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Retail sales rose month-over-month in October, the National Retail Federation says.

Key Takeaways

• The National Retail Federation estimates core retail sales rose 0.6% month-over-month in October; its research may be of more interest now that the shuttered federal government isn't releasing economic data.
• Despite feeling bad about the economy, Americans continue shopping and are expected to spend $1 trillion this holiday season, the NRF said.

Americans are spending through the malaise.

Retail spending, exclusive of restaurant, bar, gas station and car-related bills, grew 0.6% month-over-month in October, reversing a 0.5% decline in September, the National Retail Federation said. The trade group's monthly analysis comes as consumer sentiment hits historic lows and analysts do their best to assess the economy without data from the now-shuttered federal government. (The Census Bureau's October retail numbers are due Friday.)

People are maintaining spending, despite feeling less secure—a behavioral quirk that emerged during the pandemic and has persisted since, the NRF said on a conference call last week. Consumers, NRF President Matthew Shay said on the call, "have the ability to do two things at once: They expressed very low sentiment, but yet they drive the economy forward with spending and aggressive participation in commerce."

Americans give current economic conditions the harshest rating on record, according to a 73-year-old survey conducted by the University of Michigan. Concern is mounting as inflation ticks up, layoffs grow and seasonal hiring is on track for the lowest level in 15 years, the NRF said on a conference call last week.

Why This News Matters to You

Weakness among lower-income consumers may not show up in broad economic data. Many low-income families will still prioritize spending on the holidays, but may pull back more significantly in other areas.

Some companies remain optimistic about the months ahead. Bark (BARK), which sells food, toys and supplies for dogs, said on a conference call Monday that its advent calendar has already sold out at Costco (COST), according to a transcript provided by AlphaSense. Ralph Lauren (RL) raised its revenue forecast for the full fiscal year when reporting its latest quarterly results last week.

In an era where poor sentiment has little impact on sales, NRF expects retail spending to grow year-over-year this November and December, and surpass $1 trillion this holiday season. The group said many are benefiting from a strong stock market, while those who are struggling may eat out less or make other changes to maintain traditions like exchanging gifts or sharing a big meal.

"If consumers are having to pay more for goods, they’re going to make savings elsewhere," NRF Chief Economist Mark Mathews said on the call. "We expect them to continue to prioritize spending on loved ones, spending on family."

Shopify (SHOP) expects revenue to grow in the mid- to high- 20 percent range year-over year in the final quarter, the e-commerce software company said on a conference call last week.

"Consumer confidence for us is measured at checkout," Shopify President Harley Finkelstein said, according to a transcript, later saying: "Shoppers keep buying. They keep returning and demand remains really resilient."

Shawn Thew / EPA / Bloomberg via Getty Images

Key Takeaways

• President Donald Trump proposed sending $2,000 checks to low and middle-income Americans as a "dividend" from the import taxes he raised this year.
  
• The tariffs have not raised enough money to cover the estimated cost of those checks, according to one analysis.
• Treasury Secretary Scott Bessent said the real dividend from the tariffs may be the tax cuts taking effect next year.
  

You may want to wait to spend President Donald Trump's $2,000 tariff dividend until you have a check in hand.

Trump proposed the new payments, to low- and middle-income Americans, in a weekend post on social media. Some experts, however, have questioned the math behind the idea, and a senior member of his administration suggested that the "dividend" may come from tax cuts passed in July, rather than any new policy.

"We are taking in Trillions of Dollars and will soon begin paying down our ENORMOUS DEBT, $37 Trillion. Record Investment in the USA, plants and factories going up all over the place," Trump posted on social media Sunday. "A dividend of at least $2000 a person (not including high income people!) will be paid to everyone."

What This Means For Your Finances

President Donald Trump's proposed $2,000-per-person dividends face major obstacles to becoming reality. You might not want to spend the money before the check is cashed.

Trump doubled down on the idea Monday, saying his import taxes are raising enough money to send out the $2,000 payments with enough left over to reduce the national debt.

"All money left over from the $2000 payments made to low and middle income USA Citizens, from the massive Tariff Income pouring into our Country from foreign countries, which will be substantial, will be used to SUBSTANTIALLY PAY DOWN NATIONAL DEBT," he wrote.

Do the numbers add up? Erica York, vice president of tax policy at the Tax Foundation think tank, estimated the proposed rebate would cost $300 billion, assuming the $2,000 checks went out to adults making under $100,000 a year. The tariffs, meanwhile, have brought in $120 billion in revenue so far.

They also haven't been a pure positive for the federal budget, York said, since tariff costs have led some companies to reduce spending on other things, pushing down the revenue the government collects from other taxes. Each dollar of tariff collected reduces payroll and income taxes by 24%, according to the Tax Foundation, which estimated based on a model used by the Joint Committee on Taxation. Taking that into account, federal revenues are only up $90 billion, less than a third of the estimated cost of the rebate checks.

The rebate idea may run against the stated purpose of the tariffs. A Trump administration lawyer last week argued that the tariffs are not taxes and are not intended to raise revenue. Trump has said the tariffs are mainly intended to revive American manufacturing.

Treasury Secretary Scott Bessent suggested in a TV appearance on Sunday that Trump's dividend idea didn't represent a new policy, but rather the amount people can expect to save from the series of tax breaks Congress passed in July, which take effect next year.

"The $2,000 dividend could come in lots of forms, in lots of ways," he said on This Week on ABC. "It could be just the tax decreases that we are seeing on the president's agenda. You know, no tax on tips, no tax on overtime, no tax on Social Security, deductibility of auto loans ... Those are substantial deductions that are being financed in the tax bill."

It was unclear on Monday whether Congress would support rebate checks. Republican Senator Josh Hawley in July introduced legislation to send out $600-per-adult tariff rebate checks, but it has not been voted on.

Trump in February proposed sending rebates based on savings from the DOGE cost-cutting task force. The DOGE only found a fraction of the savings it promised, and the checks never went out.

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A Walmart employee fulfills Instacart orders. The grocery delivery provider's results beat expectations

Key Takeaways

• Maplebear, known as Instacart, beat profit and sales estimates as orders and spending on those orders increased.
• The grocery delivery company reported strong October demand, but gains may be tempered because of the loss of federal food benefits during the government shutdown.

Maplebear (CART), better known as Instacart, posted better-than-expected results as shoppers placed more orders and spent more money on them.

The grocery delivery provider reported third-quarter earnings per share of $0.51, a penny above what analysts surveyed by Visible Alpha were anticipating. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 22% to $278 million, and revenue rose 10% to $939 million. Those beat forecasts as well.

Why This Is Significant

Instacart’s results suggest that demand for online grocery delivery is strong despite consumers facing tighter budgets. The grocery delivery company's use of new artificial intelligence tools and focus on retail partnerships could help offset headwinds from reduced federal SNAP benefits.

Total orders increased 14% to 83.4 million, and gross transaction value (GTV) was up 10% to $9.17 billion. Both also exceeded Visible Alpha estimates. 

The company benefited from the use of artificial intelligence, “which is helping us build smarter products, better tools, and more accurate measurement across our ads ecosystem," said CEO Chris Rogers.

Instacart predicts current quarter GTV of $9.45 billion to $9.60 billion, which “reflects our strong performance in October, continued momentum from landing and expanding our enterprise partnerships, and is partially offset by the expected impact of EBT SNAP funding scenarios on our business.” Federal EBT SNAP money was suspended earlier this month due to the government shutdown. 

Maplebear shares were down 0.7% in mid-afternoon trading Monday. The stock has lost about 12% of its value since the start of the year.

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Micron Technology shares have roughly tripled in value in 2025

Key Takeaways

• Memory chip maker Micron Technology was among the best-performing stocks in the S&P 500 Monday afternoon, along with hard drive makers Western Digital and Seagate Technology.
• Mizuho analysts told clients in a note Monday that they see the outlook for Micron's high-bandwidth memory chips remaining strong into next year and 2027.

Memory and data storage stocks led the tech sector higher Monday amid optimism about growing AI-driven demand.

Shares of memory chip maker Micron Technology (MU) were up 7% around $254 in afternoon trading, making it one of the best-performing stocks in the S&P 500, along with hard drive makers Western Digital (WDC) and Seagate Technology (STX). The gains helped power the major indexes higher, as hopes an end to the record U.S. government shutdown could be near boosted sentiment.

Bullish analysts at Mizuho told clients in a note Monday that they see the demand outlook for Micron's high-bandwidth memory chips remaining strong into next year and 2027, with potential for margin upside on strong pricing. That could mean further room to rise for the Nvidia (NVDA) and Advanced Micro Devices (AMD) supplier's stock, they said, and reiterated a price target of $265.

Wall Street analysts are overwhelmingly bullish on Micron's stock, with nine of the 10 analysts with current ratings compiled by Visible Alpha calling it a "buy," though it has already outstripped their mean target with its recent gains on booming demand for AI hardware. Analysts also lean more bullish than bearish on Western Digital and Seagate shares.

Why This Is Significant

Big stock gains for Micron, Western Digital, and Seagate underscore how demand for memory and data storage solutions to support AI has helped send shares of the companies that make these products soaring this year.

With Monday's gains, Micron shares have roughly tripled in value in 2025. Western Digital shares have nearly quadrupled, and Seagate is up about 240%, leaving all three stocks among the best-performing stocks in the S&P 500 for 2025.

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Palantir was the best-performing stock in the S&P 500 Monday afternoon.

Key Takeaways

• Major U.S. equities indexes rose Monday afternoon amid optimism Congress could soon agree on a spending plan to end the record U.S. government shutdown.
• Palantir Technologies shares surged, as the provider of software for government agencies stands to benefit from the end of the shutdown.
• Health insurance stocks dropped after President Trump suggested federal health insurance subsidies could go directly to Americans instead of insurers.

Major U.S. equities indexes climbed Monday afternoon amid optimism Congress could soon agree on a spending plan to end the record U.S. government shutdown. The S&P 500 was up close to 1%, and the Nasdaq rose over 1%. The Dow was higher as well.

Palantir Technologies (PLTR) was the best-performing stock in the S&P 500, as the provider of software for government agencies stands to benefit from the end of the shutdown.

Shares of Micron Technology (MU) also took off following positive comments from Mizuho Securities, which said the chipmaker could get a boost from higher demand and pricing.

Eli Lilly (LLY) shares climbed after the drugmaker struck a partnership with Insilico Medicine to use artificial intelligence to discover new medicines.

Shares of Centene (CNC) and rival health insurance providers slumped after President Trump suggested federal health care money should circumvent insurers and go directly to people.

Metsera (MTSR) shares plunged after Novo Nordisk (NVO) didn’t raise its bid to purchase the biopharmaceutical firm that’s developing diabetes and weight-loss drugs, allowing Pfizer (PFE) to complete its $10 billion acquisition. Shares of Pfizer dropped as well.

Ball (BALL) shares fell as the maker of consumer packaging products announced CEO Daniel Fisher is stepping down, to be replaced by Chief Supply Chain and Operations Officer Ronald Lewis.

Oil futures ticked lower, while gold prices advanced. The yield on the 10-year Treasury note gained. The U.S. dollar was up on the euro, pound, and yen. Most major cryptocurrencies traded in the green.

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United Health Group and other health insurers saw shares decline after President Donald Trump's comments about payments

Key Takeaways

• Shares of health insurers tumbled after President Donald Trump called on Congress to change the way the federal government helps Americans pay for health insurance.
  
• A Washington think take estimated this year health insurers received $138 billion in federal payments.

Centene (CNC), HCA Healthcare (HCA) and Molina Healthcare (MOH) are among the worst-performing stocks in the S&P 500 Monday after President Donald Trump suggested federal health care money should circumvent insurers and go directly to people.

Trump wrote on his social media platform Truth Social over the weekend that he’s recommending the Senate and House change funding covered by the Affordable Care Act (ACA), or Obamacare, so that it “BE SENT DIRECTLY TO THE PEOPLE SO THAT THEY CAN PURCHASE THEIR OWN, MUCH BETTER, HEALTHCARE, and have money left over.”

Why This News Matters

President Donald Trump's comments are reigniting the debate over the Affordable Care Act and federal health insurance subsidies, rattling investors. His proposal to redirect federal funds to individuals would dramatically shift how the ACA marketplace operates. 

The president blasted the insurance companies, calling them “money sucking” and said the U.S. should “take from the BIG, BAD Insurance Companies, give it to the people, and terminate, per Dollar spent, the worst Healthcare anywhere in the World, ObamaCare.”

The Washington think tank Committee for a Responsible Federal Budget earlier this month estimated that the subsidies paid to insurance companies this year have a gross cost to the federal government of $138 billion, up from $53 billion in 2020.

Centene shares were down more than 8% in midday trading, while Molina tumbled nearly 7% and HCA dropped 5%. Shares of United Health Group (UNH), Cigna Group (CI) and other health insurers fell as well.

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Fed officials are divided about whether to cut rates to boost the job market, or keep them higher for longer to fight inflation.

Key Takeaways

• The Federal Reserve will meet on Dec. 9 and 10 to decide whether to cut the fed funds rate for a third consecutive meeting.
  
• Both sides of the Fed's "dual mandate" are worsening, and the Fed also lacks data because of the government shutdown.
  

The Federal Reserve's policy committee meets next on Dec. 9 and 10, and officials are expected to cut the central bank's key interest rate to lower borrowing costs in an effort to stabilize the deteriorating job market.

What To Expect From The December Meeting

The Federal Open Market Committee will meet to consider whether to cut the federal funds rate from its current range of 3.75% to 4%. The Fed cut its interest rate by a quarter of a percentage point at each of the previous two meetings in an effort to prevent the recent job market slowdown from turning into a serious increase in unemployment.

As of Monday, financial markets were pricing in a 63% chance of a rate cut in the wake of data showing employers ramped up layoffs in October, and the public is getting more pessimistic about the job market, according to the CME Group's FedWatch tool, which forecasts rate movements based on fed funds futures trading data.

However, a rate cut is not a done deal. Speaking at a press conference following the FOMC's most recent meeting last month, Fed Chair Jerome Powell said the central bank was not guaranteed to cut rates, and noted the 12-member panel that votes on rate changes is divided about whether to cut rates to preserve the labor market, or keep them higher for longer to combat inflation.

What This Means For The Economy

The Fed aims to stabilize the job market by lowering interest rates, but too many cuts too soon could stoke high inflation. The Fed faces a difficult balancing act in managing the risks of cutting too soon or too late.

Fed's Data Blackout Complicates Its Decision

The government shutdown that began Oct. 1 makes the Fed's decision more difficult because it has shuttered the government's statistical agencies. Without critical information about inflation and the job market, Fed officials have less to go on when deciding whether inflation or the job market is the more pressing problem to solve.

Monthly reports for September and October from the Bureau of Labor Statistics and other agencies have been delayed. The longer the shutdown drags on, the lower the chance the Fed will see any data at all before its December meeting. In the meantime, Fed officials have relied on data from private sources that is generally considered by economists less reliable than the "gold standard" reports from the BLS.

How Are Employment and Inflation?

The Fed faces challenges on both sides of its dual mandate.

Recent indicators show the job market is slowing down. Private employers laid more people off in October than in any October in more than 20 years, according to consulting firm Challenger, Gray & Christmas. The most recent job market report from the BLS showed the U.S. economy added just 22,000 jobs in August, a significant slowdown from the six-digit job gains of last year.

Meanwhile, inflation is running hotter than the Fed's goal of a 2% annual rate, and private price data suggests it's still heading in the wrong direction.

Tariffs have pushed up prices and stoked uncertainty among business leaders that has slowed down hiring. Meanwhile, President Donald Trump's immigration crackdown has also slowed down job growth, and multiple companies have announced layoffs and hiring freezes attributed to the adoption of artificial intelligence.

How The Federal Reserve Works

The Federal Open Market Committee (FOMC) is the body that sets the fed funds rate for the Federal Reserve System, the United States' central bank. It holds eight regularly scheduled meetings each year, which are not open to the public. The Fed's use of interest rates to influence the economy is called monetary policy.

The FOMC consists of 12 voting members: the seven board governors, the Federal Reserve Bank of New York president, and four other regional bank presidents who serve rotating one-year terms.

At each FOMC meeting, the committee members discuss economic and financial conditions and decide whether and how much to change the fed funds rate. The FOMC issues a public statement about its decision at 2 p.m. on Wednesday when the meeting concludes. The Fed chair, currently Jerome Powell, typically hosts a press conference afterwards to explain the decision.

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CoreWeave on Monday will report earnings for just the third time since going public in March.

Key Takeaways

• Options pricing suggests traders anticipate shares of CoreWeave could rise or fall up to 14% this week.
• The cloud computing company is expected to say its losses narrowed and revenue more than doubled from last year when it reports third-quarter earnings after the closing bell on Monday.
• CoreWeave has only reported earnings twice since going public in March; the stock, after big run-ups into those prints, fell on both occasions.

CoreWeave (CRWV) is slated to report third-quarter results after the closing bell on Monday, with traders expecting a big post-earnings move for the stock. 

Options pricing suggests traders anticipate shares of CoreWeave could move up to 14% in either direction by the end of this week. A move of that size would push the stock up to $118.70 at the high end, erasing some of the losses incurred amid last week’s slump in tech stocks, or drag it down to $89.30, its lowest price since early September.

CoreWeave has only reported quarterly results twice since it began trading, and neither has helped the stock. In May, shares fell more than 2% the day after the company's earnings were released, despite better-than-expected results, with revenue increasing more than 400% year-over-year. Shares tumbled more than 20% after earnings in August, when the company reported a wider-than-expected loss.

Why This Is Important

CoreWeave shares have soared since debuting in March, with investors looking past the company's unprofitability to focus on surging revenue driven by AI demand. How investors react to the company's results on Monday could reflect Wall Street's risk appetite and sentiment pertaining to the AI stock rally.

Granted, CoreWeave's shares advanced considerably leading up to both prints. The stock gained nearly 70% between its late-March IPO and May’s report, and rose about 120% heading into August’s results. This time could be different. Leading into Monday's session, CoreWeave shares were down about 30% since its last earnings. 

CoreWeave's revenue has soared in the last year and a half amid a surge in demand for AI-enabling cloud computing platforms. The company landed several major customers last quarter, signing a $14 billion deal with Meta Platforms (META), a $6 billion deal with Nvidia (NVDA), and a $6.5 billion expansion of its existing agreement with ChatGPT maker OpenAI.

The cloud computing provider is expected to report a third-quarter net loss of $284.4 million, narrowing from a loss of $359.8 million in the year ago quarter. Its revenue is projected to jump 120% year-over-year to $1.3 billion, according to analyst estimates compiled by Visible Alpha.

Wall Street is split on the outlook for CoreWeave’s stock, with five of the 10 analysts with current ratings tracked by Visible Alpha calling the stock a “buy,” and the other half assigning it a “hold” rating. Their mean target of $158.83 represents about 53% upside from the stock’s closing price last Friday. 

News of the day for Nov. 10, 2025

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Investors are keeping close tabs on developments in Washington D.C. amid hopes that lawmakers will pass measures needed to reopen the government in the coming days.

Stock futures are surging this morning after U.S. lawmakers passed a key procedural hurdle as part of an agreement that could bring an end to the shutdown that has lasted nearly six weeks; President Donald Trump has proposed issuing $2,000 “dividend” checks to Americans that would be funded by revenue from tariffs; AI data center firm CoreWeave (CRWV) is set to release its quarterly results after the closing bell today; and shares of Metsera (MTSR) are plunging after the weight-loss drug maker announced that it would be acquired by Pfizer (PFE) after a bidding war with Novo Nordisk (NVO). Here's what you need to know today.

1. Stock Futures Rise Amid Hopes for An End to U.S. Government Shutdown

Stock futures are pointing to a higher open for major indexes after the Senate passed a key procedural vote as part of an agreement to end the more-than-month-long U.S. government shutdown. Futures tied to the Dow Jones Industrial Average and the S&P 500 were recently up 0.4% and 0.9%, respectively, while those linked to the tech-heavy Nasdaq jumped 1.5%. The major market indexes lost ground last week amid cooling momentum behind the AI trade and heightened worries over the shutdown. Bitcoin was at nearly $106,000 in recent trading, up from a low over the weekend of around $101,500 and trading at its highest level in a week. Gold futures rose more than 2% to a two-week high of just above $4,100 an ounce. The yield on the 10-year Treasury note, which influences a range of consumer loans, was at 4.13%, up from Friday's close of 4.09%.

2. Senate Passes Key Vote That Could Pave Way for Government to Reopen

The Senate on Sunday passed a procedural hurdle that could clear a path for the government to reopen after the longest shutdown in U.S. history. The Senate voted 60-40 on a measure that allows other votes on an agreement that could restore funding to government agencies that have been shuttered for more than 40 days. Eight Democrats joined Republicans in supporting the agreement that would open the government through the end of January. While the agreement doesn’t address the healthcare funding cuts that were at the center of the shutdown, news reports said that there will be a vote on the subsidies in December. One consequence of the shutdown has been a freeze on economics reports from government statistical agencies, which could affect reports this week on inflation and retail sales. Government officials also began restricting some air travel last week amid staffing issues for air traffic controllers.

3. Trump Proposes $2,000 Tariff ‘Dividend’ Payments

President Donald Trump proposed issuing a $2,000 stimulus payment to Americans, saying in a social media post that tariff revenues could be used to fund the checks. “We are taking in Trillions of Dollars and will soon begin paying down our ENORMOUS DEBT, $37 Trillion,” Trump wrote in a post on Truth Social. “A dividend of at least $2000 a person (not including high income people!) will be paid to everyone.” In his post, Trump defended his tariff policies, which are currently being challenged in a Supreme Court case that challenges his authority to issue the import taxes. Earlier this year, allies of President Trump had proposed a "DOGE dividend” from savings from spending cuts.

4. CoreWeave Expected to Report Big Revenue Jump

Artificial intelligence data center firm CoreWeave (CRWV) is scheduled to release its quarterly earnings report after markets close today, giving investors another look at the AI trade amid recent volatility. CoreWeave recently has announced a handful of deals with top tech firms, including a $6.3 billion initial order with AI chipmaker Nvidia and a $14.2 billion agreement with social media giant Meta.  CoreWeave is expected to report that its revenue more than doubled over the year-ago period to $1.3 billion, according to analysts surveyed by Visible Alpha. The firm is expected to post an adjusted loss per share of $0.35. Shares of CoreWeave, which have gained 160% since the company's initial public offering in March, were up nearly 5% in premarket trading.

5. Metsera Shares Plunge After Drugmaker Announces Acquisition by Pfizer

Shares of Metsera (MTSR) are plunging after the weight-loss drug maker announced that Pfizer (PFE) has agreed to acquire the company. Metsera said that it struck the deal with Pfizer after U.S. regulators raised worries that an offer from Danish pharmaceutical firm Novo Nordisk (NVO) would create antitrust issues. The deal follows a reported bidding war between the two drug makers for New York-based Metsera. Pfizer will pay $86.25 per share in the transaction, which is reportedly valued at more than $10 billion. Metsera shares were down 15% ahead of the opening bell, while Pfizer shares ticked higher.

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President Trump continues to discuss the idea of a tariff dividend check.

Key Takeaways

• President Donald Trump on Sunday once again raised the possibility of a tariff dividend to Americans.
• In a message on Truth Social, Trump suggested that a check could be worth "at least" $2,000 per person, though "high income" earners would not be eligible.

The president says he still wants to get you tariff money.

President Donald Trump in a Sunday morning message on Truth Social said a "dividend of at least $2000 a person" would be paid to "everyone." Further details regarding timing and eligibility were not immediately available, and the White House did not respond to emailed questions in time for publication, but Trump in his message said "high income" earners would not receive the payment.

"People that are against Tariffs are FOOLS! We are now the Richest, Most Respected Country In the World, With Almost No Inflation, and A Record Stock Market Price," Trump's message read. In a Sunday interview with CBS, Treasury Secretary Scott Bessent said he hadn't discussed the proposal with Trump but suggested that the dividend could come as a result of the administration's policies, arriving "in lots of forms and lots of ways."

Why This Matters to Americans

President Trump and other leaders continue to talk about the possibility of sending money directly to Americans; some states are already doing it in different forms. Whether federal checks will arrive, and in what form, remains an open question.

Trump's statement advanced a notion that has made the rounds in different forms this year, with members of Congress at times discussing the possibility of stimulus checks. New York state is sending "inflation refund" checks to some residents.

The president himself has discussed the topic, though a payment at or above $2,000 would be higher than some amounts he has mentioned. Earlier this year, the idea of "DOGE dividends" was also floated.

The Supreme Court last week heard oral arguments in a case that raised questions about Trump's authority to levy tariffs in the fashion his administration has adopted in his second administration.

The case has raised questions not only about presidential power but about what might follow if some of Trump's tariffs are overturned on legal grounds, injecting fresh uncertainty into the outlooks of companies, economists and investors as the fourth quarter begins its home stretch.

U.S. stock markets slid last week, pulled lower in part by trade questions, though job-market concerns and high share valuations, as well as questions about the path forward for interest rates, also played a part.

This article has been updated since it was first published to incorporate the comments from Bessent and other information.