Ray: Good morning, this is Biscuits and Tickers for Monday, October 19. I'm Ray.

Nora: And I'm Nora. Tech futures are bouncing after the Nasdaq's worst week since the spring, oil is sliding after Washington put new Russia sanctions on hold, and Europe is under pressure as protests in France turn violent. Here's what you need before the bell.

Ray: As of about eight twenty five Eastern, Nasdaq 100 futures are up roughly one percent, and the Q Q Q fund is up about one point three percent in pre-market trade. S and P 500 futures are up around half a percent. The Dow is the laggard, roughly flat to slightly lower, and small caps are up about half a percent.

Nora: That follows a rough Friday. The S and P 500 closed at seven thousand six hundred fifty nine, down one point one percent. The Nasdaq Composite fell two point one percent to twenty six thousand one hundred forty, the Dow slipped three tenths of a percent to fifty two thousand two, and the Russell 2000 dropped one point seven percent. For the week, the Nasdaq lost four and a half percent, while the Dow actually gained seven tenths of a percent.

Ray: In bonds, the A P reports the ten year Treasury yield eased to about five point zero eight percent from five point one three on Friday. It touched five point three five percent earlier this month, the highest since 2002. Brent crude is down roughly one and a half to two percent, near one hundred eight dollars a barrel, and U S crude is just under one hundred dollars. Gold is up slightly near four thousand one hundred eighty dollars an ounce, and bitcoin is around eighty two thousand dollars. The VIX sits near eighteen and a half.

Nora: Overseas, it's mixed. South Korea's Kospi bounced one point eight percent but is still down more than seventeen percent over the past month. Japan's Nikkei slipped six tenths of a percent and Shanghai gained four tenths after China reported third quarter growth of four point five percent, slightly ahead of forecasts. Hong Kong is closed for a holiday. In Europe, France's CAC 40 is down about one point three percent, Germany's DAX is off one percent and London's FTSE is down eight tenths.

Ray: Today's U S calendar is light. The Fed is in its pre-meeting quiet period, so no Fed speakers. At ten Eastern we get the N A H B homebuilder sentiment index, expected to dip from thirty two to thirty one, and the Treasury auctions three and six month bills at eleven thirty.

Nora: On earnings, Fifth Third and Cleveland-Cliffs reported this morning. After the close, a batch of regional lenders including Zions, Western Alliance and Wintrust report, along with Steel Dynamics, W R Berkley and A G N C. The big week builds from there. Tuesday brings General Motors, G E Aerospace, R T X and Northrop Grumman before the bell, then Netflix, Capital One and SpaceX's first quarterly report as a public company after the close. Tesla, Meta and I B M follow on Wednesday.

Ray: Our first story: oil. President Trump signed an executive order late Friday putting broad new U S sanctions on Russia on hold, days before they were set to take effect. TradingKey reports the order waives certain sanctions, import restrictions and tariffs under the Russia and Iran sanctions law until the President or Secretary of State decides otherwise.

Nora: The A P says the move is likely to boost Russian energy exports, and Ukraine expressed disappointment. Brent had been near a five month high. Even with today's drop, oil remains above its levels before the Iran war, and TheStreet counts ten reported attacks on commercial ships in and near the Strait of Hormuz last week, keeping a floor under prices. Diplomacy is also in play, with Russian Foreign Minister Lavrov due in Tehran today and talk of a U S, Russia and China summit.

Ray: Next, the AI trade. Last week's sell-off was driven by doubts over AI spending and returns, plus high financing costs. Tickmill notes a major semiconductor index posted its longest losing streak since 2008. This morning, cheaper oil and lower yields are drawing buyers back into the hardest hit names.

Nora: TradingKey reports Micron, ticker M U, up about three and a half percent after its Taiwan union described the day's activity as a rally rather than a formal strike, easing production worries. SanDisk is up about four percent, and Nvidia, Super Micro and CoreWeave are higher too. Analysts at Tickmill say guidance from this week's tech reports may matter more than the headline numbers.

Ray: In Europe, France is the focus. The A P reports mass protests over the cost of living and school conditions turned violent over the weekend, with more than two thousand arrests nationwide. President Emmanuel Macron condemned the violence in a televised address Sunday. French stocks are leading Europe lower, French bond futures are slipping, and the euro is weaker against most major currencies, trading near one dollar twelve.

Nora: And in bank earnings, Fifth Third, ticker F I T B, reported adjusted earnings of one dollar thirteen a share, well above the estimate of about eighty seven cents on the Robinhood earnings calendar. Reported earnings were ninety cents. According to its filing, net interest income rose three percent from the prior quarter, helped by the Comerica acquisition, whose systems conversion is now complete.

Nora: Credit was steady, with net charge-offs at thirty one hundredths of a percent. The bank did note that competition for deposits is intensifying, a theme to listen for in tonight's regional bank reports.

Ray: On the movers board. Intel, ticker I N T C, is up about four percent after JPMorgan upgraded it to neutral from underweight, citing a more balanced risk reward after a roughly thirty six percent drop from its June peak. Datadog, ticker D D O G, is up more than three percent on an upgrade to outperform at Bernstein, which raised its target to three hundred fifty dollars. Nebius, ticker N B I S, is up about seven percent, rebounding from a slide that erased about a fifth of its value last week.

Nora: In deals, Silgan Holdings, ticker S L G N, is higher after agreeing to buy Trivium Packaging for three point four billion dollars in cash. Red Cat, ticker R C A T, is up about seven percent after offering to buy Austrian engine maker Steyr Motors. By sector, chips and AI infrastructure lead the rebound, while energy names face pressure from lower crude.

Ray: Here's what to watch today. Whether the tech bounce holds after the open, given Friday's selling. Oil, and any follow-up on the Russia waiver or Hormuz shipping. The ten year yield around five percent. Homebuilder sentiment at ten. Regional bank results after the close, especially commentary on deposits and credit. And positioning ahead of Netflix and SpaceX tomorrow evening.

Nora: That's Biscuits and Tickers for Monday, October 19. This is general market news, not investment advice. I'm Nora.

Ray: And I'm Ray. Have a good morning.