Evening Headlines

Around X:

• @Business 

• Wall Street closed out October on a high. AI optimism, solid earnings, and easier financial conditions lifted stocks to their sixth consecutive month of gains while credit just notched its third straight advance. 
• Hedge funds cut their bearish position on Brent crude by the most on record after the US imposed sanctions on Russia’s biggest oil companies, threatening exports from the OPEC+ producer just as the market was adjusting to the reality of oversupply.
• Universities are desperate to find new ways to generate revenue to pay for their sports departments.
• China is scrapping a long-standing gold tax incentive in a potential setback for consumers in one of the world’s top bullion markets.

• @Zerohedge 

• Drug Smuggling Surges On Amazon Waterways, Driving Brazil–U.S. Tensions.
• After providing political cover for Zelensky for 3.5 years and dismissing all criticism as "Russian propaganda", Politico shifts the narrative ahead of Zelensky's downfall.
• Rep. Troy Balderson Is Right: Coal And Gas Drive Affordable, Reliable, And Clean Energy.
• 'The Narrowness Of The Market Is Only Getting More Extreme': Top Goldman Trader Tells The Macro/Micro Story Of The Market Today.
• Watch: Vance Says US Put 'Leverage' On Israel When Challenged By MAGA Hat-Wearing Student.
• Global Money Markets Are Flashing Signals Liquidity Is Drying Up.
• Republicans Are Walking Into A Trap On Section 230 Repeal.
• After Prez Urges 'TRUMP CARD', Mike Johnson Warns Democrats Will Wreak Havoc If GOP Kills Filibuster.
• WALLER: ALL THE DATA ARE SAYING WE SHOULD CUT RATES IN DECEMBER.
• Republicans' Surprising Performances In Key Governor Races. 
• 'Uptober' For Stocks & Bonds As Rate-Cut Odds Tumble But Bitcoin Breaks Six-Year Win-Streak.       

• @WSJ

• Robots are coming to a town near you—deployed by cities to do work that is labor-intensive, repetitive or dangerous for humans.
• Amid the wild surge in AI spending, investors in listed companies are making the same demand they have for years: Show me the money. 
• From @WSJopinion: The climate conformity caucus is breaking up at long last, and the latest evidence is a change of mind by none other than Bill Gates.

• @CNBC 

• Gaming billionaire: Prepare for AI to 'completely disrupt everything' across the industry.
• Musk teases Tesla Roadster demo by year-end. He's been hyping a new one since 2017.

• @MarioNawfal

• ELON: BILL GATES IS NOT STRONG IN THE SCIENCES. “You’d think that someone like Bill Gates, who started one of the biggest technology companies in the world, Microsoft, would be really strong in the sciences. But in my direct conversations with him, he’s not. He is not strong in the sciences.” (video)

• @BennyJohnson

• If you watch one thing today, let it be this… Elon Musk goes on Joe Rogan and tears the mask off, exposing exactly why Democrats are prolonging the government shutdown and fighting to keep the money flowing to criminal aliens: “The Democratic Party wants to destroy democracy by importing voters.” “The reason you have this standoff is because if the hundreds of billions of dollars to create a financial incentive to like to have this giant magnet to attract illegals from every part of Earth to these states, if that is turned off, the illegals will leave because they're no longer being paid to come to the United States and stay here.” “They will lose a lot of voters. The Democratic Party will lose a lot of voters. (video)

• @ABridgen

• Who elected Blackrock CEO Larry Fink to make these decisions which affect everyone on the planet ? They are not even pretending we have democracy now. It’s going to get darker yet. (video)

• @MJTruthUltra

• My mind is blown… Elon Musk: New York, Illinois, and California would go completely BANKRUPT without the massive Fraudulent Payments that go to those states in Medicaid Funds for Illegal Aliens. How? “They wouldn’t be able to balance the state budgets and they can’t issue currency like the Federal Reserve can…The scam level here is so staggering…. There is hundreds of billions of dollars of transfer payments from the federal government to the states. Those states self-report what those transfer payments should be. So California, New York, and Illinois lie like crazy and say these are all legitimate payments.“ (video)

• @matt_vanswol

• HOLY CRAP!!!! A left-wing group in North Carolina has just been exposed for offering to PAY $100 PER PERSON TO VOTE FOR DEMOCRATS!!!!! "I can't afford my electric bill. How long till I get the money after I vote?" "Each candidate will pay you $100 for your vote..." WHAT?!! (pic)

• @MichaelAArouet

• Amazing chart, Venezuela used to be wealthier than Poland. Poland introduced capitalism & free market principles, Venezuela followed socialism. Free market makes people wealthier, socialism always ends in bitter poverty and misery. Why are young people so fascinated by socialism? (graph)

• @Geiger_Capital

• This is Canada's top military general. She is crying while apologizing for systemic racism and discrimination in their forces. A deeply unserious country. This is how Western civilization dies. (video)

• @GenFlynn

• Nov 5th is scheduled to be the beginning of the communists revolution and insurrection to drive the duly elected President out of office. They are deadly serious. This is an actual insurrection! I pray that people inside of the @realDonaldTrump administration are paying attention. (video)

• @itscarterhughes

• HOLY COW: Virginia Gov. Glenn Youngkin has issued an Executive Order removing illegal aliens from VA voter rolls and established a procedure to prosecute, per VPM. Youngkin has endorsed Winsome Sears. Do you support this move he made?

• @RonDeSantis

• 4 years ago and for the first time in Florida state history, the number of registered Republicans equaled the number of registered Democrats. Since October 2021, Republicans have increased the registration advantage over the Democrats by 1.4 million. This is the most dramatic red shift in the modern history of the GOP.

• @DC_Draino

• Holy shit. People need to go to prison. The Palisades fire was intentional.

• @BasedSamParker

• BREAKING: Utah has denied an official GRAMA request for the Charlie Kirk autopsy report--by ignoring it. GRAMA (Government Records Access and Management Act) is the Utah equivalent of a FOIA. (pic)

• @ProjectConstitu

• BREAKING: Candace Owens CALLS OUT KASH PATEL, DISPROVE ME—Why'd That EGYPTIAN MILITARY PLANE Ghost Provo On The Day Of Charlie Kirk's ASSASSINATION?! In a blistering follow-up, Candace torches the "conspiracy" shutdown: Patel's feud with Trump's counter-terror chief Joe Kent—blocking a foreign intel probe into Charlie Kirk's murder—reeks of cover-up. "If he cared about justice, he'd lock arms with EVERY agency," she blasts. No late-night Trump tweets? No TPUSA exec questions? Just Fauci-level stonewalling: "Stop thinking. Protect the legacy by saying LESS." (video)

• @nicksortor

• BREAKING: Rep. Byron Donalds will seek to IMPEACH corrupt Judge Boasberg, after it was revealed Boasberg assisted Jack Smith in spying on countless Republicans. START THE IMPEACHMENTS! Deep state judges MUST GO! (video)

Weekly Scoreboard*

S&P 500 6,848.6 +.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weekly Market Wrap by Edward Jones.

Indices

• DJIA 47,600.2 +.8%

• NASDAQ 23,758.8 +2.2%

• Russell 2000 2,471.6 -1.6%

• NYSE FANG+ 16,910.0 +2.7%

• Goldman 50 Most Shorted 272.0 -2.9%

• Wilshire 5000 67,628.4 +.5%

• Russell 1000 Growth 4,887.9 +1.9%

• Russell 1000 Value 2,009.9 -.9%

• S&P 500 Consumer Staples 848.2 -3.7%

• Bloomberg Cyclicals/Defensives Index(Ex Telecom) 259.2 +3.8%
  

• NYSE Technology 7,663.8 +1.6%

• Transports 15,892.1 +2.7%

• Utilities 1,113.3 -3.0%

• MSCI Europe Banks 100.6 +3.4%
  

• MSCI Emerging Markets 55.16 +.01%

• Credit Suisse AllHedge Long/Short Equity Index 245.24 +.08%

• Credit Suisse AllHedge Equity Market Neutral Index 126.82 +.02%

Sentiment/Internals

• NYSE Cumulative A/D Line 584,024 -.2%
• Nasdaq/NYSE Volume Ratio 14.9 -18.8%

• Bloomberg New Highs-Lows Index -46 -507

• Crude Oil Commercial Bullish % Net Position -12.4 n/a

• CFTC Oil Net Speculative Position 102,958 n/a

• CFTC Oil Total Open Interest 1,936,690 n/a

• Total Put/Call .80 -3.7%

• OEX Put/Call 1.53 -4.3%

• ISE Sentiment 138.0 -4.1%

• NYSE Arms .75 -31.8%
  
• Bloomberg Global Risk-On/Risk-Off Index 85.1 +1.3%
• Bloomberg US Financial Conditions Index .66 +16.0 basis points
• Bloomberg European Financial Conditions Index 1.24 +14.0 basis points

• Volatility(VIX) 17.6 +11.6%
• S&P 500 Intraday % Swing .85 +64.6%

• CBOE S&P 500 3M Implied Correlation Index 16.5 +25.2%

• G7 Currency Volatility (VXY) 6.99 -2.3%
  

• Emerging Markets Currency Volatility (EM-VXY) 6.4 -1.2%

• Smart Money Flow Index 23,414.3 +1.1%
• NAAIM Exposure Index  100.8 +10.4

• ICI Money Mkt Mutual Fund Assets $7.418 Trillion +.3%

• ICI Domestic Equity Long-Term Mutual Fund/ETFs Weekly Flows -$1.058 Million

• AAII % Bulls 45.0 +19.2%

• AAII % Bears 36.9 -13.6%
• CNN Fear & Greed Index 36.0 (FEAR) +3.0

Futures Spot Prices

• CRB Index 300.8 -1.4%

• Crude Oil 61.0/bbl. -.8%

• Reformulated Gasoline 199.3 +4.1%

• Natural Gas 4.11 +23.1%
• Dutch TTF Nat Gas(European benchmark) 31.1 euros/megawatt-hour -2.4%
  

• Heating Oil 243.1 +1.1% 
• Newcastle Coal 108.9 (1,000/metric ton) +.19%

• Gold 4,003.3 -2.8%
• Silver 48.7 +.1%
  

• S&P GSCI Industrial Metals Index 507.4 -.2%

• Copper 509.7 -.6%

• US No. 1 Heavy Melt Scrap Steel 349.0 USD/Metric Tonne -.6%

• China Iron Ore Spot 106.3 USD/Metric Tonne +1.0%
• China Battery Grade Lithium Carbonate 10,925.0 USD/metric tonne +6.6%

• CME Lumber  537.5 -7.9%

• UBS-Bloomberg Agriculture 1,350.5 +.9%
• US Gulf NOLA Potash Spot 327.5 USD/Short Ton unch.

Economy

• Atlanta Fed GDPNow Q2 Forecast +3.9% unch.

• US Recession Within 6 Months Probability(3M/18M Forward Yld Curve Spread) 34.0 -4.4 percentage points

• NY Fed Real-Time Weekly Economic Index 2.0 -.65%

• US Economic Policy Uncertainty Index 270.2 -36.6%
• Bloomberg Global Trade Policy Uncertainty Index 2.7 -5.8%
• DOGE Total Taxpayer Dollars Saved $214.0 Billion($1,329.19 Savings Per Taxpayer) unch.
• S&P 500 Current Quarter EPS Growth Rate YoY(317 of 500 reporting) +10.3% -4.8 percentage points

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 298.62 +1.59:  Growth Rate +14.0% +.6 percentage point, P/E 22.9 +.2
• S&P 500 Current Year Estimated Profit Margin 13.55% -3.0 basis points
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(7 of 10 reporting) +10.0% +2.4 percentage points
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 487.35 +7.03: Growth Rate +19.9% +1.0 percentage point, P/E 34.6 +.8

• Citi US Economic Surprise Index 13.8 +2.8 points

• Citi Eurozone Economic Surprise Index 24.9 +17.8 points

• Citi Emerging Markets Economic Surprise Index 26.7 +13.5 points

• Fed Fund Futures imply 63.0%(-28.7 percentage points) chance of -25.0 basis point cut to 3.5-3.75%, 37.0%(+33.4 percentage points) chance of no change, 0.0%(unch.) chance of +25.0 basis point hike to 4.0-4.25% on 12/10/25

• US Dollar Index 99.8 +.9%

• MSCI Emerging Markets Currency Index 1,841.8 +.1%
  

• Bitcoin/USD 108,949.5 -3.6%

• Euro/Yen Carry Return Index 201.08 +.02%
• Swiss Franc/Offshore Chinese Renminbi Cross 8.85 -1.1%

• Yield Curve(2s/10s) 49.0 -2.25 basis points
  

• 10-Year US Treasury Yield 4.09% +10.0 basis points

• Federal Reserve's Balance Sheet $6.539 Trillion -.05%
• Federal Reserve's Discount Window Usage $6.943 Billion +2.3%

• U.S. Sovereign Debt Credit Default Swap 39.6 -1.0%
  

• Illinois Municipal Debt Credit Default Swap 192.4 -4.5%
  

• Italian/German 10Y Yld Spread 75.0 -4.0 basis points
• UK Sovereign Debt Credit Default Swap 20.1 -6.1%

• China Sovereign Debt Credit Default Swap 39.6 -9.3%
  

• Brazil Sovereign Debt Credit Default Swap 139.1 -1.6%
  

• Israel Sovereign Debt Credit Default Swap 71.8 -1.6%

• South Korea Sovereign Debt Credit Default Swap 21.5 -12.6%

• China Corp. High-Yield Bond USD ETF(KHYB) 24.46 -.6%
• China High-Yield Real Estate Total Return Index 125.04 -.34%
  

• Atlanta Fed Low Skill Wage Growth Tracker YoY +3.8% unch.
• Zillow US All Homes Rent Index YoY +2.6% unch.
• US Urban Consumers Food CPI YoY +3.1% unch.
• CPI Core Services Ex-Shelter YoY +3.3% unch.
• Cleveland Fed Inflation Nowcast Core PCE YoY +2.85% unch.: CPI YoY +2.96% -1.0 basis point
• 1-Year TIPS Spread 2.75 -21.0 basis points
• 10-Year TIPS Spread 2.31 +2.0 basis points

• Treasury Repo 3M T-Bill Spread -17.5 basis points +18.25 basis points
• 2-Year SOFR Swap Spread -21.25 +1.75 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -2.75 +.75 basis point

• N. America Investment Grade Credit Default Swap Index 52.7 +2.4%
  

• America Energy Sector High-Yield Credit Default Swap Index 189.0 -4.9% 
• Bloomberg TRACE # Distressed Bonds Traded 210.0 -27.0 
  

• European Financial Sector Credit Default Swap Index 58.7 -1.1%
• Deutsche Bank Subordinated 5Y Credit Default Swap 124.0 -3.4%

• Emerging Markets Credit Default Swap Index 135.6 -6.3%
  

• MBS 5/10 Treasury Spread 120.0 -3.0 basis points
• Bloomberg CMBS Investment Grade Bbb Average OAS 603.0 -3.0 basis points
• Avg. Auto ABS OAS .60 +3.0 basis points

• M2 Money Supply YoY % Change +4.5% -30.0 basis points

• Commercial Paper Outstanding $1,328.5B +.6%

• 4-Week Moving Average of Jobless Claims 237,500 n/a

• Continuing Claims Unemployment Rate 1.3% n/a
• Kastle Back-to-Work Barometer(entries in secured buildings) 54.4 +.3%
  

• Average 30-Year Fixed Home Mortgage Rate 6.27% -7.0 basis points

• Weekly Mortgage Applications 338,700 +7.1%

• Weekly Retail Sales +5.4% unch.
• OpenTable US Seated Diners % Change YoY +16.0% +9.0 percentage points
• Box Office Weekly Gross $92.3M -6.0%

• Nationwide Gas $3.04/gallon -.03/gallon

• Baltic Dry Index 1,983.0 -.4%
• Drewry World Container Freight Index $1,821.5/40 ft Box +4.3%
  

• China (Export) Containerized Freight Index 1,021.4 +2.9%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 70.0 +33.3%
• Truckstop.com Market Demand Index 62.4 -8.5%

• Rail Freight Carloads 272,940 -.2%
• TSA Total Traveler Throughput 2,531,985 +19.1% 
• Rasmussen Reports Daily Presidential Approval Tacking Poll 45.0% -2.0 percentage points

Best Performing Style

• Large-Cap Growth +1.5%

Worst Performing Style

• Small-Cap Value -3.1%

Leading Sectors

• AI/Innovation +3.8%

• Computer Hardware +3.7%
• Nuclear +3.7%

• Shipping +3.6%
  

• Semis +3.3%
  

Lagging Sectors

• Digital Health -4.3%

• Gambling -4.6%
  

• Retail -4.9%

• Healthcare Providers -5.7%
  

• Restaurants -5.7%
  

Weekly High-Volume Stock Gainers (84)

• BHF, ILMN, BJRI, TWLO, SPXC, TVTX, ATEC, BFAM, MEOH, SUPV, FSLR, DGNX, DQ, CEPU, TSSI, ALAB, NET, AMPX, AMZN, ACA, LPLA, CSIQ, CRDO, LPLA, GGAL, EDN, GSAT, WIX, SNCY, AMRX, SXT, BBAR, JKS, DXC, NVT, APPF, RYAN, LCII, ROKU, TTMI, SKYW, MMSI, MCS, TEO, CHD, DXYZ, ASX, PAM, CRESY, IRDM, LOMA, RBC, BMA, OMF, EXPO, YPF, DOCN, WDC, MNMD, INGM, OHI, MGA, XPO, MRVL, EYPT, FBIN, GDDY, TGTX, JOE, EVER, CBOE, VIST, MAX, HUBG, CRTO, TER, KEYS, CVX, WHD, AON, SYM, NFLX and VIAV

Weekly High-Volume Stock Losers (35)

• TEX, SYK, FND, WING, CUBE, WPP, CMG, MSGS, ALHC, PK, SIMO, COLM, SEM, VIV, CG, EXLS, MSI, AJG, MTZ, RGA, ITRI, NPKI, PSMT, ATR, HLI, AAUC, IDCC, ALKT, MPWR, CPS, DXCM, TBBK, SPSC, OSPN and ATGE

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

Stocks Reversing Slightly Lower into Afternoon on Less Dovish Fed Commentary, Profit-Taking, Technical Selling, Consumer Discretionary/Utility Sector Weakness

Overseas Futures:

• Nikkei 225 Futures: Indicating -210 open in Japan 
• China A50 Futures: Indicating -18 open in China

• DAX Futures: Indicating +50 open in Germany

Portfolio:

• Higher: On gains in my biotech/tech sector longs and emerging market shorts
• Disclosed Trades: Added to my (IWM)/(QQQ) hedges
• Market Exposure: Moved to 75% Net Long

Monday's Earnings/Economic Releases of Note; Market Movers

Earnings of Note 
Company/Estimate 

Before the Open:

• (AMG)/5.89
• (BNTX)/-.95
• (CNA)/1.46
• (FRPT)/.42
• (IDXX)/3.14
• (ON)/.59
• (PEG)/1.02 

After the Close: 

• (BWXT)/.85
• (CLX)/.78
• (FANG)/2.95
• (FN)/2.82
• (GT)/.16
• (HIMS)/.09
• (IAC)/-.24
• (MYGN)/-.01
• (PLTR)/.17
• (SANM)/1.57
• (SPG)/3.12
• (VNO)/.55
• (WMB)/.51 

Economic Releases 

10:00 am EST

• ISM Manufacturing for Oct. is estimated to rise to 49.4 versus 49.1 in Sept.
• ISM Prices Paid for Oct. is estimated to rise to 62.5 versus 61.9 in Sept.
• Construction Spending MoM for Sept. 

Afternoon

• Wards Total Vehicle Sales for Oct. is estimated to fall to 15.5M versus 16.39M in Sept. 

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Cook speaking, Fed's Daly speaking and the Loan Officer Survey could also impact global trading on Monday.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

Friday Watch

Around X:

• @Business 

• Inflation in Tokyo rose at a faster pace, supporting the case for the Bank of Japan to keep raising interest rates gradually.
• Tucked into President Trump’s trade deals formalizing higher tariffs on goods from Asia this week are provisions for a global economic frontier the US wants to stay free of protectionism: digital commerce.
• The US said it secured an additional $111 million to continue funding a program that provides airlines with subsidies for routes to small and rural airports, keeping the flights running while the government shutdown persists. 
• Meta found record-shattering demand for its bond sale on Thursday even as its shares plunged, in a sign that bond investors are looking past any concerns about its artificial-intelligence spending plans.
• Applications for US unemployment benefits fell last week, according to a Bloomberg News analysis of unadjusted state-level filings released during the federal government shutdown. 
• Get up to speed on what's moving global markets.
• Here's what you need to know to start your day.

• @ZeroHedge

• Exclusive: Netflix taps bank to explore bid for Warner Bros Discovery.
• Japan Gets First Missiles For F-35s After Trump Proclaimed "New Golden Age" In Ties.
• ExxonMobil Takes California To Court Over "Compelled" Climate Speech.
• These 2 Supreme Court Cases May Affect Future Elections
  .
• RFK Jr. Says Officials Exploring Feasibility Of Breaking Up MMR Vaccine.
• Harvard Scientist Accuses NASA of Coverup About Mysterious Comet.
• No Murder In Paradise? Socialist Ideologues Insist We Reject Truth And Accept What We're Told.
• Fresh Israeli Strikes Again Test Trump-Brokered Gaza Deal.
• "Wild Moves", "Chaos", & "Stuff Trading Backwards": Traders Tantrum At Lack Of Post-Powell Bounce.

• @CNBC

• Asia-Pacific markets set to open mixed after Trump-Xi truce.
• Friday's big stock stories: What’s likely to move the market in the next trading session.
• Stock futures rise after upbeat tech earnings: Live updates.
• Stocks making the biggest moves after hours: Apple, Amazon, Coinbase, Netflix and more.
• Delta calls on Congress to immediately end government shutdown, pay air traffic controllers.

• @WSJ  

• Exclusive: Developer Related Companies has agreed to build a more than $7 billion data-center campus on farmland outside Detroit, one of the largest deals yet for this burgeoning real estate class that powers AI.
• President Trump said the U.S. and South Korea are close to completing a trade pact, a surprise breakthrough following months of contentious talks over $350 billion in investments Seoul has pledged to America. 
• Dr. Casey Means wants to give the Trump administration’s “Make America Healthy Again” agenda a less polarizing touch when she becomes U.S. surgeon general.

• @TheTranscript

• $NVDA CEO: NVIDIA's real moat lies in CUDA, not just GPUs. “This is the treasure of our company. Most people talk about the GPU. The GPU is important, but without a programming model that sits on top of it, and without dedication to that programming model, keeping it compatible over generations. We’re now at CUDA 13, coming up, CUDA 14. hundreds of millions of GPUs in use, running in every single computer, perfectly compatible. If we didn’t do that, then developers wouldn’t target this computing platform. If we didn’t create these libraries, then developers wouldn’t know how to use the algorithm and use the architecture to its fullest, one application after another. This is really the treasure of our company".
• $AMZN CEO today: "You're going to see us continue to be very aggressive, investing in capacity, because we see the demand as fast as we're adding capacity."
• $AMZN CFO on capex trends: "Looking ahead, we expect our full-year cash CapEx to be ~$125 billion in 2025, and we expect that amount to increase in 2026". (graph) 
• $AAPL CEO on China: "I was just there. It’s incredibly vibrant and dynamic. Store traffic is up significantly Y/Y. The iPhone 17 family has been very well received there & we do believe that we’ll return to growth in Q1, largely based on the reception of the iPhone". 
• $AMZN CEO on power capacity growth: "We’ve ...[added] more than 3.8 GW of power in the past 12 months — more than any other cloud provider. To put that into perspective, we’re now at double the power capacity that AWS had in 2022, and we’re on track to double again by 2027."
• $AMZN CEO on AWS backlog: "Backlog grew to $200 billion by the end of Q3 and doesn’t include several unannounced new deals in October, which together are larger than our total deal volume for all of Q3. AWS is gaining momentum."
• $AMZN CEO: "AWS is growing at a pace we haven't seen since 2022, reaccelerating to 20.2% Y/Y. Our largest growth rate in 11 quarters. It's very different having 20% Y/Y growth on a $132B annualized run rate than having a higher percentage growth rate on a meaningfully smaller annual revenue, which is the case with our competitors." 
• Cloud growth re-accelerates across tech giants: (graph)
• Reddit double beat. CEO: "Q3 was a strong quarter for Reddit...We ended the quarter with 116 million DAUq and 444 million WAUq, both growing around 20% year-over-year." $RDDT: +2% AH.
• Netflix announces a 10-for-1 split. $NFLX: +3% AH. 

• @MarioNawful

• ELON: OPTIMUS WILL DO ANYTHING YOU WANT AND COST LESS THAN A CAR. “Probably less than a car is my prediction long term. At scale, you should be able to buy an Optimus robot for around $20,000 to $30,000. It’ll be able to do anything you want, teach, babysit your kids, walk your dog, mow your lawn, get groceries, serve drinks, or just be your friend. Whatever you can think of, it will do. It’s gonna be awesome, and I think this will be the biggest product ever of any kind.” (video)

• @KariLake

• Imagine being a kid hearing every day in school: the world’s ending, no clean air, climate destroyed—pure paranoia from Bill Gates’ climate scam. Now, the Senate is probing the Gates Foundation and its relationship with the CCP, and Gates is backtracking. He’s trying to get ahead of his hoax unraveling. But the damage is done. (video)

• @NicHulscher

• BREAKING: Dr. Steven Hatfill — Senior HHS Advisor Fighting mRNA Corruption — Has Been Fired in a COUP ATTEMPT. Hatfill says he was fired in “a coup to overthrow Mr. Kennedy,” led by Chief of Staff Matt Buckham. The mRNA cartel is DANGEROUS and must be purged from HHS. (video)

• @HustleBitch_

• “THE ISLAND IS GONE.” - JAMAICA WIPED OUT AS ‘SMART CITY’ REBUILD MOVES IN. New aerial footage shows entire towns completely erased. Homes flattened, roads gone, 80% of the island still without power. The Prime Minister calls it “the worst destruction in our history.” Months before the storm, government leaders were already pushing Vision 2030 “Smart City” blueprints across Jamaica. Now the island’s in ruins… and those same plans are suddenly being fast-tracked. Paradise destroyed. Smart City approved. The worst storm in Jamaica’s history didn’t just destroy the island, it cleared the way for their new agenda. (video)

• @WallStreetApes 

• American speaks on Muslims gathering in New York to pray and she’s absolutely right. “So there are over 500 mosques in New York, but they take to the streets and have to pray in public — It's just crazy to see, but they're doing this to show their dominance and to show that they're taking over the culture and taking over our land. And they don't care how we feel about it.” Again, she is 100% correct. Muslims do not do this in their home countries. (video)

• @mazemoore

• 2013. Obama talks about how incredibly irresponsible it would be for Congress to shut down the government in order to blackmail a President into making concessions. Be sure to pass this along to Democrats. (video)

• @ItsYourGov

• ARCTIC FROST LEADERS STILL AT FBI. The personnel actions thus far are only a solid start. The below were promoted to lead offices: Aaron Tapp (@FBISanAntonio) James Barnacle (@FBICharlotte) Joe Rothrock (@FBIDallas) Devin Kowalski (@FBISanJuan) Wayne Jacobs (@FBIPhiladelphia)

• @TheIntelSCIF

• 3rd plane reveals EGYPTIAN MILITARY CONTRACTORS on the ground, in Utah, during the Charlie Kirk assassination. What's really going on and why is our own FBI covering this up? This is huge and it's all starting to be exposed. The Military Contractors were allegedly dropped off at the airport in Provo, Utah, by UVU College, before Charlie was shot, on a classified military mission. The plane arrived before Charlie's assassination from 9/4 and flew back on 9/11 WITHOUT the Egyptian Military Contractors back to Egypt. (video)
• The ARTIC FROST drop just COOKED Jack Smith. Jack Smith's plan was to throw as many Trump supporters in prison as possible. From officials in government, to the voters. They literally tapped and spied on Alex Jones's cellphone, text messages, and everything else under the sun, all without a warrant. Alex Jones and Steve Bannon were the only 2 journalists on the list of over 160 Republicans in Trump's circle.

• @TimcastNews

• DEVELOPING: FBI Director Kash Patel reportedly confronted Counterterrorism chief Joe Kent after Kent reviewed FBI files to probe possible foreign ties to Charlie Kirk’s assassination. Kent, a top aide to Tulsi Gabbard, believed foreign actors could’ve aided accused shooter, Tyler Robinson. Patel argued Kent was overstepping and risking the FBI’s ongoing case.

• @GlennYoungkin

• Abigail Spanberger said she would end my executive order that protects locker rooms, bathrooms, and sports for girls. If you're a parent and you want to protect the privacy, safety, and dignity of your children, vote for @winwithwinsome. (video)

• @C_3C_3

• So…. Are we supposed to act like Justice Roberts didn’t install Judge Boasberg to oversee the FISA court that was part of the coup attempt to frame Trump for treason in 2016 and now Boasberg has been caught as part of the Arctic Frost op to destroy MAGA? Yep that all happened.

Night Trading 

• Asian equity indices are +.25% to +1.25% on average. 
• Asia Ex-Japan Investment Grade CDS Index 63.5 unch.
• China Sovereign CDS 40.0 -.5 basis point.
• China Iron Ore Spot 106.3 USD/Metric Tonne -.2%. 
• Swiss Franc/Offshore Chinese Renminbi Cross 8.87 -.05%.
• Bloomberg Emerging Markets Currency Index 36.24 -.08%.
• Bloomberg Global Risk-On/Risk Off Index 87.07 +.43%.
• US 10-Year Yield 4.10% unch.
• Volatility Index(VIX) futures 18.6 -2.9%.
• Euro Stoxx 50 futures -.02%. 
• S&P 500 futures +.67%.
• NASDAQ 100 futures +1.24%.

Morning Preview Links

BOTTOM LINE: Asian indices are mostly higher, boosted by technology and industrial shares in the region. I expect US stocks to open modestly higher and to maintain gains into the afternoon.  The Portfolio is 100% net long heading into the day.