Caitlin Mccabe

↘️ Meta Platforms (META): Facebook’s parent company said it expects “significant” growth in capital expenditures next year as it continues to prioritize AI investment. Shares slid more than 4% in premarket trading.

The stock market's six-month winning streak is at risk. Big declines in Microsoft and Meta Platforms are sending major indexes lower Thursday, putting a monthly gain for the S&P 500 in jeopardy. A monthly rise for the S&P 500 in October would be significant for its streak, rather than its size.

The stock market's monthly winning streak is over. After falling 1.9% Thursday, the broad market index finished October down 1% for the month. A gain in October would have marked the index's longest winning streak in more than three years.

Shares in Elon Musk's EV company jumped more than 12% Wednesday morning, bucking a wider industry selloff. The move reflects bets that Tesla and Musk will benefit from a second Trump presidency. Musk became a major ally and donor for Trump this year, frequently voicing his support for the Republican candidate on the campaign trail and his social-media platform, X. The multibillionaire spent election night at Trump’s Florida Mar-a-Lago Club with the candidate’s family.

↗️ JD (JD): The Chinese e-commerce company reported higher quarterly profit, but revenue missed expectations. U.S.-listed JD shares fell in morning trading. Earnings are due from rival Alibaba (BABA) on Friday.

Short-seller Carson Block has a new target: e.l.f. Beauty. Speaking at the Sohn investment conference in London Wednesday, the founder of Muddy Waters Research raised questions about the company's sales, profits and inventory.

↗️ Gap (GAP): Shares jumped about 9% after Gap raised its sales outlook for the year. Chief Executive Richard Dickson, who took charge last year, has been pursuing a turnaround of the clothing retailer.

All eyes are on France, where weeks of political infighting have come to a head. The far-right National Rally party has threatened to back a no-confidence vote against Prime Minister Michel Barnier unless he agrees to concessions for the 2025 budget. Last week, that gap hit nearly 0.86 percentage point—the highest since 2012, during the depths of the eurozone debt crisis.

↗️ Broadcom (AVGO): Shares jumped 14% in premarket trading after the chip and software company raised its quarterly dividend and [reported a big jump](https://www.wsj/business/earnings/broadcom-revenue-surges-on-semiconductor-business-moment

“Europe is the only region globally where year-to-date default numbers increased, compared with the same period last year,” wrote a team led by S&P Global Ratings credit analyst Ekaterina Tolstova in a note. Among the companies to have defaulted this year, S&P said: British-Portuguese online luxury marketplace Farfetch and U.K.-based cinema operator Vue Entertainment International. Overall, Tolstova said, the number of global corporate defaults this year is on track to close the year below 2023’s levels—but not by all that much.