S&P Global Ratings has adjusted its credit rating outlook for Meta Platforms Inc. to negative from stable, while maintaining its AA- issuer credit rating. The rating agency highlighted mounting concerns over Meta's substantial artificial intelligence expenditures, negative free cash flow profile, and the timeline required to generate meaningful financial returns from these outlays. S&P underscored uncertainty regarding how swiftly Meta will monetize its AI offerings relative to industry peers that are also deploying extensive capital into data centers.
Meta recently provided full-year capital expenditure guidance spanning between $135 billion and $145 billion in its third-quarter financial report. While S&P referenced the company's deployment of its Muse AI agent application and foundational models, the agency observed that related revenues may struggle to exceed climbing infrastructure expenses over the medium term. Meta issued a response disagreeing with S&P's evaluation, asserting that upcoming product initiatives and commercial opportunities continue to underpin a robust credit standing.
ExxonMobil and Chevron reported substantial earnings growth for the third quarter, driven by elevated fuel margins and near-capacity operations across their downstream refining networks. ExxonMobil's quarterly profit doubled year over year to $15.4 billion, or $3.72 per share, while Chevron's downstream earnings exceeded $4.9 billion, quadrupling from the prior-year period. Following the releases, equity shares of both energy producers advanced to establish fresh all-time highs.
The global refined products market has experienced severe inventory constraints stemming from ongoing geopolitical conflict, including strikes on Russian refining facilities and disrupted Middle Eastern shipping infrastructure. These structural bottlenecks have elevated global crack spreads, with U.S. Gulf Coast refineries seeing intense export demand for diesel fuel. Exxon announced an increase to its investor dividend, alongside reporting adjusted earnings per share of $4.23 that exceeded consensus market expectations.
The United States Department of the Treasury announced that newly issued Series I savings bonds will carry a composite interest rate of 5.51% for purchases completed between November 1 and April 30. This marks an increase from the 4.26% annualized yield available through October. The newly determined rate incorporates a variable inflation-linked calculation of 4.08% alongside a fixed component of 1.40%, which represents the highest fixed base on the instrument since 2006.
The adjustment follows recent government price readings showing the headline consumer price index advancing 3.7% annually in September 2026, an acceleration from the 3.4% rate registered in August. As elevated consumer price metrics drive higher variable returns on government-backed inflation-protected debt, analysts suggest the higher yields may rekindle investor retail demand for low-risk Treasury assets.
Qatari mediators engaged in extensive diplomatic discussions lasting over 12 hours in Tehran in an effort to resume direct negotiations between the United States and Iran. According to an official familiar with the talks, the initiative is structured to avoid a potential escalation of American-led military strikes following the upcoming U.S. midterm elections. Discussions were slated to continue in Doha, while Iran signaled a readiness to deliver a geographically unrestricted response to any future attacks by the U.S.
A previous preliminary agreement negotiated on June 17 to halt hostilities collapsed within weeks of enactment. Iranian Foreign Minister Abbas Araghchi stated that an Iranian delegation traveled to Qatar to consult with mediators, though he denied that direct meetings with U.S. representatives were planned, describing related claims as media speculation. The heightened diplomatic engagement follows months of conflict that commenced on February 28 with joint U.S. and Israeli strikes.