• Market recap: All 3 main indices sank yesterday, with the S&P 500 down 1.1% and the Nasdaq down 1.9% — their worst day in over 2 months. Sources: CNBC / NY Times.
• Tech rout deepens: Tech stocks continued to slide amid investor concerns over AI spending. CoreWeave (CRWV) in particular sank 15%, with Micron (MU), Nvidia (NVDA), Seagate (STX), AMD (AMD), and Broadcom (AVGO) down 3–4%. Oracle (ORCL) tumbled 9% and AMD (AMD) 6%. Sources: CNBC / Barron's.
• Apple closes above $5T: Apple (AAPL) reached a $5.01T market cap for the first time at Wednesday’s close, with shares at $342.96. Apple is the second company after Nvidia (NVDA) to hit the milestone, with shares up 26.5% YTD. Source: StockAnalysis.com.
• SK Hynix seeks U.S. equipment exports: Korean chipmaker SK Hynix (SKHY) is reportedly linking plans for a new U.S. factory to White House approval for additional equipment at its Chinese facility. Shares plunged 8% premarket in response. Source: Reuters.
• Berkshire builds Bending Spoons stake: Berkshire Hathaway (BRK.B) invested another $330M in Italian tech conglomerate Bending Spoons (BSP), bringing its stake to 4%. BSP surged 41% on the news and plans to use the funds for further acquisitions. Source: WSJ.
• Tesla targets luxury EVs: Tesla (TSLA) is set to unveil its $200K+ Roadster today as other automakers target the ultraluxury EV market. The strategy faces uncertain demand, with shares down 1.6% premarket. Source: NY Times.
• GlobalFoundries plans massive chip expansion: GlobalFoundries (GFS) aims to build 2 NY chip plants backed by up to $20B from Japan and $955M in U.S. funding, with the feds taking a 4% stake in the firm. Shares rose 5% on the news. Source: WSJ.
• AstraZeneca signs $1.86B AI deal: AstraZeneca (AZN) partnered with Insitro to discover treatments for liver and heart diseases in a deal worth $1.86B. Shares gained 2.7% premarket. Source: Bloomberg.
• Netflix axes 1K jobs: Netflix (NFLX) is cutting about 6% of its workforce in its largest layoffs since 2022, as streaming competition intensifies and subscriber growth slows. The company reaffirmed its outlook, and shares gained around 1% premarket. Source: BBC.
• YouTube explores audiobooks: YouTube (GOOGL) is reportedly developing an audiobook feature for potential launch in 2027, possibly bundled with YouTube Premium. The move would challenge Spotify (SPOT) and Amazon's (AMZN) Audible. Source: WSJ.

• Taiwan Semiconductor: TSMC (TSM) reported record Q3 profit of $23.6B, up 69% and above forecasts. It raised its 2026 revenue growth outlook to 44% and expects Q4 sales of $52.3–$54.3B but remains cautious about 2027. Shares fell 2% premarket. Source: Reuters.
• Ericsson: Ericsson (ERIC) jumped 11% premarket after Q3 sales rose 5.8% to $5.9B, beating forecasts, while network sales grew 9% organically. Operating profit also beat, though rising chip costs threaten 2027 margins. Source: WSJ.

• Anthropic's revenue surges ahead of IPO: Anthropic reportedly generated $16.8B in Q3 revenue, up 45% from Q2, and posted a 2nd consecutive quarterly profit. The firm is expected to IPO by year-end. Source: BBC.
• Grab expands OpenAI partnership: Grab (GRAB) and OpenAI launched an AI training program for 3K gig workers in Thailand, targeting 30K workers within 2 years. Shares fell 2.4%. Source: CNN.
• Venture Global targets AI power market: Venture Global (VG) plans to build off-grid gas-fired power plants for data centers, targeting 10 GW of computing capacity. Shares fell 4%. Source: WSJ.
• Legal trouble for AI giants: The FTC subpoenaed OpenAI and Anthropic, seeking documents on AI safety incidents, privacy practices, and potential consumer-protection violations. Simultaneously, 8 states sued OpenAI for allegedly jeopardizing users' mental health. Sources: Axios / Reuters.

• Wholesale inflation surges: The producer price index (PPI), which measures wholesale inflation, came in significantly hotter than expected — 6.3% YoY vs. 5.3% expected. The uptick marks the highest level since 2022. Source: CNN.
• Jobless claims: Seasonally adjusted initial jobless claims totaled 199,000 for the week ending Oct. 10, up 1,000 WoW. The 4-week moving average was 198,500, up 250 WoW. Source: Dept. of Labor.
• U.K. economy tops forecasts: British GDP rose 2.1% YoY in August, beating forecasts of 1.7% and marking its strongest growth in 4 years. Source: CNBC.

• Ukraine to restart Russian refinery strikes: Ukrainian PM Zelensky said he will resume attacks on Russian oil and gas infrastructure, defying President Trump's push for an energy ceasefire. Zelensky claimed the U.S. betrayed Ukraine by cutting a diesel deal with the Kremlin. Source: CNN.
• 2 Middle East cargo ships sink: Two commercial vessels sank near the Strait of Hormuz after being struck by missiles. The news comes amid an uptick in strikes around the waterway. Source: Reuters.
• Slovenia votes on right-wing reforms: Slovenian voters narrowly rejected conservative Prime Minister Janez Jansa’s proposals to expand parliamentary inquiry powers and defund the public broadcaster. Still, plans to tighten the social safety net and narrow foreigners' voting rights won voters' approval. Sources: France 24 / EU Alive.
• Pakistani school collapse kills 29: A school roof collapsed in Pakistan, killing at least 28 children and a teacher and injuring more than 50 people. Source: NPR.
• New press secretary faces scrutiny: The new White House press secretary, Katie Zacharia — who has publicly described herself as a lawyer — reportedly failed the bar exam and is not licensed in the U.S. The Trump admin. defended her qualifications. Source: WSJ.
• SCOTUS preserves political ad discounts: The Supreme Court blocked a deadline that would have required the FCC to rule on Democrats’ challenge to discounted political advertising rates for party committees. The decision is seen as a boost to the GOP ahead of the midterms. Source: Reuters.

• 8:30 AM: PPI MoM & Core PPI MoM
• 8:30 AM: Retail Sales MoM, Retail Sales Excl. Autos MoM, Retail Sales Control Group MoM
• 8:30 AM: Initial Jobless Claims
• 8:30 AM: NY Empire State Manufacturing Index
• 8:30 AM: Philadelphia Fed Manufacturing Index
• 10:00 AM: Business Inventories MoM
• 12:00 PM: EIA Crude Oil & Gasoline Stocks Change
• 11:30 PM: Fed Chair Warsh Speech

Morgan Stanley (MS) has released its quarterly earnings.

• Revenue of $20.34B (+11.75% YoY) beats by $324.32M.
• EPS of $3.03 (+8.21% YoY) beats by $0.13.
• Financials · As Reported · Metrics · Press Release

The Progressive Corporation (PGR) has released its quarterly earnings.

• Revenue of $21.87B (+4.89% YoY) misses by $822.59M.
• EPS of $4.60 (+13.30% YoY) beats by $0.23.
• Financials · As Reported · Metrics · Press Release

State Street (STT) has released its quarterly earnings.

• Revenue of $4.00B (+12.95% YoY) misses by $37.10M.
• EPS of $3.69 (+32.73% YoY) beats by $0.02.
• Financials · As Reported · Metrics · Press Release

TSMC (TSM) has released its quarterly earnings.

• Revenue of $46.72B (+41.16% YoY) beats by $1.10B.
• EPS of $4.60 (+57.53% YoY) beats by $0.15.
• Financials · As Reported · Metrics · Press Release

The Charles Schwab Corporation (SCHW) has released its quarterly earnings.

• Revenue of $7.17B (+16.89% YoY) misses by $18.94M.
• EPS of $1.69 (+29.01% YoY) beats by $0.03.
• Financials · As Reported · Metrics · Press Release

Prologis (PLD) has released its quarterly earnings.

• Revenue of $2.22B (+7.75% YoY) beats by $14.96M.
• EPS of $1.60 (+7.38% YoY) beats by $0.02.
• Financials · As Reported · Metrics · Press Release

The Bank of New York Mellon Corporation (BNY) has released its quarterly earnings.

• Revenue of $5.68B (+11.97% YoY) beats by $115.24M.
• EPS of $2.37 (+24.08% YoY) beats by $0.11.
• Financials · As Reported · Metrics · Press Release

U.S. Bancorp (USB) has released its quarterly earnings.

• Revenue of $7.95B (+8.88% YoY) misses by $59.48M.
• EPS of $1.34 (+9.84% YoY) beats by $0.02.
• Financials · As Reported · Metrics · Press Release

PNC Financial (PNC) has released its quarterly earnings.

• Revenue of $6.56B (+10.94% YoY) misses by $31.20M.
• EPS of $5.09 (+17.01% YoY) beats by $0.18.
• Financials · As Reported · Metrics · Press Release

Marsh & McLennan Companies (MRSH) has released its quarterly earnings.

• Revenue of $6.86B (+8.06% YoY) beats by $223.08M.
• EPS of $2.03 (+9.73% YoY) beats by $0.06.
• Financials · As Reported · Metrics · Press Release

Telefonaktiebolaget LM Ericsson (ERIC) has released its quarterly earnings.

• Revenue of $6.17B (+4.37% YoY) beats by $378M.
• EPS of $0.18 (-48.57% YoY) beats by $0.04.
• Financials · As Reported · Metrics · Press Release

The Travelers Companies (TRV) will report tomorrow before market open.

• Analysts estimate revenue of $11.30B (-9.41% YoY).
• EPS is estimated to be $7.32 (-10.07% YoY).
• Financials · As Reported · Metrics

Truist Financial (TFC) will report tomorrow before market open.

• Analysts estimate revenue of $5.35B (+2.09% YoY).
• EPS is estimated to be $1.20 (+15.38% YoY).
• Financials · As Reported · Metrics

Fifth Third Bancorp (FITB) will report Monday.

• Analysts estimate revenue of $3.34B (+44.94% YoY).
• EPS is estimated to be $0.87 (-6.45% YoY).
• Financials · As Reported · Metrics

3M Company (MMM) will report Tuesday.

• Analysts estimate revenue of $6.62B (+5.03% YoY).
• EPS is estimated to be $2.39 (+9.13% YoY).
• Financials · As Reported · Metrics

General Motors Company (GM) will report Tuesday.

• Analysts estimate revenue of $48.45B (-0.29% YoY).
• EPS is estimated to be $3.59 (+28.21% YoY).
• Financials · As Reported · Metrics

Northrop Grumman (NOC) will report Tuesday.

• Analysts estimate revenue of $11.11B (+6.58% YoY).
• EPS is estimated to be $7.17 (-6.52% YoY).
• Financials · As Reported · Metrics

América Móvil (AMX) will report Tuesday.

• Analysts estimate revenue of $14.50B (+15.94% YoY).
• EPS is estimated to be $0.46 (+15.00% YoY).
• Financials · As Reported · Metrics

Tesla (TSLA) will report Wednesday.

• Analysts estimate revenue of $28.05B (-0.16% YoY).
• EPS is estimated to be $0.41 (-18.00% YoY).
• Financials · As Reported · Metrics

Meta Platforms (META) will report Wednesday.

• Analysts estimate revenue of $63.32B (+23.57% YoY).
• EPS is estimated to be $6.21 (-14.34% YoY).
• Financials · As Reported · Metrics

Elevance Health (ELV) will report Wednesday.

• Analysts estimate revenue of $49.05B (-2.07% YoY).
• EPS is estimated to be $4.69 (-22.22% YoY).
• Financials · As Reported · Metrics

CSX Corporation (CSX) will report Wednesday.

• Analysts estimate revenue of $3.96B (+10.28% YoY).
• EPS is estimated to be $0.53 (+20.45% YoY).
• Financials · As Reported · Metrics

Moody's (MCO) will report Wednesday.

• Analysts estimate revenue of $2.07B (+3.16% YoY).
• EPS is estimated to be $4.24 (+8.16% YoY).
• Financials · As Reported · Metrics

Kinder Morgan (KMI) will report Wednesday.

• Analysts estimate revenue of $4.38B (+5.71% YoY).
• EPS is estimated to be $0.33 (+13.79% YoY).
• Financials · As Reported · Metrics

United Rentals (URI) will report Wednesday.

• Analysts estimate revenue of $4.69B (+11.01% YoY).
• EPS is estimated to be $13.94 (+19.15% YoY).
• Financials · As Reported · Metrics

Westinghouse Air Brake Technologies (WAB) will report Wednesday.

• Analysts estimate revenue of $3.19B (+10.65% YoY).
• EPS is estimated to be $2.73 (+17.67% YoY).
• Financials · As Reported · Metrics

• Confirmed today: Iambic Therapeutics, Inc. (IAM), a biotech firm focused on small molecule cancer therapies with $18.25M in TTM revenue and 689.4% revenue growth YoY.
• Confirmed today: Amaero Inc. (AMRO), a titanium producer with $12.48M in TTM revenue and 378.7% revenue growth YoY.
• Estimated Friday, October 16: City Therapeutics, Inc. (CTY), a clinical-stage biotech company focused on RNA interference with $14.34M in TTM revenue and 388.2% revenue growth YoY.