Public Markets 24-Hour Briefing
×Last updated: October 22, 2026, 3:40 PM ET
Energy & Commodities
Silver futures fell 4.6% in New York to $54.764 a troy ounce, their lowest level this year, as oil-driven inflation fears weighed on metals. Gold also slid to its lowest in more than two months as escalating Middle East hostilities pushed energy costs higher. Brent crude climbed above $111 a barrel after attacks on Saudi Arabia renewed supply worries, while physical barrels diverged from futures prices. Qatar agreed to buy US LNG through 2054 as the conflict upends supply, and China's petrochemical glut is turning into a shortage after months of war. US natural gas futures were little changed ahead of inventory data, while German gas use hit a nine-month high as cold weather lifted power demand. Palm oil is attracting Indian buyers on a widening price gap against rivals, and copper slumped as LME inventories surged.
Fixed Income & Rates
Treasury yields fell to their lowest since September as worries about French debt drove a haven bid. French bond spreads widened to a 15-year high, and foreign investors appear to be heading for the exit. Hedging costs against further Treasury gains surged to their highest level in a while, and DoubleLine's Jeff Sherman remains bearish on long-term Treasuries. Rising US yields are straining Europe's economy, and Brazil hedging costs spiked as election anxiety grew. Bank of England rate expectations beyond November remain clouded by energy uncertainty.
Equities
Stocks fell as tech earnings spooked investors, while Meta's sell-off dragged US tech lower after the company forecast higher AI spending. Meta will split its stock and create a new share class to fund AI investment, and Meta was ordered to pay $25 billion over Cambridge Analytica privacy violations. US stocks rallied as strong SpaceX earnings eased AI concerns, and SpaceX and Tesla are weighing a merger. Tesla profit slumped even as cash flow improved. Chinese stocks tumbled into a bear market, with $2.4 trillion lost, and Alibaba led Hong Kong's tech slide. Jio's IPO drew overwhelming demand on day one even as the Nifty struggled, and MiniMax erased its post-IPO gains.
Banking & Finance
UBS prevailed against two former Credit Suisse managing directors' back-pay claims. Barclays cut 5,000 jobs as it steps up AI adoption, after third-quarter profit fell short, and Barclays' pretax profit missed estimates on fixed-income weakness. Blackstone profit dropped 9.2% as higher rates curbed dealmaking, and Blackstone cut property valuations. EQT agreed to acquire German diagnostics group Qiagen in a €10.8bn take-private, and LSEG is nearing a $3.5 billion deal for credit data specialist Octus. Arini Capital losses mounted as its master fund shed about 7% in October.
Industrials, Consumer & Autos
American Airlines forecast another quarterly loss on surging fuel costs, and Southwest cut its earnings outlook. Lockheed Martin raised its yearly outlook as backlog hit a record, and Thales lifted its sales forecast on a defense order surge. Carrier plans a $600 million Texas plant for AI data-center cooling gear. Union Pacific posted higher profit on volume growth, and Honeywell Technologies raised its full-year outlook. Toyota faces short supply of its most popular SUV. Hermès sales growth slowed against a tough luxury backdrop, and Kering's revenues fell as Gucci sales dropped. Prada sales cooled as the luxury recovery faded. Procter & Gamble logged higher sales that offset fuel costs, and L'Oréal eyes a profit rise this year.
Technology & Telecom
Nokia reported continued strength from AI and data-center rollouts, with network sales up 17%. Comcast continued to lose domestic broadband subscribers. Google is funding one of the nation's largest virtual power plants to supply AI data centers. Apple's cash flow has made it investors' favored AI hedge, and AI stocks slid after earnings disappointed. SAP is working on a metric to convey AI's business impact. Anthropic's debut has the US IPO market stuck, and SpaceX, Anthropic and Nvidia helped snap tech stocks out of their malaise. Meta is weighing creative funding for its massive AI investments.
Policy, Legal & Geopolitics
Trump was ordered to face BBC questioning in his $10bn defamation lawsuit. A judge restricted DHS field operations aimed at unearthing voter fraud. The Trump administration asked the Supreme Court to allow border wall construction in Big Bend. US and Israeli planners are drawing up renewed strikes on Iran after elections. Afghanistan and Pakistan have entered open conflict through proxy groups. The US ordered some personnel to leave Saudi Arabia after Houthi attacks. Ukraine will buy military supplies through a NATO agency. India has spent about $90bn to prop up the rupee. Evergrande's liquidators plan a first creditor payout next year, and they are pursuing Harvard to recover a donation. Vance defended a Ramaswamy ad featuring Amy Acton's mother despite backlash.
Food, Health & Other
Ebola's outbreak in Africa has reached its widest expansion ever. A screwworm parasite was confirmed in a Texas elk, the first wildlife case. A magnitude-7.0 earthquake struck China's Tibet region. Chocolate and beef prices are rising in the UK as poor cocoa harvests and smaller cattle herds push costs up. Mortgage rates remain above 7%, pushing home prices lower in some areas.
Coming Up
The US midterm elections are less than a month away, and Wall Street is bracing for their market impact. Brazil's presidential runoff is set for October 25. ASX plans to unveil more details of its strategy in 2027.