S&P 500 – 6,728.80 (+0.13%)

Dow Jones – 46,987.10 (+0.16%)

NASDAQ – 23,004.54 (-0.21%)

• Markets Edge Higher Despite Nasdaq Slump: Equity markets closed mostly higher on Friday, even as technology and communication services dragged the Nasdaq into a modest decline.
• Tesla Shareholders Approve Musk’s $1 Trillion Pay Package: Investors at Tesla’s annual meeting overwhelmingly approved a record-breaking stock-based pay plan for CEO Elon Musk, potentially making him the world’s first trillionaire if ambitious targets are met.
• Supreme Court Pauses SNAP Benefits Order: The Supreme Court temporarily blocked a lower court ruling that required the Trump administration to pay full SNAP benefits to 42 million Americans, as legal challenges continue during the ongoing government shutdown.
• FAA Flight Cancellations Expected to Worsen Amid Shutdown: Airlines face deeper flight cuts next week as federal aviation staff continue working without pay, with reductions set to rise from 6% to 10% at 40 major U.S. airports.
• Pfizer Wins $10 Billion Battle for Metsera: Pfizer secures the acquisition of obesity drug developer Metsera after rival Novo Nordisk exits, gaining a strategic foothold in the growing weight-loss drug market.
• Dodgers’ Vesia Shares Tragic Loss of Daughter Sterling: Alex Vesia missed the World Series after the death of his infant daughter; the Dodgers honored him during their championship run while fans and players offered support.
• Economic Data Shows Mixed Signals Amid Shutdown: ISM Manufacturing PMI came in slightly below expectations at 48.7, while Services PMI climbed to 52.4. ADP reported 42,000 private payroll gains, though Challenger layoffs rose to 153,000. University of Michigan Consumer Sentiment fell to 50.3, marking the second-lowest reading ever.
• Equities Maintain Strong 2025 Performance: The S&P 500 is up 15.5% year-to-date, continuing robust gains after 25%+ increases in 2023 and 2024.
• Bond Markets Steady; 10-Year Yield Near 4.1%: Treasury yields held firm on Friday, signaling cautious optimism among investors.
• Corporate Moves and Earnings Highlights: Constellation Energy (CEG) reported mixed results. Mastercard partners with Gemini and Ripple to explore RLUSD stablecoin payments. Nvidia slipped 13% from its October high amid valuation concerns. Lyft (LYFT), Datadog (DDOG), Affirm (AFRM), Expedia (EXPE), and Airbnb (ABNB) posted strong earnings, while PENN Entertainment (PENN) dropped due to ESPN ending their betting partnership.
• Travel and Airlines React to Shutdown: United Airlines (UAL) and Delta (DAL) slipped amid FAA-mandated flight reductions.
• Crypto Retreats Amid Risk-Off Sentiment: Bitcoin and crypto-related stocks fell as market caution weighed on digital assets.

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“The rich get richer and the poor get poorer.” – Percy Bysshe Shelley

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Notable Stocks

• Nvidia (NVDA)\
• Expedia (EXPE)
• Lyft (LYFT)
• Tesla (TSLA)
• United Airlines (UAL)

Weekly Notables

Tesla Shareholders Approve Elon Musk’s Historic $1 Trillion Pay Package

Elon Musk is now one step closer to becoming the world’s first trillionaire. At Tesla’s annual shareholder meeting on Thursday, investors overwhelmingly approved a record-shattering pay package that could ultimately be worth as much as $1 trillion to Musk — the largest in corporate history. Tesla announced that more than 75% of votes cast supported the compensation plan, which excludes the 15% stake Musk already owns in the company. When the results were read aloud, shareholders erupted in cheers and chants, with Musk grinning as he thanked them: “I super appreciate it,” he said.

Pfizer Wins $10 Billion Bidding War for Metsera as Novo Nordisk Exits

Pfizer has secured a $10 billion deal to acquire obesity drug developer Metsera, ending an intense biotech bidding war with Danish rival Novo Nordisk. Metsera accepted Pfizer’s sweetened offer late Friday, citing U.S. antitrust risks tied to Novo’s competing bid, which it had previously deemed superior. Novo confirmed Saturday that it would withdraw from the contest, handing Pfizer the victory.

Earnings Spotlight: Barrick Mining Corp. (B)

Barrick Mining is set to release its quarterly earnings on November 10th, with analysts forecasting earnings of $0.60 per share and a revenue of $4.1956 billion. The company reported a revenue increase of 16.4% year-over-year in its last earnings release, alongside earnings per share of $0.47. Institutional investors hold 90.82% of Barrick Mining's stock, indicating strong institutional interest in the company.

What to Watch Ahead:

Economic:

• Monday (Nov. 10): no reports
• Tuesday (Nov. 11): no reports
• Wednesday (Nov. 12): EIA Crude Oil Inventories, MBA Mortgage Applications Index
• Thursday (Nov. 13): Continuing Claims, Consumer Price Index (CPI), EIA Natural Gas Inventories, Initial Claims, Treasury Budget
• Friday (Nov. 14): Business Inventories, Producer Price Index (PPI), Retail Sales

Earnings:

• Monday (Nov. 10): ASTS SpaceMobile Inc. (ASTS), Barrick Mining Corp. (B), CoreWeave Inc. (CRWV), Occidental Petroleum Corp. (OXY), Rigetti Computing Inc. (RGTI), Rocket Lab Corp. (RKLB), Tyson Foods Inc. (TSN), Venture Global Inc. (VG)
• Tuesday (Nov. 11): Amdocs Ltd. (DOX), Anglogold Ashanti PLC (AU), Beyond Meat Inc. (BYND), CAE Inc. (CAE), Camtek Ltd. (CAMT), Nebius Group NV (NBIS), Oklo Inc. (OKLO), Sea Ltd. (SE), Sony Group Corp. (SNY)
• Wednesday (Nov. 12): Circle Internet Group Inc. (CRCL), Cisco Systems Inc. (CSCO), Flutter Entertainment PLC (FLUT), Globalfoundries Inc. (GFS), Manulife Financial Corp. (MFC), ON Holdings AG (ONON), Pan America Silver Corp. (PAAS), TransDigm Group Inc. (TDG), Tencent Music Entertainment Group (TME)
• Thursday (Nov. 13): Applied Materials Inc. (AMAT), Bilibili Inc. (BILI), Brookfield Corp. (BN), Credicorp Ltd. (BAP), Dillard's Inc. (DDS), Ecopetrol SA (EC), JD.com (JD), NetEase Inc. (NTES), Walt Disney Co. (DIS)
• Friday (Nov. 14): Alibaba Group Holding Ltd. (BABA), LATAM Airlines Group SA (LTM), Legence Corp. (LGN), RLX Technologies Inc. (RLX), Spire Inc. (SR)