US stocks rose for a third straight day on Wednesday, October 21, as strong company earnings revived enthusiasm for technology and AI stocks. The S&P 500, the broad measure of the 500 biggest US companies, gained 0.6% to 7,757.17 and moved closer to the record high it set earlier this month. The Dow Jones Industrial Average rose 0.7% to 52,856.09, and the tech-heavy Nasdaq climbed 1.1% to 26,702.86. Tech and industrial stocks led, while “defensive” sectors that had been popular lately, such as healthcare and utilities, lagged. (Defensive sectors are businesses people keep paying for even in hard times.) The day’s big story was SpaceX. Its quarterly revenue jumped 161% to $14.58 billion, and the stock surged nearly 8%. Elon Musk also said SpaceX and Tesla have each formed special committees to study a possible merger, which would be the largest in history, and Tesla shares rose as well. Not every report was welcome: Netflix fell after its results only matched expectations. After the closing bell, Tesla and Meta reported results. Early trading after hours showed Meta up about 3% and Tesla down about 2%, but those moves aren’t final until Thursday’s session.
Daily Digest ·
US stocks rose for a third straight day on Wednesday, October 21, as strong…
What moved Wall Street and the PSEi, and what it means for your money, in plain language.
Today, in Two Lines
The day’s biggest story in each market.
US stocks rose for a third straight day on Wednesday, October 21, as strong company earnings revived enthusiasm for technology and AI stocks.
The PSEi, the index of the 30 biggest companies on the Philippine Stock Exchange, rose for a fifth straight day on Wednesday.
US & PH Markets at Last Close
Where each market finished its most recent trading session before this issue went out.
US markets
| S&P 500 | 7,757.17 +0.58% |
| Dow Jones | 52,856.09 +0.69% |
| Nasdaq | 26,702.86 +1.05% |
| 10-Yr Treasury Yield | 5.15% |
Philippine markets
| PSEi | 5,821.51 +0.26% |
| USD/PHP | 63.32 +0.60% |
| BSP Rate | 5.00% |
Winners & Losers
The stocks that moved most, and why.
USUnited States
- SPCX SpaceX+8.0%
Third-quarter revenue jumped 161%, and Musk said SpaceX is exploring a merger with Tesla (near-close figure)
- SMCI Super Micro Computer+11.0%
Raised its quarterly revenue forecast on strong demand for AI servers (early-session figure)
- COF Capital One Financial+4.4%
Quarterly profit beat analysts’ expectations (late-morning figure)
- TSLA Tesla+3.5%
Rose on the SpaceX merger talk ahead of its own earnings report after the close (midday figure)
- NFLX Netflix-2.7%
Fell after quarterly revenue only matched Wall Street’s expectations (morning figure)
PHPhilippines
- ALI Ayala Land+3.1%
Best-performing blue chip, rising to ₱16 after a period of tight trading
- TEL PLDT Inc.-4.0%
Fell to ₱1,200 for a second straight day despite foreign buying
- LTG LT Group-1.2%
Slipped to ₱14.94 with the day’s heaviest foreign selling among blue chips
Today’s Full Story
USUnited States
PHPhilippines
The PSEi, the index of the 30 biggest companies on the Philippine Stock Exchange, rose for a fifth straight day on Wednesday. It gained 15.34 points, or 0.26%, to close at 5,821.51. Foreign investors were strong net buyers, purchasing about ₱503 million more than they sold. Even so, more index stocks fell than rose, so the gain came mainly from a few heavyweights. Analysts described the mood as cautious ahead of today’s BSP interest rate decision. The peso had a rough day. It fell 27 centavos to a new record low of ₱63.361 per US dollar, its 34th record low this year and fifth in October alone. The peso has now lost about 7.2% against the dollar since the start of 2026. Pressure is coming from several directions: oil prices rose again, the country posted a $3.1 billion balance of payments deficit in September (meaning more money flowed out of the country than came in), and markets expect higher US interest rates. All 20 economists polled by the Inquirer expect the BSP to raise rates today.
US–PHHow US news affects the Philippines
Wednesday showed a growing split between Wall Street and the peso. US stocks rallied on strong earnings and renewed excitement about AI. But the same backdrop of high US interest rates and expectations that the Federal Reserve may stay tough on inflation keeps the US dollar strong, and that is pressing hard on the peso. Oil added to the strain: Brent crude, the global benchmark, rose 1.5% to about $110 a barrel. Because the Philippines imports almost all its fuel and pays in dollars, higher oil prices mean more pesos are needed to buy the same dollars. With the BSP’s foreign reserves already at a three-year low, it has less room to step in and support the currency. That is why today’s BSP decision matters so much. Economists widely expect a rate hike, and some argue for a bigger 0.5-percentage-point increase. Higher rates can make peso savings and investments more attractive and help steady the currency, but they also make loans pricier for families and businesses at a time when the economy is slowing. Analysts warn that a hike may slow the peso’s slide without reversing it. OFW families will keep getting more pesos per dollar sent home, but households will also feel higher prices for fuel and imported goods.
Sa Taglish
Kitang-kita nitong Wednesday ang lumalaking agwat ng Wall Street at ng piso. Ang US stocks, umakyat dahil sa magagandang earnings at panibagong excitement sa AI. Pero ang parehong sitwasyon, mataas na interest rates sa US at inaasahang hihigpit pa rin ang Fed laban sa inflation, ang nagpapalakas sa dollar, at ‘yan ang dumidiin sa piso. Dagdag pa ang langis: tumaas nang 1.5% ang Brent crude sa mga $110 kada barrel. Halos lahat ng fuel natin imported at binabayaran in dollars, kaya pag mas mahal ang langis, mas maraming piso ang kailangan para makabili ng parehong dollars. At dahil nasa three-year low na ang foreign reserves ng BSP, limitado na ang kaya nitong gawin para suportahan ang piso. Kaya sobrang importante ng desisyon ng BSP ngayong araw. Halos lahat ng economist, nag-eexpect ng rate hike, at may ilan pang nagsasabing dapat 0.5 percentage point na agad. Pag tumaas ang rates, mas nakaka-attract ang mag-ipon o mag-invest in pesos, kaya puwedeng tumatag ang piso. Pero mas mahal din ang pag-utang ng pamilya at negosyo, sa panahong bumabagal na ang ekonomiya. Sabi ng mga analyst, baka mapabagal lang ng rate hike ang pagbagsak ng piso, hindi tuluyang mapabalik. Para sa mga pamilyang may OFW, mas maraming piso pa rin ang matatanggap sa bawat dollar na padala, pero ramdam din ang mas mahal na gasolina at imported na bilihin.
USD/PHP
Biggest mover: Nasdaq +1.05%
What to Watch
- The BSP announces its interest rate decision today, October 22, and the size of any hike and its tone on the peso will shape the currency’s next move.
- Watch how Tesla and Meta trade on Thursday after their earnings, since after-hours moves showed Meta up and Tesla down.
- The Fed’s October 27–28 meeting and oil near $110 remain the biggest outside pressures on the peso and Philippine stocks.
Sources
The original reporting behind this issue.
US markets
- How major US stock indexes fared Wednesday 10/21/2026
The S&P 500 gained 0.6% and moved closer to its record high as strong earnings lifted the market.
- How major US stock indexes fared Wednesday 10/21/2026
A much stronger-than-expected profit report from SpaceX lifted AI-related stocks and Tesla, offsetting losses in Netflix.
- Market Review: October 21, 2026
Investors rotated back into tech and industrials ahead of Tesla’s and Meta’s earnings, while defensive sectors lagged.
- Stock market today: Dow, S&P 500, Nasdaq rise as tech rallies, SpaceX stock surges nearly 8%
SpaceX’s quarterly results renewed enthusiasm for AI and tech stocks ahead of Tesla’s and Meta’s reports.
- SpaceX stock jumps 10% after earnings beat and Musk hints at Tesla tie-up
SpaceX shares rose sharply after strong revenue growth, and Musk said both companies’ boards are studying a possible merger.
- US stocks nudge higher as SpaceX, Tesla and Nvidia climb
Strong reports from SpaceX and Capital One helped offset disappointing updates from Netflix and AT&T.
- Stocks making the biggest moves after hours: Meta Platforms, Tesla, Lam Research, IBM & more
Tesla gave up its earlier gains in after-hours trading despite beating estimates, while Meta rose on stronger revenue.
PH markets
- Stocks climb further as market eyes BSP decision
Philippine shares rose for a fifth day on bargain hunting, though investors stayed cautious ahead of the BSP meeting.
- Peso plunges to fresh record low as PSEi extends recovery
The peso hit a record low while the PSEi extended its recovery on foreign buying and gains in heavyweight stocks.
- October 21, 2026
October 21, 2026 | A daily recap highlighting Ayala Land as the best blue chip and PLDT as the top decliner for a second day.
- Philippine peso sinks to 34th record low of 2026
The peso set its 34th record low of the year as expectations of further Fed and BSP rate hikes kept the dollar strong.
- Peso sinks to new low ahead of BSP policy rate setting
The peso fell to another record low on expectations of a tougher Fed, with all 20 economists polled expecting a BSP hike.
Cross US–PH
- Peso plunges to fresh record low as PSEi extends recovery
A September balance of payments deficit and higher oil prices added pressure on the peso.
- BSP rate hike seen failing to spur peso rebound as currency hits historic-low ₱63.361
Analysts said an expected BSP rate hike could support the peso but likely won’t trigger a strong rebound, given the Fed’s stance and shrinking reserves.
- Peso sinks to new low ahead of BSP policy rate setting
Expectations of a more hawkish Fed strengthened the dollar as markets awaited the BSP’s next move.
- Philippine peso sinks to 34th record low of 2026
Analysts said the expected BSP hike is already priced in, so the peso may get only brief relief.
Terms to know
- Stock
- A tiny piece of ownership in a company. Buying a company's stock means you own a small part of that business.
- Stock market
- The overall marketplace where stocks are bought and sold. When we say 'the market' or show numbers like the S&P 500 or PSEi, we mean a snapshot of how stocks overall are doing that day.
- Interest rate
- The cost of borrowing money, or what you earn for saving it. When rates go up, loans get pricier, but savings can earn a bit more.
- Inflation (CPI)
- When everyday prices rise over time, so the same money buys less than before. CPI is the number used to measure it.
- Fed (Federal Reserve)
- The US central bank. It sets interest rates, which affect how expensive it is to borrow money, even here in the Philippines.
- BSP (Bangko Sentral ng Pilipinas)
- The Philippine central bank, PH's equivalent of the Fed.
- PSEi
- A single number that tracks how the Philippines' biggest company stocks are doing overall, like a report card for the PH stock market.
- bps (basis points)
- A small unit for measuring interest rate changes: 100 bps = 1%. Used because rate changes are usually tiny.
- 10-Yr Yield
- The interest rate the US government pays to borrow money long-term. When it rises, loans and mortgages tend to get pricier everywhere, not just in the US.
- USD/PHP
- How many pesos it takes to buy one US dollar.
- OFW remittances
- Money sent home by overseas Filipino workers, a key driver of peso demand.
Summaries, mover explanations, and forward-looking notes in this issue are AI-written from real market data and sourced news. Not financial advice.