TradingKey Daily Market Briefing: US Stocks Rally, Anthropic Races for IPO, Meta Seeks $95 Billion to Boost AI

Tracking Market Trends

TradingKey - On October 26 Eastern Time, the three major U.S. stock indices rose across the board. Anthropic disclosed its IPO filing documents, reigniting market attention on the AI sector, with tech stocks serving as the primary driver of the broad market rebound. Meanwhile, international oil prices pulled back, easing some inflation concerns. However, Meta (META) and SpaceX (SPCX) announced large-scale financing arrangements, keeping the capital requirements for AI infrastructure construction in the market spotlight.

At the close, the Dow Jones Industrial Average rose 0.28% to 52,367.23; the S&P 500 Index gained 0.70% to 7,676.77; and the Nasdaq Composite Index added 0.82% to 26,169.38.

In terms of sectors and individual stocks, semiconductor stocks strengthened, with the Philadelphia Semiconductor Index rising about 2.9%. Tesla (TSLA) gained 5.21%, while Meta, which announced a new financing plan, fell 1.88%, reflecting divergent market reactions to AI industry growth versus financing costs. Cloud computing provider CoreWeave (CRWV) experienced sharp intraday volatility, falling as much as about 5.5% in early trading before turning higher to close up 1.76%.

In the bond market, long-term U.S. Treasury yields slipped slightly, with the 10-year Treasury yield falling to around 4.98%, continuing to fluctuate near the 5% threshold. The market awaits the Fed's rate decision outcome this week, as well as subsequent economic data and tech company earnings reports.

In commodities, gold (XAUUSD) returned to above $4,000 to close at $4,016.97; international oil prices closed lower, with Brent (UKOIL) crude falling 1.34% to close at $110.14, and WTI (USOIL) crude dropping 2.14% to settle at $101.24. Expectations of diplomatic progress in the Middle East lowered some risk premium, but attention remained focused on security in Saudi Arabia and surrounding shipping lanes, limiting oil price losses.

In cryptocurrencies, Bitcoin (BTC) continued to fluctuate around the $80,000 level, failing to track the clear rebound in U.S. stocks, closing at $80,150, flat on the day.

Market News

Anthropic publicly files S-1 for IPO, seeking to list on Nasdaq under ticker "ANT." Claude developer Anthropic publicly disclosed its Form S-1 registration statement on October 26, applying to list on the Nasdaq Global Select Market. The preliminary prospectus has not yet disclosed the number of shares to be offered or the price range, and the company remains in the proposed listing stage.

Meta announces financing plan totaling approximately $95 billion to support AI infrastructure expansion. Meta launched an underwritten offering of approximately $35 billion, including $22.5 billion of Class A common stock and approximately $12.5 billion of depositary shares representing mandatory convertible preferred stock. In addition, the company plans to launch an at-the-market offering program of approximately $60 billion after its Class C common stock begins trading, expected to initiate as early as the first quarter of 2027; the final size, terms, and execution of the plan remain to be determined.

SpaceX reaches approximately $40 billion GPU lease financing commitment with Apollo, expecting closing by year-end. Space Exploration Technologies Corp. (SpaceX) entered into a binding financing arrangement with entities managed by Apollo Global Management (APO) for GPUs and related equipment. The agreement will support the procurement of Nvidia's (NVDA) next-generation Vera Rubin chips. Closing remains subject to relevant conditions and is expected to be completed by the end of 2026; leases are expected to begin as equipment is delivered in the first half of 2027.

EQT to acquire Range Resources in all-stock transaction with combined enterprise value exceeding $50 billion. U.S. natural gas producer EQT (EQT) signed a definitive merger agreement with Range Resources (RRC), under which Range shareholders will receive 0.987 shares of EQT stock for each share held. The transaction is expected to close in the first quarter of 2027, subject to regulatory and shareholder approvals from both companies.

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