The first vote sent Brazilian equities up 12%. No candidate won a majority, so the top two meet again in a runoff on October 25. Our updated breakdown covers what traders are watching until then. What it covers: - What the market read in the result, and why the banks led - What is still open before the runoff - How $BRZL and $BRZD let you trade it, long or short $BRZL and $BRZD are the only US-listed exchange-traded products built to give +3X and -3X of the daily move in $EWZ, the iShares MSCI Brazil ETF. Daily trading tools for sophisticated investors. Subject to BMO credit risk. Read it here: microsectors.com/insights/wh…

Seagate $STX fell 6.3% after hours on its results, less than the 8.3% move options had priced in. Adjusted EPS: $7.68 reported vs. $7.43 expected. Revenue was $4.23 billion, up 61% from $2.63 billion a year ago. Seagate guided fiscal second-quarter revenue to $4.8 billion, plus or minus $100 million. Its gross margin was 57.8%, up from 40.1% a year ago. EQT $EQT fell 0.1% against a 4.4% implied move. Adjusted EPS: $0.42 reported vs. $0.35 expected. Expand Energy $EXE was up 0.3% against a 4.2% implied move. It bought back $305 million of stock in the quarter, bringing this year's total to about $900 million, or 4% of its shares. Caesars $CZR fell 0.2% against a 2.4% implied move. Caesars Digital, its online unit, posted $44 million of adjusted EBITDA, up from $28 million a year ago. The company's net loss was $123 million, compared with $55 million a year ago. Baker Hughes $BKR reported after 5 p.m. Adjusted EPS: $0.70 reported vs. $0.61 expected. Revenue was $8.03 billion, up 14% from $7.01 billion a year ago, in its first quarter including Chart Industries. Orders were $10.8 billion, and its Industrial & Energy Technology backlog reached a record $39.4 billion. ONEOK $OKE raised its 2026 adjusted EBITDA guidance midpoint to $8.55 billion, from $8.35 billion in August. Its $2.13 of EPS includes a one-time, non-cash tax benefit of $0.53 a share.

$EWZ fell 19.8% on Monday, the first U.S. session after Brazil's presidential runoff. Since the fund began trading in 2000, it has had one worse day: March 16, 2020, when it fell 23.1%. The biggest declines were in Brazil's banks, measured by their U.S.-listed shares: Bradesco fell 28.0%, Itaú 20.4% and Nu Holdings 17.0%. Petrobras fell 14.0%, and Vale, the iron ore miner, fell 3.2%. In São Paulo, the Ibovespa closed down 13.9%. Trading was halted for 30 minutes after the index fell 10%, the first time the circuit breaker had been triggered since March 2020.

Weekly Tech Update META SEEKS NEARLY $98 BILLION IN ONE OF THE LARGEST STOCK SALES EVER TO FUEL ITS AI PUSH $META is raising as much as $97.5 billion through common and preferred stock sales to fund its investment in AI infrastructure and personal superintelligence. The company sold $12.5 billion of preferred shares and an upsized $25 billion of common stock at $625 per share, with plans to raise roughly $60 billion more by selling its new Class C nonvoting shares in the open market over time. $NVDA, $AMD and $AVGO agreed to buy up to $5 billion of the common shares combined. NVIDIA AND AMD COMMIT $4 BILLION TO META AS AI ALLIANCE DEEPENS $NVDA and $AMD will invest $3 billion and $1 billion, respectively, in $META’s equity offering, part of a raise Meta says will total $95 billion to fund its AI infrastructure buildout. $NVDA said Meta will expand its deployment of Vera Rubin systems and Vera CPUs as the two deepen their work on Muse, Meta’s AI agent, while $AMD said its Helios racks are running at Meta and its EPYC processors power Muse. Both chipmakers have been rapidly building stakes across the AI boom, with $NVDA taking part in 121 funding rounds so far this year.

$PSX Earnings Preview Q3 Adjusted EPS: $11.79 est., Up from $2.52 YoY Q3 Revenue: $43.23B est., Up from $34.98B YoY Investor Focus: Refining margins and crude utilization, turnaround costs, Midstream and NGL results, CPChem contribution, Marketing and Specialties, capital return, and debt reduction

$DINO Earnings Preview Q3 Adjusted EPS: $7.81 est., Up from $2.44 YoY Q3 Revenue: $8.89B est., Up from $7.25B YoY Investor Focus: Refining gross margin and throughput, crack spreads, turnaround activity, Renewables segment results, Lubricants & Specialties, Marketing and Midstream contributions, operating expenses per barrel, and capital return

$STX Earnings Preview Fiscal Q1 Non-GAAP EPS: $7.43 est., Up from $2.61 YoY Fiscal Q1 Revenue: $4.15B est., Up from $2.63B YoY Investor Focus: Mass-capacity hard drive demand from cloud and data center customers, HAMR-based Mozaic platform ramp, exabyte shipments, non-GAAP gross margin, pricing, free cash flow, capital returns, and fiscal Q2 guidance

$OKE Earnings Preview Q3 EPS: $1.50 est., Up from $1.49 YoY Q3 Revenue: $10.39B est., Up from $8.63B YoY Investor Focus: Natural gas liquids and gathering-and-processing volumes, Permian and Mid-Continent throughput, acquisition integration synergies, adjusted EBITDA guidance, leverage and dividend coverage, and capital projects placed in service

$EXE Earnings Preview Q3 Adjusted EPS: $1.32 est., Up from $0.97 YoY Q3 Revenue: $1.80B est., Down from $1.85B YoY Investor Focus: Natural gas realizations and differentials, net production volumes, full-year production guidance, Adjusted EBITDAX, capital spending pace, free cash flow, net debt reduction, LNG offtake agreements, and derivative hedge position

$EQT Earnings Preview Q3 Adjusted EPS: $0.35 est., Down from $0.52 YoY Q3 Revenue: $1.81B est., Down from $1.82B YoY Investor Focus: Production volumes, realized natural gas prices, per-unit operating costs, capital expenditures, free cash flow, debt reduction, midstream operations, LNG supply agreements, and full-year production and capital guidance

$CZR Earnings Preview Q3 EPS: $0.08 est., Up from -$0.26 YoY Q3 Revenue: $2.96B est., Up from $2.87B YoY Investor Focus: Las Vegas segment trends, regional property performance, Caesars Digital revenue and adjusted EBITDA, hotel occupancy and ADR, capital expenditure plans, debt reduction, and share repurchase pace

$BKR Earnings Preview Q3 Adjusted EPS: $0.61 est., Down from $0.68 YoY Q3 Revenue: $7.75B est., Up from $7.01B YoY Investor Focus: Industrial & Energy Technology orders and backlog, Oilfield Services & Equipment revenue and margins, LNG and gas infrastructure equipment orders, power generation orders, adjusted EBITDA, free cash flow, Chart Industries transaction, and full-year guidance

Travel + Leisure Co, $TNL, earnings were released this morning. EPS: expected $2.06, reported $2.21 Beat: +7.28% Revenue: expected $1.08B, reported $1.10B Beat: +1.49%

Hilton Worldwide Holdings, $HLT, earnings were released this morning. EPS: expected $2.36, reported $2.45 Beat: +3.81% Revenue: expected $3.37B, reported $3.33B Miss: -1.32%

Agilysys Inc, $AGYS, earnings were released this afternoon. EPS: expected $0.55, reported $0.67 Beat: +21.82% Revenue: expected $90.92M, reported $93.36M Beat: +2.69%

AI borrowing, a bigger Treasury buyback, the Fed's first rate hike since 2023 and an oil spike all moved corporate bond prices in August and September. On September 24, the 30-year Treasury yield closed at its highest level since June 2004. Our new article uses those four events as a case study in what moves a bond, and shows how $LQDU, $LQDD , $HYGU and $HYGD seek to provide three times the daily move in investment grade and high yield bonds, in either direction. Daily trading tools for sophisticated investors. Subject to BMO credit risk. Read it: microsectors.com/insights/wh…

MicroSectors™ is excited to be sponsoring Bloomberg Invest in Dallas, Texas! Check out our latest lineup of MicroSectors ETNs, including $MNGU , the MicroSectors 3X Long MANGOS+ ex Private Companies ETNs, which seek +3x daily leveraged exposure to the NYSE MaNGoS+ Index. Daily trading tools for sophisticated investors. Subject to BMO credit risk. For more information, please visit: microsectors.com/mangos/

$TNL Earnings Preview Q3 Adjusted EPS: $2.06 est., Up from $1.80 YoY Q3 Revenue: $1.08B est., Up from $1.04B YoY Investor Focus: Vacation ownership gross sales and volume per guest, tour flow, loan loss provisions and delinquency trends, Travel and Membership revenue, adjusted EBITDA, share repurchases, and full-year guidance

$HLT Earnings Preview Q3 Adjusted EPS: $2.36 est., Up from $2.11 YoY Q3 Revenue: $3.37B est., Up from $3.12B YoY Investor Focus: Systemwide RevPAR trends in the U.S. and internationally, net unit growth and development pipeline, management and franchise fees, adjusted EBITDA, share repurchase pace, and full-year guidance

$AGYS Earnings Preview Fiscal Q2 Adjusted EPS: $0.55 est., Up from $0.40 YoY Fiscal Q2 Revenue: $90.92M est., Up from $79.30M YoY Investor Focus: Subscription and recurring revenue growth, cloud PMS customer go-lives and conversions, professional services backlog, gross margin, adjusted EBITDA, and full-year fiscal 2027 revenue guidance.