Morning Brief

US stock futures are little changed as investors weigh lofty valuations, strong earnings, and fresh signs of labor market stress. Qualcomm (QCOM) is the latest big-tech name to get punished despite a solid quarter and upbeat forecast after unveiling a new data center chip. The FAA is reducing US flight traffic by 10% as the government shutdown enters its 37th day, moving to relieve unpaid air traffic controllers amid growing delays and cancellations. New data from Challenger, Gray & Christmas shows that more than 150,000 job cuts were announced in October — the highest for that month since 2003 — with technology, warehousing, and retail leading the way, and year-to-date layoffs now topping 1 million amid cost-cutting and AI-driven restructuring. Federal officials, including Governor Steven Myron and New York Fed president John Williams, speak today as markets continue to price in a December rate cut without official job data. The AI trade remains central, with Nvidia (NVDA), Intel (INTC), Alphabet (GOOG), Meta (META), and Micron (MU) in focus. At the Supreme Court, justices sounded skeptical of President Trump’s use of emergency powers to impose key “Liberation Day” tariffs. This ruling could upend nearly $200 billion in tariff revenue and reshape his economic agenda. Auto stocks like General Motors (GM), Ford (F), Stellantis (STLA), and Tesla (TSLA) have been climbing on hopes for tariff relief as Tesla shareholders prepare to vote this afternoon on Elon Musk’s proposed $1 trillion pay package and a potential investment in his xAI startup. In trending tickers, Marvell Technology (MRVL) jumps on reports SoftBank weighed a takeover and Arm combo, Duolingo (DUOL) slumps on a weak bookings outlook, and ConocoPhillips (COP) rises after beating earnings, hiking its dividend, and boosting its production forecast. Takeaways: October layoffs hit 150,000 — the highest since 2003 — with tech, warehousing, and retail leading more than 1 million cuts year to date FAA to cut flight volume by 10% as the government shutdown reaches day 37 and air traffic staffing strains worsen Fed officials Myron, Hammack, Williams, and others speak as markets bet on a December rate cut without an official jobs report Supreme Court hears challenge to Trump’s emergency tariffs, putting nearly $200B in revenue and key trade pillars at risk Tesla shareholders vote today on Elon Musk’s $1T pay package and a proposed xAI investment; Marvell, Duolingo, and ConocoPhillips move on deal and earnings headlines Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Learn more about your ad choices. Visit megaphone.fm/adchoices

US stocks are bouncing off session lows after a sharp tech and chip sell-off wiped about $500 billion in market value from the Philadelphia Semiconductor Index. AMD (AMD) is under pressure even after beating on revenue, profit, and guidance across data center, client, and gaming, as Wall Street questions lofty AI valuations following blockbuster deals with OpenAI and Oracle. Super Micro Computer (SMCI) sinks after missing earnings despite already cutting guidance, adding to worries that AI infrastructure demand isn’t translating into the blowout server sales investors expected. A fresh read on the labor market from ADP showed 42,000 private payrolls added last month, while September was revised to 29,000 jobs lost, underscoring a still-fragile hiring backdrop. On the consumer front, McDonald’s (MCD) reported another quarter of strong US same-store sales, powered by the return of its $3.99 Snack Wrap and new $5 and $8 value meals — but the “K-shaped” economy is in full view, with lower-income traffic falling nearly double digits. At the same time, visits from higher-income individuals rise by a similar amount. Cava (CAVA) also saw comps rise but cut its full-year outlook as 25–35 year-old diners pull back under the weight of student loans, housing, and healthcare costs. Bitcoin (BTC-USD) is trading back above $100,000 after briefly breaking below the key level for the first time since June, still down roughly 20% from last month’s record as “whales” — long-term holders — dump as much as 400,000 coins in a month. In trending tickers, Novo Nordisk (NVO) cut its obesity-drug outlook again while battling Pfizer (PFE) for startup Metsera, IBM (IBM) plans thousands of job cuts as it leans harder into software and services, and Pinterest (PINS) slumps on a soft revenue outlook and AI-ad worries despite launching its new Pinterest Assistant shopping tool. Wall Street also digests the election of Democratic Socialist Zoran Momani as New York City mayor, with leaders like Bill Ackman, Jane Fraser, and Jamie Dimon pledging to work with City Hall, and investors tuning in for Fed Governor Steven Myron’s interview on the path of interest rates. Takeaways: AMD beats across the board but slides as investors reassess lofty AI chip valuations; Super Micro misses again and deepens AI hardware jitters Bitcoin drops below $100,000 as long-term “whales” dump holdings, with support eyed near $95,000 and catalysts tied to liquidity and the shutdown McDonald’s Snack Wrap and value deals drive US comps, but lower-income visits fall sharply as higher-income traffic powers a K-shaped consumer Cava trims same-store sales guidance as younger diners feel the pinch from loans, housing, and inflation Novo Nordisk, IBM, and Pinterest move on guidance cuts, layoffs, and AI advertising concerns amid broader questions about market concentration and bubble risk Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Please email us at [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

US stock futures are under pressure as Palantir (PLTR) slides despite beating on earnings and raising its full-year outlook, with investors balking at its lofty valuation after a 170% year-to-date run. The AI favorite is also under fresh scrutiny after “Big Short” hedge fund manager Michael Burry disclosed prominent put positions against both Palantir and Nvidia (NVDA), stoking fears of an AI bubble and a broader tech pullback. Uber (UBER) stock fell after missing on operating income and issuing softer guidance, while Pfizer (⁠PFE⁠) raised its 2025 profit forecast but faces a challenge to its planned Metsera obesity-drug deal from Novo Nordisk (NVO). In Washington, the government shutdown has now tied the record at 35 days, with 40 million low-income Americans at risk of losing SNAP benefits before a judge-ordered round of partial payments, and the Supreme Court is set to hear a significant case on the legality of Trump-era tariffs. Voters head to the polls in key state elections in Virginia, New Jersey, and New York as the political landscape for tariffs and the broader economic agenda takes shape. Takeaways: Palantir stock sinks on valuation fears despite strong earnings and guidance Michael Burry takes prominent bearish options positions against Nvidia and Palantir, flashing an AI bubble warning Uber misses on operating income; Pfizer lifts 2025 outlook as Novo Nordisk contests its Metsera deal Government shutdown hits day 35, threatening SNAP benefits and setting records Supreme Court tariff case and state elections could reshape Trump’s economic and trade agenda Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Please email us at [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

US stocks kick off November on a positive note after October marked a sixth straight month of gains, with futures higher ahead of a big week for earnings from AMD (AMD), Palantir (PLTR), and Qualcomm (QCOM). Berkshire Hathaway (BRK-B) reported strong insurance results and a record $381.7 billion cash pile, but no share buybacks — a sign Warren Buffett may still see the stock as expensive as he prepares to step down as CEO at year-end, handing the role to Greg Abel while remaining chairman. In consumer staples, Kimberly-Clark (KMB) is buying Tylenol maker Kenvue (KVUE) for $40 billion in a deal that would vault it past Unilever (UL) as the No. 2 global health-and-wellness player. Fed officials remain sharply divided on whether to cut rates again in December after two straight moves, with hawks warning about sticky inflation and doves arguing for more easing. Meanwhile, Tesla (TSLA) shareholders prepare to vote Thursday on Elon Musk’s proposed $1 trillion pay package, and breaking news hit that OpenAI has signed a $38 billion cloud deal with Amazon (AMZN) Web Services to tap Nvidia GPUs as part of a broader AI capex boom that already tops $400 billion for 2025. In trending tickers, Australia-based AI data center operator Iris Energy (IREN) struck a $9.7 billion cloud capacity deal with Microsoft (MSFT), and Pfizer (PFE) is suing to block Novo Nordisk’s (NVO) bid for obesity-drug startup Metsera. Takeaways: Berkshire’s cash hoard hits a record $381.7B with no buybacks as Buffett prepares CEO handoff to Greg Abel Kimberly-Clark to buy Kenvue for $40B, aiming to leapfrog Unilever in health and wellness Fed officials split on a December rate cut after two straight moves lower OpenAI signs $38B cloud deal with AWS; Microsoft inks $9.7B AI capacity pact with Iris Energy Tesla faces high-stakes shareholder vote on Elon Musk’s proposed $1T pay package Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Email us at [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

US stocks edge lower after a busy night of earnings and policy headlines. President Trump and China’s Xi Jinping agreed to a one-year trade truce at their meeting in South Korea, cutting fentanyl-related tariffs in half while China resumes rare-earth exports and soybean purchases worth 12 million metric tons — about 10% of the U.S. annual crop. The deal pauses further escalation but keeps the average U.S. tariff rate near 47%. Markets reacted coolly as investors stayed focused on Big Tech earnings and Fed policy. Alphabet (GOOG) jumped after a surge in AI-driven cloud revenue, while Meta (META) fell as its CapEx outlook ballooned to up to $72B for 2025. Microsoft (MSFT) rose after CFO Amy Hood said demand remains “capacity constrained,” even after billions in AI infrastructure spend. Meanwhile, Fed Chair Jerome Powell signaled caution after delivering another 25 bp rate cut, warning that “a further reduction in December is not a foregone conclusion.” The market slashed odds of another cut to 60% as internal Fed divisions widen. Takeaways: US and China reach one-year trade truce; tariffs cut on fentanyl goods, soybean purchases resume Fed cuts rates but warns no preset path; December cut odds fall sharply Big Tech CapEx explodes 89% year-over-year — AI spending dominates Q3 Alphabet rallies on strong cloud results; Meta sinks on CapEx surge Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Email us at [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices