Nasdaq gains led US equities higher in Wednesday morning trading on October 21, 2026, as SpaceX shares jumped 10% following better-than-expected results. The advance came alongside lower Treasury yields and concerns about borrowing to fund artificial intelligence expansion.
Key Takeaways
- The Nasdaq rose 0.6%, outpacing the S&P 500 and Dow.
- SpaceX gained 10% after revenue and earnings exceeded analysts’ expectations.
- AI-related bond issuance reached $419 billion in 2026, according to Creative Planning’s Charlie Bilello.
Table of Contents
- Nasdaq gains accompany SpaceX earnings rally
- AI borrowing risks remain in focus as yields fall
- Conclusion
Nasdaq gains accompany SpaceX earnings rally
The major indexes posted modest morning advances: the Nasdaq Composite climbed 0.6%, the S&P 500 increased 0.3%, and the Dow Jones Industrial Average edged up 0.1%. These were intraday moves, not closing results.
SpaceX’s stronger-than-forecast revenue and earnings were supported by growth in its AI business. Investors were also awaiting Meta Platforms and Tesla results scheduled for after the closing bell.
AI borrowing risks remain in focus as yields fall
Charlie Bilello, Creative Planning’s chief market strategist, put 2026 AI-related bond issuance at $419 billion—90% more than the total for all of 2025. He cautioned that equity-market booms can give way to credit risks.
Treasury yields moved lower across maturities. The 10-year yield dropped three basis points to 5.09%, while the two-year declined two basis points to 4.77%. The 30-year yield fell three basis points to 5.40%.
Oil also eased, leaving US crude at $97.06 per barrel and Brent at $108.21. Separately, the Mortgage Bankers Association’s Composite Index declined 5.3% last week, even though mortgage rates recorded their first decrease in two months.
Conclusion
The morning session paired a technology-led stock advance with falling yields, while the scale of AI borrowing remained a separate concern for investors.
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