To The Moon

U.S. stock index futures fell Monday as Treasury yields rose and traders looked ahead to the release of corporate earnings from tech industry giants. The benchmark 10-year Treasury note yield climbed about 9 basis points to break back above the key 5% level. The yield on the 2-year note and 30-year bond also rose.

Market Snapshot

At 08:15 a.m. ET, Dow e-minis were down 179 points, or 0.54%, S&P 500 e-minis were down 21.5 points, or 0.51%, and Nasdaq 100 e-minis were down 80.5 points, or 0.55%.

Pre-Market Movers

$Roivant Sciences Ltd.(ROIV)$ - Stocks gained over 5% in premarket trading. Roche Holding agreed to buy Telavant Holdings, a developer of a drug for people suffering from inflammatory bowel disease, from the company and Pfizer in a deal worth up to $7.25 billion.

$Textainer(TGH)$ - Stock surged over 42% in premarket trading. It agreed to be acquired by infrastructure investor Stonepeak for about $2.1 billion. Shareholders will receive $50 a share in cash

$Tesla Motors(TSLA)$ - Stocks slid over 1% in premarket trading. Its capital expenditure for 2023 would exceed the $7 billion to $9 billion target it had laid out earlier this year.

$Apple(AAPL)$ - Stocks slid over 1% in premarket trading. Chinese e-commerce platforms are offering deep discounts on its latest iPhone 15 series, with some selling models up to 900 yuan ($123) below the retail price.

$Hess(HES)$ - It rose nearly 1% in premarket trading after Chevron Corp said on Monday it would buy the company in a $53 billion all-stock deal, taking its rivalry with Exxon Mobil to the next level by boosting its presence in U.S. shale and oil-rich Guyana.

$Royal Phillips(PHG)$ - Stocks rose over 1% in premarket trading after it raised its full-year outlook as it beat analysts' expectations for third-quarter core profit and comparable sales.

$SOS Limited(SOS)$ - Stocks jumped over 4% in premarket trading. Bitcoin and different crypto tokens posted sturdy positive factors on Monday because the bullish momentum within the crypto markets continued over the weekend.

$Okta(OKTA)$ - Stocks continued to fall over 4% in premarket trading after tumbling 11.57% last Friday. Before that, the company said a hacker used a stolen credential to access its support system.

Market News

Chinese e-commerce platforms including PDD Holdings' Pinduoduo and Alibaba's Taobao are offering deep discounts on $Apple(AAPL)$'s latest iPhone 15 series, with some selling models up to 900 yuan ($123) below the retail price.

$Tesla Motors(TSLA)$ said on Monday its capital expenditure for 2023 would exceed the $7 billion to $9 billion target it had laid out earlier this year, as the electric-vehicle maker ramps up output at its factories and gears up to roll out new models.

$Alibaba(BABA)$ said it will be offering huge discounts as it gears up for its annual Singles Day shopping extravaganza - an indication that Chinese consumer confidence remains at a low ebb. The event - which begins on Tuesday and despite its name now stretches over several weeks - will offer over 80 million products at their lowest prices this year, it said in a statement.

Reliance Industries Ltd., controlled by Asia’s richest tycoon Mukesh Ambani, is nearing a cash and stock deal to buy $Walt Disney(DIS)$’s India operations, according to people familiar with the matter.

FDA has approved $Pfizer(PFE)$'s vaccine Penbraya, making it the first shot to protect against five groups of a deadly bacteria that can cause meningitis and blood poisoning, the company said.

$Chevron(CVX)$ announced today that it has entered into a definitive agreement with Hess Corporation (NYSE: HES) to acquire all of the outstanding shares of Hess in an all-stock transaction valued at $53 billion, or $171 per share based on Chevron’s closing price on October 20, 2023.

Roche on Monday said it will buy Telavant, a developer of a new treatment for inflamatory bowel diseases, for an initial $7.1 billion from American biopharma company $Roivant Sciences Ltd.(ROIV)$ and Pfizer Inc.

Stonepeak late Sunday said it would pay $50 a share in cash for $Textainer(TGH)$, a more than 46% premium to Friday's closing price for the Hamilton, Bermuda-based company.