Stock Futures Stalled by China's Tariff Retaliation

Stock futures won't be building on their massive Monday rebound, after China ratcheted up the geopolitical tensions with retaliatory tariffs, slapping sanctions on five of South Korea’s Hanwha Ocean’s U.S. subsidiaries. Futures on the Dow Jones Industrial Average (DJI) were last seen off by over 250 points, while Nasdaq-100 (NDX) and S&P 500 Index (SPX) futures are also firmly in the red, as Wall Street also unpacks a slew of bank earnings, including a top-line beat from JPMorgan Chase (JPM).

Investors will await monetary policy clues from Fed Chair Jerome Powell, due to speak later today at the National Association for Business Economics. Ahead of the event, bond yields are moving lower, with the 10-year Treasury yield last seen testing 4%, while gold prices are holding above $4,100 per ounce.

• Wall Street's "fear gauge" has done this twice already in 2025, per Schaeffer's Senior V.P. of Research Todd Salamone.
• 2 lithium stocks to keep an eye on.
• Plus, DASH upgraded; rare earth stocks sparkle; and Domino's big beat.

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5 Things You Need to Know Today

1. The Cboe Options Exchange saw over 2.7 million call contracts and roughly 1.5 million put contracts exchanged on Monday. The single-session equity put/call ratio fell to 0.55, while the 21-day moving average remained at 0.58.
2. DoorDash Inc (NASDAQ:DASH) is 0.4% lower before the bell, even after J.P. Morgan Securities upgraded the stock to "overweight" from "neutral" and hiked its price target to $325 from $175. DASH is 63% higher year to date heading into today, and hit a record high of $284.41 on Oct. 8.  
3. Critical Metals Corp (NASDAQ:CRML) stock is 35% higher ahead of the open, as rare earth stocks across the board rise due to China's trade tensions. There is also buzz that the Trump administration will strike a deal with the company to shore up its domestic supply of rare earths. CRML is up 242% in 2025 and is fresh off a Oct. 13 record high of $23.28. 
4. The shares of Domino's Pizza Inc (NASDAQ:DPZ) are up 4.1% in electronic trading, after the company reported third-quarter earnings and revenue that exceeded analyst estimates. DPZ will look to breach its year-to-date breakeven level today, with $400 stepping up as possible support.
5. Earnings season kicks off for real this week.

Mining Stocks, Samsung Caught in China-U.S. Crossfire

Asian stocks closed deep in the red across the board, as tensions between China and the U.S. ramped up. Samsung Electronics weighed heavy after erasing post-earnings gains, while shipping stocks slid after Hanwha Ocean had five U.S.-related ships sanctioned by China’s Ministry of Commerce. Mining stocks also fell sharply, leaving Hong Kong’s Hang Seng Index off 1.7%, Japan’s Nikkei 2.6% lower, and China’s Shanghai Composite and South Korea’s Kospi both down 0.6%.

Markets in Europe aren’t faring much better, with added pressure stemming from defense stocks in response to China’s tightening stance on rare earths. At last check, London’s FTSE 100 is off 0.4%, France’s CAC 40 is down 1%, and Germany’s DAX is 1.3% lower.