Stock futures rose as the Fed began a 2-day meeting and traders parsed a heavy slate of earnings, with S&P 500 futures up 0.3% and Nasdaq-100 futures up 0.5%. Anthropic filed to go public, Meta raised the size of its Equity offerings, and Brazil's currency suffered its worst day since 1999.

1. ANTHROPIC: Files to List on the Nasdaq, Showing an $80.7 Billion Net Loss on $16.3 Billion of First-Half Revenue

Anthropic filed to list on the Nasdaq, which would make it the first company focused mainly on frontier AI to go public. It is reportedly aiming to match or beat SpaceX's record IPO, which raised $75 billion. More than 90 pages of risk factors cite "catastrophic or existential risks to humanity," a clash with the Trump administration, public opposition to data centers, with lawmakers in 16 states considering moratoriums, and a shortage of electrical power. A group including Bank of America, Citi, Morgan Stanley and Blackstone announced $63 billion of financing for Anthropic's purchase of Broadcom technology, lifting Broadcom (NASDAQ:AVGO) more than 2%.

  • The filing treats child safety as a risk, noting minors are barred from Claude while rivals face lawsuits, and Meta recently agreed to a settlement of about $17 billion.
  • Risk note: customers may decide "incremental performance gains at the frontier do not justify the additional cost" and choose cheaper or open-source models.

2. META: Raises Its Equity Offerings to $97.5 Billion as Nvidia Commits $3 Billion and Chip Suppliers Show Interest

Meta (NASDAQ:META) raised its planned equity offerings to $97.5 billion: $25 billion of common stock priced at $625 a share, about $12.5 billion of convertible Preferred Shares at $50 each, and up to $60 billion more through an at-the-market program that starts after its Class C shares begin trading in the first quarter of 2027. Nvidia (NASDAQ:NVDA) will invest $3 billion, and Nvidia, AMD (NASDAQ:AMD) and Broadcom expressed interest in up to $5 billion in total. Nvidia rose 0.7% and Meta fell 0.3% pre-market. Meta burned $2.12 billion of cash in the third quarter, its first negative free Cash Flow in over a decade, against a $10.63 billion inflow a year ago, and has committed to about $825 billion of future spending.

  • Nvidia will also expand its Vera Rubin deployment at Meta.
  • Risk note: chip suppliers helping finance a major customer adds to concern about a circular flow of capital, and analysts expect investors to keep questioning future raises.

3. SPACEX: Closes $40 Billion of GPU Financing as Musk Predicts More Than 200 Neoclouds Will Fail

SpaceX closed about $40 billion of Debt Financing to buy graphics processors, with an Apollo-managed entity committing to buy AI chips and server hardware and Lease them to the company. Elon Musk said the financing is mainly callable debt, that the chips arrive in the first and second quarters of 2027, and that SpaceX is Investment grade. Its AI unit, branded "Super Intelligence," is now its largest, with third-quarter Revenue up ninefold to $7.56 billion from $813 million. Musk said debt markets have largely shut off financing for companies without substantial revenue outside AI data centers, and predicted that more than 200 neocloud firms will face failures and consolidation, with only a few surviving.

  • The deal shows AI's Capital needs moving into leases and private credit.
  • Risk note: Musk's warning comes as lenders favor companies with revenue beyond AI data centers, which leaves pure neoclouds exposed.

4. EARNINGS: PayPal Lifts Its Profit Outlook Despite a Revenue Miss, Coca-Cola Raises Guidance Again, UPS Beats and Boeing Narrows Its Loss

PayPal (NASDAQ:PYPL) fell 1.2% as revenue of $8.58 billion missed the $8.71 billion expected, though adjusted Earnings of $1.45 per share beat $1.31, and it raised its 2026 adjusted profit forecast to about $5.60 per share against $5.38 expected. Coca-Cola (NYSE:KO) raised its outlook for a third straight quarter, now expecting comparable Earnings Per Share growth of at least 11%, after revenue of $13.4 billion beat $12.92 billion, with Volume up 5% and flat in North America. UPS (NYSE:UPS) rose more than 1% after adjusted earnings of $1.69 per share beat $1.63, and raised full-year revenue guidance to about $92.6 billion from $91.2 billion. Boeing (NYSE:BA) rose 0.5% to 1% as revenue of $24.19 billion beat $23.84 billion, though its adjusted loss of 34 cents per share was wider than the 21 cents expected.

  • Coca-Cola's growth came from outside North America, while PayPal is on track for $700 million of cost savings, including more than 2,000 Job cuts.
  • Risk note: Boeing's commercial unit had a negative 6.5% operating margin, so its 10:30 a.m. ET call on 737 Max output is the focus.

5. PRE-MARKET MOVERS: Corning Rises 3%, JetBlue Jumps 11% Despite a Loss, Whirlpool Falls 7% and GM Plans a Move to Nasdaq

Corning (NYSE:GLW) rose nearly 3% after earnings of 91 cents per share beat 88 cents, on revenue of $5.08 billion against $5.02 billion. JetBlue (NASDAQ:JBLU) jumped more than 11% despite a wider-than-expected loss, after forecasting further margin expansion, while Whirlpool (NYSE:WHR) shed 7% on a surprise loss. Royal Caribbean (NYSE:RCL) gained 4.4% after earnings of $6.57 per share beat $6.38 and it raised 2026 guidance. Amkor (NASDAQ:AMKR) rose more than 3.5% despite missing estimates as it trimmed its capital spending outlook to about $2.5 billion. General Motors (NYSE:GM) rose about 3% after saying it will move to the Nasdaq on Nov. 17, keeping the ticker GM. Instacart (NASDAQ:CART) rose 8% on Monday and DoorDash (NASDAQ:DASH) fell 6% on reports of advanced talks that could value Instacart at about $17 billion.

  • GM joins Walmart, DoorDash and Palantir in moving to the Nasdaq, gaining eligibility for the Nasdaq-100.
  • Risk note: JetBlue's jump rests on a forecast after a wider loss, and the Instacart deal, possible as soon as Wednesday, is not guaranteed.

6. GLOBAL: Brazil's Real Plunges 8% After Lula's Election Win, French Confidence Hits a 13-Year Low and Regional Powers Meet Iran

Brazilian stocks tumbled and the real fell 8% against the dollar, its largest one-day drop since 1999, after Luiz Inácio Lula da Silva unexpectedly won the presidential election. Investors worry that a fourth term will worsen public finances, as his government runs a Budget Deficit of more than 9% of GDP and he has promised more handouts. French consumer confidence fell in October to its lowest since June 2013, the statistics agency Insee said. Officials from Turkey, Pakistan and Saudi Arabia, which recently signed a defense pact, met Iran's president and security chief in Tehran and reportedly agreed to keep talking about "peace and security."

  • The currency's fall shows how quickly markets punish fiscal doubt in a large emerging economy.
  • Risk note: French unrest is expected to continue as the government tries to cut its deficit while answering protesters' demands.

7. MARKET SETUP: Futures Rise as the Fed Meets, Oil Slips 1%, Europe Dips and Microsoft Offers Buyouts to 60,000 Staff

S&P 500 futures rose 0.3%, Dow futures 129 points, or 0.3%, and Nasdaq-100 futures 0.5%. The Fed began a 2-day meeting, with traders expecting no change but watching for clues on another hike before year-end. West Texas Intermediate fell nearly 1% to about $101 and Brent about 1% to about $114. The STOXX 600 fell 0.35% and London's FTSE 100 0.99%. In Asia, Japan's Nikkei 225 rose 1.73%, South Korea's Kospi 3.09% and China's CSI 300 fell 1.32%. Microsoft (NASDAQ:MSFT) offered voluntary buyouts to about 60,000 eligible workers, or 27% of its staff and reports results Wednesday.

  • Durable goods orders rose 1.8% in September against 1.5% expected, on a 28.4% jump in civilian aircraft orders, and rose 0.5% excluding transportation.
  • Risk note: a strategist said the Fed is unlikely to move a week before the election, so the vote count after swings at the last two meetings is the signal.