US Stocks Rise as Dow Gains Over 400 Points; Tech and Pharma Lead; Palantir Jumps 5% to Record High

Palantir (PLTR) closed up 5.17%, hitting a new record high to close at $209.05.

Recently, Goldman Sachs analyst Gabriela Borges wrote in a note to clients: "We upgrade Palantir to Buy from Neutral with a 12-month target price of $230, implying about 18% upside." She noted that with Palantir's current revenue run rate of around $8 billion and a growth rate of about 100%, investors are mainly debating two key issues: first, whether the best part of Palantir's AI opportunity has already played out, or if the market is deep enough to support another round of upward estimate revisions; second, how sustainable the company's FDE model is.

Among mega-cap tech stocks, Amazon (AMZN) rose 3.29%, Microsoft (MSFT) gained 2.38%, Tesla (TSLA) advanced 2.05%, SpaceX (SPCX) added 1.25%, Google (GOOGL) gained 0.97%, and Broadcom (AVGO) rose 0.39%; on the downside, Apple (AAPL) fell 1.10%, TSMC (TSM) dropped 1.02%, Nvidia (NVDA) declined 0.52%, and Meta Platforms (META) slipped 0.31%.

[Source: FutuBull]

The Philadelphia Semiconductor Index fell 0.41% to 12,572.42 points. Among its 30 constituents, 12 rose and 18 fell.

Telecom stocks suffered broad losses, with T-Mobile US (TMUS) falling 13.27%, AT&T (T) dropping 9.85%, and Verizon (VZ) declining 8.75%.

SpaceX Plans $8 Billion Acquisition of 800MHz Spectrum

SpaceX plans a major acquisition of a nationwide US 800MHz spectrum portfolio held by Grain Management, involving up to 14MHz of paired spectrum, taking a key step toward becoming a full mobile communications operator. This major transaction initiated by SpaceX remains subject to approval by the Federal Communications Commission (FCC), with media citing people familiar with the matter reporting the deal value at approximately $8 billion.

NIH Plans to Launch Personalized Cancer Vaccine Project

According to The New York Times, the US National Institutes of Health (NIH) plans to launch a public-private partnership project to accelerate the development of personalized cancer vaccines. The vaccine project is expected to launch in December, focusing on pancreatic cancer, liver cancer, colorectal cancer, and certain pediatric tumors. Many such experimental therapies leverage mRNA technology to train the immune system to attack tumor-specific proteins.

OpenAI Clarifies Annualized Revenue: Around $50 Billion as of End of September, Year-End Target of $70 Billion

According to Bloomberg, citing people familiar with the matter, ChatGPT developer OpenAI expects its annualized revenue to reach or exceed $70 billion by the end of 2026, with growth driven primarily by its enterprise business. The sources also revealed that as of the end of September this year, OpenAI's annualized revenue was approximately $50 billion. Annualized revenue extrapolates full-year scale based on sales over a shorter period, rather than actual full-year revenue.

Lumentum CEO: Company's Optics Sold Out Through 2029, Demand Gap for Certain Products Reaches 70%

Lumentum Chief Executive Officer Michael Hurlston revealed in an interview with Bloomberg in Tokyo on Friday that about 70% of demand for certain products cannot be met ahead of next year, while a 30% demand gap remains for other products through 2028. Just six months ago, he said the company's capacity was expected to be sold out through 2028—a timeline that has now been moved up by nearly a year. "We are completely sold out, with no end in sight," Hurlston told Bloomberg.

Trump: Russia Will Supply Large Amounts of Diesel to U.S. and Global Markets

U.S. President Donald Trump: I have just concluded a very successful meeting with Russian President Vladimir Putin. Both sides agreed that Russia will immediately supply over 300,000 metric tons of diesel to the U.S. and global markets, another 500,000 metric tons in November, and an additional 1 million metric tons immediately thereafter. Furthermore, depending on the status of Russian diesel refineries, Russia will also supply 3 million metric tons of diesel in the short term. With our complete control of the Strait of Hormuz and this major announcement on Russian energy, diesel prices in the U.S. and around the world will plunge by record amounts! Lowering the cost of living for Americans—especially for our great farmers, ranchers, and truckers—is my top priority. This is a very big and important announcement. Furthermore, let it be clear: Iran must never have a nuclear weapon!

BofA's Hartnett: Midterms to Be Year-End's Strongest Market Catalyst, Bond Market Will End Bubble, Don't Add to Tech

The latest Flow Show report from BofA Securities shows that investors are hoarding cash at the fastest pace since the outbreak of the COVID-19 pandemic, while betting that the election outcome will be the most important directional catalyst for the stock market before year-end. Michael Hartnett, Chief Global Investment Strategist at Bank of America, stated that the U.S. midterm elections on November 3 represent the biggest potential catalyst to trigger a ±10% swing in global equities before the end of the year. Current market forecasts show that the probability of a Democratic sweep of both houses has risen to 64%, up sharply from 49% in September; if this scenario materializes, U.S. stocks face a downside risk of over 10%. Meanwhile, BofA's Bull & Bear Indicator dropped from 8.8 to 8.1, maintaining a "Sell" signal.

U.S. One-Year Inflation Expectations Rise to Highest Level Since May 2023

U.S. inflation concerns intensified in September, with the near-term outlook index in the Federal Reserve Bank of New York's monthly survey rising to its highest level in nearly three and a half years. The central bank's Survey of Consumer Expectations showed that median inflation expectations for the next 12 months rose to 3.9%, up 0.3 percentage points from August and the highest level since May 2023, when expectations stood at 4.1%. Similarly, the survey found that expected household spending growth reached 5.5%, up 0.3 percentage points month-on-month, also marking the highest level since May 2023.

This content was translated using AI and reviewed for clarity. It is for informational purposes only.