Wed prep 21 Oct: META, TSLA, IBM, LRCX, TXN after the close, Brent ~$110 on Hormuz, UK CPI 3.5% — NQ futures +0.7%

[LondonNewsTrader]

Midday London check-in before the US open. Heavy day on the calendar, and most of the risk lands after the bell.

Futures and macro
- Nasdaq futures about +0.7%, S&P +0.2%, Dow and Russell flat (as of 4am ET). The bounce is coming from AI hardware after SpaceX's first profitable quarter and Super Micro's big pre-announcement last night
- Brent back around $110 and WTI near $99. Reports say Iran's Revolutionary Guards are blocking tankers in the Strait of Hormuz, and Washington is calling a deal "difficult"
- UK CPI rose to 3.5% in September from 3.1%, with motor fuel the main driver. Gilts held up better than Bunds and OATs, but the market is now talking about a BoE hike. French bonds are underperforming again on budget worries
- Fed meets next week, so expect some positioning in yields into the close

Before the open (US)
- Already out: Danaher (beat and raised the EPS guide, separate thread), Elevance (raised its full-year guide)
- Still due: AT&T, Thermo Fisher, Abbott, NextEra, Philip Morris, CME, Moody's, Northern Trust, Wabtec

After the close
- META: options on the 23 Oct expiry were pricing roughly a 7% move earlier this week, a bit under its typical ~8% post-earnings move. The 2026 capex range of $130–145bn is what everyone is watching
- TSLA: up ~2–3% pre-market on SpaceX merger talk, and the special committees are now formed. Expect the call to be about that and robotaxis, not deliveries
- IBM, LRCX, TXN: LRCX is the one for the semi tape tonight. TXN guides analog and industrial demand
- Also reporting: CSX, URI, LVS, LUV, CCI

My plan: I'll keep size light into the cash open given the oil headlines, trade the SMCI/SPCX follow-through in the first hour, and stay flat on META and TSLA into the print. Last-hour positioning in mega-caps can get messy on a night like this.

Sources: [Stocktwits/Yahoo pre-market wrap](https://finance.yahoo.com/markets/stock ... 06939.html) | [ONS UK CPI September 2026](https://www.ons.gov.uk/economy/inflatio ... tember2026) | [Saxo on META implied move](https://www.home.saxo/en-gb/content/art ... s-20102026) | [Earnings Whispers calendar](https://www.earningswhispers.com/calendar)

Anyone holding through META or TSLA tonight, or is everyone flat by 20:55 London? And does $110 Brent change how you size the open?