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Related tickers and likely impact
GBP/USD
• NeutralRelevance: low
| Market | Currencies |
|---|---|
| Close on 10/19/2026 | 1.33040 |
| Change that session | -0.20% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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The S&P 500 remains in an uptrend but is chopping around a flat 50-day moving average, a level first reached 11 weeks ago. AI-hardware stocks have sold off sharply, bank shares are trading poorly after results, credit markets are under strain, and the Nasdaq has retreated 5%. JP Morgan's Jason Hunter leans cautious, saying a further drop of about 2.5% to 7500 would cost the market the benefit of the doubt. The article recalls 2018, when the S&P 500 fell 19% in the fourth quarter of a midterm year even as earnings grew more than 20%, while tightening now comes from higher Treasury yields, wider credit spreads and a stronger dollar. Bank of America's Aditya Bhave maintains a non-consensus call for an October Fed rate hike, while Morgan Stanley's Mike Wilson argues Chairman Warsh should acknowledge the tightening.
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SpaceX (SPCX) shares have risen about 35% from their August low as investor confidence grows, though they remain roughly 10% below their first-day closing price. The company's second-quarter report showed revenue up 92% year over year and a net loss cut almost in half. Starlink subscriptions doubled to 12 million, with more than 11,000 satellites in orbit, while xAI revenue rose 247% and it signed multiyear contracts with Alphabet and Anthropic. The author argues that a price-to-sales multiple of 68, far above the S&P 500's average of 3.8, does not justify the risk given a major lockup ending in December and the company's lack of profit, though he would consider buying at a different valuation.
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