Boeing Fell | A Credit Fund Agreed to a Discount | Oman Drew a Corridor

Boeing sank after a wider loss while the chip trade ran for a second day.

The Nasdaq rose about 1.2% and the S&P 500 about 0.6%. AMD (AMD) gained about 5.5% and Broadcom (AVGO) 4%.

Boeing (BA) fell almost 11% to near $168, a 52-week low. Revenue rose 4% to $24.19 billion, but its core loss of 34 cents a share was wider than analysts expected. The commercial jet unit ran a negative 6.5% margin. Boeing cited delivery mix and higher costs. Its backlog hit a record $745 billion.

UPS (UPS) rose almost 6% after it beat and raised its full-year revenue outlook. SoFi (SOFI) jumped about 13% on record revenue near $1.4 billion and a 2027 outlook of about $6.4 billion.

Xylem (XYL) lost about 14% after revenue fell 3% and it cut its full-year profit forecast. HCA (HCA) beat profit forecasts and still fell about 3%. It flagged a roughly $400 million hit from uninsured patients.

The Outlook Set the Price

Tuesday's reports were graded on what comes next. Boeing fell as costs rose despite its record backlog. UPS and SoFi rose after raising outlooks, one reaching into 2027. Xylem fell 14% after its cut, and HCA slid despite a beat after flagging the uninsured drag. Investors are paying for visibility, not for the quarter just closed.

Oil slipped as Oman sketched a Hormuz plan that still needs Washington and Tehran.

Brent fell about 1.7% to near $114. U.S. crude settled just under $100.

Oman's foreign minister said talks with Iran outlined a temporary arrangement to restore navigation through Hormuz. He also said it is hard to see it working unless Iran and the U.S. both compromise.

The Saudi-led coalition said it intercepted three Houthi ballistic missiles aimed at the Eastern Province and four drones aimed at the kingdom's south. Iran's army said a tanker hit mines east of Hormuz and caught fire. Some incidents are reaching the record days late.

A Corridor on Paper

The barrel is trading the diplomacy more than the attacks. Brent fell as Oman described a navigation plan that its minister said needs both sides to compromise. Attacks on Saudi Arabia and a mined tanker drew a muted price response. The next move rests on two governments that have not yet agreed to bend.

Consumers cheered up on cheaper gasoline, and the Fed meets with little left to price.

The Conference Board's confidence index jumped to 91.7 from 84.2, above forecasts near 81. The group tied the rebound to easing gasoline prices. Consumers still expect 5.8% inflation over the next year. The 10-year yield held near 4.99%.

About 140,000 Kalshi contracts on a hike at Wednesday's decision were bought at 7 cents around midday, and the price held. It slipped to about 6 cents by the close.

Israel's exit polls showed no majority. Benjamin Netanyahu's bloc is projected near 50 of 120 seats and Gadi Eisenkot's at 52 to 53, short of the 61 needed. Polymarket's Eisenkot contract fell from about 63 cents to 33 after the polls closed, then rebounded near 53.

The Data Beat, the Price Held

Tuesday's surprises landed on markets that had already decided. Confidence beat by about 10 points, yet the 10-year barely moved. A wave of hike bets did not lift Kalshi's price, which ended near 6 cents. Traders are treating Wednesday as settled and keeping their conviction for later meetings.

A private-credit fund agreed to sell below its own marks, and Meta traded below its own offering.

Ares Capital (ARCC) agreed to buy Apollo-managed MidCap Financial Investment Corp. (MFIC) in a cash-and-stock package valued at $10.88 a share, about $2.6 billion including debt. That is a 30% premium to Monday's close but about 15% below MFIC's preliminary Sept. 30 net asset value of about $12.86. About $1.21 a share comes in cash from an Ares Management (ARES) subsidiary. MFIC jumped about 23%. Apollo (APO) keeps its MidCap Financial lending platform.

Advent raised close to $27 billion for its flagship buyout fund, above its $26 billion target.

Meta closed near $620, below the $625 price of its $25 billion stock sale. The sale was about five times oversubscribed, Bloomberg reported. Meta (META) fell about 1.6%.

The Mark Met the Market

Stated values are giving way to clearing prices. A listed direct-lending fund agreed to sell for about 85% of its own marks, and the buyer's manager added cash to the deal. Meta's shares ended below the offer despite five times the orders. Advent still raised above target, so the money is there. Buyers are simply setting the price.

Ripple added distributors, and Robinhood's crypto revenue fell by more than half.

Bitcoin traded near $80,600, up about 0.7%. It is down about 8% this year, ranking with gold among 2026's worst major assets through Oct. 23.

A day after Ripple said it won its trust-bank approval, it signed Robinhood (HOOD) and BNY (BNY). Its RLUSD stablecoin is live on Robinhood Chain and Bitstamp and is expected in the Robinhood app later this year. BNY added custody for XRP and RLUSD and intends to let clients mint and redeem RLUSD through the bank. XRP rose about 1% to near $1.32.

Robinhood reported after the close. Revenue matched estimates at a record $1.42 billion, but adjusted earnings of 60 cents a share missed. From a year earlier, prediction-market revenue rose more than sixfold to $173 million, while crypto revenue fell 55% to $120 million. The shares fell after hours.

USDC, issued by Circle (CRCL), now has 56% of euro-paired stablecoin trading, up from 10% in January 2024, Kaiko data show. Coinbase (COIN) will move EEA customers' remaining non-MiCA stablecoins into USDC on Oct. 30.

The Rails Grew, the Trading Shrank

Crypto's infrastructure is expanding faster than its trading. RLUSD added a retail broker and a global custodian, and USDC took the lead in euro trading after European exchanges restricted USDT. Yet Robinhood's crypto revenue fell 55%, and its event contracts out-earned it. The plumbing is being built while the trading it serves is shrinking.

Tuesday priced outlooks over quarters.

Boeing fell despite its backlog, a private-credit fund agreed to sell below its marks and oil eased on an unagreed plan. Bitcoin held $80,000 as Robinhood's crypto revenue fell by more than half.