Crude crossed a hundred and thirteen while tech got cold feet on capex, but Spotify found its rhythm anyway

Morning brief: Crude crossed a hundred and thirteen while tech got cold feet on capex, but Spotify found its rhythm anyway

Published Oct 23, 2026, 8:02 AM EDT

Tech Slides as Oil Surges and Fear Mounts

The Nasdaq plunged 2.6% yesterday as tech shares sold off over AI infrastructure spending concerns, while crude oil climbed past $113 per barrel amid escalating Middle East tensions. S&P 500 futures remain flat and sentiment is stuck at 27 in Fear, leaving tech valuations fragile heading into today's session.

Sources: morningstar.com · scanx.trade · www.ctvnews.ca

Moderna Plunges 17.6% on Data Leak

Moderna tumbled 17.57% after trial data for its personalized cancer vaccine with Merck leaked early, showing a 42% reduction in melanoma recurrence or death. Although clinically positive, the readout sparked fierce sell-the-news profit-taking from traders who had already priced in higher efficacy after this year's dramatic rally.

Sources: merck.com · moneymorning.com

Spotify Surges 11.1% on Guidance Beat

Spotify climbed 11.10% after reporting third-quarter revenue of €4.97 billion and forecasting upbeat fourth-quarter operating income of €820 million. Projected year-end paid subscribers of 316 million also surpassed Wall Street expectations, reinforcing confidence that pricing leverage and background AI integrations are successfully driving durable operating leverage.

Sources: spotify.com · 247wallst.com

Blackstone Jumps 8.4% on Robust Inflows

Blackstone gained 8.38% after posting third-quarter adjusted earnings of $1.32 per share that topped consensus, backed by $63 billion in quarterly inflows. Resilient momentum across AI and energy infrastructure helped lift total assets under management to nearly $1.4 trillion, completely overshadowing persistent softness in private equity realizations.

Sources: kvue.com · blackstone.com · tickerspark.ai

Watch AXP Earnings and Flash PMI Data

American Express reports third-quarter earnings before the bell today alongside flash manufacturing and services PMIs, offering an immediate litmus test for affluent consumer spending and macroeconomic resilience. Traders should watch whether the S&P 500 can defend key technical support before next week's crucial mega-cap tech earnings cycle begins.

Sources: ft.com · morningstar.com · equityclock.com

Market posture: Extreme Fear at 20 and AI capex anxiety favor a Defensive posture focused on proven earnings beats, robust cash flows, and defensive moats.

Stocks in this edition: QQQ, SPOT

Upcoming earnings

• GEV — Wed, Oct 28, 2026, time not announced
• GOOGL — Wed, Oct 28, 2026, after the close
• MSFT — Wed, Oct 28, 2026, time not announced
• AMZN — Thu, Oct 29, 2026, after the close
• RDDT — Thu, Oct 29, 2026, time not announced
• APP — Wed, Nov 4, 2026, time not announced

The day's lineup changes

No lineup changes this day.