S&P 500, Dow Retreat While Gold, Silver, Nvidia, Broadcom, & Oracle Shine – Thursday, October 16, 2025- ( $AMRN $AVGO $MCD $NVDA $ORCL $PRAX $TDOC Rise!)

By John F. Heerdink, Jr.

U.S. equities declined on Thursday as renewed stress in the regional banking sector and escalating U.S.–China trade frictions weighed on investor sentiment. The S&P 500 closed down 0.6% at 6,629.07, the Dow Jones Industrial Average fell 301 points or 0.7% to 45,952.24, the Nasdaq Composite dropped 0.5% to 22,562.54, and the Russell 2000 sank 2.1% to 2,467.01. The retreat followed earlier gains driven by strong semiconductor and technology earnings. Market breadth weakened into the close as investors digested mixed economic data and tariff developments.

Macroeconomic Reports, Shutdown, The Regionals

Absent economic releases as the federal government shutdown stretched into its third week, paralyzing Washington and clouding Wall Street’s view of the economy. With key data releases from the Labor Department and other agencies on hold, traders and policymakers alike are operating with limited visibility into growth and inflation trends. The impasse between President Trump and congressional Democrats shows little sign of easing, and analysts increasingly expect the funding lapse to persist into November.

In addition, markets on Thursday were rattled less by the political standoff than by renewed strain in the regional banking sector. Shares of Zions Bancorporation and Western Alliance tumbled sharply after both lenders disclosed fresh issues tied to commercial loan portfolios, reviving credit risk concerns that had largely subsided earlier in the year. The losses spread across smaller bank stocks, dragging the broader financial sector lower and reigniting debate about whether tighter credit conditions could amplify economic fallout from the ongoing shutdown.

The Federal Reserve maintained a cautious tone with officials signaling that another rate cut was likely at the October 28–29 FOMC meeting amid persistent inflation pressure tied partly to tariffs.

Trade and Tariff Developments

Markets remained sensitive to President Trump’s renewed tariff stance on Chinese goods, which continues to rattle equity sessions. The administration signaled potential flexibility for select sectors, but no de-escalation measures were announced today. Analysts described the market’s reaction as a “tariff tantrum,” with volatility rising around high-tariff-sensitive sectors including semiconductors and autos.

Treasury Yield Curve and Interest Rates

The yield curve remained moderately normal. The 10-year Treasury yield closed below 4% today at 3.976% and the 2-year dropped to 3.422%. Fed fund futures continue to price in at least one 25-basis-point reduction by month’s end, reflecting dovish momentum before the blackout period ahead of the meeting.

Commodity and Crypto Markets

Gold jumped 3.42% to $4,345.50 per ounce while silver rose 3.87% to $53.365 per ounce. Oil prices fell 1.49% to $57.40 a barrel, amid growth concerns. Bitcoin (BTC) traded volatile, falling below $108,105.

Corporate Highlights

AMD (AMD) shares fell 1.69% to $234.56 even after Truist recently upgrading the stock to Buy, citing strong data center and AI chip traction and growing deployment partnerships among hyperscalers.

Apple (AAPL) slipped modestly by .76% to $247.45 as supply chain concerns in China resurfaced tied to tariff uncertainty.

NVIDIA (NVDA) gained 1.98% to $181.81, extending strength from TSMC’s robust outlook and rising AI capital expenditures.

Broadcom (AVGO) rose .80% to $354.15.

Tesla (TSLA) recovered slightly after early weakness and closed at $428.75, -1.47%, supported by improving China delivery trends, though trade worries limited upside.

Meta Platforms (META) edged lower by .76% to $712.07 amid renewed optimism for advertising demand tied to AI-driven efficiency initiatives.

McDonald’s (MCD) edged up by .03% to $305.33, pressured by cautious U.S. consumer sentiment numbers released earlier in the day.

Intel (INTC) drifted lower by .83% to $36.84.

Oracle (ORCL) gained +3.09% to $313 after investors highlighted durable recurring cloud revenue strength and potential margin expansion and the company offered an ambitious forecast of $166 billion in cloud revenue by 2030,

MongoDB (MDB) slipped roughly 1.09% as profit-taking followed a strong October run driven by software sector momentum.

Palantir Technologies (PLTR) dropped .84% to $178.12; the software firm continues to outperform broader tech in 2025, supported by strong U.S. government contracts and AI analytics wins.

Opendoor (OPEN) dipped over 3.66% to $7.11 as higher mortgage rates continued to weigh on real estate tech valuations. Could this pop up if the FOMC cuts rates at the next meeting?

Rio Tinto Group (RIO) slipped .16% to %68.75 and is up +8.37% over the last month.

Roche (RHHBY) rose +.61% to $44.75 as broader European pharma shares lagged after weak regulatory developments in oncology.

Eli Lilly (LLY) fell slightly by .87% to $819.38 after its weight-loss therapy trial data continued to outperform expectations.

Oklo Inc. (OKLO) fell 5.49% to $162.14. The move came despite fresh institutional buying reports by WJ Wealth Management, which increased its holdings by nearly 19%. Sector sentiment remained supported by broader government interest in microreactor deployment through U.S. Army initiatives.

Praxis Precision Medicines’ (PRAX) stock erupted Thursday up greater than 200% after the company reported decisive Phase 3 results for its essential tremor drug, sending shares to an all-time high and erasing months of skepticism.

Vista Partners Watchlist Highlights & Updates

Eupraxia Pharmaceuticals (EPRX, $5.87) is clinical-stage biotechnology firm headquartered in Victoria, Canada, that is leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need & has quietly become one of the more intriguing stories on both sides of the border in 2025. The company’s shares now trade under the ticker EPRX on both the Nasdaq and the Toronto Stock Exchange, following its U.S. market debut in April 2024. This dual listing has broadened its investor base at a time when the company’s clinical and financial narrative is gaining momentum. All covering analysts currently rate the stock as a “Buy” or better, with not a single “Hold” or “Sell” recommendation in sight. In a sector defined by binary outcomes and frequent disappointment, such unanimity is striking. Overall, analysts cite Eupraxia’s strong clinical pipeline and revenue growth potential as key drivers behind their bullish outlook.

View the Tribe Public event titled “How New Drug Delivery Methods Are Changing Lives: Eupraxia’s Innovations Explained.” This special event was co-hosted by James A. Helliwell M.D. the CEO of Eupraxia Pharmaceuticals (NASDAQ: EPRX), who will deliverer a brief presentation & was also be available for Q&A session.

After the close on Monday, Sept. 29, Eupraxia Pharmaceuticals provided an operational update on the development of EP-104GI, including reporting data from patients in Cohort 9 of the dose escalation portion of the RESOLVE trial, the first time that patients received an 8mg dose per injection. “We believe our recent financing, combined with our latest clinical trial results, underscores both the medical and investment communities’ confidence in EP-104GI. The strong efficacy trend observed in previous cohorts – the more drug we deliver to the tissue, the better the results we observe – has continued in Cohort 9. Combined with the absence of any Serious Adverse Events or cases of candidiasis, this strongly suggests that an 8mg dose per injection is the optimal second dose to test in our Phase 2b trial”, said Dr. James A. Helliwell, Chief Executive Officer of Eupraxia. “We believe EP-104GI has the potential to significantly improve upon the current standard of care, as the clinical efficacy outcomes and improvements in tissue health reported so far are well beyond the published results for the leading currently approved therapies. With the capital raised, we are well-positioned to expand our Phase 2 study, prepare for a robust Phase 3 program, and pursue additional clinical indications, subject to discussions with FDA, all with a runway extending well into 2028”.

On Sept. 24 Eupraxia Pharmaceuticals announced the successful closing of its previously announced public offering (the “Offering”) of 14,636,363 common shares of the Company (the “Common Shares”), which includes the full exercise of the option to purchase additional shares granted to the underwriters, at a price to the public of US$5.50 per Common Share for gross proceeds of approximately US$80.5 million, before deducting the underwriting commissions and estimated expenses incurred in connection with the Offering. “This financing represents a pivotal milestone for Eupraxia, enabling us to accelerate the development of EP-104GI for eosinophilic esophagitis and advance toward our upcoming Phase 2b clinical readout, plus other key clinical and regulatory milestones,” said James Helliwell, CEO of Eupraxia. “The strong participation from leading life-science focused investors validates both our strategy and technology, and with this financing, we believe we are now capitalized into the first quarter of 2028, providing the resources and flexibility to deliver on our vision.”

Cantor and LifeSci Capital acted as joint book-running managers for the Offering. Bloom Burton also acted as co-manager for the Offering.

Modular Medical, Inc. (NASDAQ: MODD, $.555) is an insulin delivery technology company with the first FDA-cleared patch pump designed specifically to target the estimated $3 billion dollar adult “almost-pumpers” market with its user-friendly and affordable design. Using its patented technologies, the company seeks to eliminate the tradeoff between complexity and efficacy, thereby making top quality insulin delivery both affordable and simple to learn. Their mission is to improve access to the highest standard of glycemic control for people with diabetes taking it beyond “superusers” and providing “diabetes care for the rest of us.” Modular Medical was founded by Paul DiPerna, a seasoned medical device professional and microfluidics engineer. Prior to founding Modular Medical, Mr. DiPerna was the founder (in 2005) of Tandem Diabetes and invented and designed its t:slim insulin pump. More information is available at https://modular-medical.com.

On October 6, Modular Medical announced the appointment of David Bosshard as Head of International Operations. With two decades of expertise in scaling similar tubeless insulin delivery systems across Europe and beyond, Mr. Bosshard will drive Modular Medical’s global strategy, leveraging his success in launching blockbuster products, such as Insulet’s Omnipod and Ypsomed’s YpsoPump, to position the Company for international growth in the rapidly expanding wearable diabetes technology sector.

On Sept. 29, Modular Medical announced the exercise of certain existing warrants issued in May 2023 and March 2025 (the “Existing Warrants”) at a reduced exercise price of $0.68 per share. The shares of common stock issuable upon exercise of the Existing Warrants are registered pursuant to effective registration statements on Form S-1 (file no. 333-271413), as amended, and Form S-3 (file no. 333-286768). In consideration for the immediate exercise of 6,504,731 Existing Warrants for cash, the Company will issue new unregistered warrants to purchase up to 3,252,366 shares of common stock (the “New Warrants”). The New Warrants will have an exercise price of $0.84 per share and will be exercisable upon issuance and will have a term equal to five years from the date of issuance. The gross proceeds to the Company from the exercise of the Existing Warrants were approximately $4.4 million, prior to deducting servicing agent fees and offering expenses. The Company intends to use the net proceeds for working capital and general corporate purposes.

On Sept. 15, Modular Medical announced Institutional Review Board (“IRB”) approval to conduct an in-house feasibility study of its next-generation Pivot insulin delivery system using sterile saline (the “Study”). Pursuant to U.S. Food and Drug Administration (“FDA”) regulations, an IRB is a group that has been formally designated to review and monitor biomedical research involving human subjects. The Study will simulate real-world conditions by delivering sterile saline to adult participants for up to 90 days to gather critical data on device usability, extended wear performance and user feedback.

On September 11, Modular Medical announced the successful completion of a clinical study with the MODD1 pump. The MODD1 was worn by nine clinicians with Type 1diabetes who currently wear a continuous glucose monitor (“CGM”) and other pumps to provide the Company with real-world experience and feedback to make further refinements for the launch of its next-generation Pivot pump product. This MODD1 study was conducted to test and refine its ease of use for converting multiple daily injectors to this system and will continue as we prepare for the Pivot launch.

On August 26, Modular Medical announced that the MODD1 product cartridge production run has been completed and its manufacturing line is being converted to production for its Pivot product.“I want to congratulate our operational team for the successful validation of our MODD1 manufacturing process and production of human use cartridges,” said Jeb Besser, CEO of Modular Medical. “We will now begin converting our cartridge line to Pivot production, and we expect it to be ready to produce cartridges for our Pivot product upon receipt of clearance from the U.S. Food and Drug Administration (the “FDA”). We expect to submit the Pivot product to the FDA for clearance in October 2025. The Pivot will be the first tubeless, removable 3 milliliter patch to be available to the consumer when it is cleared. Along with these features, the ability to scale production is a key differentiator in the pump space, especially given the much higher volumes required for a patch pump. Modular Medical’s simple, low-cost platform was designed from the ground up for high volume manufacturing.”

On August 8, Modular Medical announced its participation at the Association of Diabetes Care & Education Specialists (“ADCES”) Conference, which is being held in Phoenix, Arizona from August 8 to August 11, 2025. With over 11,000 members, the ADCES is a national network of diabetes care and education specialists working to optimize clinical outcomes for people with diabetes. “The ADCES conference is an ideal location for us to showcase our next-generation patch pump, branded as Pivot, for which we plan to file for U.S. Food and Drug Administration (“FDA”) clearance in October 2025. Diabetes care and education specialists are crucial in offering and prescribing pumps to achieve improved clinical outcomes, and we believe they will appreciate the user-friendly design of the Pivot pump and our focus on making diabetes care simpler to learn and manage for our targeted audience of Almost Pumpers,” stated Jeb Besser, CEO of Modular Medical. Modular Medical will also showcase the first playable level of the new Pivot pump gamified training module, which is being developed by Level Ex. Level Ex (powered by Relevate) is the developer of numerous medical games, including Level One, a game designed to teach the basics of caring for diabetes. Level One is endorsed by Breakthrough T1D, a leading global type 1 diabetes research and advocacy organization. Gamification has been proven to make medical training more effective, be more efficient for the clinician and dramatically improve retention of knowledge. Complexity, including support for technology, is a key issue in pump uptake and continues to serve as a barrier to adoption, impacting both the patient and provider.

On August 6, Modular Medical, Inc. announced the first human use of the MODD1 pump to deliver insulin to a person with diabetes in a real-world setting. The MODD1 is delivering insulin to a clinician with Type 1 under institutional review board approval from the United States Food and Drug Administration, which is necessary because the reusable controller line is being validated for human use.

On August 4, Modular Medical announced that the MODD1 cartridge line has been validated for human-use production in the United States. “This is an important milestone for scaling up our manufacturing infrastructure to support our commercial pilot for MODD1 and, eventually, our 3ml Pivot tubeless patch pump launch,” stated Jeb Besser, CEO of Modular Medical. “While we encountered significant delays with the initial shipment of equipment for the manufacturing line to our contract manufacturing site in Mexico, all equipment for the controller line has been installed and validation is underway. We continue to target controller line validation in October for MODD1 with the commercial pilot for MODD1 to follow immediately thereafter.” The ability to scale production is a key differentiator in the pump space, especially given the much higher volumes required for a patch pump. Modular Medical’s simple, low-cost platform was designed from the ground up for high volume manufacturing.

After the close May 28, Modular Medical announced the appointment of Jeff Goldberg to its Board of Directors. Mr. Goldberg brings decades of experience in health care, life sciences, and medical device leadership, including development of generic insulin. Mr. Goldberg began his work in medical technology alongside pioneering medical entrepreneur, and founder of MiniMed, Alfred E. Mann. Mr. Goldberg currently serves as Chairman of Lannett Company, Inc., a generic pharmaceutical manufacturer where he has helped execute a post-restructuring turnaround. During his tenure, Lannett has made significant strides in launching a generic insulin product – progress that aligns closely with Modular Medical’s commitment to innovation and affordability in diabetes care. In addition to his work at Lannett, Mr. Goldberg previously served as President and CEO within Alfred E. Mann’s incubator, IncuMed, where he oversaw multiple portfolio companies focused on drug-device combination products, including an insulin patch-pump program. His tenure with Mr. Mann’s enterprises included pivotal roles in regulatory strategy, operations turnaround, and successful exits, underscoring his ability to guide early-stage technologies to commercial viability. Mr. Goldberg also serves on the boards of several health-care and consumer-focused companies, including ATI Physical Therapy, Cano Health, and Eating Recovery Centers. He holds a JD from UCLA School of Law and an AB from Harvard College. Mr. Goldberg stated, “Modular Medical is advancing a truly disruptive approach to insulin delivery. I’m excited to join the board and contribute to the Company’s journey toward simplifying treatment for people living with diabetes, particularly as the industry shifts toward more accessible and patient-friendly solutions.”

Shares of ADT Inc. (ADT, $8.53) is a leading provider of monitored security and automation solutions for residential and small business customers in the United States and Canada. On Sept. 30, ADT Inc. announced that its indirect wholly owned subsidiary, The ADT Security Corporation, has priced its offering of $1.0 billion aggregate principal amount of 5.875% first-priority senior secured notes due 2033 (the “Notes”) in an offering that will be exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”) (the “Offering”).

GeoVax Labs, Inc. (Nasdaq: GOVX, $.5621), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer, announced presentations by its senior scientific leadership at the World Vaccine Congress Europe 2025, held October 1316 at the RAI Amsterdam Convention Centre in Amsterdam, Netherlands.

On October 7, GeoVax Labs announced that its Chairman and CEO, David Dodd, will participate in the 4th Annual ROTH Healthcare Opportunities Conference, taking place on Thursday, October 9, 2025, at the Yale Club in New York City.

On Sept. 29, GeoVax Labs announced its strong support for the newly unveiled America First Global Health Strategy by U.S. Secretary of State Marco Rubio. The strategy underscores the importance of American innovation, domestic pharmaceutical manufacturing, and global partnerships in strengthening health security and safeguarding U.S. national interests.

On Sept. 22, GeoVax Labs reaffirmed its commitment to rigorous, science-based evaluation of vaccine safety. The statement follows discussions by federal officials at the Centers for Disease Control and Prevention (CDC) Advisory Committee on Immunization Practices (ACIP) meeting, held September 18-19, 2025, regarding reports of adverse events related to COVID-19 vaccination.

On Sept. 15, GeoVax Labs showcased positive interim results for its lead COVID-19 vaccine candidate, GEO-CM04S1 at the XXI International Workshop on Chronic Lymphocytic Leukemia (iwCLL 2025) in Krakow, Poland.

On Sept. 12. GeoVax Labs, Inc. (Nasdaq: GOVX) discussed positive interim clinical results for its lead COVID-19 vaccine candidate, GEO-CM04S1, presented at the 6th ESCMID Conference on Vaccines in Lisbon, Portugal.

On Sept. 8, GeoVax Labs announced that its Chief Medical Officer and clinical collaborators will present data highlighting the cross-variant antibody and robust cellular immune responses induced by the Company’s next-generation COVID-19 vaccine (GEO-CM04S1) in immunocompromised patients with hematologic malignancies at two upcoming scientific meetings in September.

Teladoc Health (TDOC, $9.02, +.89%) is the world leader in virtual care. Teladoc Health uses proprietary health signals and personalized interactions to drive better health outcomes across the full continuum of care, at every stage in a person’s health journey. Teladoc Health leverages more than two decades of expertise and data-driven insights to meet the growing virtual care needs of consumers and healthcare professionals. For more information, please visit www.teladochealth.com.

On Oct.. 14, Teladoc Health announced the launch of a new offering to help hospitals and health systems address workplace violence. This is the latest innovation within Teladoc Health’s Clarity™ monitoring solution, which includes AI-enabled software, hardware and services that empower care teams to monitor care settings and quickly direct the right resources. The solution serves multiple use cases including virtual sitting and now virtual workplace safety intervention.

Serina Therapeutics, Inc. (NYSE American: SER, $4.89), is a clinical-stage biotechnology company advancing its lead IND candidate, SER-252, for advanced Parkinson’s disease, enabled by its proprietary POZ Platform™ drug optimization technology. Serina’s POZ PlatformTM provides the potential to improve the integrated efficacy and safety profile of multiple modalities including small molecules, RNA-based therapeutics and antibody-based drug conjugates (ADCs). Serina is headquartered in Huntsville, Alabama on the campus of the HudsonAlpha Institute of Biotechnology. For more information, please visit https://serinatherapeutics.com.

On Oct. 8, Serina Therapeutics announced the launch of a comprehensive corporate communications platform designed to deliver timely, transparent updates to patients, clinicians, investors, and the broader scientific community.

On Oct. 6, Serina Therapeutics announced the drawdown of the first $5 million tranche from its previously announced financing agreement, which provides up to $20 million in funding upon achievement of defined development milestones. Proceeds will be used to advance the Company’s planned registrational trial of SER-252 for the treatment of advanced Parkinson’s disease.

On Sept. 10, Serina Therapeutics announced that it has entered into an agreement to access up to $20 million in financing led by Serina Board Director Greg Bailey, MD. The financing also includes the issuance of warrants which, if fully issued and exercised, could result in additional proceeds of up to $20 million. “This financing provides the resources to advance SER-252 through critical clinical milestones on the path toward registration,” said Steve Ledger, Chief Executive Officer of Serina Therapeutics. “Importantly, the structure allows us to deploy capital in step with trial progress, while maintaining flexibility to access additional non-dilutive and strategic funding. We believe SER-252 has the potential to transform treatment for those with advanced Parkinson’s disease.”

On August 25, Serina Therapeutics announced that following a recent Type B meeting with the U.S. Food and Drug Administration (FDA), the FDA’s written feedback supports advancing SER-252 (POZ-apomorphine) in a registrational clinical study program in advanced Parkinson’s under the 505(b)(2) NDA pathway. In its discussions with the FDA, Serina outlined a program designed to leverage prior knowledge of apomorphine utilizing the company’s POZ-enabled profile. Serina plans to include a pharmacokinetic (PK) bridging component to an approved apomorphine product, consistent with a 505(b)(2) NDA strategy. The FDA’s feedback indicates that Serina’s initial study may be designed and conducted as a component of a registrational trial program, subject to standard clinical and nonclinical requirements and finalization of documentation at the time of IND submission.

On August 11, Serina announced its financial results for the second quarter ended June 30, 2025, along with key recent updates. Steve Ledger, CEO of Serina Therapeutics, stated, “We’re proud of the momentum we’ve built across our development programs. With SER-252 on track to enter the clinic later this year and the recent advancement of SER-270 for tardive dyskinesia, we are demonstrating how the POZ Platform can enable differentiated, long-acting therapies across neurological conditions with high unmet need. We believe our proprietary polymer technology can unlock best-in-class treatment profiles and improve patient outcomes in ways not achievable with existing drug delivery approaches.”

Amarin Corporation (NASDAQ: AMRN $20.07, +.50%), a company that envisions a world where cardiovascular disease is NOT the leading cause of death worldwide, seemingly presents itself as a deep-value opportunity, trading near its cash value yet is believed to be poised for a turnaround driven by strategic shifts and international expansion. The company’s stock valuation currently reflects its liquidation value, but several catalysts suggest substantial upside potential as it retools its global strategy amid challenges in its core U.S. market.

Amarin will report third quarter 2025 financial results and conduct a conference call on Wednesday, October 29, 2025. The Company will issue a press release detailing its third quarter 2025 financial results in the pre-market hours, followed by a conference call with senior management at 8:00 a.m. ET.