Markets Wobble as SpaceX Crash, FedEx Miss, and Rate Fears Bite

US Market Highlights

FedEx headlined Monday's earnings calendar — and disappointed. Shares slipped after Q4 results came in soft. The company guided for calendar 2026 adjusted EPS of $16.90–$18.10, with revenue growth of roughly 11% year-over-year. The market wanted more. FedEx is a bellwether for global freight demand, and traders are watching closely.

Crude oil inventories showed a smaller-than-expected draw. The API reported just 0.765 million barrels against a prior draw of 8.33 million barrels. That weighed on energy names.

Cybersecurity firm Varonis Systems jumped into M&A headlines. Bloomberg reported the company is weighing a sale after receiving takeover interest. Varonis carries a market cap in the multi-billion dollar range — any deal would rank among the larger cybersecurity acquisitions of the year.

NNN REIT made two moves in one day. The company announced a $200 million incremental term loan, bringing its total facility to $500 million. Options traders noticed — the put/call ratio on NNN crashed to 0.31, the lowest on record, signalling extreme bullish positioning.

Europe & Macro Themes

SpaceX's post-debut reversal dominated European headlines. Shares shed over $400 billion in market value as US bond yields climbed again. That rate pressure dragged Nasdaq lower for a second straight session, with Nvidia and other chip stocks under pressure.

European equities slid broadly. Defence stocks bucked the trend, rallying after Ukraine ratified a $105 billion EU loan deal. Bond yields remain the dominant force across both regions right now.

What to Watch

Micron Technology reports Q3 2026 results Tuesday after the close. AI-driven DRAM demand is the key question. Salesforce short sellers are covering — SI fell to 4.5% this week — suggesting confidence ahead of upcoming data points. Morgan Stanley's bold triple-price-target raise on DuPont to $156 is also worth tracking as industrials rotation continues.