2025-10-21 20:30

Indexes mixed: Dow up 0.47%, S&P 500 ~flat, Nasdaq down 0.16% Netflix stock falls in extended trading after posting quarterly results Coca-Cola's third-quarter results beat estimates, shares rise Aerospace stocks rise after Lockheed, Northrop, RTX results Warner Bros Discovery jumps after initiating strategic review NEW YORK, Oct 21 (Reuters) - U.S. stocks closed mixed with the Dow out front on Tuesday, as a string of solid earnings lured investors to industrials and capital goods. The S&P 500 was essentially unchanged at the closing bell, while weakness in growth and microchip stocks pulled the tech-laden Nasdaq to a nominally lower close. Sign up here. "We're at a little bit of a point of indecision, where nobody feels particularly strongly about anything," said Michael Green, chief strategist at Simplify Asset Management in Philadelphia. "That reflects itself in reduced reaction to earnings surprise." Third-quarter earnings season has shifted into overdrive, with corporate giants such as General Motors, GE Aerospace, 3M and Coca-Cola posting generally upbeat results. But with major U.S. stock indexes hovering near record highs and valuations stretched, upbeat results alone could prove insufficient to sustain investor risk appetite. "The earnings are better than expected as companies continue to gain slightly in terms of margins, which suggests that (companies) have to be passing through the tariffs or pushing the tariffs back onto the importers," Green said, adding "nothing is jumping out today to say that there's a strong opinion being expressed anywhere." General Motors (GM.N) , opens new tab lifted its forecast and tempered its anticipated tariff hit. The automaker's shares jumped 14.9%. Coca-Cola (KO.N) , opens new tab shares gained 4.1% after solid consumer demand drove its better-than-expected results, while diversified manufacturer 3M (MMM.N) , opens new tab advanced 7.7% after hiking its full-year forecast, bolstered by its focus on higher margin products and cost controls. Aerospace and defense companies Lockheed Martin (LMT.N) , opens new tab, Northrop Grumman (NOC.N) , opens new tab and RTX (RTX.N) , opens new tab all raised their forecasts, benefiting from solid demand for war machinery. The S&P 1500 Aerospace/Defense index (.SPCOMAED) , opens new tab advanced 1.9%. Netflix (NFLX.O) , opens new tab dropped 5.8% in extended trading after the streaming company missed earnings targets. So far, 78 of the companies in the S&P 500 have reported. Of those, 87% have beaten Wall Street expectations. Analysts currently foresee aggregate third-quarter S&P 500 earnings growth of 9.2% year-on-year, more robust than their 8.8% estimate as it stood on October 1, according to LSEG data. High-profile results from Tesla (TSLA.O) , opens new tab, IBM (IBM.N) , opens new tab, Procter & Gamble (PG.N) , opens new tab and Intel (INTC.O) , opens new tab are also on tap this week. The Dow Jones Industrial Average (.DJI) , opens new tab rose 218.16 points, or 0.47%, to 46,924.74, the S&P 500 (.SPX) , opens new tab gained 0.22 points, or 0.00%, to 6,735.35 and the Nasdaq Composite (.IXIC) , opens new tab lost 36.88 points, or 0.16%, to 22,953.67. Among the 11 major sectors of the S&P 500, consumer discretionary (.SPLRCD) , opens new tab and industrials (.SPLRCI) , opens new tab led the gainers, while utilities (.SPLRCU) , opens new tab suffered the largest percentage loss. Shares of Warner Brothers Discovery (WBD.O) , opens new tab surged after the company announced it is considering an outright sale, citing interest from several potential buyers, in the latest media shakeup. Late in the session, the board rejected an offer from Paramount Skydance. The company's stock surged 11.0%. The government shutdown, now in its third week, has left investors, economists and policymakers in the dark in the absence of official data, complicating the efforts of the data-dependent Federal Reserve. Even so, the central bank will implement two more 25-basis-point reductions to its key policy rate by year-end, according to a Reuters poll of economists, who remain divided regarding the Fed's path forward in 2026. U.S. President Donald Trump also struck a positive tone on trade, saying he expects to reach a "fair deal" with Chinese President Xi Jinping, while downplaying tensions over Taiwan. Markets will keep an eye on Trump's upcoming meeting with Xi on the sidelines of next week's economic summit in South Korea. Advancing issues outnumbered decliners by a 1.27-to-1 ratio on the NYSE. There were 302 new highs and 47 new lows on the NYSE. On the Nasdaq, 2,203 stocks rose and 2,454 fell as declining issues outnumbered advancers by a 1.11-to-1 ratio. The S&P 500 posted 20 new 52-week highs and no new lows while the Nasdaq Composite recorded 56 new highs and 63 new lows. Volume on U.S. exchanges was 19.73 billion shares, compared with the 20.26 billion average for the full session over the last 20 trading days. https://www.reuters.com/business/wall-street-futures-pause-earnings-season-gains-momentum-2025-10-21/

2025-10-21 19:43

Oct 21 (Reuters) - The longtime head of the top U.S. solar industry trade group will step down next year, the organization said in a statement on Tuesday. Abigail Ross Hopper will leave her post as president and CEO of the Solar Energy Industries Association on January 30. SEIA has launched a search for her successor. Sign up here. Hopper's departure after nine years as the U.S. solar industry's top lobbyist comes as the Trump administration has sought to curb the expansion of solar and other forms of renewable energy. "This year has been challenging for our industry, but I remain optimistic about our future," Hopper said in an open letter to the industry posted on SEIA's website. "SEIA is stronger than ever, led by an extraordinary team and a deeply engaged board. Our industry has the talent, the technology, the market mandate, and the moral clarity to finish the job we set out to do, delivering clean, affordable, reliable energy that serves as the foundation of America’s economic future." Since Trump took office, SEIA has sought to portray solar as a domestic jobs engine that can help meet soaring power demand, downplaying its role in combatting climate change. During Hopper's tenure, the U.S. solar industry soared to $70 billion in annual investment from $16 billion in 2017, SEIA said. Solar energy now accounts for most of the new electricity generation added to the U.S. grid. Hopper has also grappled with challenges such as the imposition of tariffs meant to reduce the industry's reliance on cheap foreign-made panels, concerns about forced labor in the solar supply chain and reforms to residential solar incentives that have slowed that market. https://www.reuters.com/sustainability/climate-energy/abby-ross-hopper-top-us-solar-lobbyist-will-step-down-next-year-2025-10-21/

2025-10-21 19:34

WASHINGTON, Oct 21 (Reuters) - The U.S. Department of Energy said on Tuesday it is looking to buy 1 million barrels of crude oil for delivery to the Strategic Petroleum Reserve, as it seeks to take advantage of relatively low oil prices to help replenish the stockpile. The previous administration of former President Joe Biden sold record amounts of oil from the SPR, including a 180-million-barrel sale after Russia, one of the world's top oil producers, invaded Ukraine in 2022. The reserve, which has about a 700-million-barrel capacity, is now holding nearly 409 million barrels. Sign up here. President Donald Trump's administration has been looking to replenish the SPR, but has been limited by a lack of funds and by ongoing maintenance at the reserve, held in a series of hollowed-out salt caverns on the Texas and Louisiana coasts. Pumps, pipes and other above-ground SPR infrastructure are constantly exposed to corrosive, salty air. Trump's tax and spending bill included about $171 million for the SPR oil purchases and maintenance, much less than the $1.3 billion that had originally been in the legislation. Buying more oil for the SPR will likely require the passage of new legislation. Energy Secretary Chris Wright said Trump is trying to replenish the SPR with the help of Congress. "While this process won't be complete overnight, these actions are an important step in strengthening our energy security and reversing the costly and irresponsible energy policies of the last administration," Wright said. Both the international oil benchmark Brent and the U.S. benchmark WTI had hit their lowest levels since early May on Monday, as record U.S. oil production and a decision by the Organization of the Petroleum Exporting Countries and allies to press ahead with planned supply hikes raised expectations of oversupply. WTI crude futures on Tuesday closed up 30 cents at $57.82 a barrel. Bids for the SPR solicitation close on October 28. https://www.reuters.com/business/energy/us-seeks-1-million-barrels-oil-strategic-petroleum-reserve-2025-10-21/

2025-10-21 19:20

US jury told BNP to pay compensation over Sudan verdict BNP shares, which fell sharply on Monday, down 2% BNP Paribas CFO: Swiss law applies in the case PARIS, Oct 21 (Reuters) - BNP Paribas (BNPP.PA) , opens new tab sought to reassure investors on Tuesday that it faces limited exposure to a Sudan-related litigation, although analysts said there was continued uncertainty and shares in the lender dropped again. A U.S. jury on Friday found the French bank helped Sudan's government commit genocide by providing banking services that violated American sanctions. Sign up here. The court ordered the euro zone's biggest lender by assets to pay a combined $20.5 million to three Sudanese plaintiffs who testified about human rights abuses perpetrated under former President Omar al-Bashir's rule, raising concerns about potential further claims. BNP shares, which tumbled sharply on Monday as investors assessed the implications, were down 1.6% on Tuesday afternoon, underperforming both the broader market (.STOXX50E) , opens new tab and the banking sector (.SX7P) , opens new tab. Chief Financial Officer Lars Machenil told analysts the bank made no provisions for Sudan-related litigation in its upcoming third-quarter results, due on October 28, as it expects the verdict to be overturned on appeal. Machenil also said that Swiss law applied in this case, offering a potential shield for the bank. "The U.S. court ruled that Swiss civil law applies in this case, as the relevant transactions were carried out from Geneva. Moreover, Swiss civil law does not allow for the liability being claimed, and the Swiss government has officially confirmed that there is no legal basis for such liability," Machenil said. Analysts said doubts remained. "While the bank sees the risk of broader claims as low, we cannot rule it out entirely. The uncertainty around this matter will weigh on the share price until more clarity emerges from BNP's appeal," said Johann Scholtz, an analyst at Morningstar. Traders at banks said in notes to clients that the CFO's comments during the analysts' call on Tuesday raised more questions than answers. NO PRECEDENT FOR SIMILAR CASES Machenil downplayed the risks of a class action, describing it as a "case by case" situation. "This is neither a regulatory fine nor a criminal penalty, but a private legal dispute. The verdict concerns only three plaintiffs, and it does not set a precedent for similar cases," he said. He added that the judge had said any individual compensation claims related to the Sudan case would require separate trials. Asked how many additional plaintiffs could come forward, Machenil said: “I don’t have a crystal ball.” He also declined to say how long the appeal process might take, noting it would be at least a couple of months and not more than 12 months. NO LINK TO 2014 LITIGATION Lawyers for the three plaintiffs, who now reside in the United States, said on Friday the verdict opens the door for more than 20,000 Sudanese refugees in the U.S. to seek billions of dollars in damages from the French bank. After law firms jointly representing the plaintiffs said they could no longer work together because of disputes over ethics, the judge overseeing the case in July severed the three victims from the rest of the class, meaning their claims would no longer have any binding effect on others. However, the judge reappointed the three victims as class representatives days before the trial began, after the plaintiffs' lawyers said their relationship had improved. BNP Paribas previously pleaded guilty in 2014 to violating U.S. sanctions against Sudan, Cuba and Iran, agreeing to pay an $8.9 billion penalty. The bank was then accused of processing billions of dollars of transactions through the U.S. financial system on behalf of Sudanese entities despite sanctions designed to block such transactions. "The current litigation has nothing to do with the 2014 criminal proceedings," Machenil said in the call. https://www.reuters.com/sustainability/boards-policy-regulation/bnp-paribas-made-no-provisions-sudan-related-litigation-q3-results-cfo-says-2025-10-21/

2025-10-21 19:19

LONDON, Oct 21 (Reuters) - British finance minister Rachel Reeves said Brexit along with spending cuts by previous governments had weighed more heavily on the economy than originally thought as she readies a budget likely to include tax increases but also measures to boost growth. In comments reported by the Guardian newspaper, Reeves said she was aiming to defy an expected downgrade in the economic growth forecasts from Britain's independent fiscal watchdog, the Office for Budget Responsibility. Sign up here. "We also know - and the OBR, I think, is going to be pretty frank about this - that things like austerity, the cuts to capital spending and Brexit have had a bigger impact on our economy than even was projected back then," she was quoted as saying by the newspaper during a conference in Birmingham. "That's why we are unashamedly rebuilding our relations with the European Union to reduce some of those costs that were, in my view, needlessly added to businesses since 2016 and since we formally left a few years ago." The OBR has estimated that Brexit will reduce Britain's long-term level of productivity by 4% compared with remaining in the European Union. On Saturday, Bank of England Governor Andrew Bailey said Brexit was likely to continue to weigh on British economic growth over the coming years. Data published earlier showed Britain's public borrowing in the first half of the financial year was the highest on record except during the height of the coronavirus pandemic, keeping up the pressure on Reeves ahead of the November 26 budget. Later on Tuesday, Reeves was quoted by the Financial Times as saying she hoped to see further cuts to interest rates by the Bank of England after measures in her budget which will be aimed at easing the cost of living burden on families. "There will be targeted action in the budget around prices because I want to bring down the cost of living for families," Reeves said. "And I want to see interest rates, which have gone down five times in the last year and a bit, come down further." Britain has the highest inflation rate among Group of Seven economies, at 3.8% in August, and the BoE thinks it will peak at 4% in September before falling back to the central bank's 2% target only in the spring of 2027. Governor Andrew Bailey and his colleagues have said the outlook for inflation is still unclear, making it hard to predict when interest rates are likely to be cut again. https://www.reuters.com/world/uk/uks-reeves-says-brexit-austerity-hit-harder-than-thought-2025-10-21/

2025-10-21 18:45

NEW YORK, Oct 20 (Reuters) - Glencore's (GLEN.L) , opens new tab global head of naphtha trading, Oliver Bowen, is set to leave for rival Vitol, four sources told Reuters on Tuesday, making him the latest top trader to depart from the London-listed commodities trading and mining firm in recent months. Bowen will start at Vitol on November 7 and oversee the world's largest commodities trader's European naphtha book, one of the sources said. Sign up here. The sources requested anonymity to discuss confidential information. Bowen could not be contacted for comment. Vitol and Glencore declined to comment. Bowen's departure from Glencore comes as the company undertakes a broader reorganization of its trading operations, after facing a sharp slump in earnings from that department. Core earnings from Glencore's energy and steelmaking coal trading activities fell to $306 million in the first half of this year, the lowest for that period since 2016, the company reported in August. Bowen, 42, has been Glencore's head of naphtha trading since at least 2017, according to a profile on the UK government's Companies House. He served as a director of the UK-based Petrochemical Feedstock Association since February 2017 until he resigned in April this year, the profile showed. Glencore's current head of oil and gas trading, Alex Sanna, is set to step down from his role at the end of this year, Reuters earlier reported, citing a staff memo. Another Glencore veteran, Maxim Kolupaev, who currently heads gas and power trading for the firm, will replace Sanna, who headed the company's oil trading desk for the past six years. https://www.reuters.com/business/glencores-global-head-naphtha-oliver-bowen-join-rival-vitol-sources-say-2025-10-21/