The Nightcap: Musk says Tesla and SpaceX are weighing a merger as Nasdaq futures lead

The biggest headline tonight is Elon Musk's. On SpaceX's earnings call, he said the boards of SpaceX and Tesla have each formed a special committee of independent directors to discuss a possible merger, CNBC reported. He also said Tesla would need a vote of 50% of all shares, not just those cast. No terms or timetable were given. Our full look is here: Tesla would need 50% of all shares.

Futures at 9:01 PM ET

Quotes from the Chronicle markets board at 9:01 PM ET; the gap is our arithmetic against the closing levels in our closing story. The board quotes continuous contracts and cash-index proxies, so small gaps are not a signal.

The tech-heavy lean is the point. The Nasdaq 100 gap is the widest of the three, with the Dow slightly lower. Two stories explain most of it.

AI hardware catches a bid

Super Micro filed an 8-K saying September-quarter revenue will be $18.5 billion to $19.5 billion, against its own guidance of $14.5 billion to $15.5 billion. The figures are unaudited. At 6:51 PM ET, Nasdaq.com showed the stock at $37.23, up 14.7% from a $32.47 close, with Dell up 5.6% and Hewlett Packard Enterprise up 4.5% in after-hours trading. See our breakdown of the margin math. SpaceX reported $14.58 billion of revenue, up 161%, with AI the largest line: segment detail here.

Airlines and streaming take the hits

CNBC reported that United guided fourth-quarter adjusted earnings to 50 cents to $1.50 a share, against $1.76 expected, assuming fuel at $4.80 a gallon. Netflix beat on earnings but trimmed its 2026 revenue forecast to $51.1 billion and fell about 4% in extended trading, per CNBC. Fuel is the common thread for travelers: see United's one-dollar gap.

Rates, oil and crypto

The Treasury's official closes put the 10-year at 5.12% Tuesday, down from 5.15%, and the 2-year at 4.79%. On oil, CNBC said December WTI settled at $98.28 and Brent for December at $108.79, with traders weighing U.S.-Iran diplomacy hopes against attacks on ships in the Strait of Hormuz. We are not quoting the board's overnight oil print because it may reference a different contract than the active December one. Bitcoin is $82,831, up 1.47% over 24 hours, and Ether is $2,446, up 1.96%, per Coinbase quotes on our board.

What to watch at the open

• Wednesday after the close: Tesla reports, and management will probably be asked about the merger committee. Our earnings preview has the full list.
• Thursday: initial jobless claims, forecast at 200,000 against 199,000 previously.
• Friday: the flash S&P Global composite PMI, previous reading 58.4.
• October 28: the Fed decision, with the funds target forecast at 3.875%. See our economic calendar.

Sources: Chronicle markets board, U.S. Treasury, CNBC, Super Micro Form 8-K on SEC EDGAR, Nasdaq.com, Coinbase. After-hours prices are thin and can change by the open. Quotes may be delayed. This is market information, not investment advice.