U.S. Stock Market Pre-Market Highlights: BlackRock Downgrades U.S. Equities, JPMorgan Q3 Revenue Misses Expectations

BlockBeats news, October 13: Key pre-market news for US stocks on Tuesday is as follows:

1. ChangXin Memory Technologies recently disclosed that it has made key progress on a memory chip architecture also being pursued by Samsung Electronics and SK Hynix;

2. A latest Morgan Stanley report points out that Samsung and SK Hynix currently have forward P/E ratios of only about 3 to 4 times, which looks cheap but may hide a valuation trap at the cycle top. Morgan Stanley believes that the stronger the fundamentals of the memory industry, the more easily the risk of a cycle top is underestimated, and high prosperity may not translate into sustained excess returns;

3. JPMorgan Chase released its third-quarter earnings report, with adjusted revenue of $50.91 billion, versus market expectations of $51.37 billion. Third-quarter earnings per share were $5.57, and third-quarter FICC sales and trading revenue was $5.37 billion, versus expectations of $6 billion;

4. Goldman Sachs (GS.N) third-quarter equities sales and trading revenue was $6.44 billion, versus expectations of $5.09 billion. Third-quarter fixed income, currency and commodities sales and trading revenue was $3.47 billion, versus expectations of $3.72 billion;

5. Citigroup Q3 revenue was $23.85 billion, versus market expectations of $23.72 billion. Third-quarter fixed income, currency and commodities sales and trading revenue was $4.39 billion, versus expectations of $4.26 billion. Third-quarter equities sales and trading revenue was $1.73 billion, versus expectations of $1.78 billion;

6. BlackRock's investment research institute adjusted its US asset allocation, upgrading short-term US Treasuries to overweight, raising long-term US Treasuries from underweight to neutral, ending nearly six years of underweight stance on US Treasuries, while the institution downgraded US equities from overweight to neutral;

7. Yesterday, US spot Bitcoin ETFs saw net outflows of $65.4 million, and spot Ethereum ETFs saw net outflows of $85.4 million.