Stocks Climb in Late Hours After SpaceX’s Earnings: Markets Wrap
(Bloomberg) — Stocks rose in late hours as SpaceX reported solid earnings fueled by a big jump in its artificial-intelligence business.
An exchange-traded fund tracking the S&P 500 gained after the close of regular trading. Elon Musk’s satellite, rocket and AI conglomerate posted $4.4 billion in net income for the quarter ended in September, topping the average projection of $1.88 billion. Super Micro Computer Inc.’s preliminary results beat estimates. Netflix Inc. sank on a disappointing forecast.
In regular hours, more than 400 firms in the US equity benchmark rose. Brent oil settled near $109. Despite inaccurate reports that a peace agreement between the US and Iran is close, talks aimed at reaching a deal continue, according to a diplomat involved in negotiations. Long-term Treasuries outperformed.
Investors around the world will be closely watching a spate of tech earnings for clues on whether the AI boom can justify the billions of dollars being poured into the industry. Following SpaceX’s results, attention will soon shift to Meta Platforms Inc.’s figures on Wednesday.
The key question is whether recent growth rates can be sustained as comparisons become more demanding and macroeconomic risks persist, according to Ulrike Hoffmann-Burchardi at UBS Chief Investment Office.
“We expect a strong third-quarter tech earnings season from a fundamental perspective, but elevated expectations may lead to company-specific volatility,” she said.
“AI remains a long-term driver of earnings and economic growth, but investors are becoming more selective about which companies get rewarded from here,” said Anthony Saglimbene at Ameriprise. “For investors, that argues for owning AI exposure selectively rather than broadly, keeping technology concentration in check, and diversifying across market caps, sectors, and regions.”
Marking a sharp reversal from the broad-based rush into AI in recent years, investors are indeed becoming more selective and demanding with their bets on the technology. Elice Inc., a South Korean AI computing supplier scarcely known outside its home market, tanked 32% in its debut in Seoul.
While CoreWeave Inc. shares bounced, they have been under intense volatility as its bonds recently hit distressed levels on concerns over heavy borrowing.
“There are no signs that demand for AI is slowing,” said Angelo Kourkafas at Edward Jones. “We’re seeing healthy skepticism and a maturation of the theme, moving away from an environment where everything AI-related goes up toward a greater focus on quality and the companies with the deepest pockets to finance the investment needed to meet demand.”
Kourkafas noted that we’re also seeing earnings growth broaden beyond the largest companies. Against this backdrop, managing exposures is more important than trying to time pullbacks, he said.
Corporate Highlights:
Anthropic PBC could spend $750 billion on additional computing power in the coming years, according to a Wall Street Journal report, as the company prepares for an initial public offering. Salesforce Inc. plugged a gap in its marketing platform with an agreement to buy Braze Inc. for an enterprise value of about $5.7 billion, aiming to add more artificial intelligence features to products that were increasingly seen as outdated. United Airlines Holdings Inc. forecast weaker-than-expected earnings for the final three months of the year, underscoring how soaring jet fuel prices are eating into airline profits despite resilient demand for air travel. Boeing Co. won US regulator approval for its 737 Max 10 jet, capping off a lengthy certification saga for the planemaker’s family of narrowbody aircraft that was disrupted by two fatal crashes and a series of quality lapses. 3M Co. topped profit estimates and raised its full-year outlook for the second straight quarter as the maker of Scotch tape and Post-it notes works to rejuvenate its operations. General Motors Co. tumbled as shareholders looked past plans for another $20 billion in stock repurchases and focused instead on a narrower profit outlook reflecting sliding sales and inflation. Some of the main moves in markets:
Stocks
The S&P 500 rose 0.3% as of 4 p.m. New York time The Nasdaq 100 fell 0.1% The Dow Jones Industrial Average rose 1% The MSCI World Index rose 0.2% Currencies
The Bloomberg Dollar Spot Index fell 0.2% The euro rose 0.2% to $1.1235 The British pound rose 0.6% to $1.3379 The Japanese yen rose 0.2% to 158.22 per dollar Cryptocurrencies
Bitcoin rose 0.8% to $82,556.24 Ether rose 1.6% to $2,437.5 Bonds
The yield on 10-year Treasuries declined three basis points to 5.11% Germany’s 10-year yield declined six basis points to 3.40% Britain’s 10-year yield declined two basis points to 5.41% Commodities
West Texas Intermediate crude fell 1.8% to $101.79 a barrel Spot gold fell 0.4% to $4,123.72 an ounce ©2026 Bloomberg L.P.
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