【US Pre-Market】SpaceX Gains Over 8%, SMCI Surges 13%, Netflix Slumps Post-Earnings as Market Focuses on Tesla and Meta Earnings

TradingKey - On Wednesday, October 21, Eastern Time, U.S. stock index futures were mixed in pre-market trading, as strong earnings from SpaceX (SPCX) and AI server companies boosted sentiment in tech stocks, but oil prices approaching $100 again and rising overseas inflation capped upside for the broader market.

As of press time, Dow futures were down 0.12%, S&P 500 futures rose 0.24%, and Nasdaq 100 futures gained 0.61%.

Source: Investing

In commodities, international oil prices rose significantly. WTI (USOIL) crude gained about 0.9%, trading around $99 after briefly touching $100 intraday; Brent crude rose about 0.77% to near $110, as supply risks facing Middle East shipping lanes and energy facilities continued to support oil prices. Gold (XAUUSD) hovered around $4,130, while the U.S. Dollar Index was flat near 101.70, with safe-haven demand offsetting pressure from high interest rates.

In cryptocurrencies, Bitcoin (BTC) rebounded about 2.4%, trading around $83,400. Higher tech futures helped restore risk appetite, but rising oil prices and global inflationary pressures continued to limit upside for crypto assets.

Market Moves

Super Micro Computer (SMCI) rose about 13% in premarket trading. The company expects first-quarter revenue for fiscal 2027 to reach $18.5 billion to $19.5 billion, significantly higher than its previous guidance of $14.5 billion to $15.5 billion; it projects a gross margin of 12% to 12.5%, also above its previous forecast of 10.4% to 10.8%. The company stated that the performance improvement was mainly driven by growing demand for AI platforms and changes in customer and product mix. Official financial results will be announced on November 3.

SpaceX rose over 8% in premarket trading, while Tesla (TSLA) gained about 1.4%. SpaceX's third-quarter revenue grew 161% year-over-year to $14.6 billion, with net profit reaching $4.4 billion and earnings per share of $0.35. Musk also confirmed that both SpaceX and Tesla have established independent special committees to evaluate a potential merger, while emphasizing that no agreement has been reached yet and a deal is not guaranteed to occur.

Netflix (NFLX) fell over 6% in premarket trading. The company's third-quarter revenue was $12.874 billion, up 12% year-over-year, with earnings per share of $0.87. However, its fourth-quarter revenue guidance fell short of market expectations, and it lowered its 2026 advertising revenue forecast from approximately $3 billion to about $2.7 billion due to a slower-than-expected rollout of certain ad product features.

Intuitive Surgical (ISRG) fell nearly 8% in premarket trading. The company's third-quarter revenue rose 22% year-over-year to $3.05 billion, and adjusted earnings per share came in at $3, both beating market expectations. However, the company took a $450 million charge for an antitrust class-action lawsuit settlement and stated that planned instrument price adjustments could reduce procedure-related revenue by about 3% to 5% in 2027, sparking market concerns over its future profitability.

Market News

UK inflation rose to 3.5% in September. Data from the UK Office for National Statistics showed that the September CPI rose 3.5% year-on-year, higher than August's 3.1% and the market expectation of 3.4%; core CPI increased 2.8% year-on-year, up from 2.6% previously. Transportation, particularly motor fuel prices, was the main factor driving the acceleration in inflation.

Japan recorded a trade deficit for the fifth consecutive month. Japan's trade deficit in September was 536.6 billion yen, with exports up 16.7% year-on-year and imports up 18.9%. In the first half of fiscal year 2026, Japan's trade deficit reached 2.81 trillion yen, as rising energy import costs significantly drove up total imports.

Micron reaches labor agreement with Taichung union in Taiwan. Micron Technology (MU) and its Taichung union signed a labor agreement, and both sides canceled mediation proceedings originally scheduled for October 22, with specific terms undisclosed. Whether a one-day warning strike previously arranged by another union representing Taoyuan plant employees will proceed remains uncertain.

SK Hynix completes 40 trillion won share buyback ahead of schedule. The company completed the repurchase of approximately 24.07 million shares, representing about 3.3% of its issued shares, all of which are planned to be canceled. The buyback program was completed about a month ahead of the original end date, and the company will disclose further shareholder return arrangements when releasing its financial results on October 28.

Important Data/Events Preview

At 10:00 AM ET on October 21, the U.S. Bureau of Labor Statistics releases usual weekly earnings data for wage and salary workers for the third quarter of 2026.

At 10:30 AM ET on October 21, the U.S. Energy Information Administration releases its weekly crude oil and refined products inventory report.

After market close on October 21 ET, Tesla, Meta Platforms (META) and IBM (IBM) report earnings.