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Meta launches advanced AI models as LVMH’s fashion sales miss forecasts
AI competition intensified, while weaker luxury demand and housing activity highlighted pressure on consumers. Energy supply disruptions remained a risk to inflation.• Meta/AI: Meta released Muse Wonder and Muse Wonder Full, claiming performance comparable to leading rivals; independent testing remains pending. Shares gained over 3% amid speculation ahead of the release.• Luxury Earnings: LVMH’s fashion and leather goods sales fell 5%, versus a 1.8% decline expected. Its US-listed shares fell as much as 3.6%.• Housing Demand: Redfin reported September pending home sales fell 4%, the largest monthly decline in over three years. A record 14.5% of purchase agreements collapsed.• Gulf Supply: Hurricane Isaias shut roughly 30% of US Gulf oil production and 25% of natural gas output, federal officials reported.• Salesforce/Upgrade: Salesforce rose more than 1% after BofA upgraded it to Buy from Underperform, arguing AI displacement concerns were overdone.
Microsoft unveils new AI chip as oil reverses losses
Competition in AI hardware intensified, while renewed oil gains kept inflation risks in focus. Company-specific catalysts drove divergent premarket moves.• Microsoft/AI: Microsoft unveiled Maia 300 and plans multi-gigawatt deployments starting next year. It claims 40% more computing per megawatt than leading GPU systems, reducing reliance on Nvidia for inference while retaining training partnerships.• Oil/Supply: Crude reversed earlier losses to gain about 1% after further Russian attacks on Ukrainian energy facilities undermined ceasefire hopes.• Restaurants: Starbucks explicitly denied buying Chipotle, contradicting takeover speculation and the earlier report that it explored a proposal.• Biotech: Bristol Myers rose nearly 4% premarket after positive late-stage results for lung-fibrosis drug admilparant and cancer therapy RYZ101.• Memory Chips: Micron fell more than 2% premarket after China’s CXMT reported progress on a new memory design and targeted a server-memory product by year-end.
Chinese lithium futures slump 10% after EU deal curbs hybrid exports
Battery materials came under renewed pressure, while European automakers rallied despite weak deliveries. Chip executives flagged financing risks to longer-term AI expansion.• Lithium/Trade: Chinese lithium futures fell 10% after the EU-China hybrid agreement weakened battery-demand prospects. Beijing said the arrangement preserves export growth, contrasting with Brussels’ description of steep reductions; implementation details remain unclear.• Volkswagen Deliveries: Third-quarter global deliveries fell 14.3%, the steepest decline in more than four years, with China down 38.5%. Shares nevertheless rose 1.4% in early trading.• Stellantis Strategy: Shares gained 2.7% following the hybrid agreement. Stellantis plans to build small EVs in Italy using a platform developed with Leapmotor; CEO Antonio Filosa ruled out splitting the company.• AI Financing: Broadcom and Intel CEOs warned that capital costs could become a major constraint on AI expansion, while remaining positive on near-term demand.
AI momentum fades as SpaceX rattles wireless carriers
US equities reached records before AI monetization concerns weakened technology leadership. Risk appetite remained selective: elevated borrowing costs constrained smaller companies and housing, while fuel-supply relief supported Friday’s recovery. Wireless disruption produced some of the sharpest losses, and weekend geopolitical escalation complicated the inflation outlook.• AI Investment: The Nasdaq and S&P 500 set records early in the week, supported by chip demand and infrastructure spending. Thursday’s OpenAI revenue report then sent Nvidia and peers down at least 3%, despite strong TSMC growth. Google’s 20-year Constellation power agreement reinforced the investment theme, although weekend financing setbacks highlighted execution risks.• Rates/Credit: The 10-year Treasury yield touched 5.36%, its highest since 2002, before strong auctions helped it finish Friday at 5.256%. Fed minutes favored another increase by year-end. Small caps lagged, mortgage rates reached 7.49%, and deeply distressed leveraged loans climbed to $65 billion.• Energy Supply: Tanker attacks, restricted Hormuz flows and hurricane shutdowns pushed Brent above $105. Trump’s announcement of Russian diesel supplies helped lift stocks Friday; Russian supply optimism lowered oil Sunday, but Saudi attacks left escalation risks unresolved.• Wireless Competition: SpaceX’s planned mobile expansion drove T-Mobile down 13% Friday and AT&T and Verizon roughly 10% lower. Telecom credit spreads widened, while Crown Castle gained 12%.• Takeovers: Schneider’s PTC acquisition and the confirmed Option Care buyout generated sharp gains, providing stock-specific support beyond technology.
Oil reverses gains on hopes for increased Russian supply
Oil’s late reversal offered inflation relief despite persistent threats to energy supplies, while hawkish Fed commentary limited comfort on rates. US equity futures edged higher ahead of earnings and CPI data, with AI investment providing a separate corporate catalyst.• Oil/Supply: Brent reversed early gains to fall 1.65% to $102.99, while WTI lost 1.92% on Russian supply optimism. Moscow did not confirm Trump’s announced energy ceasefire, and Zelenskiy said Russian attacks continued.• Gulf/Security: Saudi stocks fell 1% after an attack at Riyadh airport killed 12 people; another projectile later caused a fire. Iran said Hormuz passage would remain blocked until its conditions were met, while Kpler reported sharply lower Gulf oil exports.• Fed/Rates: Cleveland Fed President Beth Hammack favored further, smaller rate increases and said higher Treasury yields complemented rather than replaced Fed action, reinforcing pressure on bonds.• Amazon/AI: The WSJ reported Amazon was discussing a roughly $7 billion acquisition of Decart. Neither company confirmed a deal, and negotiations could collapse.• Chip Investment: Tesla, SpaceX and Intel were preparing a Texas factory with initial investment exceeding $15 billion. Musk cautioned that chipmaking success could take years.
Oil reverses gains on hopes for increased Russian supply
Lower oil prices offered some relief from inflation pressure, while US equity futures edged higher ahead of earnings and CPI data.• Oil/Supply: Brent reversed early gains to fall 1.65% to $102.99; WTI lost 1.92% to $90.09 on Russian supply optimism. Moscow had not confirmed the energy ceasefire. Seven US senators urged Trump to reverse his diesel deal, alleging it violated the import ban.• Amazon/AI: The WSJ reported Amazon is discussing buying Decart for around $7 billion. Negotiations could collapse; neither company confirmed a deal.• Chip Earnings: Analysts expect TSMC’s quarterly profit to rise 65% to T$746.3 billion Thursday. Morgan Stanley expects stronger demand to lift revenue guidance; these remain forecasts.• India/FX: The rupee rose 1% at Monday’s open to 95.76 per dollar after RBI restrictions on dollar demand, extending its offshore rebound.
Russia continues energy attacks after Trump announces ceasefire, Zelenskiy says
Energy-supply risks remained elevated despite diplomatic claims of relief, while hawkish Fed commentary added pressure to the rates outlook.• Ukraine/Energy: Trump announced an immediate energy ceasefire, but Zelenskiy said Russian attacks continued and Kyiv awaited details. Moscow had not confirmed agreement.• Hormuz Talks: Iran called Washington’s response to its reopening proposal insufficient and said passage would remain blocked until its seven conditions were met.• Saudi Security: Another projectile caused a fire at Riyadh airport Sunday. Houthi-run television reported a Saudi strike on Sana’a airport; Riyadh offered no immediate confirmation.• Auto Trade: Bloomberg reported that the EU will cap Chinese hybrid imports at 350,000 annually, potentially from December 1, with 6% annual increases after the first year.• Fed/Rates: Cleveland Fed President Beth Hammack favored further, smaller rate increases and said higher Treasury yields complement rather than replace Fed action.
Saudi stocks fall after Riyadh airport attack kills 12
Regional security risks intensified, weighing on Saudi equities and threatening shipping, while US corporate news brought chipmaking investment and regulatory scrutiny.• Saudi Markets: The benchmark index fell 1% after authorities reported 12 deaths and more than 300 injuries at Riyadh airport. About 85% of Sunday flights were canceled.• Gulf Shipping: The US military said it disabled a cargo ship attempting to breach the Iran blockade in the Gulf of Oman, without harming its crew. Kpler reported sharply lower Gulf oil exports this week.• Chip Investment: Tesla, SpaceX and Intel are preparing a Texas factory with initial investment exceeding $15 billion. Musk cautioned that chipmaking success could take years.• Media Antitrust: The Justice Department is investigating whether five TV networks violated antitrust laws by jointly suspending White House pool coverage.