Market Overview
Before trading on Friday, futures of the three major indices all fell: Dow Jones index futures dropped by 0.58%, Nasdaq Composite index futures fell slightly by 0.01%, and S&P 500 index futures fell by 0.21%.
The United States is prepared for a long-term standoff with Iran, leading to an increase in international oil prices.WTI Crude Oil Futures Main Contract (2611) ( CLmain.US )Rose by 1.28%.Brent Crude Oil (Cash) Futures Main Contract (2612) ( BZmain.US )Rose by 1.10%.
U.S. Treasury bonds mostly rose,U.S. 20-year Treasury yield ( US20Y.BD )Maintain a high level.
Cryptocurrencies are on the rise.
Precious metals are falling.
Star tech stocks ( LIST2518.US )Before the market opening, there were mixed gains and losses. SpaceX rose by over 2%, Micron Technology increased by nearly 2%, Intel and AMD rose by over 1%. Tesla and NVIDIA had slight increases, while Apple, Meta, and Google saw slight declines.
Storage Concepts ( LIST23925.US )Most stocks were rising before the market opened; SK Hynix rose nearly 5%, Sandisk rose over 2%, Micron Technology rose nearly 2%, Western Digital fell over 3%, and Seagate Technology fell over 1%.
Optical Communication ( LIST23979.US )Concept stocks saw a collective rise before the market opened; AXT Inc rose by over 5%, Lumentum by over 4%, MaxLinear and Applied Optoelectronics by over 3%, Coherent by over 2%. Corning rose by nearly 2%, while Credo Technology fell by over 4%.
Individual Stock News
Lyon: Raises Tesla's target price to $400, upgrades rating to 'Hold'
Lyon released a report stating that,Tesla ( TSLA.US )In the third quarter of 2026, operating profit fell by 56% year-on-year to $718 million, which is lower than the bank's forecast of $966 million but higher than the market's expectation of $599 million. Management did not answer questions regarding potential SpaceX mergers; discussions mainly focused on projects such as robotaxi, Optimus, and Terafab.
The firm believes that Tesla has shifted from being a clean energy company to one driven by artificial intelligence, which is similar to SpaceX. The merger makes logical sense, and the firm expects it to happen, with market sentiment regarding the merger outweighing concerns about long-term risks. The firm has raised Tesla’s target price from $310 to $400 and upgraded its rating from “underperforming the market” to “hold.”
SpaceX Up more than 2% so far; plans to acquire 80,000 cellular base stations, communication tower companies face new opportunities
According to people familiar with the matter,SpaceX ( SPCX.US )Plans to acquire at least 80,000 cellular base station sites in the United States, and currently negotiations are underway with at least one large cellular infrastructure company to achieve this goal. These agreements will further solidify the path for this rocket and satellite giant to become the fourth largest national wireless operator in the United States.
One of the companies that is in talks with SpaceX isGuancheng International ( CCI.US ), the company andAmerican electric towers ( AMT.US )Alongside Vertical Bridge, it is listed as one of the largest owners of cellular communication towers in the United States.
Goldman Sachs summarizes the three highlights of the NVIDIA GTC Berlin Conference; AI Deployment is still progressing on track.
A report released by Goldman Sachs' research team indicates that,NVIDIA ( NVDA.US )The immediate impact of the keynote speech delivered by CEO Jensen Huang at the GTC Berlin conference on stock prices is expected to be limited, however, the core message conveyed by NVIDIA strengthens the bank's assessment that the deployment of AI will continue to progress on track in the foreseeable future.
The report focuses on three key points: NVIDIA has significantly expanded production in multiple links of its supply chain, indicating that larger-scale GPU shipments are imminent; DSX POD has compressed the deployment cycle of data centers from several months to two weeks; physical AI revenue reached $11 billion in the first half of the 2027 fiscal year ( FY27 ), exceeding about 30% of the entire 2026 fiscal year, showing a clear trend towards revenue diversification.
Goldman Sachs maintains a 'Buy' rating on NVIDIA, with a 12-month target price of $300. The bank expects NVIDIA FY27E revenue to reach $412.7 billion, with earnings per share at $9.40; FY28E revenue is expected to further increase to $718.3 billion, with earnings per share reaching $16.70.
Jensen Huang: The possibility of a storage supply surplus by 2029 is not high.
Storage chip stocks have been sold off recently, and the market is filled with concerns about oversupply and weak demand. NVIDIA CEO Jensen Huang publicly refuted this pessimistic view during the GTC conference in Germany on Thursday. He clearly stated that the likelihood of an oversupply of storage by 2029 is not high. He pointed out that the unique aspect of storage technology is that "you can always use more of it."
Jensen Huang emphasized that HBM will still be a core component in the coming years, and mentioned that NVIDIA is the first company to introduce LPDDR storage used in mobile phones into data centers. This innovation has enabled its energy efficiency to reach twice the industry standard, and such storage will continue to be widely adopted in the future.
Intel CTO: Chip manufacturing capacity far falls short of chip demand
Intel ( INTC.US )CTO indicates that chip devices are far from meeting the demand. The most advanced workloads could only be increased by about two times, not ten times. AI The annual tripling of computing power is unsustainable; device suppliers and all levels of suppliers need to expand production simultaneously. Otherwise, the overall output and the expansion of computing power will be constrained by supply chain bottlenecks.
Intel shares rise nearly 1% before the market open; U.S. FCC approves exemption requests for "robot import ban"
The Federal Communications Commission of the United States ( FCC ) stated that it has notifiedIntel ( INTC.US )Granting an exemption allows for the continued use of relevant equipment despite the import ban on some advanced robots manufactured abroad. FCC stated in a declaration that Intel will be granted a one-year exemption from the rule to prevent a situation that could disrupt Intel customers' access to semiconductor manufacturing services domestically.
Rocket Lab 19th launch of the year: The 98th "electronic" rocket breaks another record, continuing to solidify its leading position in small satellite launches
Rocket Lab ( RKLB.US )A “Electron” rocket was launched from the New Zealand Launch Complex 1 ( Launch Complex 1 ), carrying out a dedicated launch mission for the signal intelligence company Eagle Eye 360 ( HawkEye 360 ). This mission, codenamed “ We ‘ re Not Hawking Around ’”, took off on October 23, 2026, at 8:11 p.m. New Zealand Daylight Time ( NZDT ), deploying three HAWK satellites into a low Earth orbit at an altitude of 520 kilometers.
These spacecraft fly in a three-star formation, collecting radio frequency signals for maritime tracking, detecting GNSS interference, monitoring radar activities, mapping communication patterns, and supporting space defense. This mission is the 98th "Electron" rocket launch by Rocket Lab and its 19th launch in 2026, further continuing the rocket's record in the field of dedicated small satellite launches.
Western Digital Q1 Posts a 55% Year-on-Year Increase in Revenue, with Performance and Guidance Exceeding Expectations
Western Digital ( WDC.US )After the market on Thursday, the financial report for the first quarter of fiscal year 2027 was released, showing revenue of $4.381 billion, a year-on-year increase of 55% and a quarter-on-quarter increase of 17%; GAAP net profit was $1.779 billion, a year-on-year increase of about 50%; GAAP diluted earnings per share were $4.63, a year-on-year increase of 51%. Non-GAAP adjusted net profit was $1.779 billion, a year-on-year increase of 172%; adjusted earnings per share were $4.64, a year-on-year increase of 161%, higher than the $1.78 from the same period last year.
Analysts previously estimated that Western Digital's revenue for the first fiscal quarter would be around $4.15 billion, with an adjusted earnings per share of about $4.10. Both indicators announced by the company exceeded market expectations. Looking ahead to the second quarter of fiscal year 2027, Western Digital expects revenue to range from $5 billion to $5.2 billion, with a mid-range forecast of $5.1 billion, which represents a year-over-year increase of about 66% to 72%; the gross margin (excluding GAAP) is expected to be between 60% and 61%, and the adjusted earnings per share are projected to be $5.60 to $6.00. These forecasts also exceed previous market expectations.
Moderna Tumbles More Than 4% on the Market; Melanoma Vaccine Data Fails to Impress the Market
Moderna ( MRNA.US )andMerck & Co. ( MRK.US )In August, it was announced that personalized melanoma vaccines, if combined with...Merck & Co. ( MRK.US )The combined use of the best-selling drug Keytruda can significantly reduce the risk of recurrence of this fatal tumor and has clinical significance. The complete trial data leaked on Thursday did not meet the high expectations set by Wall Street earlier this year. Although the experimental results clearly indicate that the vaccine is effective, they were not impressive enough to convince the market that Moderna and Merck could achieve a more ambitious goal, namely to create a new method for treating multiple types of cancer.
Bloom Energy Q3 Posts a 138% Surge in Revenue and Turns Losses into Profits, Upgrades Annual Performance Guidance
Bloom Energy ( BE.US )After the U.S. stock market closed on Thursday, financial reports for the third quarter of 2026 were released. Revenue for that quarter reached $1.236 billion, a year-on-year increase of 138.1%, setting a new quarterly record; the net profit attributable to common shareholders of GAAP was $250 million, compared to a net loss of $23.09 million in the same period last year, marking a turnaround from loss to profit. Looking ahead to the entire year of 2026, Bloom Energy has raised its revenue forecast from the previous range of $3.9 billion to $4.2 billion to $4.4 billion to $4.6 billion, with the new forecast indicating a growth of approximately 122% compared to the full-year revenue of 2025.
At the same time, the company has raised its annual non-GAAP operating profit forecast from the previous $800 million to $900 million to $960 million to $1.03 billion, and has increased its adjusted earnings per share forecast for non-GAAP from $2.55 to $2.85 to $3.10 to $3.40. The annual non-GAAP gross margin target remains at approximately 34%.
Slumberger's shares rose by over 1% ahead of the market; diesel shortages have spurred demand for increased production, and financial results exceeded expectations.
Oil service giantSchlumberger ( SLB.US )The financial report for the third quarter, released on October 23, showed revenue of $9.449 billion, a year-on-year increase of 6% and a month-on-month increase of 5%; adjusted earnings per share were $0.64, a month-on-month increase of 16%, exceeding the market expectation of $0.62, and the revenue also surpassed the consensus forecast of around $9.27 billion. Business revenue in the Middle East increased by 13% month-on-month, with both offshore development activities and demand for production services in North America contributing to the recovery; business revenue from production systems reached $4 billion, a year-on-year increase of 15%.
After adjustments, the profit margin before interest, taxes, depreciation, and amortization (EBITDA) rebounded to 21.9%, but it is still lower than the same period last year. This financial report indicates that operational improvements are spreading, yet profitability has not fully returned to last year's level; excluding the impact of the ChampionX acquisition, the year-over-year revenue growth was 2%, which also shows that mergers and acquisitions remain an important source of revenue growth in this report.
Valero Energy Q3 Conference Call: Management is optimistic about the sustainability of cracking price spreads, and the cost advantage of Gulf Coast refineries is highlighted
American refining giantValero Energy ( VLO.US )Third-quarter net profit reached a record high of $6.8 billion, with soaring freight costs amplifying the advantages of refineries in the US Gulf region. Strong demand and favorable price differentials bode well for shareholder returns. Gary Simmons, Executive Vice President and Chief Operating Officer, expressed high confidence in the sustainability of the current cracking price differential environment.
In some regions of the Far East with low-complexity refining capacity, the total cost of transporting crude oil in and refined products out amounts to a profit margin of around $2 to $3 per barrel. Additionally, natural gas prices in these areas have begun to rise, further increasing the minimum price difference required for cracking processes in order to compel these refineries to maintain high operating rates. At the same time, the world currently needs these refining capacities to remain in operation.
Gilead Sciences Spends $1.275 Billion to Acquire PepStar Oral Anti-Inflammatory Drug Project
Gilead Sciences ( GILD.US )It is stated that for $1.275 billion in cash upfront, the company will acquire the oral anti-inflammatory drug project under PepStar Therapeutics, which includes a drug in the trial phase for the treatment of intestinal diseases. Prior to this, Gilead's oral drug emvistegrast for the treatment of chronic intestinal diseases announced positive mid-stage clinical trial results on Monday; this acquisition adds another drug in development for inflammatory intestinal diseases to its product pipeline.
SK Hynix cancels the listing plan of its subsidiary in the US due to shareholder concerns
October 23rd,SK Hynix ( SKHY.US )Announced that its overseas subsidiary Solidigm had previously considered various financing options to expand production capacity and enhance competitiveness, but after comprehensive consideration of factors such as the capital market environment, it has decided to stop advancing the Pre-IPO and initial public offering (IPO) IPO plans. Previous reports indicated that Solidigm planned to carry out a Pre-IPO financing of up to 5 trillion Korean won.
Global Macroeconomics
The United States is prepared for a long-term standoff with Iran; senior U.S. officials say the maritime blockade can be sustained, and the nuclear agreement remains the core goal.
The United States is preparing for a long-term standoff with Iran, despite the Trump administration's desire to force Tehran to make significant concessions through military strikes and economic sanctions. Mike Pompeo, the U.S. ambassador to the United Nations ( Mike Waltz ), stated that even if a year passes without an agreement regarding Iran's nuclear program and shipping through the Strait of Hormuz not returning to pre-war levels, the United States still has the capability to continue to exert pressure on Iran.
This statement highlights that the military operation, which the Trump administration initially expected to last for several weeks, is evolving into a long-term conflict with an uncertain outcome. The war not only disrupts global energy transportation but also drives up fuel prices and causes tensions in the supply of fertilizers and other commodities.
Peskov: Trilateral talks between Russia, the United States, and Ukraine will begin in early November
Russian President's press secretary Peskov stated on October 23 that in the first half of November, Russia, the United States, and Ukraine will begin negotiations on security guarantees in Abu Dhabi. He mentioned that the format of the three-party talks is currently being discussed, but the possibility of European participation in the future cannot be ruled out.
South Korea's stock market is so cheap that it is rare globally, becoming the first trillion-dollar market to fall below a price-earnings ratio of 5 times.
After experiencing a brutal wave of selling in tech stocks, the South Korean stock market has transformed from one of the hottest major markets this year into the cheapest market in the world, with its valuation now down to about half that of Indonesia.
Bloomberg data shows that the 12-month forward price-earnings ratio of South Korea's composite stock index has fallen to around 4 times, which is the lowest valuation level among 18 markets with a market capitalization of over $1 trillion since 2006. The South Korean market has thus become the first trillion-dollar market on record to fall below a price-earnings ratio of 5 times.
Wheat prices have fallen for eight consecutive weeks, setting a new record for the longest consecutive decline since 1997.
Wheat futures are experiencing the longest weekly decline in nearly three decades. Wheat was once a leader in driving up agricultural product prices earlier this year, but now there has been a sharp reversal in market trends. In September, due to the escalation of attacks on ships and infrastructure in the Black Sea region, exports from Ukraine and Russia were hindered, causing wheat prices to soar to their highest levels since 2023. Although the disruptions in the Black Sea region still exist, as the Trump administration attempts to facilitate peace talks between Moscow and Kiev, the risk premium in the market has begun to diminish.
In addition, there has been an increase in the export volume of Russian wheat, including exports through the Baltic Sea ports. At the same time, the demand for wheat from some major exporting countries has been lukewarm. Data from the US Department of Agriculture shows that as of the week ending October 15th, export sales of soybeans, corn, and wheat in the United States all declined. Naomi Bloom, an analyst at Total Farm Marketing, noted: "Global importers may be choosing to wait and see whether a peace agreement can be reached in the Black Sea region."
As the growth of artificial intelligence slows down, US pension giant CalPERS reduces its holdings in large tech stocks
According to the British "Financial Times," the largest public pension fund in the United States—the California Public Employees Retirement System (CalPERS)–has significantly reduced its holdings in tech giants in the first half of 2026, decreasing its direct stock holdings in the "Big Seven Tech Companies" by 26%. This move indicates that as concerns about the sustainability of investments in artificial intelligence (AI) grow globally, large institutional investors are actively reducing the risk of market concentration.
Pre-market trading volume of U.S. stocks TOP20
US Stock Macro Calendar Reminder
(The following times are Beijing time)
21:45 US October S&P Global Manufacturing PMI preliminary figures
21:45 US October S&P Global Services PMI preliminary figures
22:00 Final value of the University of Michigan Consumer Confidence Index for October in the United States
22:00 US October 1-year inflation rate forecast final value
The next morning early
01:00 Total number of oil rigs in the United States for the week ending October 23
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