• Market overview: Nasdaq futures rose 0.8% and S&P 500 futures gained 0.4% as tech shares recovered from Thursday’s AI-driven sell-off. SpaceX (SPCX) climbed 4% on a spectrum deal, while telecom stocks fell amid growing competition concerns. Source: CNBC.
• SpaceX expands into wireless: SpaceX (SPCX) will acquire $8B in cellular spectrum licenses from Grain Management to build a mobile network challenging AT&T (T), Verizon (VZ), and T-Mobile (TMUS). Shares of all three fell over 6% after hours. Sources: WSJ / Bloomberg.
• Starbucks explored Chipotle acquisition: Starbucks (SBUX) reportedly considered acquiring Chipotle (CMG) in a potential record restaurant-sector deal. Chipotle shares jumped over 6%, while Starbucks fell over 2%. No formal takeover bid has been made. Source: StockAnalysis.com.
• AI drives earnings growth: S&P 500 Q3 earnings are projected to rise 31%, with Alphabet (GOOGL), Amazon (AMZN), and Meta (META) driving two-thirds of the gains. Semiconductor profits are expected to surge 136%, though growth momentum is slowing. Source: Reuters.
• Delta cuts outlook amid fuel surge: Delta Air Lines (DAL) sharply lowered its full-year outlook after a $6B rise in fuel costs. CEO Ed Bastian expects Q4 revenue to grow 20%. Source: WSJ.
• Open AI in the news: OpenAI fired 3 researchers over alleged breaches of sensitive information policies, though the researchers claim it was retaliation for raising safety concerns. OpenAI expects annualized revenue to reach at least $70B by year-end, up from roughly $50B in September. Finally, OpenAI banned Russian and Iranian accounts using ChatGPT for disinformation operations. Sources: AP / NPR / Bloomberg.
• Meta blocks TikTok advertising: Meta (META) banned TikTok and ByteDance advertising across Facebook and Instagram in 7 countries, including the U.S. The move escalates competition after TikTok restricted Instagram links and rejected Meta ads. Source: StockAnalysis.com.
• Apple announces smart home event: Apple (AAPL) scheduled a “Welcome home” launch event for October 13 in New York, with a smart home hub, updated HomePod Mini, Apple TV, and LG-partnered devices reportedly expected. Source: The Verge.
• Goldman leads trading outlook: Major U.S. banks are expected to report nearly $19B in Q3 equity-trading revenue, led by Goldman Sachs (GS) at $5.1B. Fixed-income revenue is projected to fall as higher rates and slowing deal activity pressure earnings. Source: Bloomberg.
• Viatris acquires Pacira for $1.65B: Viatris (VTRS) agreed to acquire Pacira BioSciences (PCRX) for $36.50 per share in cash, a 45% premium, expanding its non-opioid pain treatment portfolio. Source: WSJ.
• Walmart's automation challenges: Walmart (WMT) is investing billions in warehouse robotics but faces technical setbacks, rising costs, and delays. Partner Symbotic (SYM) is helping automate operations, with over 65% of stores now receiving some automated freight. Source: WSJ.

• Budget deficit nears $2T: The U.S. federal deficit rose 12% to $1.993T in fiscal 2026, exceeding 6% of GDP. Interest payments surpassed $1.1T as rising borrowing costs and persistent spending pressures heightened concerns over U.S. fiscal sustainability. Source: WSJ.
• Diesel prices remain elevated: U.S. diesel prices have surged 70% to $6.28 per gallon since the Iran war began, despite emergency reserve releases and temporary fuel tax relief. Source: Reuters.

• Middle East latest: A tanker near Qatar was struck in an attack suspected to involve Iran, while Houthi missiles hit Riyadh’s airport, killing three people. Meanwhile, President Trump said the U.S. would not attack Iran before the November 3 midterms. Sources: WSJ / Reuters.
• Zelenskiy presses U.S.: Russian attacks killed 78 people and wounded 215 across Ukraine in two days, prompting Zelenskiy to accuse Washington of inaction. He urged expanded Starlink (SPCX) access and tougher sanctions on Russia ahead of U.S. talks. Source: Reuters.
• Hurricane nears Category 3 strength: Isaias is approaching the Gulf Coast with 110 mph winds and is expected to make landfall Friday evening. Evacuations are underway as officials warn of major flooding, power outages, and transportation disruptions. Source: CNN.
• Trump freezes tech firms’ green cards: The Trump administration suspended employment-based green-card processing for Microsoft (MSFT), Adobe (ADBE), and major IT outsourcers. It's also investigating 9 universities over alleged visa abuses. Source: Reuters.
• Trump tightens rural energy funding rules: New rules taking effect October 16 will require farmers to complete energy projects and demonstrate a year of savings before seeking federal grants. The changes threaten rural solar investment. Source: Reuters.
• Latest Nobel Prize winners: South African human rights lawyer Navi Pillay received the 2026 Nobel Peace Prize for advancing international law and prosecuting war crimes. Canadian poet and translator Anne Carson received the Prize in Literature for her innovative writing blending poetry, fiction, and classical scholarship. Sources: NY Times / BBC.

• 10:00 AM: Michigan Consumer Sentiment Prelim.

Delta Air Lines (DAL) has released its quarterly earnings.

• Revenue of $20.19B (+21.07% YoY) beats by $1.51B.
• EPS of $1.72 (+0.58% YoY) misses by $0.08.
• Financials · As Reported · Metrics · Press Release

JPMorgan Chase (JPM) will report Tuesday.

• Analysts estimate revenue of $51.39B (+9.07% YoY).
• EPS is estimated to be $5.93 (+16.96% YoY).
• Financials · As Reported · Metrics

Johnson & Johnson (JNJ) will report Tuesday.

• Analysts estimate revenue of $25.37B (+5.76% YoY).
• EPS is estimated to be $2.59 (-7.50% YoY).
• Financials · As Reported · Metrics

UnitedHealth Group (UNH) will report Tuesday.

• Analysts estimate revenue of $111.47B (-1.50% YoY).
• EPS is estimated to be $4.14 (+41.78% YoY).
• Financials · As Reported · Metrics

ASML Holding (ASML) will report Wednesday.

• Analysts estimate revenue of $13.18B (+49.98% YoY).
• EPS is estimated to be $12.47 (+94.24% YoY).
• Financials · As Reported · Metrics

Fastenal Company (FAST) will report Wednesday.

• Analysts estimate revenue of $2.45B (+14.67% YoY).
• EPS is estimated to be $0.34 (+17.24% YoY).
• Financials · As Reported · Metrics

State Street (STT) will report Wednesday.

• Analysts estimate revenue of $4.04B (+13.84% YoY).
• EPS is estimated to be $3.66 (+31.65% YoY).
• Financials · As Reported · Metrics

Bank of America (BAC) will report Wednesday.

• Analysts estimate revenue of $30.59B (+8.32% YoY).
• EPS is estimated to be $1.12 (+5.66% YoY).
• Financials · As Reported · Metrics

Morgan Stanley (MS) will report Wednesday.

• Analysts estimate revenue of $20.13B (+10.61% YoY).
• EPS is estimated to be $2.93 (+4.64% YoY).
• Financials · As Reported · Metrics

TSMC (TSM) will report Thursday.

• Analysts estimate revenue of $45.62B (+37.84% YoY).
• EPS is estimated to be $4.45 (+52.40% YoY).
• Financials · As Reported · Metrics

The Bank of New York Mellon Corporation (BNY) will report Thursday.

• Analysts estimate revenue of $5.56B (+9.62% YoY).
• EPS is estimated to be $2.26 (+18.32% YoY).
• Financials · As Reported · Metrics

U.S. Bancorp (USB) will report Thursday.

• Analysts estimate revenue of $8.00B (+9.62% YoY).
• EPS is estimated to be $1.32 (+8.20% YoY).
• Financials · As Reported · Metrics

• Confirmed today: Retension Pharmaceuticals, Inc. (RTSN), a clinical-stage biopharma firm focused on cardiovascular medicines.
• Confirmed today: TRex Bio, Inc. (TRXB), a clinical-stage biopharma company developing medicines for autoimmune and inflammatory diseases.

• Yesterday's newsletter contained an error in the headline, which incorrectly referred to Fed rate cuts instead of the rate hikes mentioned in the economic news. We apologize for any confusion this caused.