Market Snapshot
Ahead of Monday's open, the three major index futures were mixed; as of press time, Dow Jones futures were down 0.22%, Nasdaq 100 futures were up 1.10%, and S&P 500 futures were up 0.43%.
International crude oil futures declined, with WTI crude down nearly 1% and Brent crude falling by more than 1%.
Cryptocurrencies and precious metals are strengthening.
$Star Technology Stocks (LIST2518.US)$Pre-market, most stocks rose, with Intel up nearly 4%, Micron Technology, AMD, and Broadcom gaining over 3%, Amazon and NVIDIA surging more than 1%, while Meta, Tesla, and Apple edged lower.
$Popular Chinese Stocks (LIST2517.US)$Pre-market gains were widespread, with Hesai up nearly 3%, Taiwan Semiconductor up over 2%, XPeng up over 1%, Alibaba and Baidu up nearly 1%, and JD.com and PDD Holdings edging higher.
$Storage Concept (LIST23925.US)$Pre-market gains are widespread, with SK Hynix and SanDisk up over 4%, Seagate Technology and Micron Technology up over 3%, and Western Digital up nearly 3%.
$Cryptocurrency Concept Stocks (LIST20010.US)$Pre-market gains: Cipher Digital rose more than 6%, IREN gained over 5%, Circle climbed more than 2%, while Strategy, Coinbase, and SoFi Technologies all advanced by over 1%.
$Optical Communications (LIST23979.US)$Concept stocks rose collectively in pre-market trading, with AXT Inc up over 6%, Astera Labs up nearly 5%, Lumentum, Marvell Technology, and Coherent each up over 4%, and Corning up over 3%.
$Semiconductors (LIST2015.US)$Pre-market stocks rose across the board, with Intel up nearly 4%, AMD up over 3%, Broadcom up nearly 3%, and Cerebras Systems and Taiwan Semiconductor both up over 2%.
Individual Stock News
NVIDIA's GTC Berlin conference is about to open, and Jensen Huang will deliver the keynote address.
From October 20 to 22, local time,$NVIDIA (NVDA.US)$The GTC conference will be held in Berlin, Germany, with Jensen Huang delivering the keynote address on the 21st. As NVIDIA's most anticipated technology and ecosystem event of the second half of the year, this year's GTC shifts its focus from "selling GPUs" to "selling AI factories." According to official announcements, the conference will feature more than 100 specialized sessions covering the full AI technology stack, with a strong emphasis on accelerated computing, agentic AI, physical AI, robotics, open-source models, and AI infrastructure.
Related Reading:Jensen Huang made a blockbuster appearance on Wednesday! NVIDIA's GTC event unveiled five major highlights—can the AI market reverse its slump?
NVIDIA is set to produce custom NVHBM? Industry insiders say that custom base die wafers have become a trend.
There are reports that,$NVIDIA (NVDA.US)$Has been requested$Samsung Electronics (005930.KR)$、$SK Hynix (SKHY.US)$and$Micron Technology (MU.US)$The base die, manufactured using Taiwan Semiconductor's 3nm process, is used to produce NVHBM (NVIDIA's custom HBM technology—HBM stands for High Bandwidth Memory), while the core die employs sixth-generation DRAM (Dynamic Random Access Memory) technology. Samsung Electronics has decided to comply with NVIDIA's technical requirements. Regarding the authenticity of this matter, on October 19, Samsung Electronics responded that the company does not comment on issues involving its customers.
Musk: Next year, SpaceX will gift shares to every child in the United States.
Musk: Next year, I will give a copy of my book to every child in the United States.$SpaceX(SPCX.US)$Shares. This is just the first step in a series of future actions.
CoreWeave rose more than 6% in pre-market trading, with JPMorgan reaffirming its "Overweight" rating and Goldman Sachs upgrading it to a "Buy" rating.
JPMorgan's research report reiterated its stance on$CoreWeave(CRWV.US)$maintained an "overweight" rating, acknowledging that CoreWeave's valuation multiples depend not only on its own fundamentals but also on investors' overall appetite for its data center debt; however, it believes that current concerns are "overblown" relative to the business's fundamentals. In addition, Goldman Sachs upgraded CoreWeave to a buy rating and set a price target of $106.
NEBIUS rose more than 7% in pre-market trading, as Truist reaffirmed its buy rating.
Truist reaffirms its stance on$NEBIUS(NBIS.US)$We assign a Buy rating and set a price target of $355. Truist notes that the concerns triggered by Firmus's failed IPO do not necessarily reflect a broader downturn among emerging cloud service providers, many of which hold substantial backlog of contracted, yet-to-be‑executed orders. This outlook provides a strong counterpoint to investors' worries about rising financing costs, mounting debt burdens, and the capital-intensive nature of AI infrastructure expansion.
Intel rose more than 4% in pre-market trading, and JPMorgan updated its rating.
JPMorgan will$Intel (INTC.US)$The rating has been upgraded from "Reduce" to "Neutral."
With the awarding of contracts for Trump's "Golden Dome" project, SpaceX's defense portfolio has surged.
$SpaceX(SPCX.US)$In the first three quarters of fiscal year 2026, defense contract awards more than doubled, with space-based missile defense capabilities serving as a core component of Trump's "Golden Dome" program. To date in fiscal year 2026, SpaceX has reported total defense contract obligations totaling $5.9 billion, compared to just $1.8 billion for the entire fiscal year 2025. In May, SpaceX secured two contracts from the U.S. Department of Defense's Space Command, pertaining to advanced communication capabilities and designated as network architecture work for the "Golden Dome" missile defense system.
Morgan Stanley is bullish on Apple: Pre-orders for the first foldable-screen iPhone Duo are booming, with delivery times stretching to 14 weeks—a ten-year record.
Morgan Stanley pointed out in its latest research report that,$Apple(AAPL.US)$The first foldable-screen phone, the iPhone Duo, demonstrated strong early demand on its first day of pre-orders, with an average global delivery time of about 14 weeks—marking the longest lead time the firm has tracked for Apple models over the past decade. Meanwhile, delivery times for the iPhone 18 Pro/Pro Max have shortened year over year. Morgan Stanley maintains an "Overweight" rating on Apple, with a price target of $355.
Ahead of the earnings report, Morgan Stanley specifically recommended Trane Technologies, with the market closely watching whether Q3 can sustain its better-than-expected performance.
In a report on October 19, Morgan Stanley strategist Michael Wilson's team noted that the U.S. stock market correction is nearing its end, and investors should prepare to increase allocations to risk assets, with a particular focus on high-quality companies whose earnings expectations are improving.$Trane Technologies (TT.US)$and$Google-A (GOOGL.US)$、$Apple(AAPL.US)$They were also included among the recommended stocks. The company will release its third-quarter earnings report before the market opens on October 29. Morgan Stanley's recommendation timing happens to fall right before the earnings release, and the market will be watching to see whether the company can sustain the better-than-expected performance from Q2, thereby validating the view that "earnings expectations are improving."
Alibaba's DAMO Academy has released the automotive-grade enhanced processor XuanTie E908A.
According to DAMO Academy, the RISC‑V China Summit was held in Shenzhen on October 19.$Alibaba (BABA.US)$At the summit, the DAMO Academy unveiled the XuanTie E908A automotive‑grade enhanced processor. According to the Academy, this is the first RISC‑V CPU IP to simultaneously meet both ASIL‑B and ASIL‑D safety standards, with a single-point failure metric (SPFM) exceeding 90% for the first time in the industry. The DAMO Academy also released, for the first time, a roadmap for autonomous driving and embodied intelligence products; the next‑generation XuanTie C950A aims to deliver performance five times that of current RISC‑V automotive‑grade offerings.
Accenture is reportedly seeking to sell its China business, with an estimated valuation of up to $1.5 billion.
According to the UK's Financial Times, citing sources familiar with the matter, the IT consulting firm…$Accenture (ACN.US)$It is seeking to sell its China business, with an estimated valuation of up to $1.5 billion. Accenture has engaged JPMorgan to conduct a strategic review of the business. Reports indicate that this sale process could attract interest from private equity firms as well as a handful of strategic buyers. Accenture may choose to retain a significant minority stake in the business.
Novo-Nordisk A/S: Semaglutide Injection Granted Approval in China with New 48-Hour Delivery Requirements
$Novo-Nordisk A/S (NVO.US)$On October 19, it was announced that the National Medical Products Administration (NMPA) of China has approved an update to the product information for semaglutide injection (trade name: Rybelsus®): during distribution to patients, Rybelsus® may be stored at 2°C–30°C for up to 48 hours before first opening. According to Novo-Nordisk A/S, this approval makes Rybelsus® the first and only GLP-1 weight-management treatment in China with such flexible storage requirements.
Anthropic plans to allocate 5% of its shares to charitable initiatives, addressing issues such as AI's impact on employment.
AI company Anthropic PBC announced plans to allocate 5% of its shares to a newly established public-interest foundation, which will undertake philanthropic initiatives aimed at advancing the "public good," including mitigating the impact of AI on the labor market.
Global Macro
The CME Group will launch tungsten futures, with trading expected to begin no later than early in the first quarter of 2027.
The CME Group announced today that it will launch tungsten futures to meet growing market demand for its metals product suite. The new contract is expected to begin trading no later than early in the first quarter of 2027, subject to the outcome of relevant regulatory reviews. Global annual tungsten production stands at approximately 85,000 to 95,000 metric tons. At current spot prices, the global tungsten market exceeds US$20 billion in size. The United States, the European Union, Japan, India, and other countries and regions have designated tungsten as a critical mineral. Despite an active spot market, no futures market currently exists for tungsten.
The U.S. Embassy in the United Arab Emirates has issued a security alert, stating that "hostile actions could escalate rapidly."
According to Turkey's Anadolu Agency, the U.S. Embassy in the United Arab Emirates has issued a security alert, urging U.S. citizens in the Middle East to remain highly vigilant amid a complex security environment and noting that flight cancellations, airspace closures, and travel disruptions may occur.
The statement said that the Iran-backed Houthi rebels in Yemen have launched attacks against Saudi Arabia, including strikes on civilian airports and other critical infrastructure, resulting in civilian casualties and severe disruptions to transportation. It added: "Hostile actions could escalate rapidly and spread beyond the region." The embassy urged U.S. citizens traveling to or departing from the Middle East to closely monitor airport and airline operations and to prepare contingency plans in advance.
Bank of America: The sell signal in the stock market has been lifted; a return to tech stocks in mid-November hinges on chip prices.
Bank of America Securities strategist Michael Hartnett noted that the bank's bull‑bear indicator has fallen from 8.1 to 7.4, dipping below the 8.0 threshold and officially ending the sell signal triggered on May 26. However, the termination of the sell signal does not necessarily mean a buying opportunity has arrived. According to Bank of America's breadth rules, the net oversold ratio across global equity indices stands at 52%, the highest level since April 2025, though still well below the 88% threshold required to trigger a contrarian buy signal. Hartnett believes that, unless U.S., Taiwan, and Brazilian markets—currently still in overbought territory—decline another 6% to 10%, this threshold is unlikely to be reached in the near term.
Hartnett currently maintains a defensive stance and identifies two prerequisites for re‑embracing risk assets: the Federal Reserve's October rate hike to restore its credibility, and an easing of concerns over AI‑related financing. Neither condition has yet been met. Whether investors can return to tech stocks by mid‑November hinges on whether chip prices can sustain their upward trend; a pullback would likely signal a further tightening of the AI‑financing environment and a peak in capital‑expenditure growth.
On the tactical front, Hartnett is refraining from increasing exposure to technology stocks and instead favoring assets that could benefit from peaking bond yields, including small-cap equities, real estate investment trusts (REITs), and non‑essential consumer staples. The latter have been underweighted to the greatest extent since July 2008, according to Bank of America's October survey. In terms of long-term positioning, he maintains an overweight stance on gold, commodities, and emerging markets, but advises gradually unwinding his long-term short positions in bonds.
After the Philadelphia Semiconductor Index and the Nasdaq plunged, Morgan Stanley urged investors to "prepare to add to their positions."
Michael Wilson of Morgan Stanley said that as the months-long tech-stock sell-off in certain segments of the stock market nears its end, investors should be prepared to increase their portfolios' equity exposure. Although the S&P 500 is only about 2% below its all-time high, market valuations have declined significantly over the past few months, while the index's internal breadth has deteriorated sharply. The strategist noted that this market dynamic—characterized by outperformance from so‑called quality stocks and a steep decline in equal‑weight S&P 500 indices—is set to unwind, creating an attractive window for investors to buy stocks on dips.
South Korean President Lee Jae-myung: Necessary measures will be taken to normalize the stock market.
According to Yonhap News Agency, in response to the recent plunge in stock prices that has sharply reduced the valuation of domestic equities held by South Korea's National Pension Service, President Lee Jae-myung stated on the 19th: "We are continuously assessing what policy measures are needed to restore normalcy to the stock market. We will soon receive a comprehensive report and take necessary steps." He added: "After a substantial rally, a correction is inevitable; no one can predict its exact magnitude. Unlike in the past, it is now difficult for the government to directly intervene in financial or securities markets, nor would such intervention be advisable."
However, he pointed out: "The Korean stock market is severely undervalued. One of the main reasons for this is that the market's negative perception of transparency and fairness has yet to be fully dispelled." Regarding market trends and prospects, he said the government is monitoring the situation closely. He added: "In the stock market, many investors keep telling themselves, 'It won't fall, it won't fall,' only to end up trapped with losing positions. We need to do everything possible to minimize such occurrences."
Trump's approval rating has dropped to 33%, putting pressure on the Republican Party ahead of the U.S. midterm elections.
A poll shows that Trump's approval rating has fallen to a new low, while, as inflationary pressures mount and voter discontent grows, the Democrats' support in the battle for control of Congress is on the rise. Trump's current approval rating stands at 33%, with a disapproval rate of 66%; among them, 52% of respondents say they strongly disapprove of his performance. This approval rating is down 8 percentage points from the same period last year and also lower than at any point during his first term.
Top 20 Stocks by Pre-Market Trading Volume in the U.S. Market
U.S. Stock Market Macro Calendar Reminder
(The following is in Beijing Time)
22:00 U.S. October NAHB Housing Market Index
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