Stock Market Live October 21: S&P 500 (VOO) at All Time Highs on Strong Earnings

By Ian Cooper Updated Oct 21, 9:56AM EDT · Published Oct 21, 8:51AM EDT

Key Points

GM’s EPS of $2.80 was better than the $2.31 expected. Revenue of $48.59 billion was better than the estimates of $45.27 billion.
Apple just hit a record high on strong iPhone 17 sales and more upgrades.

Live Updates

Tesla was just upgraded to overweight

Oct 21, 2025 at 9:56 AM EDT

Shares of Tesla (NASDAQ: TSLA | TSLA Price Prediction) were jut upgraded to overweight by analysts at Cantor Fitzgerald. The firm says it’s bullish on the stock ahead of earnings.

The firm added, “Above all, we will be focusing on Elon’s commentary, particularly updates on the timing of several upcoming key material potential near-term catalysts, including: continued rollout of Robotaxi in Texas and California, ramp up of the Model 3/Y standard (lower-cost vehicle), FSD adoption in China and Europe, launch of the cybercab in 2026, and an update on the timeline for its humanoid Optimus Bot,” as quoted by CNBC.

Analysts at Bank of America just reiterated a buy rating on Meta Platforms (NASDAQ: META) ahead of earnings this month. The firm noted, “Meta is an investment in increasing social and mobile Internet usage, and also offers exposure to the increasing use of AI/ML technology and potential long-term Metaverse opportunity.”

Mizuho analysts also reiterated an outperform rating on Nvidia (NASDAQ: NVDA).

“We see NVDA remaining the leader in the AI training and inference chips for Data Center applications (we estimate >95% share today), which we believe is growing at ~60% CAGR to >$500B by 2028E,” said the firm, as also quoted by CNBC.

Upgrades and Downgrades Today

Oct 21, 2025 at 9:24 AM EDT

IBM (NYSE:IBM) is drawing positive attention ahead of its third-quarter earnings, with Jefferies raising its price target to $305 from $280 while maintaining a Hold rating. Analysts anticipate a potential EPS and revenue beat, fueled by robust iPhone demand into fiscal 2026, ongoing PC refresh cycles, and accelerating software growth through Red Hat’s strength and automation tailwinds.

Starbucks (Nasdaq: SBUX) faces a cautious outlook as UBS trimmed its price target to $94 from $100, holding a Neutral rating. The firm expects limited headway in the company’s “Back to Starbucks” turnaround efforts during the fourth quarter, with persistent sales challenges in a tough industry environment pressuring margins and earnings, though long-term recovery is projected through enhanced operations, marketing, and product innovation.

Truist Financial (NYSE: TFC) received a notable boost from TD Cowen, which upgraded the stock to Buy from Hold and lifted its price target to $55 from $48. The upgrade highlights Truist’s strong third-quarter performance on fees and accelerating loan growth, marking an “inflection point” with a multi-year investment plan that signals renewed offensive momentum, leaving shares substantially undervalued.

Western Digital (Nasdaq: WDC) continues to benefit from solid preliminary data, prompting BofA to increase its price target to $145 from $141 while keeping a Buy rating. The firm projects first-quarter results near the high end of guidance, driven by market share gains in flash and subscription segments amid a favorable environment for storage demand.

WEC Energy Group (NYSE: WEC) is positioned for an upbeat long-term growth revision, as BMO Capital hiked its price target to $120 from $114 with a Market Perform rating intact. Expectations center on the utility raising its EPS growth guidance to 7%-8% from the current 6.5%-7%, potentially emphasizing the upper end of that range.

Markets continue to push higher on strong earnings and upgrades.

At the moment, Dow futures are up about 23 points. Nasdaq futures are up about three, as the S&P 500 tacks on about two points. All gaining a boost after General Motors (NYSE: GM) hiked its guidance for the full year and beat earnings expectations.

In fact, GM’s EPS of $2.80 was better than the $2.31 expected. Revenue of $48.59 billion was better than the estimates of $45.27 billion.

“The updated guidance includes adjusted earnings before interest and taxes of between $12 billion and $13 billion, or $9.75 to $10.50 adjusted EPS, up from $10 billion to $12.5 billion, or $8.25 to $10 adjusted EPS, and adjusted automotive free cash flow of $10 billion to $11 billion, up from $7.5 billion to $10 billion,” said CNBC.

Apple Just Hit a Record High

Helping, Apple (NASDAQ: AAPL) just hit a record high on strong iPhone 17 sales and more upgrades.

Goldman Sachs, which has a buy rating on Apple, raised its price target to $279 from $266. “Into F2026, we expect continued strength in iPhone demand, supported by both U.S. carrier competition and continued form factor changes with the expected launch of the iPhone 18 foldable,” added the firm, as quoted by CNBC.

Wells Fargo, which has an overweight rating on Apple, raised its price target to $290 from $240.

There’s Speculation the Government Shutdown Could Soon End

There’s growing optimism that the government shutdown could soon end. In fact, according to National Economic Council director Kevin Hassett, the shutdown “is likely to end sometime this week,” and the White House was prepared to take stronger measures to force an end to the stalemate if no deal is reached this week, as also quoted by CNBC.

As it stands now, one of the longest shutdowns in history just got longer after the US Senate failed to pass a resolution. All after a majority of Democrats continued to vote as they have. In the latest vote of 50 to 43, Senate Democrats aren’t budging.

“The shutdown, which began on 1 October, has become the longest full government shutdown in US history, and the third-longest when including partial shutdowns. If it extends past Tuesday, it will surpass the 21-day shutdown of 1995-96 to claim second place. Only the 35-day partial shutdown during Donald Trump’s first term, from December 2018 to January 2019, has lasted longer,” added The Guardian.

Fortunately, markets have been shrugging this off for higher highs.