S&P 500 – 6,890.89 (+0.23%)

Dow Jones – 47,706.37 (+0.34%)

NASDAQ – 23,827.49 (+0.80%)

• Stocks Hit Records Led by Nvidia: U.S. stocks hit more records this week, with Nvidia leading the charge as tech investors continue to pour into AI-driven growth.
• States File Lawsuit to Preserve SNAP Benefits: More than two dozen states sued the Trump administration to keep food aid flowing amid the ongoing government shutdown, which is now in its fifth week.
• Qualcomm Surges on Bold AI Chip Push: Qualcomm rallied 15% after unveiling new AI data center chips, challenging Nvidia and AMD while signaling a major expansion beyond smartphones.
• Airbnb Deploys Anti-Party Tech for Halloween: The platform rolled out enhanced anti-party technology to block high-risk bookings across the U.S. and Canada during the Halloween weekend.
• Dodgers Win 18-Inning Epic: The Dodgers outlasted their rivals in a marathon 18-inning World Series classic, capped by Freddie Freeman’s walk-off home run, showcasing endurance and teamwork.
• Lucid Partners with Nvidia on Self-Driving Cars: Lucid teamed up with Nvidia to pioneer ‘mind-off’ Level 4 autonomous vehicles, allowing drivers to engage in activities while the car handles the road under normal conditions.
• Trump Prepares for Asia-Pacific Talks: President Trump is scheduled to meet with several Asian leaders this week, including China’s Xi Jinping and Japan’s Prime Minister Sanae Takaichi, at the Asia-Pacific Economic Cooperation conference.
• Keurig-Dr Pepper Beats Expectations: Keurig-Dr Pepper (KDP) surged after posting stronger-than-expected quarterly results, driven by a 1.5% rise in U.S. coffee sales and a 10.5% jump in international revenue.
• Rare Earth Stocks Retreat: Shares of Critical Metals (CRML), MP Materials (MP), and USA Rare Earth (USAR) fell amid speculation that a potential trade deal could make Chinese rare earth materials more accessible to U.S. buyers.
• Bitcoin Futures Jump on Trade Optimism: Bitcoin futures (/BTC) climbed on hopes of a possible U.S.-China trade deal, lifting crypto-related stocks such as Coinbase (COIN), MicroStrategy (MSTR), and Circle Internet Group (CRCL).
• U.S. Treasuries and Commodities Mixed: Treasuries remain steady with the 10-year yield near 4%, WTI crude eased to $61 a barrel, gold fell below $4,000 per ounce, and the dollar held firm against major currencies.
• Tesla Jumps on Trade Optimism: Tesla (TSLA) rallied as investors cheered renewed hopes for improved trade relations with China, a key market for both production and sales.
• PayPal Integrates with ChatGPT: PayPal (PYPL) advanced after announcing plans to integrate its digital wallet with ChatGPT through a partnership with OpenAI.
• Apple Hits $4 Trillion Market Cap: Apple (AAPL) notched an all-time high, crossing a $4 trillion valuation for the first time.
• Nvidia CEO Unveils Major AI Partnerships: Nvidia (NVDA) CEO Jensen Huang highlighted partnerships with Uber, Palantir, and CrowdStrike, projecting $500 billion in revenue for the company’s AI chips through 2026.
• OpenAI Deal Gives Microsoft 27% Stake: OpenAI is expected to give Microsoft (MSFT) a 27% stake, paving the way for a for-profit model.
• Amazon Cuts Corporate Roles: Amazon (AMZN) edged higher after confirming plans to eliminate roughly 14,000 corporate positions, fewer than 10% of its global corporate workforce.
• UnitedHealth Exceeds Expectations: UnitedHealth Group (UNH) topped earnings estimates and raised guidance, with medical cost trends coming in below forecasts, boosting sector peers like Humana (HUM).
• UPS Beats Estimates and Raises Guidance: UPS (UPS) surged after exceeding profit targets and issuing strong fourth-quarter revenue guidance, noting $2.2 billion in savings from its ongoing turnaround plan.
• D.R. Horton Misses Earnings: D.R. Horton (DHI) slipped after missing quarterly earnings expectations despite higher revenue, citing affordability constraints and cautious consumer sentiment.
• Skyworks Solutions to Merge with Qorvo: Skyworks Solutions (SWKS) jumped after agreeing to a $22 billion merger with Qorvo (QRVO), uniting major suppliers of Apple iPhone components.
• Wayfair Beats Analyst Expectations: Wayfair (W) gained after surpassing earnings and revenue estimates, with U.S. sales up 8.6% year-over-year, though the company still posted a net loss.
• Royal Caribbean Falls Despite Strong Results: Royal Caribbean (RCL) declined despite topping quarterly estimates, as investors appeared unimpressed with the company’s updated guidance.

_____________________________________________________________

"Never let the fear of striking out keep you from playing the game." 

— Babe Ruth

_____________________________________________________________

Notable Stocks

•  Apple (AAPL)
• Nvidia (NVDA)
• Intel (INTC)
• PayPal (PYPL) 
• AMD (AMD)

Weekly Notables

Qualcomm Jumps 15% on Announcement of New AI Data Center Chips to Rival Nvidia and AMD

Qualcomm (QCOM) surged on Monday after unveiling new artificial intelligence accelerator chips designed for data centers, entering a market long dominated by Nvidia and closely contested by AMD. The AI200, set for 2026, and AI250, planned for 2027, can be deployed in full, liquid-cooled server racks, providing the high compute power needed to run advanced AI models.

Dodgers Dug Deep to Win an 18-Inning Thriller

The Dodgers’ bullpen wasn’t supposed to have anything left. Yet somehow, after nearly seven hours and 18 grueling innings, they delivered one of the most improbable wins in World Series history. Freddie Freeman ended the marathon with an 18th-inning walk-off home run, giving the Dodgers a 6–5 victory and a 2–1 Series lead in a game that lasted six hours and 39 minutes. But this night belonged as much to the unsung arms that made it possible. Will Klein, a journeyman reliever who began the season in the minors, threw four scoreless innings as the Dodgers’ final bullpen option — a performance that redefined “above and beyond.”

Earnings Spotlight: Microsoft (MSFT)

Microsoft reports its FY1Q26 earnings on October 29. Two major firms have weighed in with optimistic outlooks ahead of the release. Wedbush analyst Daniel Ives maintains his Buy rating with a $625 price target. TD Cowen also reiterates its Buy rating with a $640 price target. Both analysts see Microsoft pulling ahead in the enterprise AI race against Amazon and Google. 

What to Watch Ahead:

Magnificent 7 earnings are in focus. Alphabet (Google), Meta (Facebook), and Microsoft are scheduled to report earnings on Wednesday, followed by Amazon and Apple on Thursday. 

The Federal Open Market Committee (FOMC) concludes its October meeting on Wednesday, with markets widely anticipating a 25-basis-point rate cut, bringing the federal funds rate to 3.75%-4.0%. 

• Wednesday (Oct. 29): Advanced International Trade in Goods, Advanced Retail Inventories, EIA Crude Oil Inventories, FOMC Rate Decision, MBA Mortgage Applications Index, Pending Home Sales. Earnings from Agnico Eagle Mines Ltd. (AEM), Alphabet, Inc. (GOOGL), Automatic Data Processing (ADP), Boeing Co. (BA), Caterpillar, Inc. (CAT), CVs Corp. (CVS), Meta Platforms, Inc. (META), Microsoft Corp. (MSFT), Starbucks (SBUX), ServiceNow, Inc. (NOW), Verizon Communications, Inc. (VZ).
• Thursday (Oct. 30): Continuing Claims, EIA Natural Gas Inventories, Q3 GDP Advanced Reading, Initial Claims. Earnings from Amazon.com, Inc. (AMZN), Apple, Inc. (AAPL), Anheuser-Busch Inbev SA (BUD), Coinbase Global, Inc. (COIN), Comcast Corp. (CMCSA), Eli Lilly & Co. (LLY), Gilead Sciences, Inc. (GILD), Mastercard, Inc. (MA), Merck & Co., Inc. (MRK).
• Friday (Oct. 31): Chicago Purchasing Managers' Index (PMI), Employment Cost Index, personal consumption expenditures (PCE) Prices, PCE Prices -Core, Personal Income, Personal Spending. Earnings from Abbvie Inc. (ABBV), AON PLC (AON), Canadian National Railway Co. (CNI), Chevron Corp. (CVX), Colgate-Palmolive Co. (CL), Dominion Energy, Inc. (D), Exxon Mobil Corp. (XOM), WW Grainger, Inc. (GWW).