Major indices are higher, with the Nasdaq leading, at midday as storage and AI hardware names rally ahead of big tech earnings later this week. The Dow lags as Boeing (BA) slides after its third-quarter report. Oil is moving lower after Iran's supreme leader discussed conditions to end the war, while the ten-year yield is holding near 5.0%.

Information Technology (XLK) is the best performing sector as storage and AI hardware names rebound ahead of big tech earnings later this week, led by Western Digital (WDC), Dell Technologies (DELL), and Seagate Technology (STX). Software and IT services names such as Accenture (ACN) and Adobe (ADBE) lag. Consumer Discretionary (XLY) is also holding solid gains driven by Royal Caribbean (RCL), which topped third-quarter estimates and raised its full-year outlook. Also, General Motors (GM) rises after announcing it will move its stock listing to the Nasdaq from the NYSE on November 17. Materials (XLB) are gaining as Nucor (NUE) rises after third-quarter earnings topped estimates, driven by higher steel prices and shipments, alongside Albemarle (ALB) and Newmont (NEM) as gold moves higher.

On the other hand, Energy (XLE) is the weakest performer as oil moves lower, with refiners Valero Energy (VLO), Phillips 66 (PSX), and Marathon Petroleum (MPC) leading the decline alongside Exxon Mobil (XOM) and ConocoPhillips (COP). Consumer Staples (XLP) are also lagging as packaged food sentiment stays weak, with Hershey (HSY), Kraft Heinz (KHC), and PepsiCo (PEP) lower along with Costco (COST). Real Estate (XLRE) is slipping as Welltower (WELL) slides after its third-quarter net income missed estimates, even as normalized FFO topped expectations and it raised full-year guidance, while tower REITs SBA Communications (SBAC), American Tower (AMT), and Crown Castle (CCI) also decline.

Alphabet's Genie 4

Google DeepMind, part of Alphabet (GOOGL), unveiled Genie 4, its new world model for real-time interactive simulation, which adds native audio and lets users steer scenes with text prompts as they move through them. It is launching as a research preview for trusted testers, with access coming to Google AI Ultra subscribers and Gemini API partners, and is aimed at uses ranging from game prototyping to training robots and AI agents.

Broadcom's Anthropic Financing

Broadcom (AVGO) arranged a $63 billion financing package, announced yesterday, to fund Anthropic’s purchases of its custom AI accelerators and networking equipment. Bank of America (BAC), Citigroup (C), and Morgan Stanley (MS) lead the first-lien portion, and Blackstone (BX) provides the second lien. CEO Hock Tan reportedly held last-minute weekend talks with bank executives and agreed to higher interest rates to lock in commitments.

Kalshi and S&P Dow Jones Indices

S&P Dow Jones Indices, part of S&P Global (SPGI), announced a collaboration making Kalshi a preferred prediction market platform for event contracts tied to S&P indices, including the S&P 500, with forthcoming contracts settling against official index values. S&P Dow Jones Indices will also become a preferred provider for building indices from Kalshi's event contract data.

Meta's Stock Sale

Meta Platforms (META) priced its $25 billion common stock sale at $625 per share, drawing about five times as much demand as shares available, with more than half of the shares allocated to long only and existing investors and the 15 largest allocations accounting for roughly 70% of the deal. Nvidia (NVDA) invested $3 billion and Advanced Micro Devices (AMD) invested $1 billion in the offering as both expand their AI infrastructure partnerships with Meta, which is raising nearly $98 billion in equity in total to fund AI data centers.

Anduril's Laptop

Anduril and Qualcomm (QCOM) unveiled BlueChip, a rugged laptop for government agencies, the military, and first responders built around a Snapdragon X Series processor made at Taiwan Semiconductor's (TSM) Arizona facility, with about 90% of its components sourced from the U.S. or allied countries and a roadmap to fully domestic content. Founder Palmer Luckey said it will cost about 20% more than typical high-end PCs, with preorders opening in 2027.

Apple's M6 MacBook Pro

Apple (AAPL) introduced a new 14-inch MacBook Pro powered by its M6 chip, with up to 30% faster graphics and 25% faster AI performance than the M5 model, up to 24 hours of battery life, and Wi-Fi 7, starting at $1,999. The company also refreshed its 24-inch iMac with M6, with preorders for both beginning tomorrow and availability on November 6.

Economic Data

The FHFA House Price Index rose 0.3% in August, ahead of estimates of 0.2%, after July was revised down to a 0.2% gain. Prices are up 2.4% from a year ago, a slight slowdown from July, with annual gains ranging from 0.5% in the Mountain division to 4.4% in the East North Central division.

Additionally, the S&P Cotality Case-Shiller 20-City Composite rose 2.7% from a year ago in August, its strongest annual gain since May 2025 and above estimates of 2.5%, while the National Index rose 2.1%. Chicago, New York, and Cleveland posted the biggest annual gains, while Seattle and Las Vegas saw the steepest declines. Before seasonal adjustment, the 20-City Composite fell 0.4% on the month, and home prices have now declined in inflation-adjusted terms for 15 straight months.

New home sales slipped 0.6% in September to an annual rate of 676,000, topping estimates of 650,000, after August's rate was revised to 680,000. The median sales price rose 3.9% from August to $400,400 but was down 3.9% from a year ago, while months' supply eased to 8.4 from 8.5.

The Conference Board's Consumer Confidence Index jumped 7.5 points to 91.7 in October, its highest reading since June and well above estimates of 81.0, as easing gasoline prices and improved views on business conditions lifted sentiment. The Present Situation Index rose 8.6 points to 120.4, while the Expectations Index climbed 6.9 points to 72.6, still below the 80 level that typically signals a recession ahead. Twelve-month inflation expectations eased but remained elevated at 5.8%.

The Richmond Fed Manufacturing Index held at -2 in October, missing estimates of 0, as new orders fell to -8 from -6 and employment slowed to 3 from 7, while shipments improved to 0 from -5. On the services side, the revenues index edged up to 2 from 0, and the demand index rose to 7 from 2, with expectations for future revenues and demand remaining firmly positive.

The Dallas Fed's Texas Service Sector Outlook Survey showed activity returning to growth in October, with the revenue index rising five points to 4.4 and the general business activity index turning positive at 4.0 from -1.8. Price and wage pressures remained elevated, as the wages and benefits index rose to 20.5, its highest reading since January 2023, while the future general business activity index improved to 19.6 from 10.7.

Make sure to catch Charles' town hall special at 2 PM ET today on Fox Business.

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