Daily News
Kospi Rebounds 2.7% as SpaceX Jumps on Tesla Merger Talks; Dow Surges Over 500 Points on Earnings Optimism; Gold Falls Toward $4,100 for a Fourth Straight Session; Crude Rises to Around $99
21 October 2026
Today in Brief
Asia-Pacific markets were mixed on Wednesday, with South Korea’s Kospi advancing 2.7% to rebound from Tuesday’s losses and Japan’s Nikkei 225 up 0.8%, while Hong Kong’s Hang Seng declined 0.35%, mainland China was flat and Australia’s S&P/ASX 200 was little changed. On Wall Street Tuesday, the Dow Jones Industrial Average gained 529.85 points, or 1.02%, to 52,495.88, the S&P 500 added 0.28% to 7,712.57 and the Nasdaq Composite inched down 0.02% to 26,424.82 as upbeat earnings and a pullback in oil prices overshadowed pressure on AI-related stocks. Gold fell toward $4,100 an ounce, its fourth straight session of declines, as elevated oil prices intensified inflation concerns, while crude oil rose to around $99 per barrel as investors assessed mixed reports on US-Iran diplomacy.
In other news: SpaceX reported 161% third-quarter revenue growth as Elon Musk said SpaceX and Tesla have formed special committees to discuss a merger; nearly all economists polled by Reuters expect the Fed to hold rates this month and raise them in December; Secretary of State Marco Rubio visits Reliance’s Jamnagar refinery in India; a new lawsuit challenges Trump’s 50% tariffs on Canadian goods; Trump promised billions in direct payments to voters weeks before the midterm elections; Netflix beat third-quarter earnings estimates but guided for slower revenue growth; Samsung and SK Hynix are upgrading their China plants to make more advanced chips; and Jio Platforms’ $3.2 billion IPO was fully subscribed within two hours.
In Asia, South Korea’s Kospi advanced 2.7%, rebounding from Tuesday’s losses
In Asia, South Korea’s Kospi advanced 2.7%, rebounding from Tuesday’s losses. Japan’s Nikkei 225 was up 0.8%. The Hang Seng index declined 0.35%, while mainland China was flat. Australia’s S&P/ASX 200 was little changed. Shares of Elon Musk’s SpaceX jumped 8% after the company said its revenue grew 161% in the third quarter. Musk also said that SpaceX and Tesla, his auto manufacturer, have formed special committees to discuss a merger. Tesla shares were up 1%.
Dow jumps 500 points as earnings optimism steadies market
The Dow Jones Industrial Average rose on Tuesday as a number of upbeat earnings reports and a drop in oil prices overshadowed recent pressure seen among artificial intelligence-related stocks. The blue-chip index gained 529.85 points, or 1.02%, to end at 52,495.88, while the S&P 500 added 0.28% and closed at 7,712.57. The Nasdaq Composite inched down 0.02% to 26,424.82. Shares of industrial and safety products producer 3M offered a boost to the Dow, jumping more than 5% following better-than-expected earnings results and a full-year guidance raise. Shares of aerospace and defence company Northrop Grumman advanced more than 4% after it posted earnings beat. Meanwhile, oil prices pulled back from earlier gains, helping investor sentiment.
Gold prices fell toward $4,100 per ounce on Wednesday, marking a fourth straight session of declines
Gold prices fell toward $4,100 per ounce on Wednesday, marking a fourth straight session of declines as elevated oil prices intensified inflation concerns and strengthened expectations for interest rate hikes. Oil resumed its upward trend after a diplomat dismissed reports that a deal to end the US-Iran conflict was imminent, although negotiations remain underway. Rising tensions in the Middle East and Eastern Europe, along with increased attacks on tankers in the Strait of Hormuz, further heightened concerns over supply disruptions. Meanwhile, the US Federal Reserve is widely expected to leave interest rates unchanged next week, though markets anticipate a possible rate hike in December. The Bank of Japan and the European Central Bank are also expected to maintain their policy rates next week.
Crude oil rose to around $99 per barrel on Wednesday, resuming its advance
Crude oil rose to around $99 per barrel on Wednesday, resuming its advance as investors assessed mixed reports on diplomatic progress between the US and Iran. Prices fell sharply on Tuesday after Pakistan’s army chief, Field Marshal Asim Munir, met with senior Iranian diplomatic and military officials in Tehran to discuss bilateral ties and the status of negotiations with Washington. However, a diplomat involved in the discussions dismissed reports that a deal was imminent, while confirming that efforts to end the conflict remain underway. Oil prices have gained more than 10% this month as intensifying hostilities involving Saudi Arabia and Iran-backed Houthi forces, as well as Russia and Ukraine raised supply risks further. At least 18 vessels have also come under attack in the Strait of Hormuz over the past two weeks.
U.S. eyes refining muscle of Indian billionaire Ambani’s Reliance as Rubio visits Jamnagar plant
U.S. Secretary of State Marco Rubio will discuss refining Western energy supplies with Indian billionaire Mukesh Ambani’s Reliance Industries when he visits the company’s plant in Jamnagar, Gujarat — the world’s largest single-site refinery. The U.S. is looking to “work together more closely” with Reliance for refining energy from the “Western Hemisphere,” Rubio said in an interview with India’s Network 18, which is owned by Reliance. “I think that’s helpful to India, but it’s also helpful to us,” he added. Reliance’s Jamnagar refinery, which Rubio will visit on Wednesday, has a crude processing capacity of 1.4 million barrels per day. Reliance has also emerged as the biggest buyer of Venezuelan crude outside of the U.S., as of end-September.
Trump sued over 50% tariffs on Canada in latest trade challenge
A new lawsuit filed Tuesday challenges President Donald Trump’s invocation of a Depression-era law to impose 50% tariffs on a range of Canadian goods. Trump in July used Section 338 of the Tariff Act of 1930 to slap those steep tariffs on Canadian hockey sticks, wine, honey, wigs, and other products in response to alleged trade discrimination by Ottawa. It was the first time the 96-year-old law had ever been used to impose a tariff. “Section 338 is a relic of the retaliation-based tariff policy” that has been “impliedly repealed” by subsequent legislation, the civil complaint filed in the U.S. Court of International Trade says. The suit was filed by Gellert Global Group, a New Jersey-based food importer that says its cheeses are covered by the tariffs.
Trump promises billions in payments to voters ahead of midterm elections
US President Donald Trump is promising billions of dollars in direct payments to millions of Americans just weeks before the November 3 elections that will determine whether his Republicans will maintain control of the US Congress. Trump said at a campaign rally in Kansas on October 19 that farmers will get $8 billion in one-time payments to offset high diesel fuel prices during the fall harvest season. Trump said on October 2 the government will send a $90 payment to 20.8 million people enrolled in Medicare Part B, the medical-insurance portion of the government’s health plan for seniors. The White House said the one-time payments will help to offset rising healthcare costs. The money will be drawn from a $2 billion fund meant to improve the program.
Fed to skip October but raise rates again in December, nearly all economists say
The Federal Reserve will skip raising interest rates this month and deliver a hike in December, according to nearly all economists polled by Reuters, as policymakers signal patience even as stubborn inflation argues for a tougher response. Despite reports showing a strong economy with hotter-than-expected inflation, Fed officials have recently suggested they prefer a slower, more deliberate path for rates. Fed Chair Kevin Warsh, who has made clear he is not keen on giving guidance, has kept mum. An overwhelming majority of economists, 94 of 100, in the October 16-20 Reuters poll expect the central bank to hold the federal funds rate in a 3.75%-4.00% range at its October 27-28 meeting, in line with market pricing. That meeting is just days before the November midterm elections. But all 100 respondents expect a rate hike in December, a sharp reversal from less than half saying so in last month’s poll. The Federal Open Market Committee unanimously raised rates by 25 basis points in September.
Netflix posts third-quarter earnings beat, but shares fall on advertising and revenue guidance
Netflix on Tuesday reported third-quarter earnings that topped analyst estimates and revenue that was in line as Wall Street eyes the company’s engagement and advertising metrics. The streamer’s revenue was almost 12% higher year over year, boosted by growth in membership and an increase in subscription prices that went into effect in March, the company said. Netflix said the response to those price hikes has been consistent with prior changes and with its expectations. Net income for the quarter was $3.66 billion, or 87 cents per share, compared with $2.55 billion, or 59 cents a share in the same period last year. Netflix said the year-over-year jump in profit was due in part to the timing of expenses. The company expects fourth-quarter revenue to rise more than 11% to $13.44 billion, driven by growth in memberships, pricing and ad revenue, it said.
Musk says Tesla and SpaceX formed special committees to discuss merger
SpaceX shares climbed about 8% in extended trading on Tuesday after the company reported 161% revenue growth for the third quarter, beating Wall Street estimates, with its artificial intelligence business growing ninefold. On the earnings call, CEO Elon Musk said a merger with Tesla, his automaker, would be a “good idea,” adding that the boards of both companies have formed special committees to discuss a tie-up. Tesla reports third-quarter results after the bell on Wednesday. SpaceX said in a release that it recorded operating income of $2.8 billion and net income of $4.4 billion. In the same period a year earlier, SpaceX reported a net loss of $1.05 billion. CFO Bret Johnsen said on the call that revenue in the first quarter of 2027 will be $33 billion to $37 billion, trouncing the average $22.2 billion average analyst estimate, according to LSEG.
Samsung, SK Hynix upgrading China plants to make more advanced chips, people say
Samsung Electronics and SK Hynix are upgrading their China factories to produce more advanced memory chips, four people familiar with the plans said, aiming to fend off competition from a fast-growing Chinese rival and meet huge AI demand. How much to invest in their Chinese operations has become a tricky question for the South Korean semiconductor giants ever since the US began imposing export controls on some chip-making equipment in 2022 amid an effort to slow China’s technological progress. Both companies are now required to seek US licenses annually if they want to install US-made equipment such as etching machines in China.
Ambani’s $3.2 billion Jio IPO subscribed within two hours in record Indian sale
Jio Platforms’ $3.2 billion IPO was fully subscribed in less than two hours of public bidding on Wednesday, as investors flocked to India’s largest share sale and the first from billionaire Mukesh Ambani’s Reliance in two decades. The Jio Platforms IPO will be a major test of global appetite for new share offerings at a time when investors have sharpened their scrutiny of AI-related companies, which some analysts say could see them pivoting away from the technology. More than 90% of Jio’s revenue comes from the telecoms business. The early demand comes even as big IPOs in India generally start slowly, with institutions often waiting until the final hours to bid. In other big IPOs, the National Stock Exchange of India’s share sale recently was only 42% subscribed on its first day, and Hyundai Motor India’s only 18%.
Thanks for explaining this overview of supporting mobility in daily life while keeping expectations realistic.
Good information about how individual experiences can vary with useful context for readers.
I enjoyed learning about the information about common causes of nail discoloration with useful context for readers.
mostbet aviator кантип ойнойт [url=www.mostbet75181.shop]www.mostbet75181.shop[/url]
This post offers how this article covers checking possible supplement interactions while keeping expectations realistic.
chicken road depositar con neteller [url=https://chicken-road82377.shop/]https://chicken-road82377.shop/[/url]
Useful context for understanding this overview of comparing supplement products that is practical and straightforward.
Good read on the role of regular physical activity and gives readers a good starting point.
This is a useful introduction to the information about comparing serving sizes and directions without overcomplicating the subject.
seven casino id verification [url=https://www.sevencasino79910.shop]seven casino id verification[/url]
what Canadian sportsbook reviews should compare before registration [url=https://a-girlwhotravels.com/ludibre-new-casino-site-canada/]what Canadian sportsbook reviews should compare before registration[/url]