The U.S. government shutdown has entered its third week. Trump has again softened his stance on China tariffs. After Friday’s sharp drop, futures rebounded strongly before the open. The Q3 2025 earnings season begins tomorrow, and market focus will shift to corporate results. Today is Columbus Day in the U.S.; the bond market is closed. Canada’s stock market is also closed for Thanksgiving.
SPY opened sharply higher, recovering about half of Friday’s losses. It tested around $663 on the upside and $658 on the downside (Path B from the #Valueclub# weekend report). The strategy remains to add hedges or lock in short-term gains on rebounds, preparing for the next two weeks of earnings reports.
Individual stocks rose broadly in premarket trading. Chip-related stocks, which led Friday’s decline, are showing the biggest rebounds. This week, ASML and TSMC earnings will influence the sector’s mid- to long-term trend and deserve close attention.
Special metals are a key focus in the current U.S.–China competition. MP jumped over +10% premarket, hitting a new all-time high. TMQ, partly government-owned, rose +14%. Nuclear power stocks are also trading higher and remain strong.
Overall, keep watching the main index trend during the session, as most stocks will follow its rhythm.
The index opened sharply higher, but the current level is very sensitive—SPY has only recovered half of Friday’s drop. Bulls need to quickly break above the earlier resistance zone to gain control; until that happens, bears still have the upper hand.
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