Weekday edition
SpaceX earnings beat, 3M guidance raise, and small-company funds
Equifax trims its revenue outlook as inflation squeezes lower-income households.
At Tuesday’s close: S&P 500 +0.28%, Nasdaq-100 −0.13%, Dow +1.02%
SpaceX rallies after hours as quarterly results top estimates
Space Exploration Technologies Corp. (SPCX) reported third-quarter revenue and earnings per share above analyst estimates after Tuesday's close. Its shares rose 8.1% in after-hours trading to $159.70. Earlier, in the regular session, the stock had edged down 0.1% to close at $147.79.
The Elon Musk-led company beat forecasts for both sales and profit per share, according to reports. Before the release, the stock sat 26.8% below its 52-week high of $201.80. After-hours trading, which happens once the regular session ends, often involves fewer trades. Prices may shift when the market reopens.
For readers
What it means for you: A strong quarter from one company, even one valued at $1.9 trillion, reaches a broad index fund only in proportion to its weight, and only where the fund holds the stock. For most retirement accounts, the effect of this report may be modest. The Fed's rate decision on Wednesday, Oct. 28 could matter more.
Markets
Tuesday’s close
| Market | Level | Change |
|---|---|---|
| S&P 500 | 7,712.57 | +0.28% |
| Nasdaq-100 | 29,490.28 | −0.13% |
| Dow | 52,495.88 | +1.02% |
| 10-Yr | 5.12% | −3 bp |
| Bitcoin (24 hr)As of this edition | $83,143 | +2.11% |
The day ahead
Wednesday’s setup
Meta Platforms and Tesla report after the close. Their results are a fresh test for big technology shares after the Nasdaq-100 edged down 0.1% on Tuesday while the Dow rose 1.0%.
10:00 a.m. Usual Weekly Earnings of Wage and Salary Workers, third quarter. This quarterly survey tracks typical pay for full-time workers; faster gains could help households keep up with prices but might keep borrowing costs high, while slower gains may ease that pressure.
Before open AT&T earnings. Quarterly results arrive before trading starts, giving shareholders an early read on sales and profit that could shape how the stock trades during the day.
After close IBM earnings. Results land after trading ends, so any reaction in the shares may show up in thin late trading rather than during the regular session.
After close Meta Platforms earnings. Results may give shareholders and index-fund owners a fresh read on large technology companies, after the technology sector fund fell 0.3% on Tuesday.
After close Tesla earnings. Results arrive after the close, so any reaction may come in thin after-hours trading as shareholders weigh the latest sales and profit figures.
If you own
Super Micro Computer shares surged 15.6% in after-hours trading, after closing the regular session at $32.47. Trading after the close is thin, so the move may not hold; the opening bell may confirm it or reverse it.
Real estate stocks and funds rose 1.7% in the latest session, an unusually large move for a sector that often trades quietly. Holders of property-focused funds could see that gain hold or fade in the sessions ahead.
Sector funds split widely: health care jumped 2.4% as the best sector, while technology fell 0.3% as the worst. Holders of single-sector funds may have seen very different results from a broad index fund.
Small-company funds gained, with the IWM fund rising 1.7% in the latest session. Smaller companies' shares often swing more than large ones, and a small-company fund could see bigger moves in either direction.
Need to know
Top stories
- 1
Health care · +5.78% 3M rallies after raising its earnings guidance. 3M shares surged 5.8% on Tuesday after the company raised its 2026 earnings guidance. The company also said it expects to exceed its 2027 Investor Day targets. It credited demand from data centers and semiconductor customers, along with new products and cost cuts. The gain added $4.8 billion to its market value. Read more
- 2
Equifax cuts revenue outlook as inflation squeezes lower-income households. Equifax beat analysts' third-quarter earnings estimates on Tuesday but lowered its full-year revenue outlook. The credit reporting company also gave fourth-quarter guidance below Wall Street estimates. It warned that inflation is squeezing lower-income Americans, and it pointed to continued weakness in the U.S. mortgage market. Pressure on household budgets could weigh on demand for credit checks. Read more
- 3
Banks · +0.87% Capital One rallies after hours as earnings top estimates. Capital One shares rose 4.2% in after-hours trading Tuesday after the lender reported third-quarter earnings and revenue above analyst estimates. Earlier, in the regular session, the stock rose 0.9%. The company said its provision for credit losses, money set aside for bad loans, decreased. After-hours moves may change once regular trading opens. Read more
AI corner
Three changes that matter
Topics: Chips, Markets
Super Micro raises its quarterly revenue outlook on AI server demand
Super Micro shares surged 15.6% after hours as the company tied a higher first-quarter revenue forecast to demand for AI platforms, which could lift rival server makers.
Topics: Startups, Models
Anthropic draft IPO filing shows a heavy loss driven by accounting charges
Most of the loss came from accounting charges tied to convertible notes, according to reports, while computing costs climbed as the company prepares for a potential stock market listing.
Topics: Deals, Big Tech
Salesforce agrees to buy Braze to expand its AI marketing tools
Salesforce said the cash deal adds Braze's tools for personalized messages across apps and websites, and Salesforce shares were little changed after the announcement.
How it works
Earnings season
Guidance outweighs the quarter. Guidance is a company's own forecast for its next results, often shared alongside quarterly earnings. Investors may weigh it more than the quarter just reported, because it describes what lies ahead. A strong quarter can still draw selling if the outlook disappoints. Today, SpaceX reported third-quarter revenue and earnings above analyst estimates. Its shares rose 8.1% in trading after the market closed, so the reaction matched the beat. This tug between results and outlook tends to return each earnings season.
Coming up
Procter & Gamble earnings. Results are due before the opening bell.
University of Michigan Surveys of Consumers, October (final). How confident households feel about their finances and the economy, plus their inflation expectations.
Verizon earnings. Results are due before the opening bell.
The close
The big picture. Tuesday's gains came mostly from outside technology. Health care, financials, utilities and real estate led, and rising stocks outnumbered falling ones by a wide margin. The S&P 500 has risen 0.7% this week. The Nasdaq-100 has still fallen 3.0% in October. The 10-year Treasury yield fell to 5.12%. When many sectors share the gains, a broad fund leans less on a handful of tech giants.
On the calendar. Tuesday, Oct. 27 brings September orders for long-lasting goods such as machinery, a gauge of business investment. The Conference Board's October consumer confidence survey arrives the same day at 10:00 a.m. ET. It shows how households see jobs and the months ahead.
Not investment advice.