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Renewed US-Iran tensions and a Saudi oil field attack have driven Brent crude above $110/barrel, a five-month high, with WTI near $98.50. Elevated energy prices feed inflation concerns and pressure equity valuations, particularly rate-sensitive tech, while stalling Iran talks keep supply risk premium intact.
Saxo BankTesla beat profit estimates but cut full-year capital expenditure guidance to about $20 billion from over $25 billion and revised its Optimus robot timeline, sending shares down 3.3% after hours. The capex reduction adds to market anxiety over AI and growth spending trajectories, pressuring tech futures.
Saxo BankMeta reported Q3 revenue up 26% to $64.6 billion, beating estimates, though EPS of $3.83 missed due to a $9.89 billion legal charge. The board approved a non-voting Class C stock dividend functioning as a 2-for-1 split, and increased AI investment plans, offering some support to sentiment amid broader AI-spending scrutiny.
Saxo BankUS futures fell sharply with Nasdaq futures down 1.7% and S&P 500 futures down 1% as AI spending concerns resurface despite solid Meta earnings. The Philadelphia Semiconductor Index's eight-session losing streak and last week's 5.5% Nasdaq 100 drop signal elevated bar for earnings beats, with Microsoft and Alphabet reporting mid-next week.
InvestingLiveThe upcoming FOMC meeting must balance weak housing data (pending home sales -7.3%, housing starts -5.2%) against energy-driven inflation from elevated oil. Direction of 2-year and 10-year Treasury yields will signal which risk the market is pricing, with 10-year near 5.08% and 30-year at a one-month low near 5.38%.
Investing.comUS pending home sales fell 7.3% in September and housing starts slipped 5.2% to 1.221 million annualized, underscoring housing weakness. Longer Treasury yields eased slightly but the 10-year remained near 5.1%, offering only limited relief for equities without proof of Fed cuts.
Investing.comSpaceX jumped 7.8% after posting its first profit as a public company, while Super Micro Computer climbed 9.6% on stronger sales and margin guidance. Musk confirmed Tesla and SpaceX formed independent committees to explore a potential merger, though no agreement was reached, adding speculative interest.
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