Most Important News

• Dollar Holds Steady Ahead of Fed Decision as Rate Cut Expected
• Tesla Chair Warns Company Could Lose Musk If $1 Trillion Pay Package Fails;
• Novartis to Acquire Avidity Biosciences in $12 Billion Cash Deal;

Stock futures jumped on Monday after U.S. and China officials cooled tensions over the weekend, laying the groundwork for President Donald Trump and China President Xi to clinch a trade deal this week.

As of 03:10 PM Riyadh time, Dow Jones Industrial Average futures added 216 points, or 0.46%. S&P 500 futures climbed 0.81% and Nasdaq 100 futures were up 1.27% with chip stocks like Nvidia leading the way in early trading.

As of 03:10 PM Riyadh Time, top pre-market movements are as follows:

China and US Reach Initial Consensus on Key Trade Issues

China and the US held trade talks in Kuala Lumpur from October 25-26. Li Chenggang, China’s international trade negotiator and vice minister, stated that both sides reached an initial consensus on resolving multiple important trade issues. He added that the next step involves completing domestic approval procedures in each country. The discussions mark progress in addressing mutual concerns in bilateral economic relations.

Dollar Holds Steady Ahead of Fed Decision as Rate Cut Expected

The U.S. dollar traded in a narrow range ahead of Wednesday's Federal Reserve policy decision, with markets pricing in a 97% probability of a 25-basis-point rate cut following Friday's softer-than-expected inflation data, according to LSEG estimates.

High-Stakes Week: Fed Rate Cut and Key Earnings in Focus

Investors face a pivotal week as the Fed is expected to announce a 25 basis point rate cut on Thursday, with markets largely pricing it in. The APEC summit will see a meeting between US and Chinese leaders, capturing attention. Major tech giants— Microsoft Corporation(MSFT.US)  , Amazon.com, Inc.(AMZN.US) , Apple Inc.(AAPL.US)  , Alphabet Inc. Class A(GOOGL.US)  , and Meta Platforms(META.US)  —are set to release earnings, adding to the week's significance. The ECB and BOJ will also announce rate decisions on Thursday.

Fed Chair Successor Shortlist Confirmed, Decision by Year-End

U.S. Treasury Secretary Scott Bessent confirmed the shortlist of five candidates to succeed Fed Chair Powell. President Trump aims to decide by year-end. Besant, speaking aboard Air Force One, revealed the finalists: Fed Board members Christopher Waller and Michelle Bowman, former Fed governor Kevin Warsh, White House NEC Director Kevin Hassett, and BlackRock executive Rick Rieder. Besant plans further interviews and intends to present a refined list post-Thanksgiving. Trump reiterated his expectation to finalize the nomination by the end of the year.

Bitcoin Surges Past $116,000, Hits New High Since October 10

Bitcoin exceeded $116,000, marking its highest point since October 10. Analysts attribute this rise to optimism over a potential U.S.-China trade agreement and expectations of further U.S. interest rate cuts, driving the cryptocurrency to a two-and-a-half-week high.

Tesla Chair Warns Company Could Lose Musk If $1 Trillion Pay Package Fails

Tesla Motors, Inc.(TSLA.US)  Board Chair Robyn Denholm urged shareholders to approve CEO Elon Musk's nearly $1 trillion compensation package in a letter Monday, warning that "without Musk, Tesla could suffer significant value destruction as our company may no longer be valued based on its future ambitions," ahead of the annual shareholder meeting.

Novartis to Acquire Avidity Biosciences in $12 Billion Cash Deal

Swiss pharmaceutical giant Novartis AG Sponsored ADR(NVS.US)  announced Sunday it has agreed to acquire US biotech firm Avidity Biosciences(RNA.US)  for approximately $12 billion in cash, expanding its portfolio of treatments for rare muscular diseases through Avidity's proprietary antibody-oligonucleotide conjugate (AOC) technology platform.

Amazon to Invest €1.4B in Dutch Operations Over Three Years

Amazon.com, Inc.(AMZN.US) announced Monday it will invest €1.4 billion (approximately $1.63 billion) in the Netherlands over the next three years – its largest commitment to the Eurozone's fifth-largest economy since establishing operations there in 2020.

Apple Plans iPhone 17 Pro Cooling System for 2027 iPad Pro Refresh

Apple Inc.(AAPL.US)  is reportedly developing a new iPad Pro scheduled for 2027 that will incorporate the same vapor chamber (VC) thermal management system destined for the iPhone 17 Pro, as part of a broader strategy to enhance performance capabilities and further differentiate its premium iPad Pro lineup from the mid-range iPad Air.

Toyota Reports Record First-Half Sales as US Strength Offsets Asia Weakness

Toyota Motor Corp. Sponsored ADR(TM.US)  achieved record global sales in the first half of the fiscal year, with 3% year-over-year growth in September to 949,153 vehicles (including subsidiaries Daihatsu and Hino), as robust US market performance offset sluggish demand in Japan and China. Production increased 9% to 1,036,106 units during the same period.

Boeing Defense Workers Reject Latest Contract Offer, 13-Week Strike Continues

Boeing Company(BA.US)  defense workers in the St. Louis area rejected the company's latest contract proposal on Sunday, extending their strike to 13 consecutive weeks and delaying deliveries of key fighter aircraft and other defense programs.

Ford CEO: Trump Tariffs Wiped Out 20% of Global Profits

Ford Motor Company(F.US) CEO Jim Farley revealed that President Trump's tariffs have imposed over $2 billion in additional costs on the automaker, stating during a Sunday interview that "this gives us a $2 billion bill - about 20% of our global profits will disappear because of tariffs," noting some components face import duties exceeding 70%.