Market Wrap, October 26, 2026

The S&P 500 (SPY) rose 0.7%, with broad gains in technology and industrials offsetting a sharp selloff in Latin American assets tied to Brazil's election.

Luiz Inácio Lula da Silva's runoff win over Flávio Bolsonaro, with 51% of the vote, triggered a historic rout across Brazilian markets: Bovespa futures sank nearly 20% at one point, the real slumped more than 8%, and JPMorgan cut Brazil's real and rates to market-weight. Oil stayed volatile throughout the session, with Brent swinging between roughly $115 and $117 a barrel on Middle East supply concerns, including reports of a vessel fire near Iraq and KLM cancelling Riyadh and Dammam flights through late November, while WTI ultimately settled down 1.46% at $101.76. The US Strategic Petroleum Reserve fell to its lowest level since 1982. Iran continued talks with Mecca Pact members in Tehran covering Israel, Lebanon and Palestine, while reiterating it will not discuss its nuclear program until US demands are met. On data, the Dallas Fed's October manufacturing index came in at 13.4, well above the 8.8 expected.

Technology led sector performance, up 1.7%, powered by a broad semiconductor rally including Synopsys, Texas Instruments and Analog Devices. Industrials gained 1.4% on defense and aerospace strength from Lockheed Martin and HEICO. Consumer Discretionary rose 1.1%, led by Tesla, which touched a three-month high. Financials added 0.3% despite declines in Coinbase and Instacart, the latter still up on acquisition speculation. Materials lagged, up just 0.2%, as FMC Corp dropped sharply, and Consumer Staples fell 0.3%. Energy rose 0.5% even as crude reversed lower into the close.

Company News

Anthropic formally filed for a Nasdaq IPO under the ticker ANT, targeting the week of November 16, with Amazon providing up to $20 billion in financing; the filing warned of potential catastrophic and existential AI risks and flagged that revenue growth may not be sustainable.
Verizon reported Q3 EPS of $1.31, in line with expectations, on revenue of $34.31 billion versus $35.79 billion expected, and raised full-year guidance on postpaid additions, adjusted EPS and free cash flow growth.
EQT agreed to acquire Range Resources in an all-stock deal creating a combined company with an enterprise value above $50 billion, with EQT shareholders owning about 73% of the combined entity.
Meta announced a $22.5 billion Class A stock offering alongside up to $60 billion in Class C shares, and Nvidia, AMD and Broadcom agreed to buy up to $5 billion of Meta Class A shares; Meta shares fell nearly 2%.
SpaceX closed $40 billion in debt financing for GPUs, pricing bonds at up to 8.75%, and separately entered a roughly $40 billion lease arrangement with an Apollo Global Management-managed entity for GPU pods.
AutoZone CFO Jamere Jackson will depart to become FedEx's CFO effective November 30.
Ovintiv agreed to acquire Logan Energy for about $890 million, and Vertiv completed its acquisition of King Environmental Services.
DoorDash is in advanced talks to acquire Instacart, according to the Wall Street Journal.
Microsoft is offering buyouts to 60,000 workers as part of fresh cost cuts.