Earnings Avalanche Dominates; 3M Jumps, Chips Brace for Cuts

US: Heavy Earnings Morning

The busiest morning of the season is here. GM reports Q3 before the open alongside GE, RTX, HAL, and MMM. Shares in 3M are already trading higher in the premarket after the company posted results. NFLX and ISRG follow after the close. The bigger events arrive tomorrow: TSLA and META both report after the bell, with IBM and AT&T joining them.

ORTEX alt data adds context to the auto prints. German new-car registrations, which lead GM revenue by 15 days with a strong fit, are running +133% on the same quarter last year. For Tesla, the same dataset points to +269% year-on-year, the stronger reading of the two. Options flow reflects the excitement: calls dominate auto names while puts pile into semiconductors ahead of earnings from NVDA, MU, and AMD.

Regulation Hits Apple in Europe

Poland's competition authority ordered AAPL to change its App Tracking Transparency policy. The ruling requires neutral consent notices and fairer terms for Polish developers, with changes due within two months of the final decision. The ruling is the latest in a series of European regulatory actions against the company.

Index Radar: Deletions in Focus

With the MSCI World rank date locked at 19 October, the November 11 announcement will carry real weight. McCormick carries an 80% deletion probability and faces $692M of forced selling. Carlyle Group sits at 70%, with $567M at stake. Flutter Entertainment and Textron are also in the frame. Xero, the Australian software firm, sits just 2.3% above the exit line with a 52% deletion probability.

Short Squeeze Watch

EVCM carries a cost to borrow of 131% APR. Availability is just 5.5% of short interest. WOLF has seen short interest fall nearly 5 points to 82.6%, but available shares to borrow have hit zero. Both names remain on the squeeze watchlist heading into a week where a single catalyst could move things quickly.