Stock Market Live October 10: S&P 500 (VOO) Rises Slightly Ahead of Earnings Season
Key Points
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The U.S. government remains in shutdown mode on Day 10, with economic data reports suspended.
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Earnings season begins next week.
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Friday Wrap-up
Disappointed in Mosaic
RBC Capital analyst Andrew Wong downgraded S&P 500 component Mosaic (NYSE: MOS) to sector perform with a $30 price target this morning.
“We are disappointed in another surprise phosphate production cut and expect shares will be down significantly on the news,” complains Wong. “Several quarters of strong operations may be needed to win back investor confidence.” In the meantime, despite seeing “a potential upside case with Mosaic returning to nameplate phosphate production” and capturing profits from “still elevated phosphate prices,” the analyst is stepping to the sidelines.
Mosaic stock is down nearly 8% in response. The Voo is crashing, too, now down 1.1%, after President Trump announced he will call off a planned visit to China and impose “massive” new tariffs on China in response to that country’s new export restrictions on rare earths.
Freeport Downgraded on Mine Troubles
Freedom Capital Markets analyst Vitaly Kononov downgraded S&P 500 component company Freeport-McMoRan (NYSE: FCX | FCX Price Prediction) to hold with a $47 price target this morning.
Kononov cites likely 35% lower copper output at Freeport’s Grasberg mine in 2026, “compared with its previous estimates, amid the recent fatal accident,” as his primary reason for downgrading. More broadly relevant to other copper miners, Kononov predicts a 1% deficit in needed copper supply globally in 2026, which could push copper prices higher.
Freeport stock is down 0.4% on the downgrade.
China Cracks Down on Chips
London’s Financial Times is reporting that China has mobilized teams of customs officers to “carry out stringent checks on semiconductor shipments” arriving at Chinese ports. Customs is on the lookout for H20 and RTX Pro 6000D chips from Nvidia (Nasdaq: NVDA).
It’s not 100% clear what exactly customs is looking for in these shipments. But at the very least, heightened scrutiny can be expected to slow customs clearance — and slow down revenue flow to Nvidia.
Nvidia stock is up 0.9% in early trading on the Nasdaq regardless, and the Voo is up 0.3%.
This article will be updated throughout the day, so check back often for more daily updates.
The Vanguard S&P 500 ETF (NYSEMKT: VOO) closed down 0.3% on Thursday as the U.S. government endured its ninth straight day of shutdown.
Now it’s Friday, and Day 10, and the Voo is rising a bit, up less than 0.1% premarket.
With the government shut down, there’s little hope of optimistic economic data goosing the market higher. Actually, the contrary is more likely, with investors wondering what bad news might be going unreported by government agencies that have gone silent.
If there is good news to report, something to provide catalysts to drive stock prices higher, it’s probably going to have to come from companies themselves. Luckily, earnings season ramps back up next week, with big banks starting to report their Q3 profits.
The news could be good or bad — but at least it will be news.
Earnings
Even before earnings season officially kicks off, a handful of companies are reporting (either early for this coming season, or straggling in late from the last one, depending on your perspective).
Applied Digital (Nasdaq: APLD) beat “earnings” by 11 cents last night, reporting a fiscal Q1 2026 loss of only $0.03 where Street analysts forecast a $0.14 loss. Even better, Applied did $64.2 million in revenue for the quarter, well ahead of the $51 million forecast.
Jeans-maker Levi Strauss & Co. (NYSE: LEVI) beat by four cents with a $0.34 per share third quarter 2025. Revenue edged out consensus estimates at $1.5 billion. On the down side, Levi guided to $1.27 to $1.32 per share for the full year 2025. Taken at the midpoint, that’s less profit than the $1.31 Wall Street consensus.
Unsurprisingly, Levi stock is down a lot premarket on the news — nearly 10%.
Glassmaker Apogee Enterprises (Nasdaq: APOG) this morning also beat by 14 cents with a $0.98 fiscal Q2 2026 profit. Revenue for the quarter was $358.2 million, also beating expectations. But Apogee warned on earnings, saying full-year profits will range from $3.60 to $3.90, well below expectations for $3.96.
Joel South has been an avid investor and financial writer for over 15 years, publishing thousands of articles analyzing stocks, markets, and investment strategies across multiple leading financial media platforms. He spent 12 years at The Motley Fool, where he worked as an investment analyst and Bureau Chief before ascending to direct the Fool.com investing news desk, overseeing editorial operations and content strategy. During his tenure, Joel co-hosted an investing podcast and became a recognized voice in financial media through numerous TV and radio appearances discussing stock market trends and investment opportunities.
Currently serving as General Manager and Managing Editor at 24/7 Wall Street, Joel has published hundreds of in-depth analyses focusing on large-cap stocks, dividend-paying equities, and market-moving developments. His comprehensive coverage spans earnings previews, price predictions, and investment forecasts for major companies across all sectors—from technology giants and semiconductor manufacturers to consumer brands and financial institutions. Joel's expertise encompasses t fundamental analysis, options market interpretation, institutional investor behavior, and translating complex market dynamics into clear, actionable insights for individual investors.
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