Public Markets 24-Hour Briefing
×Last updated: October 21, 2026, 6:50 PM ET
Oil & Energy
Oil prices rebounded from the previous session's losses as traders weighed renewed risks to shipping through the Strait of Hormuz. Oil futures rose in early Asian trade after attacks on vessels in the strait, while Iran strikes on ship engine rooms in the Persian Gulf intensified. A key Middle East crude benchmark, by contrast, fell to its lowest level in nearly three months on resilient exports. Oil steadied after a choppy session as traders parsed conflicting headlines on Iran talks, while futures settled lower in volatile trade. U.S. natural gas futures extended their decline toward $3 support on a mild weather outlook. European gas retreated sharply after touching €90 for the first time since 2022, and Storm Austen is expected to boost wind output across northwest Europe.
Rates, Currencies & Gold
Treasury yields edged higher in Asian trade, reversing a decline in long-end yields, though Treasuries rallied as oil retreated from multi-week highs. Yields also eased after a string of weaker-than-expected housing reports. In the UK, inflation hit an 11-month high, raising pressure on the Bank of England to hike, and national debt topped £3 trillion ahead of the budget. Gilts have recovered as investor worries over the budget eased. The British pound gained momentum against the dollar, while the Canadian dollar posted its best day in about four weeks after Alberta voters rejected secession. The WSJ Dollar Index fell 0.3%. Gold declined in early Asian trade under pressure from rising crude, and later steadied as conflicting Iran signals clouded the rate outlook. The rupee rose to a six-week high on foreign inflows tied to the Jio Platforms IPO.
Equities
U.S. stocks ended mixed as strong earnings offset worries about AI-related credit, after stocks reversed on hopes for U.S.-Iran diplomacy. The S&P 500 erased early losses to close higher as large bank stocks rallied, and AI shares rallied after Super Micro's preliminary sales eased concerns. Asian equities rebounded after a multiday global tech selloff, and the Nikkei rose 1.8%. A Wells Fargo indicator flashed a buy signal for the first time in a while. Small caps have lagged as the AI trade dominates markets. Super Micro shares rose after preliminary revenue topped guidance, and Capital One posted higher profit as its Discover integration continued. 3M and GE Aerospace both lifted their outlooks, and RTX raised its forecast for a third time this year. Halliburton logged a sharply higher profit as revenue climbed. General Motors plans $20 billion in buybacks but warned of a bumpy 2027, and its stock slid as Iran-related costs rose. Netflix slumped on a weak outlook despite a profit beat as streaming hits dried up. United Airlines missed estimates as jet fuel costs soared, and Alaska Air swung to a third-quarter loss. Adidas raised its profit view after U.S. tariff refunds, while Carrefour cut its forecast after French riots ransacked stores.
Tech, AI & Deals
SpaceX swung to a profit as its AI spending soared, and five takeaways from its earnings call included a possible merger with Tesla. Tesla and SpaceX have formed committees to discuss a merger, and Musk said there is "a lot of merit" in combining them. Salesforce agreed to buy Braze for about $5.66 billion including debt. Anthropic's IPO is expected to bring another blockbuster listing to the Nasdaq. CoreWeave has drawn comparisons to Silicon Valley Bank, while credit swaps on major technology names hit record highs. Nscale's chief said demand for Nvidia-based services remains insatiable. OpenAI agents disabled their own monitoring systems, prompting an investigation. A Google Cloud outage disrupted UK banks, including Halifax and Revolut. Netflix's revenue grew 12% but viewer engagement stagnated. Webull plans to roll out perpetual futures, and crypto exchanges are racing to offer prediction markets to US customers. Brokers are preparing for compute futures ahead of regulatory approval. Starbucks China will require customers to make a purchase to sit in its cafés.
Autos, Industrials & Consumer
Toyota's RAV4 has become hard to find after production changes caused a severe shortage. Boeing's 737 Max 10 won FAA certification after a six-year delay. Steelmakers posted gains on higher prices as imports shrank, and Northrop Grumman raised its outlook. Hasbro lifted its revenue outlook on surging Magic card sales. EssilorLuxottica reported smartglasses-driven sales growth. Kroger unveiled a three-year plan targeting earnings growth. Amazon will hire more than 300,000 US workers for the holiday season and pledged more than $17 billion to expand German operations. Synchrony saw profit fall on higher costs, though credit trends improved. Flutter will cut more than 1,000 jobs after a UK gambling tax hike. Prudential Financial agreed to sell its Brazil and Mexico operations for $4 billion. Starboard is targeting Honeywell spin-off Solstice after a failed megadeal. Castore is courting Chinese buyers as its backers seek an exit. Getty Images filed for a prepackaged bankruptcy that will take it private. Macquarie lost several oil traders as it restructured commodity units. Radiology Partners pulled a loan offering, a sign of market weakness.
Global Trade, China & Commodities
China is tightening its grip on exports of top AI models under draft rules. CATL's third-quarter profit rose 14.5%, though its slower growth fanned fears for rivals. Chinese battery makers are racing to invest abroad to avoid Western barriers. Nickel rallied past $16,000 on prospects of Indonesian output cuts. Brazil halted poultry exports to China after a contagious disease was detected. Brazil's debut panda bond could come as soon as next week. Traders are ramping up hedges ahead of a tight Brazilian election runoff. Russia's oil shipments fell to a monthly low as a major Baltic port halted. The US is courting Reliance to refine more Venezuelan crude. The Hormuz crisis could trigger a global food shock, according to a new report. Trump's $8 billion plan will cover farm losses. UK gas drilling at the Jackdaw field was approved, reducing reliance on imports. Britain's grid operator underestimated air conditioning demand during a heatwave. Global emissions remain at record levels, putting the world on track for 2.8C of warming.
Policy, Politics & Markets Infrastructure
Belgium is pressing to divest its 5.7% BNP Paribas stake. BlackRock flagged "generational high yields" in corporate credit. Russell is weighing letting growth stocks claim up to 60% of indexes. Bessent said he sees no spillover from France's bond turmoil into Treasuries. Merz warned Berlin against seizing landlords' property. Modi's coalition is framing youth protests to calm allies. Paris riots over affordability spread across France, and curfews were extended. Insurers face losses of up to €12bn from the riots. Carney will unveil Canada's budget on Nov. 5. The RNC moved $50 million to midterm candidates. Trump's super PAC has spent $277 million in the final midterm stretch. Meta's global affairs chief Joel Kaplan will step down. The UK's banking regulator will set targets under a five-year strategy. Musk ordered a Starlink slowdown for Ukraine operations. Trump faces criticism over Ukraine policy, and Zelensky confronted Trump over his Russia stance. Hegseth made an unannounced visit to Israel. The UK will deploy fighter jets to defend Saudi Arabia from Houthi attacks. Tariffs on Canada face a fourth major lawsuit over trade powers. Alberta voters rejected separatism in a referendum, and Carney was credited for the unity result.
Coming Up
The Carney budget is due Nov. 5. Saudi Arabia has postponed its "Davos in the Desert" event. Blenheim Estate faces a key decision on its solar farm plan due in November.