Most Important News

• Goldman Sachs CEO Warns of Debt Reckoning Without Growth;
• Apple Q4 Revenue Rises 8% to $102.47B, Tops Estimates;
• Amazon's Shares Up 12% on Q3 Results Beat Estimates;

Stock futures rose Friday as investors digested strong quarterly results from tech giants Amazon and Apple.

As of 03:25 PM Riyadh time, S&P futures gained 0.9%, while Nasdaq 100 futures added 1.5%. Futures tied to the Dow Jones Industrial Average added 124 points, or 0.26%.

Amazon.com, Inc.(AMZN.US)  shares rallied more than 12% after the e-commerce giant said its cloud computing unit’s revenue increased 20% in the third quarter, exceeding Wall Street’s estimates. Apple Inc.(AAPL.US)  rose about 2% on the back of its strong fiscal fourth-quarter earnings and forecast for the iPhone maker’s December quarter.

As of 03:18 PM Riyadh Time, top pre-market movements are as follows:

Barclays Challenges Hawkish Interpretation of Powell's Remarks

Barclays suggests that the market misinterpreted Federal Reserve Chair Powell's comments as hawkish. They believe Powell aimed to correct the excessive expectation of inevitable rate cuts, rather than signaling a hawkish shift. Recent economic data, showing a continued slowdown in labor demand and inflation nearing the 2% target, supports the Fed's potential for further rate reductions.

Goldman Sachs CEO Warns of Debt Reckoning Without Growth

Goldman CEO David Solomon warned that if US economic growth doesn't accelerate, rising debt levels could lead to a "reckoning." In an interview, Solomon stated that continuing on the current path without boosting growth could result in a debt crisis. He emphasized that economic growth is the solution, though he considers the likelihood of a short-term recession "very low."

US Dollar Hits Three-Month High Amid Uncertainty

The USD index surged to a three-month high of 99.5 as risk aversion rose amid unclear tech earnings and central bank policy signals. Cooling expectations for Fed rate cuts and rising US Treasury yields boosted the dollar's appeal. Meanwhile, the JPY weakened 4% against the dollar over the past month, marking its worst monthly performance since July.

VP Warns of "Disaster" for US Air Travel if Shutdown Continues

US Vice President Vance warned that a prolonged government shutdown could lead to chaos in the aviation sector during the Thanksgiving travel peak. He urged Democrats to support a temporary funding bill to reopen the government. Meeting with airline executives and union representatives, Vance highlighted potential staff shortages and increased security wait times if the shutdown extends into late November. Major airlines like Delta, United, Southwest, and American Airlines are calling for Congress to pass an unconditional continuing resolution to resume operations, with negotiations on contentious issues like healthcare to follow.

Goldman Sachs Predicts Temporary Surge in Copper Prices

Goldman Sachs has cautioned that the recent copper price surge to $11,200 per ton is unlikely to last, labeling it a sentiment-driven "bull trap." The 13% rise since mid-September is attributed to speculative trading rather than real supply-demand pressures, with global inventories already up by 700,000 tons in 2025. Goldman forecasts that investors will exit long positions by early 2026, bringing prices back down to the $10,000-11,000 range.

Apple Q4 Revenue Rises 8% to $102.47B, Tops Estimates

Apple Inc.(AAPL.US) reported Q4 revenue of $102.47 billion (up 8% year-over-year and above $102.24B consensus) with earnings per share of $1.85 and profit of $27.47 billion, sending shares up 2.2% in pre-market trading as resilient iPhone sales and services growth offset continued Mac and iPad weakness.

Netflix Announces 10-for-1 Stock Split

Netflix, Inc.(NFLX.US) announced on Thursday it will conduct a 10-for-1 stock split. The stock will subsequently trade at one-tenth of its current price, following Thursday's closing price of $1,089 per share.

Amazon Q3 Results Beat Estimates as AWS Growth Accelerates to 20%

Amazon.com, Inc.(AMZN.US) reported better-than-expected Q3 results with AWS growth accelerating to 20% and net profit reaching $21.1 billion (up 38% year-over-year) – a new all-time quarterly record – while forecasting 2025 capital expenditures of approximately $125 billion (above the $118.76 billion analyst forecast), sending shares up 12% in pre-market trading.

Nvidia Signs Landmark AI Chip Deal with Samsung, Hyundai and SK Group

NVIDIA Corporation(NVDA.US) has reached a milestone agreement with South Korea's Ministry of Science and ICT along with three major corporations – Samsung Electronics, Hyundai Motor Group, and SK Group – to supply over 260,000 accelerator chips that will power Korea's national AI initiative and corporate AI projects.

Coinbase Q3 Revenue Jumps 55% as Trading Volume Hits Record $295B

Coinbase(COIN.US) reported third-quarter revenue surged 55% year-over-year to $1.9 billion (above the $1.8 billion analyst estimate) as trading volume reached a record $295 billion, with net income soaring nearly fivefold to $433 million ($1.50 per share) from $75.5 million a year earlier, demonstrating continued strong momentum into Q4.

OpenAI, Oracle Announce "Stargate" Project Surpasses 8GW Capacity Plan

OpenAI, Oracle Corporation(ORCL.US), and Related Digital jointly announced a new 1+ gigawatt data center campus in Saline, Michigan – part of their expanding "Stargate" initiative to scale US AI infrastructure – confirming the broader project's planned capacity has now exceeded 8 gigawatts nationwide.

Exxon Mobil Posts Strong Q3 Earnings on Guyana, Permian Basin Production

Exxon Mobil Corporation(XOM.US) reported robust third-quarter performance with earnings of $7.55 billion ($1.76 per share), driven by strong production from its Guyana operations and Permian Basin assets, though results declined from the year-ago period's $8.61 billion ($1.92 per share) due to lower natural gas prices and refining margins.

Western Digital Surges 10% Pre-Market on Strong Earnings Beat and Guidance

Western Digital Corporation(WDC.US)  jumped over 10% in pre-market trading after reporting Q3 revenue of $2.82 billion (up 27.4% YoY, above $2.74B estimates) with adjusted EPS of $1.78 (vs $1.58 consensus), while projecting next-quarter revenue between $2.8-$3.0 billion and adjusted EPS of $1.73-$2.03 (midpoint above $1.74 estimate) on robust demand across flash and hard drive segments.