Published as of: October 24, 2025, 9:19 a.m. ET

1. CPI deeper dive: After weeks without any official economic data due to the government shutdown, Friday's inflation data did little to change expectations for the Fed's rate cut path, with price increases coming in cooler than expected and reinforcing expectations that the Fed will cut rates next week and again in December in response to a weakening labor market. One bright spot was that the rise in owners' equivalent rent—a measure of housing costs—cooled in September, Friday's release showed, rising 3.8% year over year, said Cooper Howard, director and fixed income strategist for the Schwab Center for Financial Research. That's the lowest level since 2021 and encouraging given that it makes up a large part of the overall CPI, he said. One thing to keep an eye on: Services have been a primary driver of the CPI in recent months, while increases in goods have been relatively benign, but Friday's report showed goods inflation starting to move higher, which could be the result of tariffs, Howard said. In addition, CPI Supercore, which removes some categories like food, energy, and shelter costs, dropped to 3.2%. It's still elevated but was below expectations.
    
2. Season of the meme (again): Perhaps nothing says froth in the markets more than the return of meme stocks, which are momentum plays bought with little regard for fundamentals. The most recent target of meme-focused retail traders is Beyond Meat (BYND), a maker of vegan meat substitutes. At its high on Wednesday, the company's stock was up more than 1,000 percent for the week and more than 112% on the day—before it reversed violently and closed slightly lower. It dropped another 21% on Thursday. Krispy Kreme (DNUT) and GoPro (GPRO) have also been favorites of meme traders lately, though with less volatile results. Krispy Kreme rose as much as 38% on Wednesday, while GoPro jumped 24%. Those kinds of moves attract the attention of short-term traders. But in the current environment, investors should reduce exposure to momentum trades and focus on companies with earnings stability and reliable cash flow, Omar Aguilar, CEO of Schwab Asset Management, told CNBC in an interview on Thursday. Momentum trades are currently unwinding after a "low quality" rally that began after the Federal Reserve's rate cut in September, he said.
    
3. More data arriving as sentiment awaited: Today brings the latest look at consumer sentiment from the University of Michigan at 10 a.m. ET. Sentiment has been near the bottom of historic charts for several months, and no improvement is expected from the preliminary October figure of 55% released two weeks ago. That was down from 70.5% at the same time last year, and even that was low versus average readings in the past. Year-ahead and long-run inflation expectations in the sentiment report are likely to get a close look from the Fed. Last time out they were 4.6% and 3.7%, respectively. Sentiment might also begin to reflect consumer concerns related to the long government shutdown. Federal workers have now missed two paychecks. "There's little sign the shutdown will end anytime soon," said Michael Townsend, managing director, legislative and regulatory affairs at Schwab. Townsend has his eye on November 1 as a possible "catalyst for change" in shutdown dynamics. That's when money for the food stamps program is projected to run out and the enrollment period for the Affordable Care Act health insurance program begins.

• Intel (INTC) gained more than 7% in pre-market trading after the company beat Wall Street's earnings and revenue estimates. Guidance generally appeared solid. The chipmaker has undertaken a turnaround effort, and has been bolstered recently by investments from both the U.S. government and chip giant Nvidia (NVDA). Intel is focusing on AI as a significant growth driver and is collaborating with Nvidia to create new AI products and experiences.
   
• Ford (F) shares were up more than 3% after it reported an operating profit of $2.6 billion on revenue of $46 billion. Wall Street expected an operating profit of $2 billion. Sales hit a record above $50.5 billion, and the company plans to boost F-series production volume, creating 1,000 jobs, Barron's reported.
   
• Tesla (TSLA), at one point down nearly 6% after reporting that profit fell 37% last quarter, rallied to close more than 2% higher Thursday.
   
• Baker Hughes (BKR) shares were down nearly 3% in early trading despite earnings that beat expectations. Guidance was in line with expectations. Shares had risen into earnings, so profit taking may be afoot.
   
• Newmont (NEM) stock tumbled nearly 7% in pre-market trading. The gold miner reported earnings and revenue that beat Wall Street expectations but added disappointing guidance. 
   
• Dow (DOW) rose nearly 13% Thursday after its latest earnings beat estimates and revenue came up short. The commodity chemicals producer is still reporting quarterly losses, but because they were narrower than expected, it appeared to paint a rosier picture. The company's CEO noted "continued pressure across our industry," Barron's noted, but in this case slightly better bad news was enough to help shares.
   
• Procter & Gamble (PG) rose more than 2% in early trading after the company reported earnings that beat Wall Street estimates and reaffirmed guidance for fiscal 2026. The company warned of a "challenging consumer and geopolitical environment," and said it expected to incur $400 million of costs due to tariffs. 
   
• General Dynamics (GD) rose more than 3% after earnings beat estimates. The defense contractor reported higher profit and revenue for the quarter, and said sales rose 11% from the previous quarter to $12.91 billion. Net income was $1.06 billion.
   
• Alphabet (GOOGL) rose 3% after Anthropic announced it plans to expand its use of Google Cloud technologies, dramatically increasing its compute resources. In addition, analysts at Stifel raised their price target on GOOGL, saying advertising checks reveal third quarter strength in that category. Alphabet reports next week.
   
• HCA Healthcare (HCA) gained nearly 5% in early trading after it reported earnings of $6.96 per share, $1.24 better than the FactSet Consensus of $5.72.
   
• Deckers Outdoor (DECK) plunged 11% despite earnings and revenue that topped estimates last quarter. Investors appeared disappointed by guidance for fiscal-year sales that missed Wall Street's expectations. Sales of the HOKA shoe brand are expected to rise in the low teens on a percentage basis after double-digit growth last quarter.
   
• Bitcoin futures (/BTC) are up less than 1% in early trading after rising around 2% Thursday. Bitcoin is trying to regain its footing below its 50-day moving average after a two-week bout of volatility raised questions about whether the so-called debasement trade was running out of steam. China trade hopes may also be raising "risk-on" sentiment, which tends to help crypto.
   
• Coinbase (COIN) climbed 3% in early trading after getting an upgrade to Overweight by JPMorgan Chase. The old rating had been neutral. The shares trade at an attractive valuation versus Coinbase's cryptocurrency peers, the analyst told investors in a research note. The firm expects Coinbase to explore a native token for its blockchain.
   
• Crude oil futures (/CL) Crude oil rose more than 5% on Thursday, driven higher for a second day by the U.S. announcement of sanctions against major Russian oil exporters Rosneft and Lukoil. Crude futures were up less than 1% ahead of the opening bell this morning.
   
• Gold (/GC) and silver (/SI), also beneficiaries of the debasement trade, appeared to gain their footings Thursday after heavy selling in recent days, with gold futures rising 1.56% and silver less than 1%. Both precious metals had undergone parabolic moves since late August. Gold and silver were both down around 2% in early trading Friday.

Check out the investors' calendar for a summary of the top economic events and earnings reports on tap this week.

October 27: September durable goods orders and expected earnings from Keurig Dr Pepper (KDP), Avis Budget Group (CAR), Nucor (NUE), Whirlpool (WHR), WM (WM), and NXP Semiconductors (NXPI).
October 28: October Consumer Confidence and expected earnings from Visa (V), Seagate Technology (STX), UnitedHealth Group (UNH), UPS (UPS), JetBlue Airways (JBLU), Wayfair (W), and HSBC (HSBC).
October 29: FOMC rate decision and expected earnings from Microsoft (MSFT), Meta Platforms (META), Alphabet (GOOGL), Caterpillar (CAT), Verizon (VZ), Boeing (BA), CVS Health (CVS), Starbucks (SBUX), and Chipotle (CMG).
October 30: Third-quarter advance GDP and initial and continuing jobless claims, and expected earnings from Anheuser-Busch InBev (BUD), Eli Lilly (LLY), Merck (MRK), Mastercard (MA), Bristol-Myers Squibb (BMY), Cheniere Energy (LNG), and Stellantis (STLA).
October 31: September PCE prices and PCE core prices, personal income and spending for September, and earnings expected from Exxon Mobil (XOM), Chevron (CVX), AbbVie (ABBV), AON (AON), W.W. Grainger (GWW), Colgate-Palmolive (CL), and Dominion Energy (D).