Our top 10 things to watch in the stock market Thursday

The Club's top 10 things to watch Thursday, Oct. 22 — Today's newsletter was written by portfolio director Jeff Marks and Club editor Kevin Stankiewicz. 1. Stock futures are selling off this morning, pulled down by post-earnings declines in Club name Meta Platforms and Tesla . Chip stocks are weak too. Oil isn't helping, with international benchmark Brent crude up 2% to roughly $111 a barrel on concerns about escalating Middle East tensions. Bond yields are lower. Flight to safety? 2. Nvidia CEO Jensen Huang reiterated that the fundamentals of neoclouds like CoreWeave remain strong, telling CNBC's Arjun Kharpal at GTC Berlin that "if you look at the fundamentals, the demand for the neoclouds is off the charts." Huang acknowledged that there is a "scarcity of capital" right now, but said "that's going to get solved." Nevertheless, CoreWeave shares are off almost 4% premarket. 3. Meta is down 3%, erasing last night's post-earnings pop . Revenue growth of 26% was stronger than expected, and the Q4 outlook was better too. More than 10 million people in the U.S. and Canada are using Muse personal agents, and about 25% of those people are using Muse on any given day. Low end of its 2026 capex guide was raised and expect a lot more investments in 2027. No announcement on an equity raise to fund AI investments, but Meta is creating a new class of non-voting stock, which could be a source of funds in the future. 4. Tesla is down 4% despite a better-than-expected third quarter. Total revenue was down slightly year over year, but adjusted EPS beat expectations. Elon Musk's EV maker continues to aggressively invest in AI initiatives, including Optimus humanoid robots and robotaxis. However, the company cut its capex outlook by $5 billion to $20 billion to operate within its cash flows. Shares rose 3.4% yesterday in reaction to strong earnings from Musk's SpaceX, which it could merge with as soon as the end of this year. 5. Lam Research is down almost 9% this morning after the maker of wafer-fabrication equipment's guidance for the current quarter failed to meet elevated expectations. That's dragging other stocks across the semiconductor complex, including Club names Micron , Intel and Qnity Electronics . Worth noting: Lam CFO Doug Bettinger said the revenue guide would've been higher if not for near-term supply constraints. A handful of price target cuts, including at Morgan Stanley and Citi. 6. IBM is down almost 7% despite reporting a top and bottom line beat last night. As Stifel put it, the print was a "return to stability" for Big Blue after a horrible second-quarter preannouncement in July that led to the stock's worst day ever. About two-thirds of the large software deals that slipped from Q2 have now been closed. Modest growth in consulting revenue. However, we saw multiple analysts indicate the debate around IBM is what 2027 growth will look like. Hard to answer that right now. 7. Honeywell Technologies is holding up better than the broader market after the industrial company reported a top-line miss but an earnings beat for the third quarter. Organic sales increased 7%, driven by strength in its building automation and process automation and technology segments. The company raised the midpoint of its full-year adjusted EPS outlook to a new range of $8.40 to $8.45. That's above the consensus of $8.31. Full-year organic sales growth was also positively revised to 4% to 5% (from 3% to 4%). 8. American Airlines is down 4% after the carrier guided to a much bigger full-year loss. Like the other airlines, high fuel costs are a drag. American's quarterly revenue beat. Premium strong. Southwest Airlines reported quarterly beats but lowered full-year guidance. Fares are up at Southwest on fuel costs. Starting to see cracks in expensive flights there. The stock is down roughly 1%. 9. Solid quarter from Procter & Gamble , sending shares up over 2%. Also a good morning for defensive stocks overall as the AI trade wobbles. P & G's revenue and earnings per share topped consensus, as did organic sales, which grew 4% when the Street was looking for 2.4%. Best quarter of organic growth for P & G in almost three years. We like Kimberly-Clark in the consumer staples group due to its looming catalyst of acquiring Kenvue . 10. Other notable earnings movers: Railroad operator CSX is moving higher after the company reported better-than-expected earnings. Defense giant Lockheed Martin is higher after a beat-and-raise print. Spotify is bouncing as investors focus on the audio streamer's improved gross margins. Dow Inc is higher after an earnings beat. Sign up for my Top 10 Morning Thoughts on the Market email newsletter for free (See here for a full list of the stocks at Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. 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