October was a great month for most stocks.

Today, a look at a wild and woolly trading session on Friday, as the market was reluctant to hold risk over the weekend, perhaps, and on the carnage to many AI names after key earnings reports spooked much of the AI sector. It is worth noting that on balance, October was a strong to very strong month for almost all non-tech sectors, something many portfolios may not have felt. Also, we preview the week ahead in macro and day ahead in earnings reports and much more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links

• Tucker Carlson X post on Trump supposedly planning a nuclear strike in Iran (x.com/TuckerCarlson/status/2117071025955389828) is making the rounds. Let's hope this remains very much in the crazy and unfounded rumours category - it's unimaginable.

• Reuters on Trump administration mapping a path to govern without Congress (reuters.com/legal/government/trump-white-house…).

• Luke Gromen on Macrovoices worth a listen (macrovoices.com/1557-macrovoices-556-luke-grom…) - though a bit sceptical on his specific claims that AI already feeding job losses. The comments on risks of fiscal belt-tightening post-election are important.

• The New York Times piece on Nvidia's Jensen Huang (nytimes.com/2026/10/29/us/politics/nvidia-chin…) and whether a Singapore operative at an Nvidia customer in Singapore was passing along information and enabling transfer of high end Nvidia chips to China.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here (home.saxo/insights).

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo (goto.saxo/MarketCallSignup).

Intro music by AShamaluevMusic (soundcloud.com/ashamaluevmusic)

DISCLAIMER

This content is marketing material.

Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.