AI financing is still attracting enormous commitments, but markets are demanding clearer returns as earnings season approaches. Meanwhile, healthcare dealmaking and fresh biotech listings show that capital is still flowing toward companies with compelling growth opportunities.
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Futures at a Glance📈
Futures are bouncing back after Thursday’s tech selloff, with easing oil prices and Treasury yields giving stocks some breathing room. Fresh optimism around U.S.-Iran talks is calming inflation fears, while tech is finding its footing despite lingering concerns over massive AI spending.
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What to Watch
Earnings (Premarket):
· Delta Air Lines, Inc. [DAL]
· Yaskawa Electric Corporation [YASKY]
· MTY Food Group Inc. [MTYFF]
· Toro Corp. [TORO]
· New Horizon Aircraft Ltd. [HOVR]
· CBAK Energy Technology, Inc. [CBAT]
· Micware Co., Ltd. [MWC]
Earnings (Aftermarket):
· GoldMining Inc. [GLDG]
· Lunai Bioworks Inc. [LNAI]
Economic Reports:
· Kansas City Fed President Jeffrey Schmid speech: 9:30 am
· University of Michigan preliminary consumer sentiment (October): 10:00 am
Market Pulse
U.S. inflation expectations face another test Friday as the University of Michigan releases its consumer sentiment survey, ahead of next week's closely watched CPI report.
Wall Street's next big test is corporate earnings season, with JPMorgan and Goldman Sachs among the first major banks reporting as higher borrowing costs threaten margins and dealmaking.
AI & Technology
SoftBank is reportedly seeking up to $100 billion from Gulf investors to fund another wave of AI acquisitions following its recent $30 billion investment in OpenAI.
ASML and Zeiss are developing the next generation of chipmaking equipment with Hyper NA technology potentially ready in about a decade, promising smaller circuitry and more efficient processors.
Healthcare & Biotech
Viatris agreed to acquire Pacira BioSciences for $1.65 billion to strengthen its non-opioid pain treatment business, adding branded medicines for postsurgical pain and knee osteoarthritis.
Argenx halted a late-stage Vyvgart trial in Sjögren’s disease after the study failed to show sufficient promise, complicating the drugmaker’s plans to expand its autoimmune treatment franchise.
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Finance & Deals
Revolut would prefer a U.S. primary listing if it goes public as the $115 billion fintech pursues American banking expansion following preliminary approval for a U.S. charter.
PAG is in exclusive talks for a majority stake in Evergrande Property Services as liquidators seek to recover funds from the collapsed developer through asset sales.
Capital & IPOs
TRexBio priced its $116.7 million Nasdaq IPO at $14 per share as the biotech prepares to begin trading Friday, funding development of treatments for autoimmune and inflammatory diseases.
Airtel Money made a subdued London debut after raising about $703 million in an oversubscribed IPO valuing the African fintech near $7 billion.
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Movers and Shakers
Humana [HUM]: Premarket Move: +15%
Humana surged after new Medicare Advantage Star Ratings showed a major turnaround in the insurer's plan quality scores. Roughly 95% of its members are now enrolled in plans rated four stars or higher for 2027, up from approximately 42% previously. The improvement restores eligibility for billions in federal quality bonus payments, potentially boosting Humana's revenue by $3.6 billion in 2028.
Clover Health [CLOV]: Premarket Move: +11%
Clover Health jumped after its Medicare Advantage PPO plans earned a perfect five-star rating from federal regulators for 2027. Its HMO plans also received 4.5 stars, positioning the insurer for higher government quality bonuses in 2028. With approximately 98% of its 157,000-plus members enrolled in PPO plans, the upgrade also allows year-round enrollment and strengthens Clover's ability to attract new members.
T-Mobile [TMUS]: Premarket Move: −7%
T-Mobile tumbled after SpaceX agreed to acquire approximately $8 billion in wireless spectrum from Grain Management, raising concerns about growing competition from Starlink. The 800 MHz spectrum portfolio could help SpaceX expand its direct-to-cell services nationwide, threatening traditional wireless carriers. Verizon and AT&T also faced selling pressure as traders reassessed the industry's competitive outlook.
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Everything Else
🔬 The Magnificent Seven matured and seven new contenders are already emerging quietly with the fundamentals and growing influence analysts watch before a new leadership wave takes hold.
⚡ Glencore reported strong demand for its upcoming Australian listing, as investors seek greater exposure to copper and global electrification.
🏠 Richelieu Hardware jumped 11.4% after reporting higher third-quarter revenue, making the Canadian hardware distributor a standout performer Thursday.
🤖 Hexaware Technologies surged 8% following a new AI partnership, helping lead a rebound in Indian technology stocks.
💻 Oracle fell 5.5% amid concerns over AI infrastructure financing, as reports of massive new borrowing plans raised questions about funding costs.
🏭 Thermax climbed 6.3% after receiving an analyst upgrade, outperforming as Indian equities recovered from Thursday's selloff.
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