MARKETS LIVE: Nasdaq leads Wall Street higher as investors brace for Meta, Tesla

2:35pm: Market movers

SpaceX Corp (NASDAQ:SPCX) shares rose more than 10% after third-quarter results beat estimates across all three business segments, as its growing AI infrastructure operations helped drive a return to profitability.

Super Micro Computer Inc (NASDAQ:SMCI) shares jumped 11% after it raised its first-quarter revenue forecast to US$18.5 billion to US$19.5 billion on stronger AI infrastructure demand.

Netflix Inc ( NASDAQ:NFLX , XETRA:NFC ) reported third-quarter revenue growth of 12% to US$12.874 billion and a 49% increase in earnings per share, while reaffirming its 2026 operating margin target despite a weaker fourth-quarter outlook.

Miivo AI (TSX-V:MIVO) reported first-quarter revenue growth of nearly 560% to C$118,364 as it launched three AI products and began commercializing customized business solutions.

VivoPower PLC ( NASDAQ:VIVO , FRA:51J ) shares surged as much as 40% after the company agreed to develop at least 1 gigawatt of sovereign AI data centre capacity with Open Innovation AI over three years.

AT&T Inc ( NYSE:T , XETRA:SOBA ) raised its 2026 adjusted earnings forecast after adding more than one million advanced connectivity customers for a second consecutive quarter, supported by fibre broadband and wireless demand.

Thermo Fisher Scientific Inc ( NYSE:TMO , XETRA:TN8 ) increased third-quarter revenue by 9% to US$12.14 billion and adjusted earnings per share by 15% to US$6.68, with organic revenue growth reaching 6%.

1:30pm: Cloudy outlook

Persistently high oil prices continue to cloud the outlook for markets, despite the latest advance in equities, Chris Beauchamp of IG cautioned.

"The folly of Donald Trump's war is apparent to everyone, and imagine how much higher global equities would be had the ill-judged adventure not taken place," Beauchamp said Wednesday.

"This market is straining to push higher, but exuberant bulls are being held back by the fear that oil prices will rise further from here. Even embattled French stocks are higher, after some impressively-brave bargain hunting yesterday.

"Real headlines about peace progress would certainly do the trick, particularly after yesterday's were proved to be a red herring."

12:10pm: FTSE finishes higher

The FTSE had a positive day, closing 0.2% higher at 10,753 points.

Gains in energy and banking heavyweights absorbed the shock of rising CPI inflation and a widening budget deficit, according to Tickmill's Patrick Munnelly.

"With central bank officials entering an early blackout period ahead of November's policy decision, attention shifts firmly to corporate earnings and Chancellor John Healey's upcoming Budget," Munnelly added.

11:05am: Tesla-SpaceX merger heats up

Elon Musk has backed the strategic case for merging Tesla Inc (NASDAQ:TSLA) ( Tesla Inc (NASDAQ:TSLA) ) with SpaceX Corp (NASDAQ:SPCX) ( SpaceX Corp (NASDAQ:SPCX) ) but warned that a deal is far from certain.

Two special committees must agree on the terms, while Tesla shareholders face a decisive vote on a transaction that could reshape Musk's business empire.

Wall Street analysts expect a merger by the end of 2027, although Musk has described himself as a conflicted party who cannot determine the outcome.

Reuters reported on Wednesday that Musk sees considerable merit in combining the companies, which are expanding their investments in artificial intelligence and infrastructure.

SpaceX and Tesla are jointly developing Terafab, a chip manufacturing project, while artificial intelligence already accounts for more than half of SpaceX's revenue.

10:00 am ET: US indices open up

Wall Street's main indexes opened higher on Wednesday as quarterly results from SpaceX and Super Micro Computer boosted appetite for AI stocks, while Netflix fell after its forecast disappointed investors.

The Dow Jones Industrial Average rose 157p, or 0.30%, to 52,652.85 at the opening bell, while the S&P 500 gained 0.31% to 7,736.43.

The Nasdaq Composite climbed 0.67% to 26,601.73.

Super Micro Computer shares surged 13.46% to $36.84 on Wednesday early trade, while SpaceX climbed 8.04% to $159.66, as investors welcomed quarterly results from the AI-related companies.

Tesla rose 2.89% to $384.51, while Netflix fell 3.77% to $66.10 after its forecast disappointed investors.

London shares recovered from early weakness, but inflation and the prospect of higher interest rates remain headwinds.

The FTSE 100 and FTSE 250 were both higher at about 2:48 pm BST, gaining 0.26% and 0.27% respectively, suggesting a modest recovery in London shares after a weak opening.

FTSE 100: rose 27.86p, or 0.26%, to 10,760.86.

FTSE 250: gained 65.62p, or 0.27%, to 24,430.38.

Both indexes opened lower earlier on Wednesday after UK inflation rose to 3.5% in September, above the 3.4% forecast, strengthening expectations of an interest rate increase by the Bank of England in November.

Energy shares helped support the market as oil prices rose.

9:13 am EDT: Futures up

US stock futures rose further this hour, with all four major indexes extending gains ahead of the opening bell.

London shares are trading higher, with the FTSE 100 and FTSE 250 both up 0.16%, suggesting a modestly positive session across large-cap and mid-cap stocks.

8:00 am EDT: SpaceX results boost pre-market

US stock futures strengthened this hour, with all four major indexes pointing higher as strong results from SpaceX and Super Micro Computer revived enthusiasm for AI-related stocks.

At 7: 50 am EDT, Nasdaq 100 futures rose 0.63% to 29,863.25, S&P 500 futures gained 0.24% to 7,773.50, Dow futures advanced 0.08% to 52,761 and Russell 2000 futures added 0.14% to 2,790.80.

In pre-market trade, Super Micro Computer (SMCI) led the list, rising 12.29% to $36.46, with volume of 1.75 million shares.

SpaceX (SPCX) gained 8.05% to $159.69, with 5.69 million shares traded, the highest reported volume in the table.

Amkor Technology (AMKR) rose 7.43% to $44.80, while Credo Technology (CRDO) climbed 6.22% to $182.18.

Super Micro surged after raising its preliminary quarterly revenue outlook above expectations, citing strong demand for AI platforms. The outlook also lifted sentiment towards other AI-related stocks.

SpaceX gained after reporting its first profit as a public company and as investors reacted to Elon Musk's comments about a possible merger with Tesla.

Bitcoin hovered just above $82,500 on Wednesday, a key support level, as US stock futures rose on SpaceX's strong results and oil prices climbed back above $110 a barrel.

The cryptocurrency has become increasingly sensitive to technology stocks, falling alongside the Nasdaq last week after hotter-than-expected US inflation data triggered a sell-off in AI and semiconductor shares.

London's equity market is trading largely flat, with both the FTSE 100 and FTSE 250 posting only marginal gains.

At 12: 54 pm BST, FTSE 100 was up a mere 2.31p, or 0.02%, to 10,735.31, indicating little overall direction among large-cap stocks.

The FTSE 250 gained 22.81p, or 0.09%, to 24,387.57, modestly outperforming the blue-chip index.

Inflation fears appear to be weighing on London's indices today.

September inflation rose to 3.5%, reinforcing expectations of a Bank of England rate rise, while higher oil prices have supported energy stocks and helped offset weakness elsewhere.

Markets were pricing in a 98.8% probability of a 25-basis-point increase, according to LSEG data cited by Reuters

Annual UK house price growth slowed for the fourth consecutive month in August, according to figures from the Office for National Statistics (ONS).

Prices rose by 0.9% year on year, down from 1.2% in July, as annual growth slowed in six of England's nine regions.

The concern is that higher interest rates could increase borrowing costs for companies and households, restrain consumer spending and weaken economic growth.

Meanwhile, the Public Accounts Committee (PAC) has urged the government to take stakes in innovative businesses it has supported with grants, arguing taxpayers should share in the returns when publicly funded research succeeds commercially.

In a report on UK Research and Innovation (UKRI), the committee calls for stronger efforts to recover public money when companies profit from taxpayer-funded research.

Although UK universities generate proportionally more spinouts and patents than their US counterparts, the commercialisation of intellectual property remains inconsistent.

The PAC says UKRI is not doing enough to ensure taxpayers benefit from cutting-edge research, while the British Business Bank acts as a cornerstone investor alongside pension funds.

Gold prices stablised after falling to a near one-week low on Wednesday, as rising oil prices fuelled inflation concerns and investors awaited next week's Federal Reserve meeting for clues on the interest rate outlook.

Spot gold rose 0.38% to $4,139.37 an ounce on Wednesday at 8:00 am EDT, recovering after hitting its lowest level since 15 October earlier in the session, as investors weighed inflation concerns against the outlook for US interest rates.

12:00 noon BST: European markets up

European markets are trading higher across the board, with Germany's DAX leading gains, up 0.56%, followed by France's CAC 40, up 0.46%, and the Stoxx 600, up 0.44%.

The FTSE 100 is lagging behind its European peers, suggesting the advance is stronger on the continent than in London.

At 11:53 am BST, the footsie was largely flat, at 10,741, up by 8.66p.

Sterling edged higher against the dollar and euro on Wednesday after stronger-than-expected UK inflation strengthened expectations of a Bank of England interest rate rise next month.

The pound rose 0.1% to US$1.339, near a one-month high, and gained 0.2% against the euro to 83.80p, its strongest level against the single currency in 17 months and its fifth consecutive session of gains.

Brent crude futures rose 2.1% to $111.04 a barrel, as escalating threats to shipping around the Strait of Hormuz and Houthi attacks on Saudi energy infrastructure heightened concerns over supply disruptions and added a geopolitical risk premium to oil prices.

Eurozone government bond yields rose on Wednesday, led by a further increase in French borrowing costs, as investors assessed widespread protests that are putting pressure on a government struggling to shore up the country's public finances.

France's 10-year government bond yield reached 5% on Wednesday, its highest level in 24 years, as investors grew increasingly concerned about the country's ability to restore its fragile public finances, reports Reuters.

France's borrowing costs have risen more sharply than those of many peers, reflecting growing investor concern over its public finances.

US stock futures pointed mostly higher on Wednesday after Wall Street's main indexes ended Tuesday's session mixed.

At 11:50 am BST, Nasdaq 100 futures was up 0.36% at 29,780.75, showing relative strength in technology stocks.

S&P 500 futures was also up 0.13% at 7,765.50, pointing to modest gains for the broader market.

Dow futures, however, was down 0.04% at 52,700, indicating a largely flat start for blue-chip stocks.

Russell 2000 futures, too, was down 0.11% at 2,783.70, suggesting slight weakness among smaller companies.

Netflix shares fell 6% in premarket trading on Wednesday after the company lowered its full-year advertising forecast and issued a subdued fourth-quarter profit outlook, fuelling concerns about slowing viewership and revenue growth.

Tesla shares rose about 2% in premarket trading on Wednesday after Elon Musk confirmed that independent committees at Tesla and SpaceX were exploring a merger.

SpaceX shares rose about 9% in premarket trading.

A merger could bring together Tesla's electric vehicles, robotics and AI capabilities with SpaceX's rockets, satellites and computing ambitions.

11:00 am BST: Small-cap Round-Up

Rainbow Rare Earths Ltd ( LSE:RBW , OTC:RBWRF , FRA:RR1 ) chief executive George Bennett discussed changing market dynamics , progress at the company's Phalaborwa project in South Africa and development of its Uberaba project in Brazil in an interview with Proactive's Stephen Gunnion, as well as the potential benefits of a US stock market listing.

CelLBxHealth PLC ( AIM:CLBX , FRA:DWV ) has signed an agreement with a Swiss biotechnology company to support a radiopharmaceutical clinical study, extending the use of its circulating tumour cell technology into research on targeted cancer treatments.

Rainbow Rare Earths Ltd ( LSE:RBW , OTC:RBWRF , FRA:RR1 ) has described 2026 as a "defining period" for critical minerals, with chairman Adonis Pouroulis saying securing rare earth supplies outside China has become a lasting priority for governments and industry.

CelLBxHealth PLC ( AIM:CLBX , FRA:DWV ) is targeting revenue of £3 million to £4 million in 2027, potentially more than double its expected 2026 turnover, as new pharmaceutical contracts strengthen its commercial pipeline.

At 10:55 am BST, the FTSE 100 made a modest recovery after trading lower in the opening hours, rising to 10,755.07, up 22.07p, or 0.21%, from the previous close of 10,733.00.

10.00 am BST: Energy shares provide support

London stocks were close to flat at 10 am as energy and technology shares offset pressure from hotter UK inflation.

The FTSE 100 fell seven points, or 0.1%, to 10,726, while the FTSE 250 slipped 0.04% to 24,354 and AIM declined 0.04%.

Ithaca Energy led the blue-chip risers with a 3% gain as Brent crude remained near $110 a barrel, while BP advanced 2%.

The oil producers benefited from renewed supply concerns surrounding the Middle East conflict and the UK's support for North Sea projects.

Computacenter rose 2% as technology shares tracked an Asian rebound and stronger US futures following upbeat artificial-intelligence infrastructure updates.

Medical products maker ConvaTec gained 2% and insurer Admiral Group added 2%, while Games Workshop rose 1%.

The wider market remained restrained after inflation climbed to 3.5% and government borrowing reached £24.5 billion in September, reinforcing expectations of a November interest-rate rise from the Bank of England.

9.00 am BST: Recruiters rebound

London stocks pared their opening losses as recruitment, energy and technology shares offset weakness among retailers and rate-sensitive companies.

The FTSE 100 fell 17 points, or 0.2%, to 10,716, while the FTSE 250 was virtually unchanged at 24,360 and AIM traded flat.

PageGroup and Hays gained almost 6% after Randstad reported stronger-than-expected results and improving October activity, raising hopes that the recruitment downturn is easing.

Ithaca Energy rose 4%, BP added 2% and EnQuest gained 3% as Brent crude remained above $110 a barrel.

Halfords fell 9% despite reporting 7% like-for-like sales growth and retaining its £55 million to £65 million profit forecast, as investors focused on heavier second-half investment.

Elsewhere, 3i Group dropped 5%, Aberdeen Group lost 3% and Kingfisher declined 3%.

Computacenter and Scottish Mortgage Investment Trust rose 2%, while Dr Martens and betting group Entain gained 5%.

Hotter UK inflation continued to restrain the wider market overall.

8.15 am BST: Rate concerns weigh on London

London stocks opened lower after UK inflation accelerated more sharply than expected, strengthening expectations that the Bank of England will raise interest rates in November.

The FTSE 100 fell 25 points, or 0.2%, to 10,708, while the FTSE 250 declined 51 points, or 0.2%, to 24,314.

The FTSE 350 and All-Share also lost 0.2%, while the AIM All-Share dropped 0.4%.

Consumer price inflation rose to 3.5% in September from 3.1% in August, exceeding the 3.4% forecast as higher motor fuel, airfare and entertainment prices increased pressure on household budgets.

Core inflation, which excludes volatile food and energy costs, increased to 2.8% from 2.6%, while services inflation climbed to 3.7%.

Government borrowing also exceeded expectations at £24.5 billion in September as debt interest payments reached a record for the month, adding to the pressure on Chancellor John Healey before next week's Budget.

Energy shares provided the strongest support after oil prices resumed their advance, with Ithaca Energy climbing 4%, BP gaining 2% and Shell adding almost 1%.

Brent crude rose about 2% to $110.60 a barrel, while the government's approval of Shell's Jackdaw gas project provided an additional positive catalyst for the sector.

Technology-linked shares also recovered from Tuesday's sell-off as Scottish Mortgage Investment Trust gained 1.5%, Computacenter rose 1.1% and Polar Capital Technology Trust added 1%.

ConvaTec and Admiral Group were among the other blue-chip risers, advancing about 1% each.

7.00 am BST: London eyes cautious rebound

London stocks are expected to open slightly higher as investors await UK inflation and borrowing figures that could influence expectations for the Bank of England's November interest-rate decision.

The FTSE 100 is called around 14 points higher after finishing Tuesday down 0.3% at 10,733, while December futures were little changed at 10,773 shortly before 7 am.

Economists expect annual consumer-price inflation to have accelerated to 3.4% in September from 3.1% in August, reinforcing concerns that the Bank may need to raise interest rates despite subdued economic growth.

Public-sector borrowing figures are also due, with the deficit forecast at approximately £23.9 billion ahead of Chancellor John Healey's first Budget.

Wall Street provided a broadly supportive lead as strong company results lifted the Dow Jones Industrial Average 1% and the S&P 500 0.3%, although renewed caution towards expensive technology shares left the Nasdaq virtually unchanged.

Asian markets were mixed as technology shares rebounded from Tuesday's rout, with South Korea's Kospi gaining about 3% and Japan's Nikkei rising around 1%, while Hong Kong and mainland Chinese shares edged lower.

Australia's ASX 200 closed broadly unchanged at 8,813 after trading within a narrow range.

Oil prices resumed their advance amid continuing uncertainty over Middle East supplies, with Brent crude rising 1.7% to about $110.60 a barrel and West Texas Intermediate adding 1.6% to $99.30.

Gold was little changed near $4,138 an ounce, while silver fell about 1% and copper remained broadly flat.

Sterling traded near $1.334 before the inflation release, while Bitcoin strengthened above $82,000.