Stock indexes surged today with the S&P 500 up +1.01%, Dow Jones up +0.64%, and Nasdaq up +1.40%. Chipmakers led the rally, with ASML Holding up over +3% post Q3 results. Morgan Stanley and Bank of America also surged over +6% and +5% respectively after strong Q3 earnings.

Trade tensions eased as Treasury Secretary hinted at a longer China tariff truce. Dovish Fed comments increased rate cut expectations in Oct. Precious metals hit all-time highs amidst trade turmoil. Global bond markets saw yields drop due to safe-haven demand.

US MBA mortgage applications fell -1.8% with 30-year fixed rates at 6.42%. Government shutdown delays key reports. Earnings season starts with 71% of S&P 500 companies beating forecasts. Q3 profits expected to rise +7.2% y/y, but sales growth to slow to +5.9% y/y. Markets predict a 98% rate cut at FOMC meeting.

Overseas markets are up, with Euro Stoxx 50 (+1.04%), Shanghai Composite (+1.22%), and Nikkei Stock 225 (+1.76%) all posting gains. 10-year T-notes are up +2 ticks, with yields at 4.013%. European bond yields also lower. Eurozone industrial production fell -1.2% in Aug. ECB members express concern over inflation targets.

Stock movers include Bunge Global (+13%), Papa John’s (+8%), Morgan Stanley (+6%), Bank of America (+5%), and BrightSpring Health (+4%). Amphenol Corp (+2%) and Dollar Tree (+1%) also saw gains. Sable Offshore (-19%) and Progressive Corp (-8%) were among the biggest losers. Abbott Laboratories and ASML Holding are among companies reporting earnings on 10/15/2025.

Read more at Nasdaq: Stocks Climb on Strong Q3 Earnings and Easing Trade Concerns