Trading Week Ahead: October 19–23. Meta, Tesla and the most important market events of the week

October 19, 2026.

Last week a significant fall hit US technology stocks.

The Nasdaq-100 index lost 5.5% of its value, while concerns related to the return on investments devoted to AI infrastructure intensified.

On Monday, October 19, in the earlier phase of trading US stock market futures contracts were already rising. Meanwhile, the price of oil and the yield of US Treasury bonds moderated, and the price of gold rose.

How might market expectations change under the effect of the new events of the week?

On Wednesday the earnings reports of Meta and Tesla, and on Friday data arriving about US economic activity and consumer expectations can provide new information.

In this weekly summary we look at the most important events and their possible effects on the market of the NQ, the ES and gold.

Short summary

• What can stand behind last week's fall of technology stocks?

• What can the Wednesday earnings reports of Meta and Tesla reveal?

• Why can the change in the oil price be important from the perspective of inflation expectations?

• What informations can Friday's PMI data and the consumer survey bring?

• How can you interpret it if the NQ, the ES or gold reacts differently to a news than expected?

1. What happened in the markets before the start of the week?

During last week's technological decline, the attention of investors was again directed to the costs and expected return of AI investments.

The large technology companies spend significant amounts on data centers, computational capacity and other AI infrastructure. These investments can support growth in the longer term, while in the shorter term they go with significant expenditures.

This is especially important from the perspective of the Nasdaq-100, since multiple affected technology companies feature with a significant weight in the index.

Monday's market sentiment was also influenced by oil market developments. The oil price decreased, while the market evaluated the possible supply effect of the US sanction reliefs related to Russia.

In parallel with this, US bond yields moderated, and stock market futures contracts rose.

Because of the Middle East conflict and the disruptions affecting maritime shipping, at the same time, significant oil supply risks continued to remain.

In the remaining part of the week, therefore, the results of technology companies and energy market developments can equally receive an important role in the shaping of market expectations.

Sources: Reuters – global market situation, Reuters – oil market developments.

2. The most important events of the week

This week no new US CPI or NFP report is expected, and no FOMC interest rate decision either.

The next central bank meeting is due on October 27–28.

Between October 19–23 corporate earnings reports and a few important US economic data can come to the forefront.

The times feature according to Hungarian time zone. Before trading always check the current economic calendar.

Meta's results presentation begins on Wednesday at 22:30, Tesla's executive briefing at 23:30 according to Hungarian time.

The effect of the earnings reports is therefore worth watching during Thursday's trading too.

Sources: U.S. Census Bureau, Meta Investor Relations, Tesla Investor Relations, Federal Reserve.

3. Meta: what can the earnings report show about AI investments?

Meta's earnings report can be especially interesting because of the significant AI investments.

The company's second-quarter revenue was 60.8 billion dollars, which meant a 28% annual growth. Operating costs at the same time rose by 55%, and the operating margin decreased from 43% to 31%.

In this, significant costs not exclusively connected to AI developments also played a role.

For the entirety of 2026 Meta counted with 130–145 billion dollars of capital expenditure, including the principal repayment of financial leases too.

In Wednesday's report it is worth examining three areas:

• Revenue: Meta earlier forecast a third-quarter revenue of 61–64 billion dollars. It is worth comparing the actual result to this and to analyst expectations too.

• Profitability: how did operating costs and the profit margin change?

• How large a role do expenditures connected to AI developments play?

• Forecasts: how do the investments planned for the next period shape up, and what revenue, respectively cost outlooks does the company publish?

From the perspective of the market reaction it can be especially important to what extent the fresh results and forecasts deviate from earlier expectations.

The growth of revenue in itself does not show how Meta's profitability shapes up alongside the significant investments.

4. Tesla: what can we learn beyond the already known delivery data?

On October 2 Tesla published its third-quarter operational data.

The company delivered 486,532 vehicles, and installed 13.7 GWh of energy storage capacity during the quarter.

From these, however, it does not yet turn out how the company's total financial result shaped up.

In Wednesday's earnings report three areas can give new information:

• Automotive profitability: how did automotive revenue, costs and the gross margin change?

• Energy storage business: how much revenue and profitability connected to the already known installed capacity?

• Corporate outlooks: what new informations does Tesla publish about the expected costs, investments and developments?

Tesla's stock is part of the Nasdaq-100, therefore the reaction given to its earnings report can appear in the movement of the NQ too.

Meta and Tesla report on the same day, but different financial questions come to the forefront at them.

Therefore the stock price of the two companies can even move in significantly different directions.

Source: Tesla – third quarter production, delivery and energy storage data.

5. Why can the change of the oil price be important this week?

Monday's decrease of the oil price can receive special attention after last week's inflation data.

According to the September US CPI published on October 14, consumer prices rose by 0.6% on a monthly level, and by 3.7% in annual comparison. Core inflation was 0.3% on a monthly level, and 2.6% on an annual level.

Lastingly lower energy prices can moderate inflation pressure over time.

This can have an effect on interest rate expectations too, although the Fed's decisions are naturally influenced by multiple economic factors.

In the oil market at the same time supply risks continue to be significant.

During the week therefore it is worth watching together:

• The further shaping of the oil price and the newer supply news.

• The change of US bond yields.

• The reaction of the ES and the NQ to the more significant movements of energy prices and yields.

The lower oil price does not automatically mean a rising stock market.

Corporate results, expectations connected to economic growth and geopolitical developments can likewise play a role in the shaping of prices.

Sources: Bureau of Labor Statistics – CPI, Reuters – oil market developments.

6. Friday: what new informations can arrive about the US economy?

On Friday two data releases can give new informations about the state of the US economy, shortly before the next FOMC meeting.

15:45 – Manufacturing and services PMI

The PMI, that is the purchasing managers' index shows the shaping of the business activity of companies.

A value above 50 points indicates expansion, a value below 50 indicates a decline in the given area.

At Friday's report it is worth examining three things:

• Is manufacturing activity accelerating or slowing?

• How does the performance of the services sector change?

• Are the price pressures indicated by companies strengthening or moderating?

The last point can be especially important from the perspective of inflation expectations.

If activity remains strong, while price pressures grow, that can influence market expectations connected to the Fed's next decisions.

It is worth evaluating the actual data together with preliminary analyst expectations.

16:00 – Michigan consumer survey

On Friday the University of Michigan publishes the final data of the October consumer survey.

In the preliminary report the consumer sentiment index stood at 46.3 points, compared to September's 48.1 points.

The one-year inflation expectation was 4.7%, the longer-term inflation expectation was 3.5%.

At the final data it is worth watching how consumer sentiment changed, respectively whether inflation expectations were modified.

These informations before the next interest rate decision can appear in the movement of bond yields, the dollar and stock indexes too.

Sources: S&P Global – PMI, University of Michigan – consumer survey, Federal Reserve – FOMC calendar.

7. What to watch if you trade with NQ, ES or gold?

The events of the week can affect the three markets in different ways.

At gold it is especially worth examining the change of bond yields and the dollar.

Higher bond yields can increase the opportunity cost of holding non-interest-paying gold. From this perspective real yields, that is yields corrected with inflation expectations can also be important.

The strengthening dollar can likewise exert pressure on the price of gold.

Between these, however, there is no guaranteed directional connection.

Alongside strong safe-haven demand or geopolitical uncertainty, gold can rise even when the dollar or bond yields strengthen.

Therefore it is worth interpreting market reactions together with the economic developments standing in the background.

8. Three possible market situations for the remaining part of the week

In the next days such situations can develop when after a news the market moves in a different direction than expected.

Let's look at three examples of what informations these deviations can give.

1. The NQ weakens even after a strong Meta or Tesla report

It can occur that Meta or Tesla publishes a result exceeding expectations, while the NQ nonetheless decreases in the next trading period.

The Nasdaq-100 tracks the performance of multiple large-weight companies, therefore a single favorable earnings report in itself does not guarantee the rise of the index.

At such times the reaction of the other large technology stocks can help in interpreting the deviation.

If for example Meta rises, while other defining technology companies weaken, the decrease of the NQ is more easily explainable.

The weighting of the index, corporate forecasts and other market news can likewise influence the movement.

2. The oil price decreases, the ES weakens nonetheless

The lower oil price can moderate inflation pressure over time, but from this the ES can still weaken.

For example behind the decrease of the oil price expectations connected to weakening economic demand can also stand.

This can worsen the growth outlooks of companies.

Bond yields and earnings reports can likewise influence the stock markets.

At such times it is worth examining in which sectors the weakening presents itself.

If mainly the stocks of the energy sector fall, while other sectors are stable, that can indicate a different market situation than when multiple sectors weaken at once.

If rising bond yields also associate with the general stock market fall, that can point to a broader market pressure.

3. Friday's economic data cause a surprise

Let's assume that Friday's PMI data indicate stronger economic activity and growing price pressure than expected.

This can strengthen expectations connected to a lastingly higher interest rate level, which can have an effect on bond yields and stock markets too.

The reaction of the three markets can differ:

• ES: stronger economic outlooks can support stocks, while higher yields can exert pressure on their valuation.

• NQ: the prices of technology companies can react sensitively to the change of interest rate expectations.

• Gold: the movement of the dollar and real yields can be an important reference point, while the demand for safe-haven assets can also influence the price.

If after the data bond yields and the dollar rise, while the NQ and gold weaken, that can stand in harmony with the strengthening of stricter interest rate expectations.

In case of weaker economic data yields can decrease, while stocks can also fall because of the deteriorating growth outlooks.

The common lesson of the three situations is that a single news in itself does not always explain the next price movement.

Comparing the reactions of the connected markets can help understand which factors came to the forefront.

Frequent questions

When do the earnings reports of Meta and Tesla arrive?

Both companies publish their third-quarter results on Wednesday, October 21, after the US stock market close. Meta's results presentation begins at 22:30, Tesla's executive briefing at 23:30 according to Hungarian time.

Why is Thursday's trading important?

To the results appearing after Wednesday's stock market close reactions can already arrive in the evening trading. Thursday's US trading period can give further information about how the broader market evaluates the reports.

When will the next FOMC meeting be?

The next interest-rate-deciding meeting of the Federal Reserve will be on October 27–28, 2026. Friday's economic data can modify market interest rate expectations even before the decision.

Summary

Between October 19–23 three topics can receive especially great attention.

The earnings reports of Meta and Tesla can give new informations about the financial performance and future outlooks of technology companies.

Oil market developments can also influence inflation expectations through energy prices.

And Friday's economic data can modify expectations connected to economic growth and interest rates before the next FOMC meeting.

When interpreting the events it is worth observing how the individual stock sectors, bond yields, the dollar and gold react.

The comparison of these can help to better understand the weekly price movements.

To follow important economic events you can also use the economic event view of Solo Clash HQ.

Here you can overview the upcoming announcements in one place, thus you can more easily take their time into consideration during your weekly preparation.

Discover Solo Clash HQ →

The article serves an educational purpose, and does not qualify as financial or investment advice.