The global AI selloff is spreading through Asia, forcing South Korea to halt trading as chipmakers come under intense pressure. Meanwhile, Anthropic's massive IPO faces growing uncertainty, IREN is delaying AI infrastructure deliveries to Microsoft, and banks are reassessing their exposure to the sector. Elsewhere, Apple is raising fresh debt while Audi considers a major U.S. factory expansion.
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Futures at a Glance📈
U.S. stock futures are mixed Friday, with Nasdaq and S&P 500 futures pointing higher while Dow futures slip. Wall Street is attempting to stabilize after Thursday's brutal AI-led selloff, with investors turning their attention to today's employment report for clues on the Fed's next move.
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What to Watch
Earnings (Premarket):
· Enbridge Inc. [ENB]
· Moderna, Inc. [MRNA]
· Brookfield Asset Management [BAM]
· Humana Inc. [HUM]
· Vistra Corp. [VST]
· EchoStar Corporation [ECHO]
Earnings (Time Not Supplied):
· Berkshire Hathaway Inc. [BRK.A, BRK.B]
· Honda Motor Company, Ltd. [HMC]
· Ubiquiti Inc. [UI]
Economic Events:
· 4:30 AM ET: New York Fed President John Williams Speaks
· 8:30 AM ET: October Employment Report
· 8:30 AM ET: October Unemployment Rate
· 8:30 AM ET: Average Hourly Earnings (M/M and Y/Y)
· 9:10 AM ET: St. Louis Fed President Alberto Musalem Speaks
· 10:00 AM ET: Preliminary Michigan Consumer Sentiment
· 12:15 PM ET: Fed Vice Chair Michelle Bowman Speaks
· 3:00 PM ET: September Consumer Credit
Market Pulse
South Korea triggered emergency trading halts as its stock market plunged nearly 9%, with chipmakers leading Friday's Asian selloff and authorities taking steps to stabilize markets.
Oil prices rebounded Friday despite heading for a steep weekly decline, as renewed Middle East supply concerns complicated hopes for sustained relief in energy prices.
Technology & Telecom
Qualcomm signed a major agreement to supply SpaceX's new Starlink Mobile network, with equipment deployment beginning in 2027 as SpaceX prepares to challenge America's largest wireless carriers.
HP appointed former GSK chief Emma Walmsley as its next CEO, betting on her restructuring experience to navigate rising memory costs and revive its struggling PC business.
Healthcare & Biotech
CVS Health announced plans to split into two publicly traded companies, separating pharmacies from its insurance operations by 2028 as regulatory pressure mounts over its integrated business model.
AstraZeneca reportedly offered approximately $10 billion to acquire Rhythm Pharmaceuticals, targeting its rare-disease obesity treatments in a potential deal that would expand the drugmaker's weight-loss portfolio.
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Deals & Regulation
China blocked SoftBank's planned $5.4 billion acquisition of ABB's robotics division, with regulators reportedly concerned about AI data being transferred overseas, complicating SoftBank's robotics expansion strategy.
Commerzbank signaled greater openness to UniCredit's €45 billion takeover proposal, with management acknowledging potential merger benefits after months of resistance, although pricing and integration concerns remain unresolved.
Energy & Infrastructure
BP sold a 5% stake in Norwegian oil producer Aker BP for $1.06 billion, accelerating its debt reduction strategy as the British energy giant streamlines its portfolio.
Legrand sees opportunity in growing opposition to energy-hungry AI data centers, with demand for energy-efficient infrastructure increasing as communities push for lower electricity consumption and environmental impact.
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Movers and Shakers
JFrog (FROG) +21%
AI-generated code is creating a new opportunity for software security companies. JFrog shares surged as enterprise demand for its platform accelerated, with businesses increasingly relying on its tools to manage and secure AI-generated software. Growing adoption among large customers suggests JFrog is becoming an essential part of enterprise AI development.
IREN (IREN) +18%
IREN's transformation from Bitcoin miner to AI infrastructure powerhouse is accelerating. Shares rallied as major cloud computing contracts fueled optimism around its expanding data center business. Substantial customer prepayments are also helping fund new infrastructure, addressing one of Wall Street's biggest concerns: how IREN will finance its ambitious growth plans.
DraftKings (DKNG) -23%
DraftKings is betting big on prediction markets, but Wall Street isn't convinced. Shares plunged after management revealed aggressive expansion spending plans, with hundreds of millions earmarked for its new prediction-market business. The strategy could open a lucrative new market, but investors are increasingly worried that the costly expansion will eat into profits.
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Everything Else
🌊 Analysts flagged seven stocks positioned to lead the next era of the market, as the shift away from yesterday’s winners picks up speed after a rocky first quarter.
💊 ANI Pharmaceuticals offered $560 million for Egetis Therapeutics, expanding its rare-disease portfolio with a recently approved treatment for a rare thyroid disorder.
🏦 Euronext announced a €350 million share buyback after quarterly profit climbed 30%, supported by stronger trading activity and market volatility.
🏠 Airbnb authorized another $12 billion in buybacks and raised its annual revenue outlook as international travel demand remained resilient.
⚡ EDP raised its annual profit forecast again to €1.4 billion–€1.5 billion as renewable energy growth and stronger regulated network returns lifted earnings.
💊 AstraZeneca reportedly offered $10 billion for Rhythm Pharmaceuticals, targeting the obesity drugmaker to expand its rare-disease business, although no agreement has been announced.
That’s all for today. Thank you for reading. If you have any feedback, please reply to this email.
Best Regards,
— Adam Garcia
Elite Trade Club
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