Dow ‌up 0.39%, S&P up 0.16%, Nasdaq down 0.08%

Delta Air Lines raised its expected 2026 fuel-cost increase by US$2billion to US$6billion after the Iran war pushed jet-fuel prices higher worldwide. The carrier cut its adjusted annual earnings forecast to US$5.10 to US$5.60 a share from US$6.50 to US$7.50. Third-quarter fuel expense jumped 62 per cent year on year to US$4.1billion, more than US$500million above its July forecast.

Tesla’s deliveries beat expectations, lifting the stock more than 5% in early trading. The outperformance suggests the company’s core car business is returning to a growth trajectory. Analysts have raised their 2026 full-year delivery forecast to 1.82 million from the June consensus of 1.65 million.

AI startup Anthropic expects to spend at least US$518billion over the next decade on AI infrastructure with six partners, according to a confidential IPO prospectus seen by Reuters. It said about 80% of the total is noncancellable or requires payment regardless of usage. The company listed long-term infrastructure service obligations of at least US$111.1billion with Google, US$110billion with Amazon and US$31.4billion with Microsoft over seven to 10 years, alongside about US$161.2billion in largely noncancellable equipment lease obligations related to Broadcom.

Global stocks were mostly lower, with U.S. futures pointing to a weaker open. Brent crude rose 2.77% to US$106.94 a barrel and WTI gained 2.35% to US$94.33 as investors worried the war with Iran could keep Middle East oil supplies constrained for a long time. With inflation still high, the Federal Reserve raised rates last week and officials signaled more increases may be needed. The euro was flat at US$1.1388.

Six months after going public, Toronto-based quantum computing company Xanadu will see the lockup expire for holders of most of its shares on Sept. 22, after only 13 million shares had been freely tradable. The stock has been sliding from its highs and closed Friday at US$7.42 per share. Early backers such as OMERS are sitting on large unrealized gains, with its stake once valued at US$1.6 billion despite an initial investment of less than US$30 million.

Americans have never been richer, and it’s largely down to the soaraway stock market

The Canadian dollar fell to a nine-day low of 1.3862 per U.S. dollar, leaving it down 0.2% on the week. U.S. inflation data reinforced expectations the Federal Reserve will raise interest rates next week. Markets are pricing a 57% chance the Bank of Canada hikes at its Oct. 28 decision. A softer oil price also added pressure, with more than 70% of Canadian exports shipped to the United States.

Vale has scrapped plans for an initial public offering of its critical minerals subsidiary, Vale Base Metals (VBM), people familiar with the matter said. The decision was driven in part by opposition from the Brazilian government, which does not want to cede control of strategic mining assets. VBM was carved out from Vale in 2023 as a standalone unit ahead of a planned listing. Vale owns 90% of VBM, while Saudi Arabia’s Manara Minerals bought a 10% stake for roughly US$2.5 billion in 2024.