On 30 October, gold fell more than $150 in a single day and silver fell about 6%, yet New Orleans Investment Conference host Brien Lundin says this bull market is far from over and will be the biggest and most rewarding in gold’s history.
Microsoft’s third-quarter capital spending came in below previous expectations, and delayed delivery of third-party cloud computing capacity sent shares of CoreWeave and other companies lower. Evercore ISI believes the supplier involved may not be CoreWeave, but Microsoft has not disclosed its identity.
Earnings season is still in its early stages. Jefferies expects adjusted earnings growth for S&P 500 companies outside the Magnificent Seven to reach 32.1%, above the seven’s 21.4%; the seven are still expected to lead in revenue growth.
BofA recognizes the strategic value of combining the optical connectivity businesses, but expects equity dilution, customer conflicts and a lengthy approval process arising from the all-stock deal to weigh on Marvell's investment appeal.
Morgan Stanley believes Democratic victories in both chambers of Congress and the Texas gubernatorial election will increase data center permitting risks in some regions, but will not interrupt the overall AI capital spending cycle; fiscal and debt ceiling negotiations will also become a market focus.
The proportion of S&P 500 companies beating earnings expectations rose to 83%, but capital expenditure and cash-flow pressures at some AI giants triggered a sell-off. Barclays sees potential opportunities in technology-stock valuations and their historical performance after midterm elections.
Apple’s iPhone and Mac revenue exceeded expectations in the fourth quarter of fiscal 2026, but higher memory prices and AI inference costs weighed on gross margin guidance for the next quarter. Goldman Sachs raised its revenue forecasts while lowering its earnings forecasts and price target.
iPhone and Mac drove Apple’s September quarter revenue above market expectations, but rising memory costs and slowing services growth made the December quarter outlook mixed. Citi lowered its fiscal 2027 earnings-per-share forecast and maintained its Buy rating.
Bank of America expects US nonfarm payrolls to rise by 75 thousand in October and maintains its forecast for two more rate hikes; beyond the midterms, expectations differ for earnings from Apple, AMD and Arista.
Election results in Texas and Ohio add uncertainty to data center projects. Morgan Stanley believes tighter approval requirements for new projects could raise the value of facilities with secured power, but the effects on project developers, power generators and equipment suppliers differ.
JPMorgan expects the Federal Reserve to raise rates again in December and maintains its call for a steeper U.S. Treasury curve. It remains overweight emerging-market currencies, but rate volatility and growth pressures are prompting the bank to narrow its selections. Meanwhile, economic growth in multiple countries is accompanied by falling oil demand.
KLA expects revenue in the second half of 2026 to grow 25% from the first half and is optimistic about wafer fab equipment spending in 2027. Wells Fargo raised its earnings forecasts but cut its price target from $245 to $210.
New CDMO purchase orders rose 40% year on year in the third quarter of 2026, and the revenue share of late-stage and commercial projects is expected to rise; capacity expansion and delivery of large orders will affect the realization of growth and margins.
Mosaic’s third-quarter EBITDA fell short of market consensus. Phosphate sales exceeded expectations but did not translate into corresponding profit. The company’s fourth-quarter phosphate volume and price guidance is above expectations, but expensive raw materials will continue to depress profit; potash volume and price guidance is weaker.
CrowdStrike plans to add pre-deployment security testing and agent behavior monitoring to Falcon, complementing its existing runtime protection. Morgan Stanley is positive on the platform’s expansion, but the revenue contribution depends on integration and paid adoption.
Apple’s revenue guidance for the December quarter exceeded expectations, but slowing services growth and rising memory costs offset the earnings benefit of stronger revenue. Morgan Stanley maintained its Overweight rating and lowered its price target from $355 to $350.
Rapidan Energy Group founder Bob McNally sees no diplomatic breakthrough between the US and Iran and says military escalation after the election is the most likely scenario. The market has begun pricing in geopolitical risk, while refined products remain the tightest segment of the oil market.
Hoover Institution economic historian Michael Bordo assesses stablecoins through the history of private money: five conditions have historically been necessary for private money to operate safely, and several gaps in the GENIUS Act remain unresolved. Monetary power depends on institutional credibility, not payment technology.
Former Cisco CEO John Chambers says AI-driven productivity growth could reach 3%–5%, and the AI cycle could have 5 times the speed and results of the internet cycle; AI cybersecurity is the hottest area in technology for the next two to five years.
