Nasdaq Jumps 1% as SpaceX Revives the AI Trade, but Futures Slip After Tesla and Lam Results; Brent Tops $110 After Deadly Houthi Strikes in Saudi Arabia as TASI Sets Another Low Since 2021 - Modern Money Experts

Nasdaq Jumps 1% as SpaceX Revives the AI Trade, but Futures Slip After Tesla and Lam Results; Brent Tops $110 After Deadly Houthi Strikes in Saudi Arabia as TASI Sets Another Low Since 2021

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Nasdaq Jumps 1% as SpaceX Revives the AI Trade, but Futures Slip After Tesla and Lam Results; Brent Tops $110 After Deadly Houthi Strikes in Saudi Arabia as TASI Sets Another Low Since 2021

Takeaway: On Thursday 22 October 2026 (Asia/Dubai), markets are weighing a mixed set of big-tech results and a sharp escalation in Saudi Arabia. On Wednesday the Nasdaq jumped 1.05% to 26,702.86, the S&P 500 rose 0.58% to 7,757.17 and the Dow added 0.69% to 52,856.09 as SpaceX’s strong results and a possible SpaceX–Tesla merger revived the AI trade. After the bell, Meta rose but Tesla, IBM and Lam Research fell, and US stock futures are lower this morning. Brent settled almost unchanged at $108.82, then climbed above $110 in Asia after Houthi attacks killed three people in Saudi Arabia and Washington ordered some diplomats to leave the kingdom. In the Gulf, TASI slipped 0.26% to 9,926.62, another lowest close since 2021, while Qatar rose 0.52% to 8,643.47, ending a five-session losing run, and Kuwait’s All-Share fell 0.82% to 8,330.

What happened

1) US equities: SpaceX lifts tech and chips

  • Wednesday 21 October 2026 close (CNBC; AP): Nasdaq Composite 26,702.86 (+278.04 / +1.05%), S&P 500 7,757.17 (+44.60 / +0.58%), Dow 52,856.09 (+360.21 / +0.69%). The S&P 500 notched a third straight gain and is within about 0.8% of its record high set earlier this month (CNBC; AP). Small caps lagged: the Russell 2000 edged up 0.27% to 2,781.02 (Market Index; market data).
  • SpaceX jumped about 7.8% after reporting third-quarter revenue growth of 161%, and Elon Musk said SpaceX and Tesla have formed special committees to discuss a merger; Tesla rose 3.4% ahead of its results (AP; CNBC; Reuters). Nvidia gained about 2.5% and was the biggest single support for the S&P 500, while semiconductor indexes and ETFs rose about 2% (AP; CNBC; Market Index). Super Micro Computer rallied after raising its revenue forecast on demand for AI platforms (AP; Reuters).
  • Sectors: technology (+1.6%) and industrials (+0.9%) led, while rate-sensitive real estate (−0.8%) and communication services (−1.3%) lagged (Market Index; The Fly). Netflix fell 5.3% after a weaker-than-expected revenue forecast, and AT&T dropped 6.4% on a soft growth outlook (AP; Reuters via Investing.com).
  • After the bell (CNBC; MarketWatch; Bloomberg): Meta rose about 2–3% after third-quarter revenue of $64.60 billion beat the $63.37 billion consensus; it also said it would create a new class of non-voting shares to help fund AI investment. Tesla beat estimates with adjusted earnings of 48 cents a share on revenue of $28.05 billion, but the stock gave up early gains and fell about 2–3% after the company cut its capital-spending forecast. IBM beat with adjusted earnings of $2.95 a share, yet the shares swung from a jump of as much as 11% to a fall of more than 3%. Lam Research dropped between about 5% and 7% on its outlook.

2) Rates, the 20-year auction, the dollar and gold

  • The 10-year Treasury yield ended near 5.12%, roughly where it was on Tuesday after erasing an early dip, while the 2-year yield rose about 2 basis points to around 4.81% (AP; CNBC; US Treasury).
  • The Treasury sold $13 billion of 20-year bonds at a high yield of 5.469%, about 0.9 basis points above where the bond traded just before the sale (a “tail”), with a bid-to-cover ratio of 2.73 (Newsquawk; MarketScreener).
  • Fed funds futures price only a small chance of a hike at next week’s 27–28 October meeting, with the next increase expected in December (Reuters). Last week’s CPI and this week’s oil spike keep that December debate alive (Reuters; CNBC).
  • The dollar index fell 0.14% to 101.65 and the euro held around $1.123 (Reuters; AP). Gold was around $4,110–4,115 an ounce in Asian trade on Thursday, slightly lower (Bloomberg; Reuters via CNA).

3) Oil: flat settle, then a jump on Saudi attacks

  • Wednesday settlement (CNBC; WSJ; Xinhua): Brent $108.82 (+$0.03) after trading between about $108 and $111 (AP); WTI December $97.15 (−$0.67 / −0.68%) in its first day as the front-month contract.
  • US data: the EIA said commercial crude stocks fell 3.06 million barrels to 412.5 million, much more than the 820,000-barrel draw expected, while distillate stocks unexpectedly rose 1.68 million barrels (Reuters; WSJ).
  • Saudi Arabia: Yemen’s Houthis struck several targets on Wednesday. At least one person was killed and eight wounded at King Fahd International Airport in Dammam, and two people were killed in a drone attack on the Shaybah oilfield, where operations were reported unaffected (Reuters; Bloomberg). The US State Department ordered non-emergency staff and their families to leave its embassy and consulates in Saudi Arabia (Reuters; AP; Al Jazeera). Iran’s foreign minister said Tehran is ready for diplomacy but will defend itself, and its president said the US could not expect dialogue while blockading Iran (Reuters).
  • Thursday in Asia: Brent rose 1.2% to $110.11 and WTI 1% to $98.12 at 00:34 GMT (Reuters); later Brent was up about 1.6% at $110.55 and WTI at $98.45 (AP).

4) Gulf equities: Wednesday 21 October

  • TASI 9,926.62 (−25.44 / −0.26%), another lowest close since 2021, on turnover of about SAR 4.13bn (Arab News; Argaam; Reuters). Decliners outnumbered gainers by more than three to one. Alinma Bank fell about 5% to SAR 21.99 after third-quarter profit dropped, while Aramco rose 0.4% to SAR 25.58 and Saudi Kayan jumped 6.4% to SAR 4.84 (Argaam; Reuters; Arab News). The index is about 14% below its April peak and down more than 5% this year (Argaam).
  • Qatar (QE) 8,643.47 (+45.05 / +0.52%), snapping a five-session losing streak; 33 stocks rose and 15 fell, with turnover of about QR338m (QNA; Reuters).
  • Kuwait All-Share 8,330 (−69.28 / −0.82%); the Premier Market fell 0.69% to 8,765.87 and the Main Market 1.51% to 8,313.22; value traded about KD59.1m (QNA/KUNA; Reuters).
  • UAE: Dubai rose 0.4% to about 5,860, helped by Emirates NBD (+1.3%), while Abu Dhabi fell about 0.6% to 9,771 (Reuters; Al Khaleej via Khaleej Business Insight).
  • Oman: the MSX 30 dropped 1.5% to about 7,440 (Reuters; Oman News Agency via Fana). Egypt’s blue-chip index gained about 1.5% (Reuters; The Edge).
  • Gulf markets open later this morning, so no Thursday Gulf prices are included here.

5) Asia and futures: Thursday morning

  • Asian tech shares gave back part of Wednesday’s rebound. Japan’s Nikkei 225 was down between about 0.4% and 1.6% during the morning, Korea’s Kospi between about 1% and 2.6%, with Samsung Electronics and SK Hynix lower, and Hong Kong’s Hang Seng about 2–2.7% (AP; Bloomberg; Reuters via CNA). Shanghai fell about 0.9% (AP; Bloomberg).
  • US stock futures were lower: Nasdaq-100 contracts were down about 0.9–1.3% and S&P 500 contracts about 0.5–0.7% (CNBC; Bloomberg).

Why it matters for Gulf + US-focused Arab traders

  • AI results are being judged on spending: Tesla fell after cutting its spending plans and Meta rose while committing to AI investment. As one strategist told Bloomberg, the market currently “frets when companies ramp spending, and it frets when they pull it back.”
  • Security risk is moving onshore: Wednesday’s attacks hit an airport and an oilfield inside Saudi Arabia, not only shipping. That kept Brent above $108 even as US crude futures eased and helps explain why TASI keeps setting fresh multi-year lows despite high oil prices.
  • Gulf markets are diverging: Qatar and Dubai rose while Riyadh, Abu Dhabi, Kuwait and Muscat fell, a reminder that “the Gulf” is several markets with different sector mixes and risks.

What’s ahead

  • Today (Thursday): US weekly jobless claims (16:30 Asia/Dubai), the Conference Board leading index (18:00) and EIA natural gas storage (18:30) (eOption; CNBC for claims). Before the US open: Procter & Gamble, American Airlines, Honeywell, Lockheed Martin, Union Pacific, Comcast, Blackstone, Valero and Dow Inc.; after the close: Newmont, Western Digital and Deckers (eOption).
  • Friday: S&P Global flash PMIs for October (17:45 Asia/Dubai) and the final University of Michigan sentiment survey (18:00 Asia/Dubai); American Express and SLB before the open (eOption).
  • Next week: The Fed meets on 27–28 October, with the decision on 28 October (CNBC; Reuters).

Short educational angle: why after-hours moves after earnings can reverse

US companies usually report results after the 4 p.m. New York close, and their shares then trade in the extended session. Fewer buyers and sellers are active after hours, so spreads are wider and a small number of orders can move the price a long way. The first move usually reacts to the headline numbers, such as earnings per share and revenue against estimates. The guidance and the management briefing with analysts, which come later, often matter more. Wednesday showed this clearly: IBM beat estimates and briefly jumped as much as 11%, then turned lower (MarketWatch; CNBC), and Tesla gave up early gains to trade about 2–3% lower once the market focused on its lower spending forecast (CNBC; Bloomberg). Reading the full release and outlook, and seeing how the stock behaves in regular trading the next day, gives a fuller picture than the first after-hours print. This is educational framing only, not a forecast or a recommendation on any trade.

Sources

  1. CNBC — S&P 500 notches 3-day win streak, Nasdaq jumps 1% as SpaceX and Tesla rally, 21 Oct 2026. cnbc.com
  2. AP via Seattle Times — A strong profit report from SpaceX helps lift tech stocks and Wall Street, 21 Oct 2026. seattletimes.com
  3. Market Index — Morning Wrap: Nasdaq pops after SpaceX surges 8%, 22 Oct 2026. marketindex.com.au
  4. The Fly via TipRanks — Closing Bell Movers: Tesla down 3%, Meta up over 2% after results, 21 Oct 2026. tipranks.com
  5. CNBC — Stock market today: futures fall as investors digest Meta and Tesla earnings, 22 Oct 2026. cnbc.com
  6. MarketWatch — Stocks to Watch: Meta Platforms, Tesla, IBM, Lam Research, 21 Oct 2026. marketwatch.com
  7. Bloomberg via Moneycontrol — Asia stocks fall on mixed megacap earnings, oil rises, 22 Oct 2026. moneycontrol.com
  8. CNBC — Treasury yields steady as investors await jobless claims, 21 Oct 2026. cnbc.com
  9. US Treasury — Daily Treasury par yield curve rates, 2026. home.treasury.gov
  10. Newsquawk — US Treasury sells $13bln of 20-year bonds; tails 0.9bps, 21 Oct 2026. newsquawk.com
  11. MarketScreener — US 20-year high yield 5.469%; bid/cover 2.73, 21 Oct 2026. marketscreener.com
  12. Reuters via Investing.com — Dollar dips as traders wait on Fed; Aussie gains, 21 Oct 2026. investing.com
  13. Reuters via CNA — Asian markets dip as investors weigh tech earnings, Gulf tensions, 22 Oct 2026. channelnewsasia.com
  14. WSJ — Oil settles mixed as shipping risks temper optimism about flows, 21 Oct 2026. wsj.com
  15. Xinhua — Crude futures settle mixed, 21 Oct 2026. news.cn
  16. Reuters via Investing.com — Oil rises as US orders diplomats to leave Saudi Arabia amid escalating tensions, 22 Oct 2026. investing.com
  17. Bloomberg via The Japan Times — Oil rises as deadly attacks in Saudi Arabia fan Middle East supply fears, 22 Oct 2026. japantimes.co.jp
  18. Al Jazeera — US orders departure of personnel from Saudi Arabia, citing Houthi threat, 21 Oct 2026. aljazeera.com
  19. AP via NY1 — Asian shares retreat after strong profits lead a rally on Wall Street, 22 Oct 2026. ny1.com
  20. Arab News — Closing Bell: Saudi stock market closes down 0.26%, 21 Oct 2026. arabnews.com
  21. Argaam — TASI falls 0.3% to 9,927 pts, turnover at SAR 4.1B, 21 Oct 2026. argaam.com
  22. Reuters via Business Recorder — Most Gulf bourses slip as Iran-US diplomacy hits a standstill, 21 Oct 2026. brecorder.com
  23. QNA — QSE index closes higher, 21 Oct 2026. qna.org.qa
  24. QNA — Kuwait Bourse closes lower, 21 Oct 2026. qna.org.qa
  25. Khaleej Business Insight — Dubai stocks rise 0.4% on bank gains as Abu Dhabi, Kuwait and Saudi indexes fall, 21 Oct 2026. khaleejbusinessinsight.com
  26. ONA via Fana News — MSX drops 114 points, 21 Oct 2026. fananews.com
  27. eOption — Weekly event calendar 10/19/2026 – 10/23/2026. eoption.com

Disclaimer: This article is for educational and informational purposes only and does not constitute investment advice, a trading recommendation, or financial advice. Trading and investing involve a substantial risk of loss. Past performance does not guarantee future results. Do your own research and consult a licensed adviser where appropriate. Modern Money Experts (MMEC) is an educational brand.

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