Market Overview
Before trading on Tuesday, the futures of the three major stock indexes rose: Dow Jones futures increased by 0.18%, Nasdaq futures by 0.34%, and S&P 500 index futures by 0.23%. The Federal Reserve is holding a two-day interest rate meeting starting today, and this week marks the peak of the earnings season for tech giants.
International oil prices have fallen, with WTI crude oil dropping by 0.61% to $101.14 per barrel; Brent crude oil has also fallen by 0.72% to $114.98 per barrel. According to official Iranian sources, the country's supreme leader emphasized the need to meet Iranian conditions in order to end the war, and oil prices subsequently retreated slightly in the short term. However, there is still a risk of escalation in the tensions between the United States and Iran.
U.S. Treasury yields remain largely unchanged.U.S. 10-year Treasury yield ( US10Y.BD )Reported at around 4.98%.
Bitcoin falls 0.33% to $79,748. Precious metals are declining; COMEX gold futures drop 0.28% to $4,027 per ounce; silver futures fall 1.78% to $53.37 per ounce.
Star tech stocks ( LIST2518.US )Before the market opens, there is a mix of gains and losses.Microsoft ( MSFT.US )Fall by 0.83%.Apple ( AAPL.US )Fall by 0.44%.Meta Platforms ( META.US )Fall by 0.33%.NVIDIA ( NVDA.US )Rose by 0.72%.
Storage Concepts ( LIST23925.US )General increase,SK Hynix ( SKHY.US )Up 3.13%,Micron Technology ( MU.US )Up 2.33%,SanDisk ( SNDK.US )Rose by 1.80%.
Optical Communication ( LIST23979.US )Rising...Corning ( GLW.US )Up 0.88%,Coherent ( COHR.US )Up 2.87%,Lumentum ( LITE.US )Rose by 2.77%.
Individual Stock News
Tesla's merger with SpaceX expectations heat up, with Wall Street sell-down ratings dropping to a new low in over 11 years
According to Bloomberg, asTesla ( TSLA.US )Compulsory requirements:SpaceX ( SPCX.US )The potential merger is gradually becoming a reality, and Wall Street analysts are rapidly shifting to a bullish stance on Tesla. Among the 60 analysts tracked by Bloomberg, only 5 have given a sell rating to Tesla, representing the lowest proportion since early 2015; on January 1st of this year, 15 out of 71 analysts gave a sell rating. Last week, BNP Paribas and Societe Generale in France both upgraded their ratings on Tesla from "sell" to "neutral" and "hold," respectively, with BNP Paribas also raising their target price from $266 to $420; Barclays upgraded Tesla's rating to "overweight" on Monday, raising the target price from $370 to $450, stating that the anticipated merger has become an important rationale for being bullish on Tesla. Musk stated last week that the boards of directors of both companies have established special committees to evaluate the merger. Tesla closed up 5.2% on Monday, but still has lost approximately 13% so far this year. As of press time, Tesla's stock is up more than 1% before the opening bell.
Corning's core sales increased by 19% in the third quarter, and sales of generative AI products doubled.
Corning ( GLW.US )Announced third-quarter results: Core sales increased by 19% year-on-year to $5.08 billion, marking the fastest growth rate since the launch of the “Springboard” initiative; Core earnings per share were $0.91, nearly double the growth rate of core sales, exceeding the company's guidance and market expectations of $5.02 billion and $0.88 per share, respectively. Optical communications business sales grew by 44% to $2.38 billion, with enterprise networking business growing by 84% and sales of generative AI products increasing by over 100%; Solar business sales grew by 37%. CEO Weldon Chau stated that in the field of optical communications, the growth rate of generative AI sales has surpassed the growth rate of GPU shipments. In the third quarter, Corning signed four long-term agreements worth several billion dollars with customers such as Verizon and AT &T. The company expects core sales in the fourth quarter to increase by about 19% year-on-year to between $5.2 and $5.3 billion, and core earnings per share to grow by about 36% to $0.96 to $1.00. As of press time, Corning's stock price had risen by more than 6% before the opening of trading.
Coca-Cola's third-quarter performance exceeded expectations, and the company raised its full-year performance forecast.
Coca-Cola ( KO.US )Announces third-quarter 2026 results: Net revenue increased by 7% year-over-year to $13.4 billion, exceeding analysts' forecast of $12.92 billion from LSEG; comparable earnings per share rose by 11% to $0.91, above the expected $0.88. Unit box sales globally increased by 5% in the third quarter, with organic revenue growing by 7%; the comparable operating margin was 32.9%, compared to 31.9% in the same period last year. In North America, unit box sales remained flat, while Latin America and the Asia-Pacific markets both saw a 6% increase. The company also raised its full-year guidance, expecting organic revenue growth of at least 5% for 2026, up from the previous estimate of around 5%; comparable earnings per share growth of at least 11%, previously estimated to be 9% to 10%; and free cash flow of at least $13 billion, previously estimated to be around $12.4 billion. CEO Henrik Brun stated that the results of this quarter demonstrate that the company's system continues to maintain a trend of sustained growth, enhancing confidence in the full-year guidance. As of press time, Coca-Cola's shares were trading more than 1% higher before the opening bell.
Meta Two equity offerings have completed pricing, with a total scale of approximately $37.5 billion, and NVIDIA has subscribed for $3 billion.
Meta Platforms ( META.US )Announcement: The pricing for the two simultaneous offerings previously announced has been finalized: The issuance scale of Class A common shares has been increased from $22.5 billion to $25 billion, with an issue price of $625 per share, to be sold in a forward manner, and is expected to be delivered by November 19, 2027; at the same time, 250 million mandatory convertible preferred stock depositary shares will be issued at $50 per share, with an annual dividend yield of 6.50%, raising approximately $12.5 billion in net funds, which will be converted into shares around August 2029. Both offerings are expected to be completed on October 29. Previously, Meta announced a financing plan of up to $95 billion in total, with the remaining amount of up to $60 billion to be raised subsequently through market-priced offerings. This supplement announces that NVIDIA will invest $3 billion in this equity offering on Meta; Meta will expand the deployment of NVIDIA Vera Rubin GPU and Vera CPU; both parties will also deepen their cooperation in AI assistant Muse and its model family.
SoFi Third-quarter revenue increases by 44% to a new high, raises full-year guidance, and provides a 2027 outlook that exceeds expectations
SoFi Technologies ( SOFI.US )Announced third-quarter 2026 results: Adjusted net revenue increased by 44% year-over-year to $1.39 billion, setting a new record and exceeding market expectations of $1.25 billion; adjusted earnings per share were $0.18, slightly higher than the expected $0.17; adjusted EBITDA increased by 70% year-over-year to $470 million, with 12 consecutive quarters of profitability. 1.2 million new members were added during the quarter, bringing the total number of members to 17.1 million, a year-over-year increase of 35%; loan disbursements reached a record high of $16.9 billion. The company has raised its guidance for adjusted net revenue in 2026 to $5.04 billion, a year-over-year increase of about 40%, and its earnings per share guidance to $0.61, both above market expectations. At the time of publication, SoFi shares were up more than 10%.
Broadcom joins hands with Wall Street to secure a $63 billion financing deal, providing AI computing power for Anthropic.
Bank of America, Blackstone, Citibank, and Morgan Stanley announced on Monday that they will provide $63 billion in financing through a newly established special purpose entity for procurement purposes.Broadcom ( AVGO.US )The XPU AI accelerators and networking equipment will be leased to Anthropic for use, with delivery expected to begin in 2027. The first lien portion is arranged by Bank of America, Citibank, and Morgan Stanley, while Blackstone is the sole provider for the second lien commitment. Broadcom provides residual value support for the portion equivalent to the first lien, with the company disclosing a peak exposure of approximately $43 billion, which will be amortized linearly to zero over a 5-year lease term without involving any direct cash expenditures. Reuters, citing sources familiar with the matter, reports that the senior debt amount is about $43.5 billion, accounting for 69% of the total. The Wall Street Journal reports that Broadcom's CEO Chen Fuyang spent nearly two months lobbying banks to facilitate this transaction. Previously, Apollo and Blackstone had agreed to provide financing for the $35 billion of computing power expansion of Anthropic, with Broadcom's guarantee amount in that transaction being up to $29 billion.
Microsoft offers voluntary resignation programs to about 60,000 employees, accounting for more than a quarter of the total workforce.
Microsoft ( MSFT.US )On Monday, it was announced that a "voluntary resignation" program would be offered to some employees in the United States, Canada, India, and the UK with seniority levels of 70 and below. According to CNBC, which cites informed sources, approximately 60,000 employees qualify for this program, which accounts for about 27% of Microsoft's total workforce of 223,000 employees. The program covers positions up to the vice president level, although some marketing, sales, and engineering teams have chosen not to participate. Employees need to make their decisions by the beginning of December, and those who opt in will leave their jobs by December 31. Microsoft first introduced a voluntary retirement program in April of this year and announced layoffs of 4,800 employees in July. CNBC notes that Microsoft is increasing its investment in data centers; previously, it was expected that quarterly capital expenditures would exceed $50 billion by September, compared to $34.9 billion in the same period last year. The company hopes to maintain financial stability while advancing its AI infrastructure initiatives. Microsoft will release its financial report after the market closes on Wednesday, Eastern Time.
Apple acknowledges that there are issues with a small number of iPhone Duo internal screens and will replace them with new units for users.
Apple ( AAPL.US )In a response on Monday, it was stated that a "small number of iPhone Duo" units were found to have issues affecting the inner screen. Affected users can contact AppleCare to replace their devices with new ones. Apple mentioned that most devices are not affected, and those with the defect will soon encounter problems; users do not need to purchase AppleCare + to replace their phones either. The iPhone Duo is Apple's first foldable phone, which began shipping last week with a starting price of $1,999. Over the weekend, social media started to see reports from users about cracks and bright lines appearing along the central hinge of the inner screen. Repair service provider iFixit analyzed through disassembly and simulation and found that the damage was concentrated near the central support rod, suggesting that this component may not have yielded in time during folding, resulting in localized stress points. Apple has not provided a cause for the issue. Reuters noted that analysts had previously predicted that due to the complex manufacturing process, iPhone Duo would face supply limitations.
Anthropic It is reported that the company plans to go public during the week of November 16, with the aim of raising up to $100 billion in funds.
PreviouslyAnthropic ( ANT.US )A prospectus has been publicly submitted to apply for listing on NASDAQ. According to media reports such as The Wall Street Journal, which cited informed sources, the company plans to list during the week of November 16th, although the date may still be adjusted; this time, the fundraising scale could reach $100 billion or even more. Market expectations range the company's valuation between $1.5 trillion and $2 trillion, while the issue price range and the number of shares to be issued have not yet been disclosed. The prospectus shows that Anthropic had revenue of approximately $16.3 billion in the first half of this year, compared to about $1.2 billion in the same period last year; during the same time, it incurred a net loss of $80.7 billion, mainly due to changes in the fair value of convertible bonds and other instruments. The prospectus also indicates that nearly half of the company's revenue depends on three major cloud providers, and it lists competition and anti-monopoly issues as risk factors.
Related topics: Anthropic has filed for Nasdaq listing! Expected to take place during the week of November 16th. IPO
Boeing's revenue in the third quarter increased by 4%, exceeding expectations, but the core earnings per share were lower than anticipated.
Boeing ( BA.US )Announced third-quarter 2026 results: revenue of $24.19 billion, a year-on-year increase of 4%, exceeding the market forecast of $23.84 billion set by LSEG; core earnings per share were -$0.34, which is higher than the expected -$0.21; GAAP reported a net loss of $116 million, a significant reduction from last year's $534 million for the same period. The company had $1.5 billion in operating cash flow and approximately $500 million in free cash flow during the quarter, with total order reserves reaching a record high of $745 billion. By business segment, civil aircraft revenue declined by 3% to $10.72 billion, with an operating margin of -6.5%. The company attributed this to an unfavorable delivery mix, increased costs due to future production adjustments, and rising supply chain expenses. During the quarter, 161 aircraft were delivered, with 300 new orders received. Defense, aerospace, and security business revenue grew by 15% to $7.94 billion, and the company was selected by the U.S. Navy to undertake the next-generation fighter jet project F/ A-XX. The 737-7 series received a revised type certificate from the Federal Aviation Administration (FAA) during the quarter, the 737-10 was approved in October, and the 777X is still scheduled to make its first delivery in 2027 as planned.
Intel plans to acquire quantum software company Classiq for $2.3 billion
Intel ( INTC.US )It was announced on Monday that a final agreement has been reached to acquire the Israeli quantum computing software company Classiq for approximately $2.3 billion. The transaction will be paid in cash plus Intel shares. Classiq provides a quantum algorithm integration platform that is independent of hardware, and Intel plans to combine it with its own silicon spin quantum bit technology and chip manufacturing capabilities to create a full-stack quantum computing platform. The transaction is still subject to regulatory approval and is expected to be completed in the first half of 2027. Until then, both parties will continue to operate independently.
Tianhong Technology's revenue increased by 83% in the third quarter, and for the first time, it set a revenue target of $40 billion for 2027.
AI Server and Network Equipment ManufacturersTianhong Technology ( CLS.US )Post-market report for Monday: Third-quarter earnings announced: Revenue of $5.83 billion, a year-on-year increase of 83%; Adjusted earnings per share of $3.30, higher than the company's previous guidance and market expectations of $2.99. The company has raised its revenue forecast for 2026 to $21 billion and its adjusted earnings per share forecast to $11.55, and for the first time provided guidance for 2027: Revenue of $40 billion, adjusted earnings per share of $21.50, and an adjusted operating margin of 9.0%. The company stated that demand mainly comes from hyperscale cloud providers and cutting-edge AI laboratory AI infrastructure construction, with customers' forecasts for 2028 significantly higher than the 2027 guidance levels.
The application materials aim to increase the semiconductor holding of BE to approximately 20%, deepening the advanced packaging cooperation with AI.
Application Materials ( AMAT.US )After the U.S. market closed on Monday, it was announced that an agreement to accelerate share purchases had been signed, which will increase the holding stake in the Dutch chip packaging equipment manufacturer BE Semiconductors (Besi) from about 9% to about 20%. The share delivery is still subject to U.S. antitrust review. Applied Materials first invested in BE Semiconductors in April 2025 and has since been its largest shareholder. Applied Materials stated that this investment is a long-term one, and there is currently no intention to increase the holding stake above about 20%, nor is there a pursuit for a seat on the board of directors of BE Semiconductors. The two parties have been collaborating on hybrid bonding technology since 2020, which is considered a key technology for the next generation of AI chips. At the beginning of this month, it was announced that the collaboration would be expanded to areas such as 3D integrated circuits, logic and storage integration, and thermocompression bonding. The stock price of BE Semiconductors fell by half after reaching a high of 317 euros in June, but on Tuesday, it soared by nearly 9% in the early trading in Amsterdam. As of press time, Applied Materials' stock price was up more than 1% before the market opened.
Global Macroeconomics
The supreme leader of Iran stated that Iran's conditions should be met to end the war, while US media claim that the US military could launch strikes within 96 hours.
According to Iranian official sources, on Tuesday, Iran's supreme leader, Ayatollah Ali Khamenei, emphasized during a meeting with the secretary of the Supreme National Security Council, Ali Larijani, that it is necessary to implement the conditions proposed by Iranian officials in order to protect the rights and interests of the Iranian people and the resistance front, and to end the situation that is "neither war nor peace." Following the release of this information, oil prices for both US and Brent crude tumbled by about $0.8. The conditions previously put forward by Iran to the United States included lifting the maritime blockade, ensuring the safe passage of vessels through the Strait of Hormuz, canceling unilateral sanctions, and unfreezing frozen assets, with Iran stating that formal negotiations would not resume until these conditions were met. Additionally, according to reports cited by the American cable news network CNN from two US officials, US military forces in the Middle East are ready to launch a new round of large-scale military operations against Iran within 96 hours upon receiving orders from Trump, with potential targets including energy infrastructure, military facilities, and nuclear facilities. However, Trump has not yet made a decision. Iranian security officials have stated that in the event of an attack, Iran will respond in kind.
US media: Mediators push for a "five-day mutual concession" agreement between the US and Iran to reopen the Strait of Hormuz in exchange for lifting the naval blockade
According to The New York Times, amid international concerns that the United States and Israel may soon launch a new round of attacks on Iran, senior representatives from Saudi Arabia, Turkey, and Pakistan met with Iranian officials in Tehran on Monday. Two diplomats said that Qatari mediators have been working to facilitate an agreement between the two sides, which would involve a series of concessions within five days: Iran would reopen the Strait of Hormuz for commercial shipping, and the United States would lift the naval blockade on Iranian ports. The main obstacle is the order of the concessions; the mediators hope that Iran will make concessions regarding its nuclear program at the beginning of the implementation of the agreement. After the meeting, the four countries agreed to continue consultations and strengthen regional security cooperation. However, Reuters cited senior Iranian officials as saying that the talks did not cover nuclear issues, and Iran would not discuss its nuclear program until the United States met its demands; the Chief of Staff of the Iranian Armed Forces stated that the Strait of Hormuz remains under the control of the Revolutionary Guards Navy.
The Federal Reserve begins its interest rate meeting today, with the market anticipating a 90% probability that interest rates will remain unchanged.
The Federal Reserve will hold its FOMC interest rate meeting on October 27th and 28th. The interest rate decision will be announced at 2:00 a.m. Beijing time on Thursday, and Chairman Powell will hold a press conference at 2:30. At the September meeting, the Fed raised interest rates by 25 basis points, raising the interest rate range to 3.75%–4.00%. According to CME "Fed Watch," the probability of keeping interest rates unchanged this week is 89.5%, with a 10.5% probability of raising rates by 25 basis points; the probability of raising rates by 25 basis points by December is 73.9%. This meeting will not release an economic forecast summary or a dot plot. The market is focused on how the statement will balance rising inflation with slowing hiring, as well as whether Powell will leave room for another rate hike in December. Zandi, the chief economist at Moody's Analytics, stated that the Fed will not and should not raise rates this week. The European Central Bank and the Bank of Japan will also announce their interest rate decisions on Thursday and Friday, respectively.
Starting from November 1st in the United States, daylight saving time will be in effect, and the release times for U.S. stock market and economic data will be postponed by one hour.
On Monday, during a rally in Mississippi, Trump stated that the practice of adjusting the clock twice a year is "absolutely ridiculous" and "drives everyone crazy." He once again called on the Senate to push for the permanent adoption of daylight saving time and warned lawmakers that with only a few days left before most areas of the United States switch back to standard time, action must be taken promptly. The Sunshine Protection Act, which aims to abolish the switch between winter and daylight saving time, was passed by the House of Representatives earlier this year but is still stalled in the Senate. If no progress is made, the United States will begin observing daylight saving time on November 1st (this Sunday). At that time, according to Beijing time, U.S. stock trading hours will be adjusted to 22:30 to 5:00 the following day, and the release of economic data will also be delayed by one hour: data such as non-farm payrolls and CPI will be released from 20:30 to 21:30, and the Federal Reserve's interest rate decisions will be postponed from 2:00 a.m. to 3:00 a.m. According to the schedule, the October non-farm payroll report and CPI will be released on November 6th and November 10th, respectively.
Reports say OPEC+ plans to maintain the December production target at its Sunday meeting.
According to Reuters, which cited three informed sources, OPEC+ is likely to maintain its oil production targets for December during its meeting this Sunday (November 1st), while shifting its focus to negotiations over production quotas for 2027. The meeting will be held online, with participation from the seven core member countries: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman. These seven countries increased their production targets month by month from April to September this year, and then maintained those targets for two consecutive months in October and November. Reports indicate that due to conflicts related to Iran, oil exports from Gulf member countries were interrupted for several months, and currently these countries are working to increase exports, but the actual production of most member countries is still far below the set targets. OPEC data shows that the daily production of these seven countries in August was about 25 million barrels, which is still about 5 million barrels lower than the pre-war level in February. Informed sources stated that no final decision has yet been made.
Japanese Finance Minister Masayuki Katayama: The government is ready to take decisive action in the foreign exchange market
Japanese Finance Minister Masaaki Katayama stated in parliament on Tuesday that the government is prepared to take decisive action in the foreign exchange market. "We have always been paying close attention to market developments with a high sense of urgency, including now," she said. Her remarks came in response to questions about the possible impact of the government's fiscal policy on the yen and long-term interest rates. She emphasized the need to ensure that the trend of the yen reflects fundamental factors and expressed hope that through transparent and consistent communication, the market's trust in the yen and the fiscal policy of Prime Minister Yoshihide Suga's administration can be maintained. On the same day, a report released by the Bank of Japan showed that consumer prices in September rose by 3.2% year-on-year, excluding fresh food and special factors, up from 2.6% the previous month, with the indicator measuring potential inflation reaching its highest level in three years. The Bank of Japan raised interest rates to 1.25% in September, the fastest tightening pace since 1990, and will announce its interest rate decision this Friday. The market generally expects the policy to remain unchanged.
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(The following times are Beijing time)
20:30 US Initial Monthly Durable Goods Orders for September
21:00 US August FHFA Housing Price Index Monthly Rate, US August S&P/ CS20 Major Cities Housing Price Index Annual Rate
22:00 US October Consumer Confidence Index, US September Total New Home Sales Annualized, US October Richmond Fed Manufacturing Index
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