Connecting Earnings Conference Call Dots Keeps Our Longer-Term Focus in Play
AI demand is pulling through across sectors, but supply constraints remain a headwind.
SpaceX Lights a Fire Under Tech
Blowout SpaceX results lifted a swath of AI names, sending the Nasdaq up over 1%.
SpaceX’s Super-Sized AI Capacity Plans: 8 Key Items Shaping the Stock Market Wednesday
Super Micro Computer crushes expectations while United Airlines and Alaska Airlines confirm energy input concerns. Those and other headlines are moving the market this morning.
The Crude Conundrum
Let’s look at sticky oil prices, even after the flow largely returns from the Middle East. Also, could Tesla merge with SpaceX?
A Look at Wednesday
From my evening update:
US economic data is light Wednesday, with only weekly mortgage applications and EIA petroleum inventories.
The Fed remains in its blackout period ahead of next week’s October 27–28 FOMC meeting.
Non-Bill (>1yr in maturity) US Treasury auctions resume with a $13B 20-year bond reopening.
Q3 earnings season continues with 26 S&P 500 components including a number of AI-related names: Meta Platforms ($META), Tesla ($TSLA), Lam Research ($LRCX), Philip Morris ($PM), Thermo Fisher Scientific ($TMO), Texas Instruments ($TXN), IBM ($IBM), Abbott Laboratories ($ABT), NextEra Energy ($NEE), Danaher ($DHR), AT&T ($T), CME Group ($CME), Elevance Health ($ELV), CSX ($CSX), Moody’s ($MCO), Kinder Morgan ($KMI), United Rentals ($URI), Wabtec ($WAB), Crown Castle ($CCI), Northern Trust ($NTRS), Teledyne Technologies ($TDY), Las Vegas Sands ($LVS), Packaging Corp. of America ($PKG), Southwest Airlines ($LUV), Rollins ($ROL) and Globe Life ($GL).
Ex-US highlights are UK September CPI, PPI, RPI, public finances, August house price index, Japan September trade balance, New Zealand Q3 CPI.
Small-Caps Lead a Broad Rally as Tech Bounce Stalls
Easing long-term yields and oil prices lifted the Russell 2000 to its best day since early August and saw 9 of 11 S&P 500 sectors higher, even as weakness in Tech dragged on the cap-weighted index.
The Week Ahead: The Rotation Continues
AI worries are pressuring Tech and sending yields lower as we embark on a heavy earnings week including several names in the cross-hairs.
Tech Selloff Deepens as Market Rotation Continues
Another selloff in AI names broadened to encompass most of Tech, sending the Nasdaq-100 to its worst week since April 2025. Five sectors though would finish the week up 2% or more, as 30-year Treasury yields fell the most since April 2025.
Weekly Roundup: The AI Trade Got Smacked. We’re Following the Data, Not the Fear
We put capital to work in two holdings, exited another and bumped up our price target for a long-time position.
Who’s In and Who’s Out of the New iPhone Models?
Plus, Ciena gets an upgrade, market index changes, and Well Fargo on diesel prices.