Super Wednesday.
AI now has to pay for itself.
The Week Ahead · Edition 33: Super Wednesday
Fig. — US 10-year Treasury yield, daily, 1 July to 23 October 2026 · Source: Barchart; Lundy Intelligence
Wall Street had a second losing week: the S&P 500 fell 0.5% and the Nasdaq 0.7%, while the Dow rose 0.4%. The defining move came on Thursday, when Meta reported revenue up 26% but its first-ever negative quarterly free cash flow after $34.9bn of capex. It fell 7% and the Nasdaq dropped 2.6%, its worst day since early June. Treasuries caught the flight to safety and the 10-year briefly closed below 5%.
In the UK, CPI rose to 3.5% and the flash PMI hit an eight-month high, so a November Bank of England hike is close to certain; the FTSE 100 gave back 1.8%. French 10-year yields passed 5%, the highest since 2002. This week is as heavy as the calendar gets: the Fed, the UK Autumn Budget and Microsoft and Alphabet results all fall on Wednesday, with US GDP and PCE, the ECB and Amazon on Thursday and the Bank of Japan on Friday. The full brief ranks the eight events and sets out the desk’s three views.
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Join the distribution list →Practitioner-led market commentary for information only. Not investment advice, issuer-sponsored research or a personal recommendation. Prices are closes on Friday 23 October 2026 from Barchart and the public sources named in the report. Views may change without notice. Lundy may hold interests in subjects covered.