly 9%.

Cryptocurrency concept stocks also fell in pre-market, with Coinbase down 2%.

Market Watcher

S&P 500 Exposure Reaches Critical Levels That Likely to Trigger 10% Slump, Citi Warns

Exposure to the S&P 500 has reached levels that historically preceded a 10% slump, according to Citigroup strategists, Long positions on futures linked to the benchmark index are at their highest since mid-2023 and are looking particularly extended.

Citi's strategists also noted that profitable positions are less stretched compared to 2023, suggesting less capital at risk and therefore less motivation to cover if markets pull back.

Pre-market Headlines

Fed's Daly Says No Reasons to Stop Cutting Rates, Other Fed officials favor slower pace of rate cuts

Federal Reserve Bank of San Francisco President Mary Daly said she expected the US central bank would continue cutting interest rates to guard against further weakening in the labor market.

However, Other Fed officials speaking earlier Monday in other venues signaled they favor a slower tempo of rate reductions than that implied by September's half-point cut.

Fed Will Hold Rates in November Chance Rising, Apollo Management Sees

The chances that Federal Reserve officials will leave interest rates unchanged in November are mounting as the US economy powers ahead, according to Torsten Slok, chief economist at Apollo Management.

There are plenty of reasons for the robust US economy, in Slok's view. A dovish Fed, elevated share and home prices, narrow credit spreads, as well as "wide open" corporate financing in both the public and private markets are just some of them.

Walmart to Offer Prescription Delivery, Challenging Amazon

Walmart Inc. is set to begin delivering prescriptions to homes in the U.S. within 30 minutes, aiming to capture more online spending and compete with Amazon.com Inc. The service will include both new prescriptions and medication refills, available alongside groceries and other products. By the end of January, prescription delivery will be accessible in 49 states, covering over 86% of U.S. households.

World at A Glance

Kamala Harris Holds Slim Lead Over Trump in Tight Race Amid Voter Concerns on Economy and Immigration

A new Reuters/Ipsos poll shows Democratic Vice President Kamala Harris leading Republican former President Donald Trump by a narrow 46% to 43% margin, with the race remaining close as the election approaches. The poll highlights voter dissatisfaction, with major concerns about the economy and immigration. While Harris maintains a slight advantage, Trump is favored by voters on key issues like the economy and immigration. The poll also reveals that most voters believe the country is on the wrong track, particularly in terms of the cost of living, the economy, and immigration policy.

Three Mile Island nuclear plant gears up for Big Tech reboot

Constellation has already ordered costly equipment for the site and identified fuel for the unit's reactor core, with work expected to start early next year, according to Reuters' interviews with company executives, contractors and a tour of the site.

The effort to restore Unit 1 at Three Mile Island is expected to take four years, at least $1.6 billion, and thousands of workers to complete the unprecedented task of restarting a retired nuclear plant.

Today's Analyst Stock Ratings

Financial Calendar