Top 10 Stock Market Developments to Watch on October 17

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The stock market is set for a mixed open on October 17 after a volatile Thursday, with the Nasdaq falling as much as 1.4% before recovering to close slightly higher. Altcoins to watch may react as a decline would mark the iShares Semiconductor ETF’s ninth straight loss. Anthropic’s expected IPO valuation dropped to $1.5 trillion from $2 trillion. CoreWeave fell 15.5% on Wednesday and is down more than 5% premarket. Tesla shares rose over 3% after the new Roadster reveal. Netflix is down more than 3% after CCO Bela Bajaria’s exit. UBS raised Cardinal Health’s target to $295, while Morgan Stanley cut Boeing’s to $225. J.B. Hunt had a mixed quarter as costs rose. KeyBanc downgraded Workday to hold. On-chain data shows PepsiCo may lose $500 million as KFC shifts to Coca-Cola.

This is a roundup of stock market developments to watch on Friday. Wall Street is headed for a mixed open this morning after a positive reversal yesterday. The Nasdaq fell as much as 1.4% yesterday amid selling in AI stocks. The Nasdaq recovered to close up 0.08%. A decline today would give the iShares Semiconductor ETF nine consecutive losing sessions.

Reuters reported that some Anthropic investors now expect an IPO valuation closer to $1.5 trillion, down from $2 trillion, over concerns about slowing revenue growth. The share sale is reportedly still planned for November.

CoreWeave shares dropped 15.5% on Wednesday. CoreWeave shares appeared headed for another steep decline yesterday before Nvidia CEO Jensen Huang dismissed concerns about CoreWeave's cost of capital. Nvidia holds a large stake in CoreWeave. CoreWeave shares are down more than 5% premarket despite several analysts defending the company.

Tesla shares are up over 3% this morning after Tesla unveiled a new Roadster. Tesla said the Roadster can accelerate from zero to 60 mph in under a second. The Roadster also has a propulsion system using SpaceX technology that can make the vehicle "fly." Tesla targets production for 2028. Morgan Stanley said the near-term effects on volume and earnings per share are likely negligible. However, Morgan Stanley argued that Tesla's engineering advantage and use of SpaceX technology are hard to ignore.

Netflix shares are down more than 3% premarket after Netflix announced that Chief Content Officer Bela Bajaria will leave the company. Former Disney executive Peter Rice will replace Bajaria, effective Oct. 26. Netflix has lost more than 40% of its value since June 2025 amid concerns about engagement trends and a lack of breakout hits. Netflix reports earnings next Tuesday.

UBS raised its Cardinal Health price target to $295 from $280 and maintained its buy rating. Cardinal Health shares have rebounded since the year-to-date low in May, with an Oct. 1 CVS contract renewal helping restart the rally. The recent market rotation into defensive stocks has also supported Cardinal Health shares. The Club took some profits yesterday but remains positive on Cardinal Health.

Morgan Stanley lowered its Boeing price target to $225 from $250 and maintained its hold rating. Elevated oil prices have contributed to Boeing's difficulties, and oil prices must fall for Boeing shares to gain momentum. CEO Kelly Ortberg's turnaround continues to make progress.

J.B. Hunt reported a mixed quarter as higher labor, fuel and insurance-related costs pressured profitability. J.B. Hunt shares are down about 3% premarket. Wells Fargo cut its J.B. Hunt price target to $285 from $305 and maintained its buy rating. Morgan Stanley lowered its J.B. Hunt price target to $195 from $200 and reiterated its sell rating.

KeyBanc downgraded Workday to hold from buy. KeyBanc analysts expect AI product adoption to take longer. However, the worst selling in software stocks this year has passed. Recent weakness in AI hardware stocks has benefited software stocks.

Bank of America estimates that PepsiCo will lose $500 million in sales because Yum Brands-owned KFC is switching to Coca-Cola. Bank of America analysts said the bigger question is what happens next with Yum's Taco Bell. Pepsi owned KFC and Taco Bell for about a decade before spinning the businesses off in 1997.

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