In its morning note, CNBC's Investing Club said US stocks were set for a weaker open on October 7. The pressure came from familiar drivers: higher oil prices and rising bond yields, even as the S&P 500 and Nasdaq had just closed at record highs. The report noted that the 30-year US Treasury yield traded as high as 5.726% in early trading.
Technology names were a major focus. The Financial Times reported that Elon Musk's SpaceX is in talks to borrow $40 billion to buy Nvidia chips. Apollo Global Management is said to be leading the financing package, which could include $10 billion in bank loans and $30 billion in investment-grade debt. CNBC added that SpaceX may soon generate $3 billion to $4 billion a month from renting out compute capacity.
Intel was also in the spotlight after CEO Lip-Bu Tan told Bloomberg that the company is still working with Musk on the Terafab project in Texas. That followed concerns that Intel was losing ground in the large chip-making project to TSMC, pressure that had pushed the stock down nearly 6% this week. Musk wrote on X: "Maybe TSMC subleases part of the Terafab if they want, but nothing more than that."
Elsewhere in semiconductors, TD Cowen upgraded Marvell to buy from hold after the chipmaker's investor day and its long-term growth outlook. Bank of America raised its price target to $400 from $365, JPMorgan to $360 from $305, and Wells Fargo to $365 from $310. Ahead of Samsung Electronics earnings, investors were also watching margin concerns, which weighed on Micron, although DA Davidson lifted its price target on the stock to $3,000 from $2,100.
Among consumer and industrial names, Constellation Brands fell 6% after the Modelo and Corona brewer beat on earnings and revenue but did not raise guidance. Zscaler, by contrast, drew multiple price-target increases after its investor day and said it is targeting more than $8 billion in annual recurring revenue by fiscal 2031, with a path to $10 billion if agentic AI adoption accelerates. The list also highlighted Wolfe Research's upgrade of Old Dominion Freight Line, Citi's lower price targets on Linde and DuPont, and Barclays lifting Illumina's target to $200 from $160.
