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Goldman, Morgan Stanley See 10%-20% Market Drop Over 1-2 Years
Tom White
November 04, 2025
U.S. stock futures are selling off in premarket trading, pressured by declines in tech and artificial intelligence-related names.
Palantir (PLTR) shares are down about 7% despite an earnings beat and guidance hike, fueled by growth in its artificial intelligence business.
Also pressuring stocks were comments from Goldman Sachs and Morgan Stanley who expect a 10% to 20% correction in equity markets over the next 1-2 years.
With little economic data due to the Government shutdown, which is on its record 35th day, investors will watch earnings with results due from Spotify (SPOT), Shopify (SHOP), Uber (UBER) and Marriott (MAR) this morning.
Morning Movers
Snapshot (as of 7 AM ET)
Oil (/CL) – Oil prices fell over 1% near $60 a barrel as OPEC+’s decision to pause output hikes in the first quarter next year along with weak manufacturing data and a stronger dollar weighed on the market.
Gold (/GC) – Gold prices are down 0.3% near $4010, partially helped by a pause in the dollar’s rally and lower Treasury yields, while investors waited for U.S. economic data due this week for more cues on the interest rate path.
Bitcoin (/BTC) – The Crypto Future is down 2% near 104,800 in premarket trading.
VIX – The CBOE Volatility Index fell 1.6% on Monday and settled at 17.17 as stocks were mixed. The VIX is up over 10% near 19 this morning on the sell-off in stocks.
U.S. Dollar (/DX) – The dollar is up 0.3% to 99.98.
Biggest Premarket Movers
Symbol | Product | Mark % Change (as of 7 AM ET) |
|---|---|---|
HSIC | Schein Henry | +7.21% |
GPN | Global Payments | +5.84% |
CLX | Clorox | +3.08% |
ADM | Archers-Daniel Midlands | -10.58% |
ZTS | Zoetis | -9.95% |
NCLH | Norwegian Cruise Line | -8.25% |
Economic Data
Time | Event |
|---|---|
6:35 AM ET | Fed’s Bowman Speaks |
8:30 AM ET | Intl. Trade in Goods/Services |
10:00 AM ET | Factory Orders |
Notable Earnings
Premarket | Postmarket | Premarket Tomorrow | Postmarket Tomorrow |
|---|---|---|---|
ADT, APO, ADM, BALL, BP, CPRI, CDW, ETN, ERJ, UUUU, EXC, FTS, IT, GPN, GPK, HOG, HTZ, LDOS, MPC, MAR, MLM, TAP, NCLH, PFE, PHG, SHOP, SPOT, UBER, WING, YUM, ZTS | AMD, AFL, AIG, AMGN, ANGI, ANET, CAVA, CRUS, CLOV, CTVA, CPNG, FLYW, GDRX, GO, IFF, KGC, KD, LYV, LITE, MAC, MARA, MASI, MTCH, MOS, OI, PCTY, PINS, RIVN, SWKS, SMCI, TOST, TREX, UPST, ZETA | GOLF, AES, BG, CCJ, CNK, DIN, EMR, FIS, HUM, JCI, MCD, OC, PSN, PPL, SMG, SEDG, SONO, TBLA, TEVA, U, UP, WWW, ZBH | ALB, ALL, AMC, APA, APP, ARM, ARRY, BMBL, CF, COHR, COTY, DVN, DASH, BROS, ELF, FIG, FTNT, ULCC, HUBS, IONQ, JOBY, KVYO, LZ, LCID, LYFT, MCK, MET, PAYC, QCOM, HOOD, SNAP, TKO, ZIP |
Upgrades/Downgrades
DZ Bank upgrades Apple (AAPL) to Buy from Hold
JPMorgan upgrades Qorvo (QRVO) to Neutral from Underweight
BNP Paribas Exane upgrades Comcast (CMCSA) to Neutral from Underperform
Jefferies downgrades Caesars (CZR) to Hold from Buy
Evercore ISI downgrades Kimberly-Clark (KMB) to In Line from Outperform
Oppenheimer downgrades Comcast (CMCSA) to Perform from Outperform
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