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India's biggest IPO ever, in rupees, opens to the public Wednesday. Mukesh Ambani's Jio Platforms is raising up to $3.2 billion at a value near $108 billion. Big funds bid $26 billion for an $854 million slice saved for them. All shares are new, so the cash goes to Jio.

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Your overnight money clock, Pacific time. 11 PM: UK inflation. About 12:30 AM: Indonesia's rate call, with the rupiah near a record low. 4 AM: U.S. mortgage applications. Pre-open: AT&T, Abbott, NextEra. 10 AM: a $13 billion 20-year bond sale. After the close: Meta, Tesla.

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Emerging-market stocks have never been this cheap next to U.S. stocks. The MSCI EM index trades at just under 9 times expected profits, vs about 19 for the S&P 500. That's the widest gap since 2006. The twist: EM stocks are up 15% this year. Profits rose faster.

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Wednesday's early reports, before the U.S. open: AT&T, Elevance, Abbott, Thermo Fisher, NextEra, Danaher and CME Group. Watch NextEra. It's trying to buy Dominion for $67 billion, and Virginia's governor wants a six-year freeze on home power rates before she backs the deal.

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Flying in Europe next year could cost a lot more. Ryanair boss Michael O'Leary sees fares up 10% to 20%, the biggest jump in Europe's history. Ryanair locked in 80% of this year's fuel at $67. For 2027, only 15% is locked, at $85. Jet fuel costs about double that.

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Musk says Tesla and SpaceX each set up special board committees to study a merger. He likes the idea, but no terms are agreed and it's not a sure thing. Tesla would need yes votes from half of ALL its shares. Together worth about $3.5 trillion. Tesla reports Wednesday.

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What it means for you: credit card and savings rates move with the Fed, so expect them to sit still for now. Mortgages follow the 10-year Treasury yield, near 5.1%. And this isn't over. Traders still see a hike at the Fed's Dec 9 meeting as likely.

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A month ago, traders saw a 57.6% chance the Fed would raise rates next week. Now it's 14.9%, per CME FedWatch. That's a huge mood swing in four weeks. Here's what changed, and what it means for your mortgage, your savings and your credit cards.

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Then the economy blinked. The U.S. added just 29,000 jobs in September, below every forecast in a Bloomberg survey. And on Tuesday, signed home sales fell to the lowest level since the index began in 2001. A slowing economy makes a rate hike less urgent.

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@elonmusk 🚀 Tesla + SpaceX: Road to $1 Trillion Revenue by 2030

Assumptions:

* 2026 combined revenue: $200 billion
* Annual revenue growth: 49.5%
* Target: $1 trillion by 2030

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Japan's September trade numbers land at 4:50 PM Pacific. Forecasters see exports up 21.7% from a year ago, a 13th straight rise, on AI demand for chips, chip gear and cars. Imports are seen up 19.9%, lifted by a weak yen and pricey oil. Tokyo opens 10 minutes later.

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After the bell: SpaceX sales hit $14.6B, more than double a year ago and above forecasts. Its AI unit brought in $7.56B, now bigger than Starlink. Shares rose after hours.

Netflix fell about 5%. Profit beat, but its holiday-quarter sales outlook came in under forecasts.

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Meta reports Wednesday. Watch the cash, not just sales. Last quarter its business brought in $31.86 billion and it spent $31.08 billion on data centers and gear. That left $784 million, about 2.5 cents per dollar. This year's plan: $130 billion to $145 billion.

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Brent oil is over $100, yet America's oil patch is slowing. Halliburton's North America sales fell 5% last quarter on less fracking in U.S. shale. Growth came from Saudi Arabia and Kuwait. Its 2027 plan assumes no U.S. pickup. High prices aren't bringing a drilling boom.

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How to read earnings in three checks. 1) Sales vs forecast. 2) Profit per share vs forecast. 3) Guidance, the company's own outlook. The third often matters most. GM beat on 1 and 2 Tuesday, but its outlook came in a bit under hopes, and the stock fell before the open.

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Intuitive Surgical, maker of the da Vinci surgery robot, has results out this afternoon. From April to June, surgeries done with its robots rose about 15% from a year earlier. Its 2026 goal is 13.5% to 15.5% growth. Each surgery uses tools it sells.

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Capital One's results land this afternoon. The number to watch: card losses. In August it wrote off 4.16% of its U.S. card loans as unpaid, at a yearly pace. If September stayed near that, card borrowers are hanging on, even with rates this high.

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Netflix reports around 1 PM Pacific with something to prove. YouTube now gets nearly twice Netflix's U.S. viewing time, per Nielsen. Netflix's answer is ads and live events, and it's aiming for $3 billion in ad sales this year. Its own forecast for the quarter: $12.86 billion.

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Six big reports land after Tuesday's close. Here's the bar Wall Street has set: Netflix 82 cents a share on $12.88 billion in sales. Capital One $5.50. United $2.59. Chubb $6.79. Intuitive Surgical $2.65. SpaceX 14 cents a share on $12.74 billion.