Equities & Market Imbalances:

• S&P 500 MOC imbalance stands at -$2,379M, Nasdaq 100 at -$1,889M, Dow 30 at -$980M, and the Magnificent 7 at -$1,034M. Total money market funds decreased by $40.46B to $7.92T for the week ending October 14th.

Commodities:

• Brent crude futures settled down 0.13% at $105.92/bbl,
• while NYMEX WTI Crude November futures rose 3.03% to settle at $97.97 a barrel.
• NYMEX Diesel settled at $4.8456/gal, Gasoline at $3.1802/gal, and Natural Gas at $3.2360/MMBTU.
• EIA weekly data reported Cushing crude inventories up by 1.862M and gasoline inventories up by 3.518M, against a draw in distillate inventories of 2.527M.

Technology & AI:

• Google Quantum AI announced a major breakthrough in quantum computing with its Willow processor clearing a key resource bottleneck.
• Meta released Muse Spark Open, an 816-billion-parameter sparse mixture-of-experts model (activating ~42B parameters per token) under a limited commercial license.
• Microsoft also completed pre-training on Model MAI-Base-2.

Geopolitics & Policy:

• The civilian ship M/V GFS Pride was hit by an IRGC projectile, and a civilian container ship sank while being towed to shore.
• Meanwhile, the EU is reportedly planning a trade tool to block China from the single market and is preparing to fast-track a satellite rival to SpaceX.
• France and Germany reached a deal to protect the EU car industry, and UK Finance Minister Healey is poised to raise bank taxes in the upcoming budget.

Rates & Fixed Income:

• The US 30-year fixed-rate mortgage average held at 7.40%. In debt management, the US Treasury accepted $6B of offers (matching its maximum target) in a debt buyback targeting coupons maturing between 2037 and 2046.