Bitget UEX Daily Report | Nasdaq fell 2.60%; Brent closed up 4%; BTC dropped to around 81,500 (October 23, 2026)

I. Selected Hot News

1. U.S. Employment | Initial Claims Drop to 194,000, Continuing Claims Rise

As of the week ending October 17, the number of initial unemployment claims in the U.S. was 194,000, a decrease of 6,000 from the revised previous value. The number of continuing claims corresponding to the week ending October 10 was 1.728 million, an increase of 25,000, reflecting different periods for the two indicators.

Market Impact: Fewer new claims indicate that layoff pressures remain limited; however, the rise in continuing claims suggests that the speed of reemployment for the unemployed needs to be monitored. When assessing employment trends, it is essential to consider the four-week average and subsequent revisions to avoid deriving policy direction from single-week data.

2. Energy | Brent Rises to $113.17, Supply Risks Continue to Drive Costs Higher

On October 22, the settlement price of Brent crude oil futures rose by 4.0% to $113.17, while the WTI December contract increased by 2.4% to $99.47. Attacks in Saudi Arabia and concerns over regional transportation security have once again raised the supply risk premium.

Market Impact: The rise in oil prices increases cost pressures for transportation, manufacturing, and consumer goods companies, complicating the inflation outlook. Future observations should focus on whether actual production and shipments are affected, distinguishing between risk premiums and actual supply losses.

3. U.S. Growth | September Leading Economic Index Flat, Investment and Consumption Signals Diverge

The U.S. Conference Board's Leading Economic Index for September was 99.6, unchanged month-over-month; it had previously increased by 0.6% over the past six months. Negative contributions from consumer expectations, new orders for capital goods, and building permits offset improvements in interest spreads and manufacturing hours.

Market Impact: The data does not indicate a comprehensive economic contraction, but the support for growth is changing. Whether corporate investment can offset weak consumer expectations needs to be further validated in conjunction with tonight's PMI and consumer surveys.

II. Market Review

Commodity and Forex Performance

| Item | Reference Price | Data Source | |------|----------------|-------------| | Gold Futures | $4,034.90/oz | December contract, October 23, 08:35 | | Silver Futures | $54.525/oz | December contract, October 23, 08:35 | | WTI Crude Oil Futures | $99.20/barrel | December contract, October 23, 08:35 | | Brent Crude Oil Futures | $112.96/barrel | December contract, October 23, 08:33 | | U.S. Dollar Index DXY | 101.503 | October 23, 08:35 | | U.S. 10-Year Treasury Yield | 4.953% | October 22 close |

U.S. Treasury yields fell below 5%, but precious metals did not strengthen simultaneously, indicating that safe-haven demand is not evenly distributed across asset classes. Oil prices remain high, with growth concerns and energy inflation pressures simultaneously affecting the market; a decline in yields should not be simply interpreted as universally favorable for risk assets.

Cryptocurrency Performance

BTC: 81,514.20 USDT, down 3.33% in 24 hours. ETH: 2,395.38 USDT, down 3.34% in 24 hours. The total market capitalization of the cryptocurrency market is approximately $2.74 trillion, down 5.61% in 24 hours, with the total market cap updated at 08:43 Beijing time.

The liquidation distance and cost difference are calculated based on the reference price of BTC 81,430.08 USD and ETH 2,392.91 USD at the same time.

BTC liquidation zone: The upper range of approximately $82,100---$82,700 is a significant potential short liquidation zone, about 0.82%---1.56% away from the current price; the lower range of approximately $80,000---$81,000 is a potential long liquidation zone, about 0.53%---1.76% away from the current price. The closer proximity of the lower end means that during a pullback, attention should be paid to whether long liquidation amplifies volatility.

ETH liquidation zone: The upper range of approximately $2,420---$2,440 is a significant potential short liquidation zone, about 1.13%---1.97% away from the current price; the lower range of approximately $2,345---$2,365 is a potential long liquidation zone, about 1.17%---2.00% away from the current price. The proximity of the upper and lower ends is similar, with the upper end slightly closer; both rebounds and pullbacks need to observe changes in leverage positions.

BTC institutional cost: Glassnode reported on October 21 that its estimated average cost for BTC held by treasury companies is approximately $80,200, with holding data as of October 19. The current coin price is about 1.53% higher than this reference. As of October 18, Strategy held 848,517 BTC, with an overall average cost including fees of $75,446, and the current coin price is about 7.93% higher than this cost; these ratios only reflect the difference between the coin price and BTC cost.

In summary: The BTC lower liquidation zone of $80,000---$81,000 includes the treasury cost reference of $80,200. If it pulls back to this level, both the deleveraging of leverage and the narrowing of reference floating profits should be monitored. The proximity of the ETH upper and lower ends suggests that direction should not be judged solely based on the map; neither the liquidation zone nor institutional costs provide definitive support.

Major U.S. Stock Index Performance

| Index | Closing Level | Change | |-------|---------------|--------| | Dow Jones Industrial Average | 52,867.98 | +0.02% | | S&P 500 Index | 7,663.43 | -1.21% | | Nasdaq Composite Index | 26,008.86 | -2.60% |

The Nasdaq fell sharply, the S&P showed a noticeable decline, while the Dow slightly rose, indicating that not all sectors are weakening simultaneously. During the earnings report window, AI investment returns and cash flow have once again become key pricing factors, while the performance of consumer and defense companies provides different evidence of growth.

Performance of the Seven Tech Giants

| Company | Closing Price (USD) | Change | |---------|---------------------|--------| | Nvidia NVDA | 212.21 | -4.40% | | Apple AAPL | 348.22 | +1.23% | | Microsoft MSFT | 521.08 | -2.23% | | Alphabet GOOGL | 324.22 | -3.15% | | Amazon AMZN | 250.38 | -4.57% | | Meta META | 648.85 | -6.98% | | Tesla TSLA | 374.58 | -3.08% |

Among the seven giants, one rose while six fell, with only Apple increasing. Meta saw the largest decline. Both Meta and Tesla experienced declines on their first full trading day after earnings reports, as the market's demands for capital expenditures, cash flow, and profit realization remain high.

Sector Movement Observations

Semiconductors and AI Computing: Lam Research fell 11.76%, AMD fell 8.10%, Nvidia fell 4.40%, and CoreWeave fell 10.06%. Despite strong performance growth for Lam Research this quarter, the stock price reaction indicates that under high expectations, the growth itself is insufficient to alleviate concerns about future investment returns.

Consumer and Defense: Procter & Gamble rose 5.58%, and Lockheed Martin rose 6.96%, showing divergence from large tech stocks. The former saw organic sales growth, while the latter improved backlog and full-year cash flow guidance, as the market continues to differentiate the profitability evidence of individual companies.

Crypto-related Stocks: Coinbase fell 4.51%, and Strategy fell 5.00%, coinciding with the decline in crypto assets. The activity level of platform trading, treasury company financing conditions, and coin price changes still need to be observed separately, and stock performance cannot be entirely attributed to a single factor.

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

1. Procter & Gamble PG | Organic Sales Growth of 4%, Cost Pressures Still Suppressing Margins

Event Overview: Procter & Gamble closed at $165.59, up 5.58%. In Q1 of FY2027, net sales were $23.3 billion, a year-over-year increase of 4%, with organic sales also increasing by 4%. Core EPS was $2.00, up 1%.

Market Interpretation: Sales growth is supported by improvements in volume and product mix, but core gross margin declined by 150 basis points. The company maintains its full-year organic sales growth expectation of 1%---3%, and revenue improvements still need to translate into more stable profit growth.

Investment Insight: Focus on whether sales can continue to grow and whether production efficiency can offset raw material, energy, and transportation costs. The full-year core EPS guidance is $6.89---$7.11, and the subsequent realization is more important than the single-quarter stock price reaction.

2. Lockheed Martin LMT | Record Backlog, Raises Full-Year Cash Flow Guidance

Event Overview: The company closed at $589.91, up 6.96%. Q3 sales were $20.7 billion, a year-over-year increase of 11%, with EPS of $7.97 and a record backlog of $292 billion.

Market Interpretation: The backlog enhances the visibility of future revenue but still requires conversion through production and delivery. The company raised its full-year free cash flow guidance from $7 billion---$7.2 billion to $7.8 billion---$8 billion, providing a more direct observation indicator for operational realization.

Investment Insight: Pay attention to missile production expansion, delivery efficiency, and cash recovery, while also monitoring the authorization and funding arrangements for subsequent batches of F-35 contracts. The scale of orders cannot be directly equated to current revenue; contract execution and cost control remain key.

3. Lam Research LRCX | Record Performance, Stock Price Still Down 11.76%

Event Overview: Lam Research closed at $230.15, down 11.76%. For the fiscal quarter ending September 27, revenue was $8.22 billion, with a non-GAAP EPS of $2.20; guidance for next quarter's revenue is $8.6 billion, with a fluctuation of $400 million.

Market Interpretation: Record revenue and profit coinciding with a stock price decline indicate that the market is assessing changes in future growth relative to existing expectations. The company's next quarter non-GAAP EPS guidance is $2.33, with a fluctuation of $0.15, and subsequent orders and shipments still need to be tracked.

Investment Insight: Focus on the demand for wafer fab equipment, customer capital expenditures, and the sustainability of service revenue. Determining whether adjustments create opportunities requires comparing profit expectations and valuations simultaneously, rather than concluding based solely on a single day's decline.

IV. Market and Project Dynamics

1. SoFi Launches Interest-Bearing Tokenized Deposits SOFIE

SoFi launched SoFi Earn, with a floating APY of 4.40%. Users can convert SOFIE at a 1:1 ratio to SoFiUSD for crypto trading or transfers. Bank deposits represented by SOFIE are FDIC insured within applicable limits, but the converted SoFiUSD stablecoin is not considered a protected deposit.

2. Uniswap Integrates External Liquidity into v4

Aggregator Hooks have been launched on Ethereum, Base, and Robinhood Chain, integrating external liquidity into trading paths. Transactions executed through these sources will pay protocol fees and contribute to UNI burn, with future attention on actual transaction adoption and fee growth.

3. Fireblocks Denies Acquisition Talks with Visa

In response to reports of a $2.5 billion acquisition negotiation, Fireblocks stated that the claims are not currently accurate, and Visa declined to comment. At this stage, rumors that have been denied by the company should be treated as such and not viewed as signed or completed transactions.

V. Today's Market Calendar

| Beijing Time | Country/Region | Event | Market Attention Level | |--------------|----------------|-------|------------------------| | October 23, 21:45 | U.S. | October S&P Global Manufacturing PMI Preliminary Value | High |

October 23, 21:45 | United States | October S&P Global Services PMI preliminary value, released alongside manufacturing | High

October 23, 22:00 | United States | October University of Michigan Consumer Sentiment final value and inflation expectations | High

Key Event Outlook: Tonight, focus on whether corporate activity, input prices, and consumer inflation expectations continue to diverge. With oil prices running high, whether demand growth can cover rising costs will affect the market's judgment on profit margins and policy paths.

Institutional View: The JPMorgan team led by Nikolaos Panigirtzoglou noted in a report on October 21 that recent regulatory actions help institutional participation in the crypto market but are difficult to replace the long-term stability provided by congressional legislation. Political and legal risks remain, and regulatory progress needs to be assessed separately from actual business growth.

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