Bitget UEX Daily Report | Nasdaq rebounds 1.11%; Amazon receives target price upgrade; BTC falls back to around $81,000 (October 20, 2026)

I. Selected Hot News

1. U.S. Economy | Homebuilder Confidence Drops to 29, Home Buying Demand Continues to Face Pressure

The NAHB homebuilder confidence index in the U.S. fell from 32 to 29 in October, and the potential buyer traffic index dropped from 23 to 18. 43% of builders chose to lower prices, and 65% offered sales incentives, indicating that housing sales still rely on price and financing incentives.

Market Impact: High financing costs are simultaneously suppressing home buying demand and developer profits. Tonight's new housing starts and building permit data will test whether weak confidence further translates into actual construction activity.

2. Precious Metals | Gold Pressured by High Interest Rates, December Gold Futures at $4,148.20 This Morning

On October 19, in the New York market, the settlement price for December gold futures fell by 0.5% to $4,160.10; this morning it further retreated to $4,148.20. The yield on the U.S. 10-year Treasury bond closed at 5.136%, maintaining a high opportunity cost for holding non-yielding gold.

Market Impact: Inflation concerns can support safe-haven demand, but high yields will also limit gold valuations. Next, both the U.S. dollar and Treasury yields need to be monitored; relying solely on the safe-haven narrative is still insufficient to confirm a strengthening in gold prices.

3. Chinese Economy | Q3 GDP Growth at 4.5%, Divergence in Production and Consumption Performance

China's GDP grew by 4.5% year-on-year in Q3, exceeding the survey expectation of 4.4%; in September, industrial added value increased by 5.5%. Exports and industrial production supported the economy, while consumption and real estate recovery remain relatively weak.

Market Impact: Profit clues for manufacturing and externally-demand-related assets are relatively clear, while the domestic demand sector relies more on improvements in income, consumption, and real estate data. Better-than-expected growth does not imply a synchronized rebound in demand across all sectors.

II. Market Review

Commodity and Forex Performance

Gold and silver are both below their previous settlement levels this morning, with precious metals still constrained by interest rates. Energy prices remain high, putting pressure on costs for transportation, manufacturing, and consumer companies, complicating the policy trade-off between inflation and growth.

Cryptocurrency Performance

BTC: 81,276.49 USDT, down 1.43% in 24 hours.

ETH: 2,379.69 USDT, down 1.66% in 24 hours.

The total market capitalization of the cryptocurrency market is approximately $2.74 trillion, down 2.80% in 24 hours. The total market cap snapshot is as of 09:12; the following liquidation distances and institutional cost differences are calculated based on the same period's USD reference price of BTC $81,212.36 and ETH $2,377.81.

BTC liquidation zone: The lower range of approximately $80,800---$81,200 is a relatively significant potential long liquidation zone, about 0.02%---0.51% away from the current price; the upper range of approximately $83,100---$83,700 is a potential short liquidation zone, about 2.32%---3.06% away from the current price. The lower range is closer, and short-term attention should first focus on the leverage liquidation pressure when the price reaches that zone.

ETH liquidation zone: The lower range of approximately $2,365---$2,373 is a relatively significant potential long liquidation zone, about 0.20%---0.54% away from the current price; the upper range of approximately $2,440---$2,460 is a potential short liquidation zone, about 2.62%---3.46% away from the current price. The lower range is also closer, and it is necessary to observe whether it can stabilize after falling to that zone.

BTC institutional cost: The comprehensive cost reference for the U.S. spot BTC ETF is approximately $81,500, based on the latest verified estimate released on October 14, with the current coin price being about 0.35% below that reference. As of October 18, Strategy holds 848,517 BTC, with an overall average cost including fees of $75,446, and the current coin price is about 7.64% above that cost. The above ratio only indicates the difference between the coin price and BTC cost.

In a nutshell: The BTC lower liquidation zone is close to the ETF comprehensive cost reference, and the price is slightly below that cost; both BTC and ETH are closer to the lower potential liquidation zones, with a focus on observing the strength of support after a pullback. The liquidation dense zone is a risk observation point and should not be directly viewed as confirmed support.

U.S. Stock Major Index Performance

The Nasdaq led the gains, while the Dow slightly declined, with the rebound concentrated in technology and some large growth stocks. The index recovery has brought emotional repair, but there is still significant divergence within the market.

Performance of the Seven Tech Giants

Five of the seven giants rose, while two fell, with Amazon and Tesla leading the gains. Apple and Meta closed lower, indicating that large tech stocks also need specific catalytic support, and funds have not simultaneously re-evaluated all high-weight companies.

Sector Movement Observation

Semiconductors: Nvidia rose 1.38%, AMD rose 1.76%, Broadcom rose 1.78%, Intel rose 2.43%, showing a sector recovery. Future tests will need to verify whether the rebound can be supported by orders, profits, and cash flow.

Cloud Computing and AI Infrastructure: Amazon rose 4.98%, CoreWeave fell 0.44%. Both are in the AI-related direction, but the market's evaluation of corporate profit foundations, financing needs, and investment returns still varies.

Steel: Cleveland-Cliffs rose 16.34%, with the latest financial report and guidance becoming a significant catalyst. Compared to the general rise in risk appetite, profit realization has a more direct impact on individual stock performance.

III. In-Depth Analysis of Key U.S. Stocks

1. Amazon AMZN | Target Price Raised, Market Reassesses AWS Growth Potential

Event Overview: Amazon closed at $262.45 on October 19, up 4.98%. Morgan Stanley listed it as a preferred stock, maintaining an overweight rating and raising the target price from $335 to $350.

Market Interpretation: The rating change reinforces market expectations for AWS and AI business growth. Whether valuations can continue to rise still depends on whether cloud business revenue can cover large-scale infrastructure investments and convert into profits and free cash flow.

Investment Insight: Focus on the matching degree between AWS growth, capital expenditures, and cash flow, as well as whether retail business profit margins can provide sustained support. The target price reflects analyst expectations, and subsequent operational data will need to validate it.

2. Cleveland-Cliffs CLF | Quarterly Profit Improvement, 2027 Guidance Becomes the Focus

Event Overview: The company closed at $14.10 on October 19, up 16.34%. Q3 revenue was $5.6 billion, with adjusted EBITDA of $612 million; the company expects adjusted EBITDA of about $715 million in Q4.

Market Interpretation: Improvements in selling prices, sales volume, and unit costs drove profit recovery. Based on signed contracts and current price forecasts, the company expects adjusted EBITDA to exceed $4 billion in 2027, and the market is beginning to factor in a stronger profit outlook.

Investment Insight: Pay attention to the realization of new contract prices, demand from the automotive and manufacturing sectors, and whether profits can be converted into free cash flow and debt reduction. The 2027 target has price assumptions, and changes in steel prices may still affect actual results.

3. Intel INTC | Rating Upgraded, Profit and Execution Still Awaiting Verification

Event Overview: Intel closed at $92.03 on October 19, up 2.43%. JPMorgan upgraded its rating from underweight to neutral, improving the market's risk assessment of the company.

Market Interpretation: The rating upgrade helps alleviate pessimistic expectations, but the neutral rating still reflects reservations about operational realization. Manufacturing investments, product competitiveness, and cash flow performance will determine whether the stock price recovery can be sustained.

Investment Insight: Focus on gross margin, capital expenditures, and cash consumption in subsequent financial reports, as well as progress with foundry business clients and mass production. After a short-term rise, evidence of profit improvement will become more important.

IV. Market and Project Dynamics

1. Strategy Discloses Weekly Increase of 267 BTC

An announcement on October 19 showed that the company increased its holdings by 267 BTC between October 12 and 18, investing approximately $22.1 million, with an average purchase price including fees of $82,900. During the same period, approximately $193.1 million of STRC was repurchased, and the authorized upper limit for the digital credit security repurchase plan was raised to $3 billion. This is the disclosed weekly purchase and repurchase completed.

2. Bitmine Holds Over 6.04 Million ETH

Bitmine disclosed on October 19 that it increased its holdings by 12,535 ETH in the past week; as of October 18 at 15:00 Eastern Time, it held 6,041,481 ETH and 215 BTC, with cash and securities totaling $582 million. Continuous accumulation has expanded its exposure to ETH prices, and future observations should focus on financing, cash reserves, and position management.

3. Mastercard Launches Stablecoin Risk Assessment Service

On October 19, Mastercard introduced Stablecoin Security, combining payment and blockchain risk information to help financial institutions assess risks in the process of stablecoin payments from initiation to on-chain circulation. Its significance lies in filling the risk control gap in institutional payments, and the actual adoption scale still requires subsequent business data verification.

V. Today's Market Calendar

Key Event Outlook: Housing data will test the impact of high financing costs on actual construction activities, with attention needed on total volume, single-family homes, and revisions to previous values. General Motors' financial report may provide new clues on automotive consumption, pricing, and manufacturing costs.

Institutional View: Ole Hansen, head of commodity strategy at Saxo Bank, pointed out on October 19 that there is still resistance around $4,235 for spot gold, with support appearing below $4,100. This range can serve as a reference for observing gold price strength, needing to be combined with changes in the dollar and yields.

This article is for market information reference only and does not constitute investment advice.