Russell 2000 rises 1.7% as Wall Street gains broaden and oil falls
Key Facts
The Russell 2000 index of small-cap U.S. stocks rose 1.7% at the close on Tuesday, October 20, 2026, outperforming Wall Street's other major indexes, according to the Associated Press. The Dow Jones Industrial Average climbed 1%, as gains broadened beyond technology stocks in a session supported by corporate earnings and falling oil prices. The broader S&P 500 added 0.3%, finishing higher alongside the industrial average and small-cap stocks. By contrast, the Nasdaq Composite fell less than 0.1%, bucking the gains in the other indexes. The divergence came as volatility in artificial intelligence stocks weighed on the Nasdaq, according to the agency's report on U.S. trading.
Falling oil prices helped the broader U.S. market erase its morning losses, according to the Associated Press, in a turnaround accompanied by gains in shares of companies whose reported results supported trading. Brent crude fell 0.7% to $108.79 a barrel during Tuesday's session, making easing energy prices one of the factors supporting the intraday stock recovery. Among individual companies, Equifax shares jumped 11.3% after it reported earnings that beat analysts' expectations, according to the agency, illustrating investors' response to strong quarterly results. Hasbro shares rose 11.2% in the same session, among the companies whose results supported gains outside the technology sector. According to the agency's report, support from corporate earnings combined with lower oil prices to help most U.S. stocks rise.
In corporate results, SpaceX reported revenue of about $14.6 billion for the third quarter of 2026, up 161% year on year, according to its filing with the U.S. Securities and Exchange Commission. That compared with revenue of $5.6 billion in the third quarter of 2025, as the company expanded its connectivity and superintelligence businesses. The company said in the filing that revenue reached "$14.6 billion, up 161% from $5.6 billion," detailing the increase from the same period a year earlier. SpaceX swung to a net profit of $4.4 billion for the quarter after posting a net loss in the corresponding period. That loss totaled $1.1 billion, according to the same filing, which showed the company's shift from loss to profit on a year-on-year basis.
Business details showed that SpaceX's superintelligence segment generated revenue of $7,560 million in the third quarter, according to tables in the company's regulatory filing. SpaceX cited cloud services agreements among the drivers of growth in the business, which featured alongside the connectivity segment in its quarterly revenue breakdown. Connectivity revenue totaled $5,248 million over the same period, according to the filing, below the superintelligence segment's total. In the connectivity business, Starlink's individual subscriber count reached 13.6 million at the end of the quarter, on September 30, 2026, according to figures released by the company. That subscriber base coincided with connectivity revenue recorded within the company's operations, alongside revenue generated by cloud services agreements in the superintelligence business.
On operating performance, SpaceX's adjusted earnings before interest, taxes, depreciation and amortization totaled about $8.8 billion in the third quarter, according to its filing with the U.S. Securities and Exchange Commission. The metric grew 306% year on year compared with the corresponding quarter a year earlier, alongside the growth the company reported in its businesses. Adjusted earnings before interest, taxes, depreciation and amortization had totaled $2.2 billion in the corresponding period of 2025, according to the same filing. On spending, the company's capital expenditure during the quarter totaled $19.6 billion, according to the Associated Press, as it announced its quarterly financial results. Following the results, SpaceX shares rose 2.2% in after-hours trading, according to the agency, in a response that followed the company's release of revenue and earnings figures.
United Airlines, meanwhile, reported adjusted earnings per share of $2.54 for the third quarter of 2026, according to Reuters, in results that showed the impact of a higher fuel bill on the airline. Earnings per share fell short of analysts' expectations of $2.57, despite the company's year-on-year revenue growth during the period. Quarterly revenue rose 17.4% to a record $17.9 billion, according to the agency's report on the company's results. But fuel expenses jumped about 62% from the same period a year earlier, limiting United's benefit from record revenue growth. For the fourth quarter of 2026, the company expects adjusted earnings per share of between 50 cents and $1.50, according to Reuters, with fuel costs and its ability to protect profit margins remaining a focus for investors.