Before the bell: Nvidia puts $3 billion into Meta's stock raise as futures sit flat and WTI holds at $102

Stock futures are little changed at 6:35 AM ET, a quiet start to the day before the Federal Reserve's Wednesday decision. The news is on the corporate side: CNBC reports Nvidia will invest $3 billion in Meta's equity raise, UPS raised its full-year revenue guidance, and Coca-Cola reports before the open.

Where futures trade versus Monday's close

Front-month futures from Yahoo Finance; percentages are our arithmetic. Premarket volume is thin. For scale, S&P 500 December futures are about 2.1% below their Oct. 6 peak in our chart below.

Nvidia and Meta: $3 billion inside a $95 billion plan

CNBC says Meta announced on Monday that it would first raise $35 billion in underwritten public offerings and then another $60 billion through an at-the-market program, and that Nvidia, AMD and Broadcom had expressed interest in buying up to $5 billion of shares. Nvidia confirmed its $3 billion on Tuesday and said Meta will expand its use of Vera Rubin and Vera CPU systems and deepen their work on Muse, Meta's AI agent. Shares of both companies were flat in premarket trading, per CNBC.

The detail that matters for readers: Nvidia is a supplier putting money into a customer that buys its chips. CNBC cites Dealroom data showing Nvidia has joined 121 investment rounds this year, up from 13 in 2022. How much of Meta's raise is actually cash and when it arrives is the question we worked through in our breakdown of the filings.

UPS raises its outlook; Coca-Cola reports

UPS now expects full-year revenue of about $92.6 billion, up from $91.2 billion, and fourth-quarter revenue of $25.7 billion, according to CNBC. Third-quarter net income was $1.16 billion, or $1.37 a share, down from $1.31 billion a year earlier; adjusted earnings were $1.69 a share. Revenue rose 4.5% in the domestic segment and 7.1% internationally, and supply chain solutions grew 18.2%. UPS had warned that domestic volume would fall because of its planned glide-down of Amazon business. For shippers, the read-through is that a major carrier is entering the holiday peak guiding higher, not lower.

Coca-Cola reports before the open. CNBC notes the stock is up about 32% this year against roughly 12% for the S&P 500, with a market value near $398 billion, and that Coke is guiding to 9% to 10% comparable earnings growth and about 5% organic revenue growth for the year. PepsiCo cut its profit forecast earlier this month, so traders will watch whether Coke's U.S. volumes hold up.

Oil: diplomacy against Houthi attacks

CNBC says oil edged higher after early losses on renewed diplomacy to end the U.S.-Iran war: Saudi, Turkish, Pakistani and Iranian officials met in Tehran on Monday. Brent for December delivery was $116.45 at 4:57 AM ET, per CNBC, and our board shows December WTI near $102 and Brent near $116. Gains were limited because Houthi attacks on Saudi Arabia continued over the weekend. President Trump said on Sunday he was nearing a decision on a deal or more military action, according to CNBC. Our Monday report has the background.

Rates and the Fed

The Treasury's daily curve shows the 10-year yield at 5.00% on Monday, Oct. 26, the same as Friday. The 2-year was 4.68% and the 30-year 5.31%. See the Treasury's data. Our calendar lists the Fed's Wednesday decision with a forecast of 3.875% for the funds rate, matching the current 3.88%, which would mean no change. We did not find a primary-source estimate of the odds, so we do not quote one. The 30-year mortgage rate on our board is 7.32%; what a hold means for borrowers is in our borrower guide.

Overseas, crypto and the calendar

HSBC's results were the main bank headline in Europe; see our HSBC report. Israelis vote today; our election explainer covers the oil link. Anthropic's IPO filing is the other market theme this week; see what the S-1 shows.

Bitcoin is $79,494 and Ether $2,300 on Coinbase at 6:31 AM ET, down 0.9% and 1.1% over 24 hours. Our economic calendar shows no major U.S. data release today. Next up: the Fed decision on Wednesday, Oct. 28, jobless claims on Thursday (forecast 199,000 against 194,000 prior) and the October jobs report on Nov. 6.

Sources: Yahoo Finance; CNBC; U.S. Treasury; Coinbase; Chronicle markets board and calendar. This is market information, not investment advice.