Stock futures climb as traders digest earnings; SpaceX shares surge

The pan-European Stoxx 600 was flat shortly after 8:15 a.m. in London (3:15 a.m. ET), with continental bourses and sectors showing a mixed performance.

Oil and gas stocks led early gains, rising 1.11%, with technology names up 0.58%. Automakers and parts suppliers slumped 1.6%.

Major bourses were mixed: the French CAC 40 added 0.16%, Italy's FTSE MIB was flat, Germany's DAX dropped 0.11%, and the U.K.'s FTSE 100 fell 0.16%.

— Hugh Leask

Carrefour shares plummeted 10.6% in early trading after the French grocer revised its profit forecasts downwards and cut capital expenditure plans. This was attributed to ongoing national unrest in France and an energy price shock impacting consumer sentiment.

The supermarket giant, France's largest, also reduced its adjusted earnings per share outlook from "high single-digit growth" to "stable to slight growth" for the year, with CEO Alexandre Bompard describing the situation in France as "unprecedented."

—Hugh Leask

The U.K. government has greenlit new drilling in the Jackdaw gas field in the North Sea.

The Jackdaw project, operated by Adura (a joint venture between Shell and Equinor), is located approximately 150 miles east of Aberdeen, Scotland. Adura estimates the field could supply 6% of Britain's total gas needs and potentially be connected to the U.K. grid within months, enhancing the nation's energy security amidst vulnerability to external price shocks.

—Hugh Leask

U.K. inflation surged by a higher-than-expected 3.5% in the 12 months leading up to September, marking its highest point in a year. This increase was primarily driven by the rising cost of motor fuels, according to the Office for National Statistics.

Economists had predicted an annual inflation rate of 3.4%. September's figure continues the upward trend in U.K. inflation, following 3.1% in August and 2.9% in July.

— Chloe Taylor

Shares of Adidas climbed 3.3% in premarket trading. The German sportswear giant reported a preliminary 37% surge in third-quarter operating profit to 1.01 billion euros ($1.13 billion).

Revenues increased by 9% to 7.25 billion euros, prompting the company to revise its full-year operating profit forecast upwards to 2.5 billion euros from 2.3 billion euros.

The company reported that its gross margin reached 54.3% in the third quarter, boosted by approximately 200 million euros in U.S. tariff refunds.

— Hugh Leask

Stoxx 50 futures were 0.42% higher as European stock markets were anticipated to begin Wednesday's session positively.

Germany's DAX is projected to open 0.45% higher, Italy's FTSE MIB is expected to add 0.32%, and the French CAC 40 is predicted to rise 0.22%.

In the U.K., FTSE 100 futures indicated a rise of nearly 0.21%.

—Hugh Leask

Shares of Australia's NextDC plummeted 39.5% on Wednesday after the data center operator revised its annual earnings forecast downward. The company cited power supply delays at its Melbourne facility, attributed to local community and stakeholder opposition.

NextDC lowered its fiscal 2027 revenue guidance to between A$475 million and A$500 million, down from a previous forecast of A$615 million to A$640 million. Its underlying earnings before interest, taxes, depreciation, and amortization (EBITDA) forecast was also reduced to A$245 million to A$265 million, from A$385 million to A$410 million.

—Jenny Lee

Shares of Chinese battery giant CATL experienced a decline of over 9% in Hong Kong and China on Wednesday, following the release of its third-quarter financial results on Tuesday.

The company reported a 14.5% year-on-year increase in third-quarter net profit attributable to shareholders, reaching 21.25 billion yuan ($3.18 billion). Revenue surged by 58.6% to 165.22 billion yuan.

Citi maintained its 'Buy' rating on CATL but reduced its earnings forecasts for 2026–2028 by 9%, 14%, and 15% respectively. The bank also lowered its price target for the company's Shenzhen-listed shares to 479 yuan from 500 yuan, citing weaker gross margins, increased expenses, and impairment losses in CATL's third-quarter performance.

—Jenny Lee

South Korea's stock exchange implemented a brief halt on program trading after Kospi 200 futures surged 5%, activating a "sidecar" mechanism designed to mitigate excessive market volatility.

The five-minute trading suspension occurred as South Korean equities experienced a significant rebound on Wednesday, with technology and semiconductor stocks recovering from a sharp sell-off earlier in the week. This recovery is occurring as investors reassess the prospects of the artificial intelligence sector. The benchmark Kospi Index was up 4.4%.

—Lee Ying Shan

Japan's exports in September saw a year-on-year increase of 16.7%, falling significantly short of market expectations, which had projected a 20.1% growth. This marks the second consecutive month of slowing export growth, following a near four-year high in July.

The growth was supported by strong semiconductor exports, which rose 49.4% year-on-year by value. Machinery exports also contributed, with semiconductor-related machinery shipments up 43.9% and power generation machinery exports climbing 22.6%.

Regarding destinations, shipments to mainland China increased by 8.6%, while exports to the U.S. rose by 22.9%.

—Lim Hui Jie

Asian technology stocks experienced a broad rebound on Wednesday, as optimism surrounding SpaceX's latest quarterly results helped rekindle sentiment towards artificial intelligence infrastructure investments after a significant sell-off.

South Korean memory chip giant SK Hynix surged 6.38%, while its rival Samsung Electronics climbed 5.03%. Shares of South Korean AI infrastructure provider Elice soared 29.92%, recovering from a more than 30% drop in its trading debut Tuesday. This sharp recovery followed concerns that heavy AI infrastructure spending might not translate into sustainable profits.

Japanese semiconductor stocks also rallied. Chip-testing equipment maker Advantest jumped 5.31%, while Tokyo Electron gained 3.02%. Technology investment giant SoftBank Group rose 4.70%.

Dan Ives, Tech Analyst at Yorkville Ives, commented, "The SpaceX quarter and what this indicates for the neoclouds is very bullish globally and the Korean stocks have sold off way too much in my view."

—Lee Ying Shan

Asia-Pacific markets opened higher on Wednesday, led by South Korean stocks.

The Kospi advanced 1.8%, rebounding from Tuesday's losses, while the tech-focused Kosdaq Index jumped over 2%. Japan's Nikkei 225 was up 1.4%, and the Topix added 0.93%. Australia's S&P/ASX 200 remained flat.

— Lee Ying Shan

Asia-Pacific markets were poised for a higher open on Wednesday, following overnight gains on Wall Street driven by strong corporate earnings and easing oil prices.

Futures for Japan's Nikkei 225 in Chicago were at 65,355, and in Osaka at 65,210, compared to the previous close of 64,075.42. Hong Kong's Hang Seng index futures traded at 24,001, higher than the last close of 23,867.74. Australia's S&P/ASX 200 gained 0.27%.

— Lee Ying Shan

Intuitive Surgical — Shares fell about 7% after the company's third-quarter results failed to meet investor expectations, with earnings of $3 per share (excluding certain items) on revenue of $3.05 billion.

SpaceX — The rocket company saw its shares gain nearly 7% following a reported 161% jump in third-quarter revenue to $14.58 billion. Elon Musk also indicated that SpaceX and Tesla are forming special committees to discuss a merger. Tesla shares were up 1%.

Netflix — The streaming giant's shares declined more than 5% after reporting third-quarter revenue of $12.87 billion, a 12% year-over-year increase driven by membership growth and a price increase implemented in March.

Read more about Tuesday's after-hours movers here.

—Darla Mercado

U.S. stock futures showed gains Tuesday evening as traders evaluated the latest earnings reports.

Futures tied to the Dow Jones Industrial Average rose 0.19%. S&P 500 futures gained 0.47%, and Nasdaq-100 futures added nearly 1%.

— Deena Zaidi