MARKET RECAP → The S&P 500 (VOO) and Nasdaq 100 (QQQ) retreated from recent all-time highs as traders took profits in technology, AI, and semiconductor stocks. Market sentiment is dominated by options-driven euphoria and warnings of potential overvaluation, especially in AI-linked names like Nvidia (NVDA) and AMD (AMD).

🌏 CHINA’S METAL POWER PLAY → China tightened rare earth export rules, sending mining stocks soaring and reigniting global fears over supply chains for EVs, chips, and defense tech.

✈️ DELTA FLIES HIGH → Delta (DAL) beat earnings expectations on robust travel demand and premium ticket sales, reaffirming 2025 guidance even as costs and global risks loom.

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🌏 Tighter export controls. China announced new restrictions on rare earth exports, tightening its grip on critical materials used in EVs, semiconductors, and defense tech. The move deepens global supply chain concerns amid growing U.S.–China tensions.

📈 Stocks surge on scarcity. Shares of Chinese mining firms like China Northern Rare Earth and JL Mag Rare-Earth jumped more than 10%, while Western buyers scrambled to assess potential supply disruptions.

⚙️ Global ripple effect. Analysts warn the policy could drive up prices for everything from batteries to chips. The U.S. and Europe may accelerate domestic mining and recycling efforts to reduce dependence on Beijing’s supply chokehold.

✈️ Earnings soar past forecasts. Delta Air Lines (DAL) reported better-than-expected Q3 earnings, with revenue up on strong business and international travel demand. The airline’s profit beat was fueled by record transatlantic traffic and premium cabin sales.

💰 Margins take off. Operating margin climbed above 11%, as fuel costs eased and high-paying corporate travelers returned. Delta reaffirmed full-year guidance, signaling confidence in continued travel momentum into the holidays.

⚠️ Headwinds ahead. While demand remains strong, analysts flagged rising labor costs and potential geopolitical disruptions as watchpoints for Q4 performance.

Stocks making the biggest moves midday: Oracle, Ferrari, Delta, Albemarle and more (CNBC)

IRS announces new federal income tax brackets for 2026 (CNBC)

China’s Golden Week travel boom masks a bruising price war (CNBC)

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