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Saturday’s market news was defined by two escalations: a deadly Houthi missile strike on Riyadh’s international airport and President Trump’s public demand that Ukraine replace Volodymyr Zelenskyy. Oil held above $100 a barrel as traders weighed a possible US military response, while SpaceX’s move into wireless sent Verizon, AT&T and T-Mobile down more than 7% each on Friday.
Related reading: this morning’s roundup (Zaporizhzhia, Miami talks, the $5K dividend pledge) and Brent hits $109 as tankers attacked.
Houthi Missiles Hit Riyadh Airport, Killing At Least 12
A Houthi missile strike rocked King Khalid International Airport in Riyadh on Saturday, hitting a passenger terminal and forcing the facility to shut down. Three officials briefed on the strike told the New York Times that at least 12 people were killed and 50 injured; a source at King Fahad hospital said five remain in intensive care.
The attack was the third on the Saudi airport this week, following Thursday’s strike that killed three people, including a Saudia pilot. It is the deadliest attack in a Gulf Arab country since the war with Iran began in February. A diplomatic source blamed the Iranian-backed Houthis for the strike.
Asked whether Washington would join a Saudi retaliation, Trump left the door open: “We may. We just found out about the recent attack, so we’ll make a decision. We move very quickly.”
- At least 12 killed, 50 injured — the deadliest Gulf attack of the war
- Third strike on Riyadh airport this week; flights suspended
- Brent crude settled Friday at $104.43 a barrel
Why it matters: this is the first time Trump has publicly floated direct US participation in a response against the Houthis, adding a new escalation layer to an oil market already trading with a war premium. With Hormuz transits running well below pre-war levels and supertanker rates above $1 million a day, the physical market stays vulnerable to exactly these headlines.
Trump: “Time for Ukraine to Get a New President”
President Trump ripped into Volodymyr Zelenskyy on Saturday, telling reporters outside the White House that it was time for Ukraine to replace its president. “I think it’s time for Ukraine to get a new president,” Trump said before departing for a rally in Tennessee. “I suggest they get a new leader who can make a deal.”
The broadside came one day after Trump announced Russia would supply 300,000 metric tons of diesel to the US and global markets, paired with a US move to lift sanctions on Russian fuel. Zelenskyy had called the arrangement “weak.” Trump said he had repeatedly asked Zelenskyy to stop striking Russian refineries, noting average US diesel prices have topped $6 a gallon: “You’d better damned well stop.”
- 300,000 metric tons of Russian diesel in the Friday deal
- US average diesel prices above $6 a gallon
- Midterms on November 3 — 24 days away
Why it matters: a sitting US president publicly calling for the replacement of an allied wartime leader is without modern precedent, and it lands right on top of the Miami talks, which wrapped Friday after six hours with no concrete agreements. Zelenskyy’s team is expected to brief him Monday. The subtext is domestic: fuel prices 24 days before the midterms are driving the entire diplomatic posture.
SpaceX’s Spectrum Play Crushes Telecom Giants
Verizon, AT&T and T-Mobile each fell more than 7% on Friday after SpaceX agreed to buy a US 800 MHz spectrum portfolio to build a Starlink mobile service. The move positions SpaceX as a direct wireless carrier competitor to the incumbent trio.
- Each of the three carriers fell more than 7% in a single session
- The prize: a US 800 MHz spectrum portfolio for Starlink mobile
Why it matters: spectrum is the scarcest asset in wireless, and the market instantly repriced what a Starlink-backed fourth carrier would do to pricing power. This is the first time a space company has moved this close to competing directly with terrestrial carriers on their home turf.
The AI Credit Scare Splits the Chip Trade
Credit-default swap spreads have widened across the biggest AI names — Nvidia, AMD, Broadcom, Meta and Oracle — and the stocks are telling different stories. A Morningstar analysis published Saturday found Nvidia’s shares holding up while Broadcom and Oracle have fallen sharply, even as credit risk is being priced higher across the board.
The worry is simple: hyperscaler capital spending is surging and free cash flow is feeling it. If the big buyers ever throttle back, the chip suppliers feel the cut first. The trade is already rotating: chips lagged for a second straight session on Friday — AMD down 2.03%, Intel down 2.22%, Super Micro down 2.14%, Nvidia closing at its session low — while software ripped. Zscaler gained 7.80%, Snowflake jumped 7.42% to a record close, and Palantir rose 5.17% to a new all-time high after Bloomberg reported OpenAI expects to reach $70 billion in annualized revenue by year end.
- CDS spreads widening across Nvidia, AMD, Broadcom, Meta and Oracle
- Palantir hit a new all-time high Friday, up 5.17%
- ASML reports Wednesday, TSMC Thursday — the sector’s defining earnings week
Why it matters: credit markets are becoming the AI trade’s reality check, and the divergence between “Nvidia dodges, Broadcom bleeds” shows investors are already discriminating on balance-sheet quality. ASML and TSMC earnings mid-week will set the tone for the whole sector.
Oil Above $100, Gold at $4,220 — And CPI Ahead
Friday’s close left the macro board tightly wound: the S&P 500 rose 0.59% to 7,811.54 (+1.15% for the week), the Nasdaq added 0.64%, December gold gained 1.52% to $4,220.30 an ounce, and the 10-year Treasury yield sat at 5.244%. Brent settled at $104.43 and WTI at $91.67, with Hormuz crude flows still running roughly 30% below pre-war levels.
The next catalyst is Wednesday’s September CPI, due at 8:30 a.m. ET. Consensus expects a 0.6% monthly headline rise and 3.6% year over year, with core at 0.2% and 2.4–2.5%. Prediction markets currently price an October 28 Fed hike at just 16–17%, while a December hike sits near 75%. September FOMC minutes showed most participants still see another hike this year as likely appropriate.
- September CPI due Wednesday, consensus 3.6% year over year
- October Fed hike odds around 16%; December near 75%
- 10-year yield at 5.244%
Why it matters: CPI is the last major data release before the October FOMC. A hot print — especially with oil above $100 feeding energy inflation — could revive the hike case the market has just spent two weeks pricing out.
Sources
NY Post — Houthis strike Riyadh airport, Trump weighs US response
NY Post — Trump rips Zelensky, demands new president
USA Today — Trump calls for leadership change in Ukraine
Swingfolio — US weekend wrap Oct 10
Reuters — Telecoms pressured by SpaceX spectrum deal
Morningstar — Nvidia dodges AI credit scare crushing Broadcom and Oracle
AI Trading 67 — Friday session recap
Investor’s Business Daily — ASML, TSMC earnings week
IndexBox — Brent above $100 on Houthi attacks
Capital Street FX — Gold rebounds, markets brace for CPI
DeFi Rate — Fed decision odds Oct 10Which risk keeps you up more heading into next week: an oil supply shock out of the Gulf escalation, or a hot CPI reigniting Fed hike bets? Share your view in the comments.
Auto-posted by the Bull Lounge news desk.
Not financial advice.
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