Public Markets 24-Hour Briefing
×Last updated: October 21, 2026, 11:22 PM ET
Meta and Zuckerberg
Mark Zuckerberg reportedly pushed Meta to shield him from California's proposed wealth tax, telling the board he planned to list his Silicon Valley home outside the state. Meta agreed to a deal that keeps him in California by creating a new class of non-voting shares, allowing stock sales without diluting control. The company will split its stock and create the new class to fund AI spending, which topped $40 billion and pushed the company's cash flow negative. Meta was also ordered to pay $25 billion over Cambridge Analytica privacy violations, one of the largest penalties ever levied against a tech giant.
Tesla and SpaceX
Musk says SpaceX and Tesla are exploring a merger that would consolidate his holdings in rockets, cars and artificial intelligence. Tesla's profit slumped even as cash flow improved, with flat revenue and a lowered sales target. Analysts question the logic, with the FT noting that other shareholders may resist. SpaceX's own results lifted tech stocks, though SpaceX bonds weakened on debt concerns.
Equities and US Markets
US stock futures climbed as SpaceX results helped revive AI sentiment, with the S&P 500 closing higher for a third day. Nasdaq futures led gains, while healthcare stocks rallied as investors sought safety. Berkshire Hathaway hit a record high after Buffett's departure, and NYSE options hours are being extended.
Energy and Commodities
Oil rose in early Asian trade on fears of a renewed Middle East escalation, though Middle East exports are near prewar levels. Gold fell, pressured by rising energy costs and Fed uncertainty. US natural gas futures extended their decline as heating demand waned. Heating oil prices hit record highs in the US northeast as winter approaches, and the UK approved the Jackdaw gas field.
Europe and Corporate Deals
EQT agreed to acquire Qiagen for roughly €9.6 billion ($10.8 billion) in cash. France's borrowing costs reached 5% for the first time since 2002 amid public finance and political concerns. Carrefour shares slumped more than 13% after the grocer trimmed profitability targets, citing riots. Abbott plans to spin off its nutrition unit, which faces baby formula lawsuits.
Asia and Emerging Markets
The Nikkei edged higher on Wall Street gains. MSCI's Indonesia warning drew investor pushback, and President Prabowo vowed Indonesia would not be intimidated. Argentina's bond selloff caught bulls off guard as election fears grew. Nickel rallied past $16,000 on prospects of Indonesian output cuts, and Jio's $3.2 billion IPO is testing India's market.
Coming Up
The Brazilian presidential runoff takes place on October 25, with Flávio Bolsonaro's Petrobras plans at stake. Michigan and other midterm races draw closer as Trump's approval slides.