Stock Market
As of Oct 23, U.S. stock index futures performed as follows: Dow Jones futures fell 0.68%, S&P 500 futures fell 0.28%, and Nasdaq 100 futures fell 0.12%. That pattern suggests investors were still digesting the prior session’s pressure on high-valuation technology and AI-linked shares, even as the decline in futures was more restrained than the previous day’s cash-market weakness.
Notable Stock Movers: In the pre-market, Micron Technology (MU) was up 1.43%, NVIDIA was up 0.3%, and Intel (INTC) was up 1%.
Western Digital (WDC) fell 2% despite better-than-expected quarterly results, while SpaceX (SPCX) rose 2.54% on reports it is expanding its telecom ambitions.
In the U.S.-listed China group, XPeng (XPEV) climbed 3.86%, Kingsoft Cloud (KC) gained 3.76%, Zai Lab (ZLAB) surged 7.21%, and Tantech (TANH) plunged 35.8%.
Other Markets
• 10-year U.S. Treasury yield rose 0.92%, to 5.00%.
• U.S. Dollar Index rose 0.1968% to 101.82.
• WTI crude oil futures rose 1.51% to 100.97 USD/barrel; COMEX gold futures fell 22.60 USD/ounce to 4037.80.
Key News
1. American Express raised its profit forecast after reporting stronger quarterly spending and revenue. The company said affluent customers continued to spend on travel, dining, and shopping, helping billed business rise and revenue climb. Management also pointed to strong card-member retention and excellent credit quality, which supported the improved outlook.
2. SpaceX advanced its wireless strategy by seeking access to tens of thousands of U.S. cell sites. Reports said the company is working to secure access to roughly 80,000 cellular sites as it builds out a broader mobile network. The move intensified competition concerns in the telecom industry and helped pressure shares of major carriers.
3. SpaceX and Tesla formed special committees to evaluate a potential combination. Regulatory filings said both boards created separate committees to explore a possible merger, with final approval still required from the committees, boards, and controlling shareholder. The filings also indicated Elon Musk would not participate in the discussions because of conflict concerns.
4. Western Digital reported stronger quarterly profit and revenue, but the stock still slipped. The company beat earnings estimates and issued a solid outlook, with revenue jumping sharply and margins improving. Even so, investors appeared focused on whether the AI-driven hard-drive boom can keep expanding at the same pace.
5. SK hynix pulled the plug on plans to list its memory-chip unit in the U.S. The decision came as AI-linked chip sentiment weakened, suggesting the company is taking a more cautious approach to capital-market expansion. The move was closely watched because the listing had been seen as a key step for its memory business.
6. Singapore reported lower-than-expected core inflation, easing pressure on policy makers. Official data showed the key consumer price gauge rose less than economists had forecast, while headline inflation matched expectations. The softer reading may reinforce views that inflation risks are gradually moderating.
7. Meta continued to draw attention after unveiling strong user adoption for its AI product Muse. The company said millions of users had set up the assistant and a meaningful share were using it daily, showing early commercial traction. Meta also disclosed a new nonvoting share class, a governance move that gives it more flexibility to fund AI investment.
8. Volvo Car announced plans to cut about 6% of its workforce to reduce costs. The company said the restructuring is aimed at producing large savings, reflecting the pressure automakers face from slower demand and rising efficiency demands. The announcement added to a wave of corporate cost-cutting across global industrials.
9. Moderna fell after social-media posts exposed sensitive details from a cancer-vaccine study. The disclosure triggered renewed scrutiny around the company’s research process and the handling of confidential clinical information. It also raised concerns about reputational damage at a sensitive stage in vaccine development.
10. Singapore’s trade and inflation backdrop remained supportive of a steadier policy path. Officials had recently kept monetary policy unchanged, and the latest inflation print suggested price pressures may be easing further. That combination could give policy makers more room to wait before making additional adjustments.
Sources: Reuters, Dow Jones, Tiger Newspress, public market data
Disclaimer: For informational purposes only; not investment advice.
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