Fri prep 16 Oct: monthly opex + import prices / IP — Warsh won't prejudge, KOSPI bounces ~3%, JBHT -4–5% AH

[LondonNewsTrader]

Morning from London. After Thursday's rotation day (Dow +1.1%, S&P +0.3%, Nasdaq barely green), futures are drifting near flat — ES roughly unchanged, NQ a touch softer — and the Nasdaq-100 is still nursing a ~3% five-day slide.

Key times (London / New York):
- Before the cash open: TRV, TFC, MTB, RF, CFG — the regional-bank leg of the earnings wave
- September import/export prices — 13:30 / 08:30
- September industrial production — 14:15 / 09:15
- Monthly options expiry all day — expect pinning around big strikes into the close

What changed overnight:
- Asia steadied after the memory scare: KOSPI ~+3% after Thursday's near-8% drop, Nikkei ~+1.5% after ~-5%
- Fed Chair Warsh, speaking at the IMF/World Bank meetings in Bangkok, kept repeating that he doesn't prejudge meetings; pricing shows roughly 28% odds of a hike at the end of the month
- After-hours: JBHT ~-4–5% (revenue beat, but operating margin down to 6.7% from 7.9%), AA ~+2% (adj EPS $1.82 beat, revenue light), IBKR slightly red (separate thread), VRNS take-out (separate thread)
- MSCI's move to strip Indonesia of emerging-market status hit Jakarta hardest since 1998 — EM ETF flows are worth a glance

Trading plan for me: opex Fridays punish chasing the first push, so I'll let the 13:30 print settle before trusting any break of yesterday's range. Bank prints set the financials tone; transports get a read from JBHT at the open.

Sources: [Reuters Morning Bid via Investing.com](https://www.investing.com/news/economy- ... ng-4953079) | [CNBC after-hours movers](https://www.cnbc.com/2026/10/15/stocks- ... ht-aa.html) | [JBHT margin detail (Investing.com)](https://www.investing.com/news/earnings ... at-4952596)

Do you size down on opex Fridays, or treat the pinning as a fade opportunity? And is anyone trading the JBHT gap, or waiting for the regional banks first?