Markets

Nasdaq Leads Midday Gains as SpaceX Results Lift AI Stocks

U.S. stocks rose at midday on Oct. 21, 2026, with the Nasdaq up about 1% on SpaceX's results, while the 10-year Treasury yield held near 5.11%.

Oct 21, 2026 - 12:25

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U.S. stocks were higher at midday on Wednesday, October 21, 2026, as results from SpaceX revived demand for artificial intelligence-related shares, while disappointing outlooks from Netflix and AT&T held back parts of the market. Treasury yields were little changed ahead of next week's Federal Reserve meeting.

Midday snapshot

As of 11:30 a.m. ET, the S&P 500 was up 0.4% and on track for a third straight modest gain, the Dow Jones Industrial Average was up 127 points, or 0.2%, and the Nasdaq composite was 1% higher, the Associated Press reported. A Yahoo Finance live update at 12:03 p.m. ET showed the Dow up 0.2%, the S&P 500 up 0.5% and the Nasdaq up 1.1%. These are intraday figures; final closing levels were not available at the time of writing.

At the opening bell, the Dow rose 157.0 points, or 0.30%, to 52,652.85, the S&P 500 gained 23.9 points, or 0.31%, to 7,736.43, and the Nasdaq added 176.9 points, or 0.67%, to 26,601.73, according to Reuters.

What moved stocks

SpaceX shares climbed about 10% after the company reported third-quarter revenue of $14.58 billion and its first profit as a public company, and after Elon Musk said SpaceX and Tesla had formed special committees to discuss a possible merger. Reuters also cited results from Super Micro Computer as supporting AI stocks. Nvidia was up 1.8% and Micron Technology up 1.9% shortly after the open, according to Investing.com market data. The AP listed strong profit reports from Capital One Financial among the gainers' drivers.

On the downside, Netflix fell about 4% after the streaming company's fourth-quarter revenue forecast came in below analysts' estimates and it lowered its 2026 advertising revenue guidance, Yahoo Finance reported. The AP said investors also found AT&T's update disappointing.

Tesla and Meta Platforms are scheduled to report quarterly results after Wednesday's close, which Yahoo Finance described as the start of Big Tech's earnings season.

Tuesday's close

On Tuesday, October 20, the major indexes finished mixed. The Dow rose 1.02% to a one-month high and the S&P 500 added 0.29%, while the Nasdaq slipped 0.02%, Investing.com reported. The AP put the closing levels at 52,495.88 for the Dow, 7,712.57 for the S&P 500 and 26,424.82 for the Nasdaq. Equifax rose 11.33% and Hasbro gained 11.20% after their results, while General Motors fell 6.84%. Advancing stocks outnumbered decliners on the New York Stock Exchange by 1,844 to 854, and the Cboe Volatility Index fell 6.13% to 17.31.

Bonds and rates

In the Treasury market, the 10-year yield was down less than 1 basis point at 5.111% on Wednesday morning, the 2-year yield was little changed at 4.789% and the 30-year yield stood at 5.418%, CNBC reported. The Federal Reserve's next policy meeting is scheduled for October 28. CNBC noted that weekly jobless claims data are due Thursday; claims rose by 1,000 to 199,000 in the week ending October 10.

Overseas, France's 10-year government bond yield briefly rose above 5% for the first time since 2002 amid a budget standoff and civil unrest, CNBC reported.

Energy backdrop

Oil prices remained elevated. Brent crude futures were near $108 a barrel and West Texas Intermediate near $97 around midday, according to Yahoo Finance, after both benchmarks had traded higher earlier in the session on attacks on shipping in the Strait of Hormuz.