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Stocks Start Big Week With New Highs
RiskReversal Recap: October 27, 2025
RiskReversal Media
October 27, 2025
MARKET WRAP
Stocks kicked off the week with a strong rally, gapping to new all-time highs and building on those gains throughout the day. The strength was pretty broad, though the IWM lagged a bit, perhaps showing some scar tissue from the past two week’s volatility at its prior highs. On the day: SPX +1.3%, QQQ +1.8% and IWM +0.2.
Elsewhere, treasury yields have been quite quiet into a near certain rate cut later this week, the US10YY is 3.99%. Gold pulled back once again, now back to 4k. Oil was quiet following a very volatile past two weeks. The VIX continues to contract, now back below 16.
Notable Gainers: QCOM +11%, KDP +7.7%, SMCI +5.9%, HOOD +5.0%, TSLA +4.4%, MELI +5.6%, MRVL +5.6%
Notable Losers: F -4.4%, WMT -1.6%, ALB -9.6%, NEM -6%, PM -2.6%
After Hours: BBBY is up +5% following earnings, WHR is +1.5%.
Today’s MRKT Call: Guy and Dan dig into today’s equity rally and U.S.–China headlines, while Carter joins to preview this week’s mega-cap earnings, expected moves, and what they could mean for QQQ.
Today’s RiskReversal Pod: Dan and Guy preview the week ahead in markets then Dan sits down with Gregg Spiridellis, co-founder of Spiridellis Bros. Studio, for a deep dive into how AI is transforming animation, empowering creators, and reshaping the future of digital media and entertainment.
MRKT MATRIX: TODAY’S TOP STORIES
S&P 500 rallies 1% to notch first close ever above 6,800 on potential China trade truce (CNBC)
Costs to Hedge the $16 Trillion S&P 500 Rally Rise Ahead of Fed (Bloomberg)
Trump Considers Fed Chair Selection by Year-End from Slate of Five Finalists (WSJ)
Qualcomm Debuts Chip to Rival Nvidia in AI Accelerator Market (Bloomberg)
Exclusive: US Department of Energy forms $1 billion supercomputer and AI partnership with AMD (Reuters)
Exclusive: Amazon targets as many as 30,000 corporate job cuts, sources say (Reuters)
AI isn't taking banking jobs, Goldman Sachs CEO says (Axios)
US companies strike $80bn in mergers as Trump boosts dealmaking (FT)
S&P 500 Reporting Net Profit Margin Above 5-Year Average for 6th Straight Quarter (FactSet)
WHAT’S NEXT?
One note on IWM, 250 seems like the key level to watch. A failure to clear this level could signal some lingering hesitation from investors to pile back into speculative names after October’s sharp reversals. It was the only major index that saw sellers win on the gap higher today. But if IWM does break out from here, we could be looking at another wave of high-beta euphoria. There have been signs the past few sessions, but also a little bit of hesitancy is apparent. The same may be true of other corners of the market like crypto. HOOD stock action is a good indicator of retail investor sentiment and it’s already approaching its prior high.
From here, the rest of the week is loaded with catalysts — most notably earnings from AMZN, AAPL, MSFT, META, and GOOGL. With that much market cap reporting, we’re likely to see big after hours and pre-market moves Wednesday Through Friday. Layer on top of that an FOMC rate decision and the anticipated U.S./ China meeting — even though those look “already priced in”, they never are. The ongoing government shutdown also remains a wildcard: a resolution would likely be viewed as bullish, at least that day.
It’s entirely possible this week ends up mixed, with reactions to the Mag 7 reports, the Fed, and China’s talks offsetting one another. But if sentiment lines up in one direction we could make a definitive move into Friday.
Tomorrow’s SPX expected move is just 0.4%, one of the lowest we’ve seen in a while. That picks up late week where Vol is bid up for the FOMC, Mag7 earns and the China deal:
Tuesday, Oct 28th
Pre-market: SOFI 11%, PYPL 8%, UNH 6.5%, GLW 7.5%
After-hours: BKNG 4.8%, ENPH 12.5%, V 3.2%
TODAY’S EPISODES
Watch MRKT Call’s newest episode: Carter Worth - Chart Check Ahead Of Big Tech Earnings
Guy and Dan break down today’s rally in equities and the latest U.S.–China headlines. Carter joins to preview this week’s mega-cap earnings — the expected moves, how these stocks have behaved historically, and his take on which way they might go. They wrap up with a look at QQQ and its potential for movement around the reports.
Analysis - SPX, QQQ, META, AMZN, AAPL, MSFT, GOOGL, NFLX, SNDK
Learn more about our sponsor, Fidelity.
Watch RiskReversal Podcast’s newest episode: AI Enters Its Creativity Era with Gregg Spiridellis
Dan Nathan and Guy Adami preview the week to come in markets. After the break, Dan sits down with Gregg Spiridellis, co-founder of Spiridellis Bros. Studio and a pioneer in the AI-powered animation space. They dive into how artificial intelligence is transforming content creation, democratizing animation, and reshaping Hollywood’s business models. Gregg shares insights from his decades-long career building viral brands and successful franchises, discusses the opportunities and fears AI brings for artists, and explores why audience engagement now rivals traditional distribution. It’s an eye-opening conversation on creativity, technological change, and the future of digital media.
Learn more about our sponsor CME Group and iConnections.
