Market-moving news for Wednesday, October 7, 2026

What happened

Samsung Electronics projected a 783% jump in third-quarter operating profit from a year earlier, beating analysts' estimates, as booming demand for artificial-intelligence chips drove strong memory earnings. The world's largest memory chipmaker estimated an operating profit of 107.4 trillion won ($80.17 billion) for the July-September period, compared with an LSEG SmartEstimate of 106.1 trillion won, according to a regulatory filing. Third-quarter revenue is expected to rise 127% to 195 trillion won from a year earlier. The company said prices have soared due to tight supply of conventional DRAM and NAND chips as well as growing demand for high-bandwidth memory (HBM), and that the supply gap is expected to persist into 2027. Samsung will release detailed results, including a division breakdown, later this month.

What happened

Lululemon named former Athleta CEO and Nike veteran Maggie Gauger as chief product officer, starting October 26, and appointed Joseph Godsey as chief operating officer, Reuters reported October 7. Two senior executives are leaving: chief brand officer Nikki Neuburger and chief supply chain officer Ted Dagnese depart November 6, with CFO Meghan Frank overseeing global brand and technology on an interim basis. The moves are the first major leadership overhaul under new CEO Heidi O'Neill, who called them 'an important first step in reinvigorating our enduring connection with guests.'

What happened

Walt Disney Company agreed on October 2 to license a slate of films and TV shows to Netflix, the first licensing pact between the two since 2023 and the first to include Disney+ originals. The first two seasons of "Percy Jackson and the Olympians" and all five existing "Ice Age" films began streaming globally on Netflix on October 4 for a three-month window; the Percy Jackson timing builds hype ahead of Season 3's Disney+ premiere on November 20, and the Ice Age window promotes the theatrical release of "Ice Age: Boiling Point" on February 5, 2027. Additional titles follow: "Will Trent" seasons 1-4 globally on November 3, "Shifting Gears" on December 1, "Tracker" internationally in February 2027, and Pixar's "Soul," "Elio," plus "Raya and the Last Dragon" in early 2027. The deal is non-exclusive — everything remains on Disney+ and Hulu — so Disney keeps its own exclusivity narrative intact while monetizing the catalog.

What happened

Levi Strauss reported fiscal third-quarter results after the close on Wednesday, October 7 (quarter ended August 30): adjusted earnings of 48 cents a share, up 41% year over year and well above the 36-cent FactSet consensus. Net revenue rose 4% to $1.61 billion, a shade below the $1.62 billion consensus, with sales up 4% in the Americas and Europe and 5% in Asia. A large share of the profit beat came from tariff refunds — 16 cents a share in the quarter, with about 5 cents redeployed into the business, leaving a net benefit of 11 cents. Management raised full-year adjusted EPS guidance to $1.54–$1.56 from $1.46–$1.52, including the refund benefit (some of which will be reinvested in Q3–Q4), while narrowing organic revenue growth to about 6% (the high end of the prior 5.5–6% range) and guiding reported sales up 7% (the low end of the prior 7–7.5% range). Shares fell 5% in the regular session to $19.51 and dropped more than 2% after hours.

What happened

The Wall Street Journal reported that Trump administration housing officials are launching an investigation into Wells Fargo over commitments the bank made to increase homeownership among Black Americans. Shares fell nearly 2%, slightly more than other big-bank shares on a day when financials were already under pressure from rising Treasury yields.

What happened

The Federal Trade Commission and the U.S. Department of Agriculture announced a joint public inquiry into potential anticompetitive practices in agricultural equipment manufacturing and distribution markets, inviting public comments on business models, restrictions, retaliation, and competitive implications. Regulators cited a growing number of farmer complaints to the USDA about barriers to acquiring equipment and repair services. The move was framed as part of the FTC's broader agriculture-competition project, citing its recent settlements with Deere and Corteva.

What happened

D.A. Davidson analyst Gil Luria raised his price target on Micron to $3,000 from $2,100, a 43% increase and a new Street-high-style marker. Micron shares advanced 3.6-4% to about $1,084-1,086, with the stock having roughly tripled this year. The rerating came even as the semiconductor industry faced a threatened strike in Taiwan, underscoring how dominant the memory-demand narrative is right now.

What happened

The Federal Reserve released the minutes from its September 15–16 FOMC meeting at 2 p.m. ET on Wednesday. The meeting had concluded with a quarter-point rate hike, the first since 2023. The minutes show that "most participants assessed that another increase in the target range for the federal funds rate would likely be appropriate by year end," though participants stressed they approached each meeting with an open mind and decisions would depend on incoming information and the balance of risks. Per CME FedWatch, traders now see a 17% chance of a hike at the late-October meeting but an 84% chance of at least a quarter-point increase by the December meeting.

What happened

Webull shares plunged more than 20% on Wednesday after CNBC reported on a bipartisan House Select Committee on China report, set for release today, concluding the online brokerage is 'tied in structural ways' to China's government and constitutes a national security risk. The committee found a 'profound gap' between Webull's public marketing and actual control, with its corporate structure — software development, data pipelines, and core engineering operations — dependent on infrastructure subject directly to Beijing's laws, including a China-based subsidiary for technology development and platform operations. Siebert Financial analyst Brian Vieten suspended his buy rating and price target, saying 'the potential regulatory and operational implications of these findings create a level of uncertainty that we cannot reasonably incorporate into our estimates.' Webull's spokesperson said the report contained 'significant inaccuracies and unsupported conclusions,' and that U.S. customer data is stored and controlled in the U.S.

What happened

Alphabet-owned Google and Unity Software on Wednesday launched Playground, an AI-powered game platform that lets users create games without prior coding experience, using natural-language prompts to auto-generate custom games instantly on Google's web platform. The move targets amateur creators — Roblox's core audience — and aims at creators over 18, where Roblox has struggled to expand beyond its Gen Z/Alpha base. Google and Unity also said they will expand on Playground later this year with Unity Spark, adding professional-level mechanics, 3D capabilities and flexibility within the gaming template.

What happened

Wedbush tech analyst Dan Ives, the longtime prominent tech bull, initiated coverage on 49 names across the tech landscape on Wednesday with Outperform ratings across the board, including: Apple (AAPL) $400 and Alphabet (GOOGL) $400 price targets, Amazon (AMZN) $300, Meta (META) $900, Microsoft (MSFT) $615, Nvidia (NVDA) $300, Tesla (TSLA) $500, plus SpaceX at $225. SoftBank was initiated at Outperform with a $290 target and CrowdStrike (CRWD) at Outperform with a $335 target. Ives' thesis centers on the infrastructure layer staying supply-constrained 'through at least 2027,' with companies owning scarce compute, memory, and power capturing growth; enterprise software has recovered, cybersecurity takes a growing share of IT budgets, and 'physical AI' is the newest front. The initiation comes a month after Ives launched the Ives Ultra AI Opportunities closed-end fund (IVAI) targeting late-stage private AI companies.

What happened

Wednesday's session is a broad risk-off repricing after Tuesday's record highs: the Dow tumbled roughly 500 points (futures down 311, ~0.6%) while the 30-year Treasury yield rose to its highest since 2002, with the 10-year at 5.31%. Brent crude pushed back above the $100-a-barrel mark (up 0.7% to $101.25) as Middle East supply concerns persist. Chip stocks led the early downside — Seagate and Western Digital sank, while Astera Labs and Teradyne each fell more than 4%. Traders are braced for two afternoon catalysts: the release of minutes from the Fed's September 15-16 meeting at 2 p.m. ET (the meeting that delivered the first rate hike since 2023, with one more hike penciled in before year-end) and a 10-year Treasury auction at 1 p.m. ET. CME FedWatch pricing now shows only a 22% chance of an October hike — down from 50% a week ago — while a December hike remains largely priced in.

What happened

Fair Isaac (FICO) said it will cut 15% of its staff and integrate 'AI-driven product development,' per a company announcement covered by Barron's on Wednesday morning. The credit-score provider framed the move as an AI-led operating overhaul. Shares slipped about 0.1% in premarket trading, a muted reaction that contrasts with the scale of the headcount cut.

What happened

Constellation Brands reported fiscal Q2 revenue of $2.63 billion (+6% YoY) and comparable EPS of $3.74, both beating analyst estimates. But beer depletions — shipments to retailers, a key demand gauge — declined for flagship brands Modelo Especial and Corona Extra, spooking investors. Shares tumbled 7% in premarket trading to their lowest since early 2020 (Barron's later put the move at -4.9%). Separately, the company announced it will acquire SpikedAde, a canned vodka beverage brand, for $75 million upfront plus up to $278 million in additional sales-based payments.

What happened

Microsoft will unveil on Wednesday a new laptop powered by Nvidia's chips, seeking to turn Windows into a platform for AI agents that can handle tasks such as writing code without having to access the cloud, Reuters reported. The Microsoft-hosted event in San Francisco, billed as an update on the Windows operating system and Surface hardware line, will feature Microsoft CEO Satya Nadella and Nvidia CEO Jensen Huang on stage together to introduce the Surface Laptop Ultra, the name of the new machine. The device runs on Nvidia's RTX Spark chips announced in June and is the culmination of years of joint work to bring tasks like coding and complex business projects directly to desktops and laptops.

What happened

The Financial Times reported late Tuesday (Oct 6), citing people familiar with the matter, that SpaceX plans to raise $40 billion in financing to fund purchases of Nvidia AI chips. The structure is about $10 billion in bank loans plus $30 billion in investment-grade debt, led by asset manager Apollo Global Management, with bond giant Pimco among a small group of lenders in talks; the transaction is expected to close in 2027. The $40 billion would amount to roughly all of SpaceX's projected $44.5 billion in 2026 revenue (FactSet), underscoring the scale of the bet. SpaceX shares fell ~2% in premarket trading Wednesday on the news, while Nvidia edged up 0.2-0.5%; SpaceX, Apollo, Nvidia and Pimco declined or did not respond to comment.

What happened

The Financial Times reported on Wednesday, October 7, 2026 that the European Commission is working on ways to capture more revenue from large U.S. tech groups — including Apple (AAPL), Meta (META) and Google (GOOGL) — through a broad levy on large corporations, in a bid to raise EU revenue while avoiding backlash from the Trump administration. Brussels is considering changes to its 'Corporate Resource for Europe' (CORE) proposal that would require all companies operating in the EU with revenue of more than €100 million ($112 million) a year to pay an annual lump-sum tax contribution, currently set at between €100,000 and €750,000 per company. The reporting cites six EU officials with knowledge of the discussions. Reuters could not immediately verify the report, and the Commission, CCIA, Apple, Google and Meta did not immediately respond to requests for comment outside regular business hours.