U.S. stocks edged higher (SPX +0.1%, NDX +0.5%) as SPCX’s strong 3Q results eased AI spending concerns, lifting tech ( $SpaceX(SPCX.US) +9%, $NVIDIA(NVDA.US) +1.3%, $Micron Tech(MU.US) +1.9%, $SK Hynix(SKHY.US) +2.6%, $Dell Tech(DELL.US) +4.0%). $Tesla(TSLA.US) rose 1.8% to $380 on Musk’s comments on the SPCX earnings call that separate special committees at TSLA and SPCX were evaluating a potential TSLA-SPCX combination; $Tesla(TSLA.US) and $Meta Platforms(META.US) report after the close. Brent hit $110/bbl, the 10-year yield rose to 5.12%, BTC reached $83.2K, while gold and silver dipped. $Netflix(NFLX.US) -6% pre-mkt after a fourth consecutive quarter of decelerating revenue guide. S&P 2026 EPS estimates stand at $367 (+32% YoY), implying a 21x P/E and 4.8% earnings yield — below Treasuries, echoing the late-1990s dot-com bubble — though treasury yields are likely to fall as the Iran war ends and oil prices retreat. We remain cautious on TSLA given negative long-term earnings revisions, continued commoditization of autonomy, and a stretched 2026 P/E of 230x vs +45% long term expected earnings growth.