US open: Stocks higher despite tech jitters as SpaceX earnings buoy sentiment
By Iain Gilbert
Date: Wednesday 21 Oct 2026
(Sharecast News) - Major indices were in the green early on Wednesday, buoyed by upbeat corporate earnings and a rebound in risk appetite despite lingering pressure in the tech space.
As of 1500 BST, the Dow Jones Industrial Average was up 0.20% at 52,602.85, while the S&P 500 advanced 0.32% to 7,737.30 and the Nasdaq Composite came out of the gate 0.72% firmer at 26,616.35.
The Dow opened 106.97 points higher on Wednesday, extending gains recorded in the following session following some well-received earnings.
Shares in SpaceX jumped 9.89% in early trade after the company said third‑quarter revenues had surged 161%, while Elon Musk added that SpaceX and Tesla have set up special committees to explore a potential merger. Netflix, on the other hand, slid 3.26% after the streaming giant posted its slowest sales growth in three years.
As for Wednesday morning's earnings, Philip Morris posted a solid rise in third‑quarter revenues, with net sales up 5.5% year‑on‑year to $11.4bn, although reported diluted earnings per share slipped 4.9% to $2.12 due to a non‑cash adjustment to the fair value of security investments. Operating income climbed 14.1% to $4.9bn, reflecting stronger underlying performance. The tobacco giant reiterated its full‑year guidance, expecting reported diluted EPS of $7.11 to $7.26, and projecting 5% to 7% organic revenue growth for 2026.
Elsewhere, AT&T delivered better‑than‑expected third‑quarter earnings, reporting net income of $891m, or $0.12 per share, with adjusted EPS coming in at $0.65, ahead of the $0.61 consensus estimate. Revenues also beat forecasts at $32.32bn, compared with expectations of $31.68bn. The telecommunications giant continues to expect full‑year earnings of $2.40 per share.
Still to come, Meta Platforms, Tesla and IBM were all slated to report earnings after the close.
On the macro front, US mortgage applications fell 5.3% in the week ended 16 October, according to the Mortgage Bankers Association of America, extending their decline to a seventh straight week and taking activity to its lowest level since January 2025. Applications to purchase a home slid 7.3% on the week, while refinancing activity, which is typically more sensitive to week-to-week rate changes, fell 2%. The drop came as borrowing costs remained near a three‑year high, with only a marginal easing in the average 30‑year fixed rate. Rising Treasury yields and expectations that the Federal Reserve will keep policy tighter for longer, alongside renewed inflation pressure from surging energy prices linked to the Iran war, continued to weigh on housing demand.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Intel Corp. (INTC) $91.43 2.28%
Amgen Inc. (AMGN) $438.34 1.92%
Cisco Systems Inc. (CSCO) $107.60 1.58%
Caterpillar Inc. (CAT) $735.33 1.51%
Goldman Sachs Group Inc. (GS) $895.04 1.16%
Boeing Co. (BA) $193.16 1.03%
International Business Machines Corporation (CDI) (IBM) $244.22 0.95%
American Express Co. (AXP) $320.70 0.61%
Salesforce.Com Inc. (CRM) $243.94 0.24%
Visa Inc. (V) $407.47 0.03%
Dow Jones - Fallers
Verizon Communications Inc. (VZ) $43.68 -1.67%
Dow Chemical Co. (DOW) $30.18 -1.48%
3M Co. (MMM) $169.06 -1.35%
Johnson & Johnson (JNJ) $256.87 -0.85%
Procter & Gamble Co. (PG) $158.25 -0.70%
McDonald's Corp. (MCD) $245.05 -0.60%
Walt Disney Co. (DIS) $111.32 -0.30%
Coca-Cola Co. (KO) $93.24 -0.27%
Home Depot Inc. (HD) $314.77 -0.24%
Merck & Co. Inc. (MRK) $148.34 -0.23%
S&P 500 - Risers
Nektar Therapeutics (NKTR) $40.29 8.51%
Western Digital Corp. (WDC) $371.30 7.15%
DENTSPLY Sirona Inc. (XRAY) $8.93 5.06%
Seagate Technology Plc (STX) $688.16 4.80%
Ipg Photonics Corp. (IPGP) $73.51 4.75%
Akamai Technologies Inc. (AKAM) $89.47 4.09%
F5 Inc. (FFIV) $463.64 4.07%
Hewlett Packard Enterprise (HPE) $57.88 4.04%
American Airlines Group (AAL) $12.28 3.82%
NetApp Inc. (NTAP) $212.17 3.76%
S&P 500 - Fallers
Coterra Energy Inc. (CTRA) $32.56 -8.62%
Netflix Inc. (NFLX) $65.87 -5.47%
AT&T Inc. (T) $22.30 -4.90%
Chipotle Mexican Grill Inc. (CMG) $28.42 -3.68%
Equity Residential (EQR) $63.66 -3.50%
Perrigo Company plc (PRGO) $15.65 -3.22%
Alphabet Inc. Class A (GOOGL) $332.99 -3.01%
Philip Morris International Inc. (PM) $194.20 -2.95%
Alphabet Inc. Class C (GOOG) $329.37 -2.80%
Ross Stores Inc. (ROST) $234.76 -2.43%
Nasdaq 100 - Risers
Western Digital Corp. (WDC) $371.30 6.46%
DENTSPLY Sirona Inc. (XRAY) $8.93 5.06%
Seagate Technology Plc (STX) $688.16 4.80%
Hasbro Inc (HAS) $111.64 4.72%
Liberty Global plc Series A (LBTYA) $7.86 4.41%
Tesla Inc (TSLA) $383.83 4.31%
American Airlines Group (AAL) $12.28 4.20%
Texas Instruments Inc (TXN) $285.39 3.48%
Workday, Inc. (WDAY) $206.00 3.38%
Illumina Inc. (ILMN) $273.40 3.38%
Nasdaq 100 - Fallers
Qvc Group Inc Series A (QVCGA) $0.34 -13.49%
Netflix Inc. (NFLX) $65.87 -5.40%
T-Mobile Us, Inc. (TMUS) $153.82 -3.48%
Alphabet Inc. Class A (GOOGL) $332.99 -2.84%
Alphabet Inc. Class C (GOOG) $329.37 -2.80%
Ross Stores Inc. (ROST) $234.76 -2.49%
JD.com, Inc. (JD) $26.11 -1.92%
Verisk Analytics Inc. (VRSK) $190.78 -1.67%
Booking Holdings Inc. (BKNG) $162.48 -1.52%
Monster Beverage Corp (MNST) $46.93 -1.39%
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