Bitget UEX Daily Report | Dow Jones rose 1.02%; Netflix fell nearly 6% after hours; BTC rebounded to around 83,000 (October 21, 2026)

I. Selected Hot News

1. U.S. Economy | September New Home Starts Decline, Residential Construction Still Constrained by Financing Costs

New home starts in the U.S. fell to an annualized level of 1.221 million units in September, a month-on-month decrease of 5.2%; building permits were at 1.4 million units, down 0.2% month-on-month. Single-family home starts decreased by 4.6%, and single-family home permits fell by 4.0%, indicating a still weak forward construction sentiment.

Market Impact: Housing investment is sensitive to interest rates, and weak data increases signals of a slowdown in growth. Monthly start data can be quite volatile, and future assessments should consider revised values, sales, and mortgage rates to determine if demand continues to weaken.

2. Energy | Brent Oil Rebounds After a Spike and Drop, Supply Risks Still Persist

On October 20, Brent crude oil reached $111.99 during trading, ultimately settling at $108.79; WTI December contracts settled at $97.82. This morning, Brent and WTI December contracts rebounded to $110.02 and $98.83, respectively, as Middle Eastern supply and shipping risks continue to influence prices.

Market Impact: Mediation news can quickly lower risk premiums, but the rebound in oil prices indicates that supply concerns remain. Tonight's inventory data will provide clues on supply and demand, and changes in crude oil, gasoline, and distillate oil should be monitored simultaneously.

3. Precious Metals | Gold Remains Under Pressure as Market Awaits Next Week's Interest Rate and Inflation Data

On October 20, December gold futures settled down 0.4% to $4,142.60, and this morning it reported $4,136.10. High interest rates continue to affect the attractiveness of non-yielding assets, and next week's Federal Reserve meeting and PCE data will be important points of observation.

Market Impact: The safe-haven attribute of gold still needs to be assessed alongside the interest rate environment. If yields remain high, a rebound in gold prices will require stronger demand support and cannot be judged solely on geopolitical risks.

II. Market Review

Commodity and Forex Performance

U.S. Treasury yields fell, but precious metals have not shown sustained signs of strengthening. Energy prices rebounded after a drop in the previous trading day, with inflation pressures and slowing growth still affecting asset pricing; WTI has switched to December contracts, and cannot be directly compared with the expiring November contracts.

Cryptocurrency Performance

BTC: 83,036.78 USDT, up 1.54% in 24 hours. ETH: 2,458.29 USDT, up 2.48% in 24 hours. The total market capitalization of the cryptocurrency market is approximately $2.80 trillion, down 0.94% in 24 hours, with the total market cap update at 09:55.

The distance and cost of liquidation are uniformly calculated based on the contemporaneous dollar reference price of BTC 82,972.92 and ETH 2,456.40. The following ranges are potential liquidation positions and should not be interpreted as liquidation having occurred.

BTC Liquidation Zone: The upper range of approximately $83,500---$84,000 is a significant potential short liquidation zone, about 0.64%---1.24% from the current price; the lower range of approximately $82,100---$82,400 is a potential long liquidation zone, about 0.69%---1.05% from the current price. The proximity of the upper and lower near-end distances is close, with the upper side being slightly nearer; any breakout in either direction should observe changes in leveraged positions.

ETH Liquidation Zone: The upper range of approximately $2,470---$2,505 is a significant potential short liquidation zone, about 0.55%---1.98% from the current price; the lower range of approximately $2,410---$2,430 is a potential long liquidation zone, about 1.07%---1.89% from the current price. The upper side is closer; if it continues to rebound, attention should be paid to whether short covering amplifies volatility.

BTC Institutional Cost: The comprehensive cost estimate for the U.S. spot BTC ETF announced on October 14 is approximately $81,500, with the current coin price being about 1.81% higher than this reference; this estimate has not been updated today. 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 9.98% higher than this cost; the above ratio only reflects the difference between the coin price and BTC cost.

In a nutshell: The near-end liquidation zones for BTC are close in distance, while ETH is closer to the upper potential short liquidation zone. When BTC falls, focus on observing the $82,100---$82,400 range and the adjacent $81,500 ETF cost reference for support; liquidation zones or institutional costs should not be directly treated as definitive support.

U.S. Stock Major Index Performance

The Dow Jones rose by 529.85 points, the S&P rose moderately, and the Nasdaq remained basically flat. Traditional industries and large tech stocks showed a divergence in performance, with the driving forces behind the market's rise changing compared to the previous day.

Performance of the Seven Tech Giants

Two of the seven giants rose while five fell, with Tesla leading the gains and Amazon slightly up, while the other five closed down. Meta and Tesla are about to release their earnings reports, and advertising growth, capital expenditure, automotive profit margins, and cash flow will test market expectations.

Sector Movement Observations

Industrials and Automotive: 3M rose by 5.78%, while General Motors fell by 6.84%. Significant divergence appeared within the same earnings report window, with the market placing more emphasis on guidance, earnings quality, and subsequent fulfillment conditions.

Semiconductors: Nvidia fell by 0.29%, AMD fell by 0.62%, and Broadcom fell by 0.07%. After a rebound the previous day, the sector still requires new orders and performance evidence for support.

Cryptocurrency-related Stocks: Coinbase rose by 1.42%, Strategy rose by 4.93%, and Circle rose by 5.53%. Related stocks rose in tandem, but their respective profits are still influenced by trading activity, financing conditions, and stablecoin business performance.

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

1. General Motors GM | $20 Billion Buyback Authorization Fails to Prevent Stock Price Decline

Event Overview: General Motors closed at $77.09, down 6.84%. The company reported third-quarter revenue of $50 billion, adjusted EBIT of $4.1 billion, and announced a new $20 billion multi-year buyback authorization.

Market Interpretation: The full-year adjusted EBIT guidance was narrowed from $14 billion---$16 billion to $14.5 billion---$15.5 billion, while the automotive adjusted free cash flow guidance was raised to $11.5 billion---$12.5 billion. The narrowing of the profit range's upper and lower limits cannot be simply understood as a comprehensive downgrade; a buyback authorization does not equate to immediate completion of purchases.

Investment Insight: Future focus should be on automotive pricing, sales, cash flow, and actual buyback pace. The stock price decline indicates that capital return commitments still require operational performance support, and valuation recovery cannot be judged solely based on buyback scale.

2. 3M MMM | Margin Improvement, Upgraded Full-Year Adjusted EPS Guidance

Event Overview: 3M closed at $171.37, up 5.78%. Third-quarter revenue was approximately $6.6 billion, with the company's newly adjusted EPS at $2.50 and operating margin at 26.2%; full-year adjusted EPS guidance was raised to $9.10---$9.15.

Market Interpretation: Margin and guidance improvements provide more direct earnings support. Revenue growth, production efficiency, and cost control need to work together to ensure sustained profit improvement.

Investment Insight: Focus on organic sales growth, margin, and cash flow conversion. When comparing historical performance, consistency in adjusted metrics is necessary, while also observing whether efficiency improvements can withstand demand fluctuations.

3. Netflix NFLX | Growth Continues This Quarter, Concerns Over Advertising and Next Quarter Guidance

Event Overview: Netflix closed at $68.69 during regular trading, down 1.66%; after the earnings report was released, it briefly fell nearly 6%. Third-quarter revenue was $12.87 billion, and the company expects fourth-quarter EPS of $0.67, while lowering the full-year advertising revenue forecast to approximately $2.7 billion.

Market Interpretation: The stock price reaction shows that the market is more concerned about subsequent growth and the realization of advertising business. Content, advertising products, and user willingness to pay need to work together to support continued revenue and profit growth.

Investment Insight: Focus on the advancement of advertising products, content attractiveness, and revenue growth. After-hours reactions should be distinguished from the next trading day's performance, and subsequent operational data will test whether expectation adjustments are sufficient.

IV. Market and Project Dynamics

1. Switzerland Approves First Retail ETF Directly Investing in BTC

FINMA approved the first retail ETF established under Swiss fund law that directly invests in BTC on October 20, emphasizing custody, operational risks, and disclosure requirements. This fund is under a different legal structure than existing local crypto ETPs, and approval does not imply that new funds have already flowed in.

2. Mastercard Opens Early Testing for AI Agent Payments

Mastercard has opened early access to Agent Pay for Machines for developers, advancing testing after pilot participation from Coinbase, Base, Cloudflare, and others. The project is still in the pilot phase and has not yet been officially commercialized; future observation should focus on developer adoption and real payment needs.

3. Blockchain.com Launches Cryptocurrency Options Trading

Blockchain.com has launched call and put options for assets like BTC and ETH for eligible users, with USDC prepaying premiums, and a maximum term of one week. The product is only available in supported regions, cannot be sold or closed early, and must be held until expiration; risks and trading flexibility must be understood in conjunction with the terms.

4. Injective and BDACS Explore KRW Stablecoin Settlement

The two parties signed a memorandum of understanding to use KRW1 for settlement of RWA and tokenized assets on Injective. Minting and redemption are aimed at approved institutional partners and remain subject to regulatory approval; the intent to cooperate should not be viewed as a full launch.

V. Today's Market Calendar

Key Event Outlook: Inventory reports will test whether energy supply tightness is reflected in U.S. inventories, and crude oil, gasoline, and distillate oil should be monitored simultaneously. Two tech giants' earnings reports tomorrow morning Beijing time will focus on testing Meta's advertising and AI investment returns, as well as Tesla's automotive profitability and cash flow.

Institutional View: Bob Haberkorn, Senior Market Strategist at StoneX, listed gold at $4,000 as an important observation point on October 20, emphasizing that subsequent performance depends on Federal Reserve signals. In a high-interest-rate environment, whether safe-haven demand can offset the opportunity cost of holding gold remains key.

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