Stock Futures Buzzing Amid U.S.-China Trade Deal 'Framework'

After a slew of record closes on Friday, trade tailwinds are blowing as stock futures enter the last week of October. Futures on the Dow Jones Industrial Average (DJIA) are pointed up over 200 points and on the Nasdaq-100 Index (NDX) more than 300 points, after Treasury Secretary Scott Bessent announced a "framework" for a trade deal with the U.S. and China. It's expected to include a TikTok deal and a deferral of China's rare earth export controls. President Donald Trump and China Premier Xi Jinping will meet in South Korea on Thursday.

• Tech earnings to watch this week.
• Did corporate layoffshave any impact on Target stock?
• Plus, two sectors impacted by trade buzz; and LULU links with the NFL.

5 Things You Need to Know Today

1. The Cboe Options Exchange saw more than 3.5 million call contracts and roughly 1.8 million put contracts exchanged on Friday. The single-session equity put/call ratio fell to 0.52, while the 21-day moving average remained at 0.58.
2. USA Rare Earth Inc (NASDAQ:USAR) stock is 8.2% lower before the open. U.S.-based rare earth mining stocks lower across the board, amid the possibility of paused Chinese rare earth export controls. Heading into today, USAR is up 105% year to date. The shares also hit a record high of $43.98 on Oct. 13.
3. The shares of Advanced Micro Devices Inc (NASDAQ:AMD) are 2.3% higher in electronic trading, with the entire semiconductor sector buzzing amid reports the U.S.-China trade deal would dodge the new 100% tariff on Chinese goods. AMD stock is 109% higher year to date and hit a record high of $253.39 on Friday.
4. Lululemon Athletica Inc (NASDAQ:LULU) stock is 5.9% higher ahead of the bell, after the athleisure retailer announced a partnership with the NFL for an apparel collection for all 32 teams. Lululemon stock is down 53.4% in 2025, but could trade at its highest level since a Sept. 5 post-earnings bear gap.
5. All eyes are on the Fed next week.

All Eyes on Trump as Asia Tour Commences

Markets in Asia surged today, as investors await President Trump’s meetings with Japan’s Prime Minister Sanae Takaichi and Chinese President Xi Jinping later this week. Japan’s Nikkei added 1.5%, crossing the 50,000 threshold for the first time ever. Meanwhile, China’s Shanghai Composite and Hong Kong’s Hang Seng rose 1.2% and 1.1%, respectively. South Korea’s Kospi was the biggest gainer, tacking on 2.6%.

European stocks are mixed this afternoon, with traders focused on the upcoming Federal Reserve meeting in the U.S. and the country’s scheduled geopolitical talks in Asia. The European Central Bank (ECB) announced today that business credit growth inched lower last month, though still remaining at two-year highs, while household lending expanded at its highest rate since March 2023. At last check, London’s FTSE was up 0.09%, while France’s CAC 40 and Germany’s DAX are down 0.1% and 0.07%, respectively.