Tech Rallies, SpaceX Jumps on Tesla Merger Talk, P&G Earnings
By Tom LoBianco | Quincy News Correspondent
Click here for updates on this story
Washington (Quincy News) — Market Recap: Technology stocks led Wall Street higher Wednesday as strong earnings revived investors’ appetite for AI. The Nasdaq gained 1.1%, the S&P 500 rose 0.6% and the Dow added 0.7%. Nvidia climbed 2.5%, and SpaceX jumped nearly 8% after CEO Elon Musk said a merger with Tesla would be “a good idea.” Both companies have formed special committees to discuss a possible tie-up.
The benchmark 10-year Treasury yield finished near 5.13%. Brent crude settled nearly unchanged at $108.82 a barrel as traders weighed possible Russia-Ukraine peace talks against continued attacks on Middle East shipping and energy sites.
After the closing bell, Meta reported revenue of $64.6 billion, up 26% from a year earlier, as it sold more ads at higher prices. Tesla’s revenue was roughly flat at $28 billion, and adjusted earnings beat expectations, though operating income fell 56% as operating expenses increased.
Today’s Focus: Procter & Gamble beat expectations Thursday morning, with sales up 4% to $23.28 billion and core earnings of $2.00 a share topping estimates. The company expects higher raw-material, energy and transportation costs to reduce fiscal 2027 earnings by about $1.4 billion after taxes. It maintained its full-year core earnings outlook.
For consumers, the results show shoppers are still buying everyday items like laundry detergent and diapers, while the cost warning points to price pressures on household staples.
Weekly unemployment claims arrive at 8:30 a.m. ET offering a check on the economy ahead of next week’s Federal Reserve meeting.
ON THE SCHEDULE FOR THURSDAY, OCTOBER 22, 2026
-8:30 a.m. ET – Weekly initial jobless claims
-10 a.m. ET – September Conference Board Leading Economic Index
-Friday, 9:45 a.m. ET – Preliminary October S&P Global manufacturing and services PMIs
-Friday, 10 a.m. ET – Final October University of Michigan consumer sentiment and inflation expectations
Please note: This story was provided to CNN Wire by an affiliate and does not contain original CNN reporting. This content carries a strict local market embargo. If you share the same market as the contributor of this article, you may not use it on any platform.