WS #13020
The dominant narrative in this window is the ongoing tech selloff, particularly Meta Platforms (META) extending its historic losing streak to 10 days after a disappointing Q3 revenue guide ($62.5B vs $63.2B expected) and sharply higher costs (+55% YoY). This is corroborated by multiple sources (Bluesky posts, Techmeme, Seeking Alpha). Meanwhile, Microsoft (MSFT) reported strong Azure growth (43% YoY, surpassing $100B run rate) and positive AI ROI commentary, providing a bullish counter-signal within the MAG7. Lam Research (LRCX) surged ~7% after-hours on a double beat and strong guidance, signaling sustained semiconductor equipment demand. On the macro front, the 30-year Treasury yield surged to a 19-year high following Fed Chair Warsh's hawkish stance and abandonment of forward guidance, fueling bond market volatility. Geopolitically, US and Saudi forces launched joint airstrikes on Iran-backed militia sites in Iraq, causing an immediate rise in oil prices, while Ukraine struck Crimea substations. The Fed's hawkish hold and bond market stress remain the overarching macro headwind, but strong tech earnings from MSFT and LRCX offer selective bullish pockets.
Topics
Key developments
- Meta Platforms extends losing streak to 10 days on weak Q3 guidance and soaring costs
- Microsoft Azure revenue surpasses $100B run rate with 43% growth, AI monetization accelerating
- Lam Research beats Q4 estimates, stock surges 7% after-hours on strong guidance
- 30-year Treasury yield hits 19-year high as Fed abandons forward guidance
- US and Saudi forces launch joint airstrikes on Iran-backed militias in Iraq, oil prices rise