Jio Platforms Limited closed its u20b930,213 crore IPO with total demand including anchor investors exceeding u20b97.4 lakh crore, and received a record 1.39 crore applications, becoming the world's first IPO to cross the one-crore application mark, closing at 22.19 times subscription. The company behind Reliance Jio's mobile network, home broadband and a growing line-up of AI-powered products filed its Draft Red Herring Prospectus with SEBI on June 19, 2026. The allotment is expected October 26 with listing on BSE and NSE set for October 28.
U.S. equities fell Friday as rising oil prices and renewed inflation concerns weighed on sentiment, with the Dow Jones Industrial Average dropping 1.23%, the S&P 500 down 0.52%, and the Nasdaq 100 slipping 0.21%. Oil prices climbed sharply as concerns about supply disruptions in the Middle East returned to the forefront, with Brent crude rising more than 3% to settle around $116.72 per barrel and U.S. crude moving back above $100, as tensions involving Iran and concerns about disruptions to global energy shipments rose.
Investors enter the week of October 26 facing several important developments including the Federal Reserve's upcoming interest rate decision, another round of major technology earnings, and continued volatility in energy prices, with oil remaining a major focus. The increase in oil prices is particularly significant because U.S. borrowing costs remain elevated, and with the 10-year Treasury yield near 5%, another round of energy-driven inflation could complicate the Federal Reserve's efforts to bring price pressures under control.
Brent crude above $116 per barrel and the 10-year Treasury yield near 5% raise inflation concerns heading into the Federal Reserve's October 28 policy decision. Indian equities resumed their downtrend after two consecutive weeks of gains, with benchmark Nifty50 falling 2.4% as elevated crude oil prices and persistent foreign fund outflows weighed on sentiment, while Brent crude prices breached $117 per barrel, keeping concerns over India's energy import bill and the potential impact on inflation and corporate margins in focus.
CRH announced it has completed its acquisition of Arcosa for a total enterprise value of approximately $8.5 billion, with the completed acquisition highly complementary to CRH, advancing the company's aggregates-led, connected portfolio strategy and reinforcing CRH's position as the leader in U.S. and global aggregates while increasing its exposure to demand from major road, water, energy and data projects.
Replit shifted most of its AI spending from Anthropic to OpenAI after OpenAI offered a discount of more than 30% on its model prices as part of a contract worth more than $100 million annually, representing a significant competitive win for OpenAI and pricing pressure at Anthropic. The decision was made for a number of different reasons including cost, with the shift potentially significantly reducing Replit's spend with Anthropic since most customers stick with the default rather than selecting a model themselves.
2026 already beat 2025 in layoffs, with larger reductions per company than at any point since 2022, and AI cited in more than a third of cuts, with 131,937 tech jobs cut. Since mid-August, about 5,449 more employees at 43 more companies were added to the tracker, working out to roughly 127 people per company, a much smaller average, indicating the late-2026 wave is reaching smaller companies.
Meta has been ordered by Brazil's electoral court not to interfere with the distribution of political or election-related content after President Luiz Inu00e1cio Lula da Silva's campaign accused it of repeatedly and systematically failing to deliver his content to users across its platforms. To comply with federal electoral regulations, Meta temporarily prohibited Meta AI from recommending candidates or generating images of them in Brazil, with an independent study finding Meta AI barely ranked anything during their tests, though a Meta AI incident on October 14 resulted from a narrow gap in product functionality rather than political bias, with Meta presenting a detailed defense supported by technical data.
Capital efficiency has become the new benchmark for startup success, with io.net hitting $1 billion valuation on just $30 million raised (33x multiple) and ElevenLabs reaching $6.6 billion on $281 million (23x multiple). io.net reached a $1 billion valuation on $30 million raised, and Clipboard Health hit $1.3 billion on $94.1 million, with capital-light models in software, AI and strong consumer brands showing the best valuation multiples.
The Federal Reserve's policy decision on Wednesday, October 28, and another round of major technology earnings will dominate business focus this week. For small and mid-sized operators, the combination of elevated oil prices and uncertainty around interest rates creates both risk and opportunity: supply chain costs are under pressure, but weakening growth could ultimately ease pressure on borrowing costs. The current wave of AI-driven cost cuts is increasingly reaching smaller companies, meaning founders should now assume that competitors are running leaner operations with fewer people and more automation.
The week ahead demands focus on two variables: whether the Fed signals rate cuts to ease inflation concerns, and whether oil prices stabilize or spike further. Businesses reliant on transportation, energy inputs, or credit access should have contingency plans ready, particularly given the number of major earnings reports and economic data releases scheduled between now and Friday.