MetraviseS&P 500 extends streak on AI rally; futures slip after Meta, Tesla
In brief
- AI rally: The S&P 500 rose +0.59% for a third straight gain as SpaceX lifted AI stocks, moving closer to its record.1,2,3
- Futures slip: S&P 500 futures fell -0.65% and Nasdaq 100 futures -1.35% as investors digested upbeat Meta and Tesla results.1
- Fed in view: The Fed's next rate meeting is Oct. 28, and traders are weighing domestic data and geopolitics for the rate outlook.4
What it means
The Nasdaq Composite rose +1.06% as chipmakers and server makers rallied on renewed AI enthusiasm.2,5 The 5-day tally shows the S&P 500 at +0.45% and the Nasdaq 100 at -0.51%, so the tech rebound has not erased the week's earlier losses. The 10-year yield rose +0.03 pts to 5.15%, which means stocks climbed even as borrowing costs edged higher.
The day in review and where money is flowing
In Metravise's one-month data, Consumer Staples leads at -0.4 pts versus the S&P 500, with Discount Stores at +9.6 pts, Brewers at +4.7 pts and Household & Personal Products at +4.2 pts. Technology sits in the lagging group with weakening momentum, so the day's AI rally stands against a month in which defensive names led. The Metravise Portfolio rose +1.16% in the last session, ahead of the S&P 500's move.
Chips: Lam raises the bar
Lam Research's guidance for its next quarter, issued after Wednesday's close, came in above analyst expectations.1 CNBC's Investing Club said Lam's commentary on demand for advanced memory and logic chips could sway sentiment in names such as Micron and Intel.6 Super Micro Computer also raised its fiscal first-quarter revenue outlook, and Dell and Hewlett Packard Enterprise traded higher on the news.5
Market mood
The VIX fell -3.93% to 16.63, inside its normal zone, which points to little demand for protection. The equity put/call ratio was 0.56 against a 5-day average of 0.60, an average reading consistent with calm, mildly optimistic positioning.
What to watch today
Times are US Eastern (ET).
Reported last night
- LRCXLam Research CorpEPS above the estimate (+0.9%)
- TCBXThird Coast Bancshares, Inc.EPS above the estimate (+5.8%)
- 00:10US index futures (futures, not the session)Versus the prior close, S&P 500 futures are -0.65% and Nasdaq 100 futures -1.35%; these are futures prices, not the session. The US session opens at 9:30 ET.
- Thu 08:30Initial jobless claims (weekly)A lower-than-expected claims figure is generally read as a sign of a resilient labor market, which can keep rate expectations in focus.
- ThuProcter & Gamble Company (PG) earnings · today before the openCiti's Filippo Falorni is optimistic going into the report, flagging potential upside in China and re-accelerating organic sales.7
- ThuUnion Pacific Corp. (UNP) earnings · today before the openUnion Pacific reports alongside rail peer Norfolk Southern, which it has a pending deal to acquire, putting the merger in focus.6
- Thu
Metravise Portfolio
- PortfolioWednesday change+1.16%
- —No entries or exits in the last session.
Metravise is an educational research platform — this bulletin is not investment advice. News summaries are based on the footnoted sources; numbers are Metravise data. Past performance is not indicative of future results.
Sources
- Stock market today: Live updates — CNBC · Oct 22
- Stock market news for Oct. 21, 2026 — CNBC · Oct 22
- How major US stock indexes fared Wednesday 10/21/2026 - The Washington Post — The Washington Post · Oct 22
- Treasury yields steady as investors await jobless claims — CNBC · Oct 22
- Stocks making the biggest moves midday: SpaceX, Meta Platforms, Super Micro Computer, Roivant Sciences & more — CNBC · Oct 22
- Apple's iPhone Duo in short supply — plus, the 2 stocks fueling an AI rebound — CNBC · Oct 22
- Meta Platforms and Tesla are among the companies set to report next week. What to expect — CNBC · Oct 19