"The world is a book and those who do not travel, read only one page." ✍️🌏

- Saint Augustine

SUMMARY

✅ U.S. stocks resume their slide as tech drags market lower.

✅ Job cuts hit 22-year high as AI reshapes the U.S. labor market.

✅ Trump strikes deals with Eli Lilly and Novo Nordisk to slash GLP-1 drug prices and expand Medicare coverage.

✅ Snap shares surge after strong earnings, buyback plan, and $400 million Perplexity AI partnership.

✅ UPS warns of delivery delays after deadly plane crash at Louisville air hub.

✅ FAA to cut flight capacity by 10% at major airports as shutdown crisis worsens.

MARKET SNAPSHOT

↘ Dow 46,912.30   - 0.84%
↘ Nasdaq 23,053.99   - 1.90%
↘ S&P 6,720.32   - 1.12%

GOVERNMENT

October Job Cuts Surge to 22-Year High Amid AI Adoption and Slowing Economy

Image courtesy of Joe Raedle/Getty Images

U.S. companies announced more than 153,000 job cuts in October, the highest total for that month in over two decades, according to a new report from Challenger, Gray & Christmas released Thursday.

“October’s pace of job cutting was much higher than average for the month,” said Andy Challenger, the firm’s chief revenue officer. “Some industries are correcting after the hiring boom of the pandemic, but this comes as AI adoption, softening consumer and corporate spending, and rising costs drive belt-tightening and hiring freezes.”

The last time October saw more layoffs was in 2003, and it marks the largest fourth-quarter total since 2008. So far this year, employers have announced nearly 1.1 million job eliminations — the most since 2020, when the COVID-19 pandemic halted much of the global economy.

Challenger compared the current impact of artificial intelligence on the workforce to the rise of the internet in the early 2000s, noting that technology continues to lead private-sector job reductions as firms restructure to improve efficiency. “Like in 2003, a disruptive technology is changing the landscape,” the report said.

Even companies not announcing formal layoffs have signaled plans to freeze hiring. JPMorgan Chase CEO Jamie Dimon told CNN that the bank’s headcount will likely stay flat as it expands its AI capabilities. Goldman Sachs CEO David Solomon similarly told employees the firm would “constrain headcount growth through the end of the year.”

Wednesday’s report from ADP offered further evidence of a slowing labor market, showing that private employers added just 42,000 jobs in October, with notable declines in leisure and hospitality — a sector highly sensitive to consumer confidence.

Major corporations including Amazon, IBM, UPS, Target, Microsoft, Paramount, and General Motors have all announced plans to cut thousands of jobs in recent weeks.

Despite the mounting job losses, the Trump administration has maintained an optimistic stance. “Jobs are booming” and “inflation is falling,” Treasury Secretary Scott Bessent said Tuesday. Yet government data suggests otherwise: Consumer prices have risen every month since April, signaling persistent inflation pressures.

Challenger’s data is drawing increased attention as a government shutdown delays the release of key federal reports, including the October jobs report, GDP figures, and the Federal Reserve’s preferred inflation gauge, the PCE index.

While the Challenger report is typically viewed as an early indicator rather than a definitive measure — since it tracks announced job cuts that may not all occur — the absence of official data has made it one of the few available windows into the current state of the U.S. labor market.

HEALTHCARE

Trump Strikes Landmark Deals with Eli Lilly and Novo Nordisk to Slash Weight-Loss Drug Prices, Expand Medicare Coverage

Image courtesy of Nathan Howard / Reuters

President Donald Trump announced new agreements with Eli Lilly (LLY) and Novo Nordisk (NVO) to sharply reduce the cost of their popular weight-loss and diabetes drugs — a major step toward expanding access to GLP-1 medications under Medicare and Medicaid starting in 2026.

Under the plan, the administration will launch TrumpRx.gov in January 2026, allowing consumers to purchase discounted obesity and diabetes treatments directly. For the first time, Medicare will cover obesity drugs for eligible patients beginning mid-2026, with copays set at $50 per month for approved injectable and oral GLP-1 therapies.

Initial doses of upcoming oral obesity drugs — including Novo Nordisk’s pill version of Wegovy and Eli Lilly’s orforglipron — will be priced at $145 per month for those on Medicare, Medicaid, or TrumpRx. Existing injections such as Wegovy and Zepbound will start at $350 per month, declining to $245 over two years.

“These drugs have cost Americans over $1,000 a month — that ends starting today,” Trump said from the Oval Office.

The move represents one of the administration’s most consequential efforts to lower U.S. drug prices by tying them to international benchmarks under Trump’s “most favored nation” policy. The White House has previously struck similar agreements with Pfizer, AstraZeneca, and EMD Serono.

Health and Human Services Secretary Robert F. Kennedy Jr. called the announcement “the most important [most favored nation] deal we’ve made,” predicting it will have “the biggest impact on the American people.” Kennedy claimed expanded access could help Americans collectively lose 125 million pounds within a year, calling the shift “a dramatic improvement in national health.”

The new pricing will extend to all 50 state Medicaid programs, though states must opt in. Medicare’s pilot coverage under Part D is expected to reach about 10% of beneficiaries, primarily targeting those who are overweight or have related conditions such as diabetes, cardiovascular disease, or hypertension.

Eli Lilly and Novo Nordisk both committed to maintaining “most favored nation” pricing for future drugs and providing similar discounts across government programs. Lilly will also lower prices on its LillyDirect platform, offering Zepbound starting at $299 per month, and its upcoming pill at $149 per month.

Eli Lilly CEO David Ricks called the deal “a defining milestone for U.S. health care,” saying it would strengthen the system and “improve outcomes for generations to come.” Novo Nordisk CEO Mike Doustdar said the move would make semaglutide-based treatments “available to more Americans at a lower cost.”

The pricing overhaul follows years of debate about whether Medicare should cover obesity drugs — a proposal first advanced under former President Biden, whose administration estimated coverage could cost taxpayers $35 billion over nine years.

Supporters argue that covering GLP-1 treatments could ultimately reduce spending by preventing costly obesity-related diseases such as cardiovascular complications and sleep apnea.

Semaglutide, the active ingredient in Wegovy and Ozempic, is currently part of ongoing Medicare drug price negotiations under the Inflation Reduction Act. Trump is expected to announce new pricing for 15 negotiated drugs by November 30, while tirzepatide — used in Lilly’s Zepbound and Mounjaro — is not expected to qualify until later in the decade.

EARNINGS

Snap Shares Rocket 15% on Strong Outlook and $400 Million Perplexity AI Deal

Image courtesy of REUTERS/Dado Ruvic

Snap (SNAP) shares surged on Wednesday after the company reported better-than-expected third-quarter results, announced a new $500 million stock buyback, and unveiled a $400 million partnership with Perplexity AI to integrate advanced conversational search into Snapchat.

Snap posted $1.51 billion in revenue, exceeding analyst estimates of $1.49 billion, and reported 477 million global daily active users, slightly above forecasts. Average revenue per user came in at $3.16, also topping expectations. The company reported a loss of $0.06 per share, which was not directly comparable to consensus estimates.

Looking ahead, Snap forecast fourth-quarter revenue between $1.68 billion and $1.71 billion, with the midpoint slightly above Wall Street’s $1.69 billion projection. Third-quarter sales rose 10% year-over-year, while net loss narrowed to $104 million, compared with a $153 million loss a year earlier. Adjusted EBITDA reached $182 million, well ahead of the $125 million analysts had expected, and the company projected Q4 adjusted EBITDA between $280 million and $310 million.

As part of its new partnership, Perplexity AI will integrate its conversational search directly into Snapchat starting in early 2026. In exchange, the startup will pay Snap $400 million over one year through a mix of cash and equity, with revenue contributions beginning next year.

Snap CEO Evan Spiegel said Perplexity’s AI assistant will have “default placement in our chat inbox” and operate independently within the app, with Perplexity controlling chatbot responses. While Snap will not sell ads against the responses, Spiegel said the collaboration should help Perplexity attract new subscribers and reflects Snap’s broader goal of turning Snapchat into a platform for AI-powered experiences.

Snap’s letter to investors cautioned that new global regulations—such as Australia’s social media minimum age law, which takes effect next month—could lead to a decline in daily active users (DAUs) during the fourth quarter. The company also warned that platform-level age verification from Apple and Google could negatively affect engagement metrics as underage users are removed.

Spiegel added that Snap plans to spin off its augmented reality glasses business into a separate subsidiary to accelerate development and partnerships.

Despite Wednesday’s rally, Snap shares remain down 32% year-to-date.

The crash, which occurred Tuesday evening as the flight was departing for Honolulu, killed at least nine people and forced a shutdown of package sorting operations at the hub. UPS confirmed that sorting was halted late Tuesday and remained paused through Wednesday. The Louisville facility — capable of processing over 416,000 packages per hour — is the core of the company’s global network.

UPS said it has activated contingency plans to reroute shipments and minimize disruption, though it did not disclose specifics. “We are working diligently to ensure packages reach their final destinations as quickly as possible under the circumstances,” the company said in a statement.

Supply chain experts say that while the tragedy will temporarily slow deliveries, the company is likely to recover before the peak holiday shipping season.
“Regional hubs will take on greater volume until Louisville is fully operational again,” said Tom Goldsby, a professor of supply chain management at the University of Tennessee. “It’s a serious disruption, but UPS has the infrastructure and experience to adapt quickly.”

The crash comes as UPS undergoes a major corporate turnaround, shifting focus away from Amazon-related deliveries toward business-to-business shipping. In its latest earnings report, UPS revealed it had cut 48,000 jobs this year and shuttered several facilities to streamline operations — efforts that helped it beat third-quarter expectations.

Goldsby, who was personally affected by the crash’s fallout when his own UPS package was delayed, said patience will be key for customers. “People just don’t expect logistics operations to have a bad day,” he said. “But even the most sophisticated systems can face a crisis — and UPS will work through this one.”

TRANSPORTATION

FAA to Slash Flight Capacity by 10% at 40 Major Airports as Shutdown Crisis Deepens

Image courtesy of www.state.gov/travelers

Transportation Secretary Sean Duffy announced Wednesday that the Federal Aviation Administration (FAA) will reduce flight capacity by 10% at 40 major airports starting Friday morning — a move expected to impact 3,500 to 4,000 flights daily as the government shutdown stretches into its 36th day, the longest in U.S. history.

Duffy said the cuts are a “proactive” safety measure in response to mounting strain on the aviation system as air traffic controllers continue working without pay. The FAA did not immediately specify which airports will be affected.

FAA Administrator Bryan Bedford warned that more reductions could follow if conditions worsen, citing growing operational pressures that “threaten the safety and efficiency of the world’s safest airline system.” He emphasized that this type of nationwide reduction is unprecedented in his career.

The staffing shortage has already disrupted flights at several FAA facilities since October 1, and Duffy acknowledged that further cancellations are likely. “We thought 10% was the right number based on the pressure we were seeing,” he said, adding there is no set timeline for lifting the restrictions.

The shutdown has hit essential federal workers — including air traffic controllers and TSA screeners — who must continue working without pay. Bedford said the FAA will consult with airline leaders to determine how best to implement the reductions and ensure safety across the system.

Earlier this week, Duffy warned that if the shutdown persists, he could be forced to “shut the whole airspace down.” Meanwhile, Nick Daniels, president of the National Air Traffic Controllers Association, cautioned that it could take weeks for the system to recover once the shutdown finally ends.

📉 ON THE MOVE AND NOTABLES 📈

✔️ The October ADP employment report showed private payrolls rising by 42,000, topping expectations for a 35,000 gain. Meanwhile, the ISM Services PMI climbed to an eight-month high of 52.4, supported by gains in new orders, employment, and business activity—signs of solid demand within the services sector.

✔️ With Friday’s Bureau of Labor Statistics (BLS) employment report likely delayed by the ongoing government shutdown, investors focused on private-sector job data for direction. The October ADP report showed private payrolls increasing by 42,000, ending a two-month streak of declines and surpassing forecasts.

✔️ With 86% of S&P 500 companies having reported results, earnings continue to exceed expectations—82% of firms have beaten analyst estimates, with an average upside surprise of 7.3%.

✔️ U.S. Treasury yields are edging lower, with the 10-year note hovering around 4.09%

✔️ The U.S. dollar is weakening against major global currencies.

✔️ WTI crude continues its downward trend amid renewed demand concerns.

✔️ Advanced Micro Devices (AMD) became the latest AI-related stock to retreat despite reporting earnings and revenue that exceeded expectations. Although guidance topped Wall Street’s forecasts, investors appeared unimpressed with the company’s projected $9.6 billion in current-quarter revenue. AMD shares had already more than doubled this year ahead of Tuesday’s results, but several analysts raised their price targets following the report.

✔️ Tesla (TSLA) rose ahead of its annual shareholder meeting, where the key question will be whether shareholders approve CEO Elon Musk’s compensation package.

✔️ Pinterest (PINS) dropped after topping expectations for global monthly active user growth but missing earnings per share estimates. The company’s guidance for the current quarter also came in slightly below analysts’ forecasts. Wednesday’s drop was the second worst day ever for the company.

✔️ Arista Networks (ANET) joined the list of tech companies facing steep sell-offs despite strong results. Shares fell about 10% before the open, as investors were disappointed that forward guidance—though in line with expectations—failed to exceed them.

✔️ Super Micro Computer (SMCI) traded lower after missing revenue and EPS estimates for the quarter. The company also guided second-quarter earnings per share below consensus, joining Arista among tech names facing renewed pressure.

✔️ Chinese autonomous driving firm Pony.ai saw its shares drop 14% this week in its Hong Kong debut.

✔️ Cava (CAVA) declined after the fast-casual restaurant chain cut its full-year outlook for the second consecutive quarter, according to CNBC. The company cited softening demand from younger consumers navigating tighter economic conditions.

✔️ Humana (HUM) fell even after posting better-than-expected earnings, as shares dropped on news that the insurer lowered its full-year guidance, Barron’s reported.

✔️ McDonald’s (MCD) edged up after reporting quarterly revenue that matched analyst expectations, up 3% year over year. EPS came in slightly below consensus, which Yahoo Finance attributed to higher spending. Same-store sales rose 3.6%, just above Wall Street’s 3.5% forecast.

✔️ The S&P 500 has now gone 143 consecutive sessions without touching its 50-day moving average, the third-longest streak since 1990.

✔️ DoorDash (DASH) plunged after posting results that missed expectations. The company also said it plans to invest “several hundred million dollars” in growth initiatives next year, sparking concern over near-term profitability.

✔️ Arm Holdings (ARM) rose after reporting stronger-than-expected earnings and issuing upbeat forward guidance, reinforcing optimism around semiconductor demand.

✔️ Marvell Technology (MRVL) jumped following a Bloomberg report that Japan’s SoftBank is weighing a potential takeover of the U.S. chipmaker.

✔️ Nvidia (NVDA) fell below $200 per share after Reuters reported that China will bar companies from using state funds to purchase foreign-made AI chips. The stock recovered slightly, up more than 1% in early trading.

✔️ Qualcomm (QCOM) dipped despite posting earnings and revenue that comfortably beat analyst estimates, along with guidance above FactSet consensus. The company reported double-digit growth across major product segments, including an 18% gain in its semiconductor division excluding Apple-related sales.

✔️ Alphabet (GOOGL) advanced following reports that the company will make its new AI chip, Ironwood, widely available within weeks. The Wall Street Journal also reported that the Department of Justice has cleared Google’s $32 billion acquisition of cybersecurity firm Wiz.

✔️ E.l.f. Beauty (ELF) tumbled 22% despite topping earnings forecasts, as revenue came in below estimates and the company’s full-year guidance disappointed investors.

✔️ CarMax (KMX) fell after announcing that its CEO will step down effective December 1, catching markets off guard.

✔️ Bitcoin (BTC) slipped slightly on Thursday after rallying back above $100,000 on Wednesday.

💲What Else to Watch💲

🟢 November 7: Average Workweek, Average Hourly Earnings, Consumer Credit, Nonfarm Payrolls, Unemployment Rate, University of Michigan Consumer Sentiment. Earnings from Brookfield Asset Management (BAM), Constellation Energy Corp. (CEG), Duke Energy Corp. (DUK), Enbridge Inc. (ENB), Franklin Resources Inc. (BEN), KKR & Co. (KKR), Ubiquiti Inc. (UI), YPF SA (YPF).

🟢 November 10: Expected earnings from Tyson Foods (TSN), CoreWeave (CRWV), and Occidental Petroleum (OXY).

🟢 November 11: Expected earnings from Beyond Meat (BYND).

🟢 November 12: Expected earnings from Circle Internet Group (CRCL) and Cisco (CSCO).

🟢 November 13: October CPI and core CPI, and expected earnings from Walt Disney (DIS), NetEase (NTES), JD.com (JD), and Applied Materials (AMAT).

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All major indexes slide as volatility picks up 📊