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• The Michigan Survey of Consumers survey showed that the public’s view of current economic conditions in October was the lowest since 2022.
• While inflation worries persist, the survey also showed an increasing number of consumers are worried about job losses amid weakness in this summer’s employment numbers.
• Nearly half of consumers said high prices were eating into their personal finances, even as inflation expectations declined slightly this month.

Worries about job losses and continued price pressures are raising anxiety.

The Michigan Survey of Consumers measurement of current economic sentiment in October fell to its lowest levels since August 2022, when a sharp rise in inflation was hammering consumers. Worries over the job market are spurring the current drop in consumer sentiment, according to Navy Federal Credit Union Chief Economist Heather Long. 

If consumers are having negative feelings about the economy, it's likely to impact their spending decisions. That could potentially impact other segments of a U.S. economy that is largely supported by consumer spending levels.

“Anxiety is back for American consumers,” Long wrote. “Over 60% are worried that unemployment is going to rise in the next year and almost 70% do not think the government is doing a good enough job fighting inflation and joblessness.”

While employment data has shown that the labor market softened this summer, the September jobs report has been delayed by the ongoing government shutdown. 

“The key for the economy is to prevent further job losses. If there’s less fear about losing jobs, then sentiment is likely to improve, especially among the middle class,” Long wrote. 

The influential survey showed that consumers also remained concerned about prices, but are expressing few worries over the ongoing government shutdown. About 45% of consumers told surveyors that high prices were eroding their personal finances, with a nearly equal share saying that their personal finances were worse than they had been a year ago. 

“The K-shaped economy is causing a lot of stress for middle-class and moderate-income Americans,” Long said. “Food and electricity prices are rising quickly. Households are trying to make every dollar count by shopping at discount stores, but it’s not easy having to switch meal plans and shopping patterns to lower costs.”

Despite that, inflation expectations declined slightly in the October survey. Consumers now expect prices to rise by 4.6% over the next year, down from the highs seen in May amid Trump’s tariff push. The data comes as today’s release of the Consumer Price Index inflation report showed that price pressures increased again in September, but not to the level economists had expected.

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Investors continue to climb over walls of worry and keep buying, even amid the latest concerns about regional bank credit risk, the prospect of even higher tariffs, and the third week of the government shutdown.

Plus, Jamie Dimon says we should be on ‘cockroach’ alert, and we discuss gold's unstoppable rise. Ric Edelman also drops in with the real truths about our financial futures and shatters some classic myths about diversification, retirement, and the cost of college.

• Shares of HVAC company Comfort Systems were jumping Friday to extend a long upward run in 2025.
• Comfort Systems is one of the companies to see growth and share-price appreciation as AI spending has excited investors in firms across a range of industries.

Comfort Systems shares are looking hot.

The heating, ventilation and air conditioning company's stock was recently zooming higher, jumping nearly 18% on Friday to extend 2025 and all-time highs; the shares, recently trading around $971, finished last year at $422.82. Today's jump marks the second big one-day move in the second half of this year alone.

Some investors have seized on the stock as a beneficiary of AI-related growth and the belief that it can continue. Recent sources of demand, the company has said, have largely come from data centers and chip plant projects. That's attracted investors looking for different ways to benefit from booming spending.

High-profile chipmakers get a lot of the attention when investors discuss the AI boom, but stocks in a wide range of other industries have also attracted notice—and big gains. Comfort Systems, which says demand has been lifted by data center and chip activity, is one example: Its shares have more than doubled this year.

It's showing up in the numbers. Yesterday Comfort Systems (FIX) reported substantial third-quarter year-over-year growth in revenue, net income and free cash flow, as well as a bigger backlog. That backlog, which implies sustained strength in sales, is likely a large reason for the stock's upward move today.

"This was the second consecutive quarter where backlog expanded [by more than $1 billion] sequentially, highlighting the strength of demand backdrop," wrote UBS analysts, who have a bullish rating on the stock, on Friday. The shares' valuation, meanwhile, was already rich by some historical measures before today's jump, William Blair analysts wrote today, though they found it "justified" by the company's performance.

The stock isn't too widely covered by Wall Street analysts, per Visible Alpha, despite a market capitalization north of $30 billion. But today's move has the current consensus price target, a few bucks under $920, in the rear-view mirror.

• Shares of Advanced Micro Devices and International Business Machines jumped Friday following news that readily available and reasonably priced AMD chips can run a key quantum computing algorithm.
• IBM plans to build a quantum computer named Starling by 2029, and the company's head of research told Reuters the algorithm work was completed a year earlier than expected.

AMD and IBM took quantum leaps on Friday.

Shares in the two companies jumped to record highs after Reuters reported that International Business Machines (IBM) has found that it could run a key quantum computing error-correcting algorithm on an easy-to-get and reasonably priced chip made by Advanced Micro Devices.

Reuters said that a research paper to be released by IBM Monday shows that it can run those algorithms in real time on a kind of chip—called a field programmable gate array semiconductor— manufactured by AMD.

AMD shares, which have more than doubled since the start of the year, were up nearly 7% in mid-afternoon trading Friday. IBM stock surged more than 7%, taking its year-to-date gain to about 40%, making it the second-biggest gainer in the Dow Jones Industrial Average in 2025. Shares of Micron (MU), which makes memory solutions for AMD and Nvidia (NVDA) chips, rose 5% on Friday.

For IBM, this breakthrough is progress toward making quantum computers more commercially viable and reliable. For AMD, it shows how affordable, flexible chips are becoming essential in advanced research—and extends the chip maker’s reach in next-generation computing.

Jay Gambetta, director of IBM research, said in an interview that "Implementing it, and showing that the implementation is actually 10 times faster than what is needed, is a big deal," according to Reuters.

Quantum computers use qubits to solve problems thousands of times faster than conventional computers, Reuters said. However, qubits are prone to making errors that overwhelm quantum chips, and tech companies have been racing to solve the problem.

IBM plans to build a quantum computer named Starling by 2029, and Gambetta told Reuters the algorithm work was completed a year earlier than expected.

• The Dow, S&P 500, and Nasdaq climbed to record highs in intraday trading Friday after a flurry of strong corporate earnings and the release of a cooler-than-expected inflation report.
• Ford Motor shares surged after the automaker posted quarterly results that topped analysts' estimates.
• Deckers Outdoor shares plunged after the Hoka maker gave a weaker-than-expected outlook and warned of a consumer pullback because of tariffs and higher prices.

The Dow, S&P 500, and Nasdaq climbed to record highs in intraday trading Friday after a flurry of strong corporate earnings and the release of a cooler-than-expected inflation report. 

Ford Motor (F) was the best-performing stock in the S&P 500, as shares soared after the automaker beat profit and sales estimates on strong demand for its “Pro” commercial and fleet vehicles.

Shares of Advanced Micro Devices (AMD) also jumped following a report IBM (IBM) determined it could run certain quantum computing algorithms on an easily accessible AMD chip. IBM shares rose as well.

Coinbase Global (COIN) shares advanced after an upgrade from JPMorgan, citing potential sources of new growth for the cryptocurrency exchange and strengths relative to its peers.

Deckers Outdoor (DECK) shares plunged to lead decliners on the benchmark index after the company behind the Ugg and Hoka shoe brands gave a weaker-than-expected outlook, saying it sees consumers pulling back because of tariffs and higher prices.

Shares of Newmont (NEM) fell amid concerns about production from the world’s biggest gold miner, though its third-quarter results topped analysts' estimates.

Illinois Tool Works (ITW) shares slid after the industrial products maker missed sales estimates and narrowed its guidance as it anticipates supply chain issues related to tariffs. 

Oil futures climbed and gold prices declined. The yield on the 10-year Treasury note was little changed. The U.S. dollar gained on the pound and yen, but lost ground to the euro. Trading in major cryptocurrencies was mixed.

• General Motors and Ford shares have taken off after the car companies reported strong sales and said they'll have an easier time adjusting to federal policy changes.
• Domestic car companies may benefit from less strict emissions rules and a more lax approach to tariffs on certain auto parts.

America’s big car companies are firing on several cylinders. 

General Motors (GM) and Ford (F), plus foreign-owned Stellantis (STLA), which owns the Chrysler, Dodge and Jeep brands, all reported a healthy uptick in domestic vehicle sales in the latest quarter. They’re also having an easier time than expected navigating federal policy: Washington recently eased tariffs on some auto parts and is backing away from fuel emissions standards, a move manufacturers say could save them billions.

Investors are taking notice. GM shares shot up some 15% after the company reported its third-quarter results on Tuesday, sending the stock to a record high. Ford shares were up 9% Friday, a strong day for stocks broadly, after handing in its numbers late Thursday. Stellantis is on track to finish the week up nearly 4%.

“The auto market remains more robust than initially expected while favorable environmental regulatory changes open up opportunities for the company to boost profits,” Bank of America wrote about GM’s results. 

Car companies' electric vehicle businesses boomed as Americans rushed to take advantage of an expiring tax credit. Gas-powered models moved quickly too. GM and Ford’s domestic sales rose 8% year-over-year in the third quarter, while Stellantis’ sales picked up 6%, the companies said.

American car-company executives have said the competitive market has prevented them from passing off more of the cost of tariffs. They may have some room to hold off on price hikes, given that the businesses say they're benefiting from recent policy changes.

SUVs and crossovers did particularly well, with GM’s Chevrolet Equinox sales nearly doubling year-over-year, and Ford’s Expedition sales jumping more than 47%, the companies said.

Cox Automotive Senior Economist Charlie Chesbrough said strong financial markets have helped sustain consumers' willingness to spend, lifting the auto business. "President Trump pulling back from more severe tariffs has helped improve the near-term outlook," he said. "Longer term, the pullback from EV targets and mandates will allow manufacturers to produce more profitable and more consumer-focused products.”

GM’s third-quarter results topped estimates, with domestic sales year-to-date growing at “the best pace in a decade,” the company said. Its annual tariff hit will be about half a billion dollars less because the government recently expanded the scope of auto parts shielded from tariffs. GM may also save about $1 billion annually in federal emissions penalties, JPMorgan said. 

Ford’s third-quarter results also beat expectations, and the manufacturer was on track to raise its full-year outlook before a fire tore through one of its aluminum suppliers’ facilities, according to CEO Jim Farley. Tariff-related expenses are likely to amount to $1 billion rather than $2 billion in 2025, while emissions policy changes may eliminate $2.5 billion in “purchase obligations,” CFO Sherry House said on a conference call Thursday.

“We've had material cost improvements,” House said, according to a transcript made available by AlphaSense. “The credit business has been performing well and pricing and volume has also been strong.”

The environment has also shaken things up for all-electric manufacturer Tesla (TSLA). The Texas-based company’s total deliveries rose 7% year-over-year last quarter, and those in North America grew 28% from the second to third quarter, CFO Vaibhav Taneja said. Revenue from automobiles rose, but the company took in 44% less from selling credits other manufacturers needed to meet emissions standards.

Investors are slated to see Stellantis’ numbers and hear from its executives on Thursday.

• Ford shares surged Friday after the automaker posted quarterly earnings that topped analysts' estimates. 
• However, Ford cut its outlook, citing the impacts of a fire at an aluminum supplier.

Investors were so impressed by Ford Motor's third-quarter results that they overlooked a guidance cut.

Ford (F) shares soared over 10% to pace the S&P 500 in recent trading after the "Big Three" automaker reported adjusted earnings of $0.45 per share on revenue that surged 9% year-over-year to $50.53 billion. Analysts surveyed by Visible Alpha had expected $0.34 and $46.33 billion, respectively.

However, Ford said it expects a full-year "adjusted EBIT headwind of $1.5 billion to $2 billion and an adjusted free cash flow headwind of about $2 billion to $3 billion in the fourth quarter due to the Novelis fire," which shut down an aluminum supplier's plant in Oswego, N.Y.

Friday's stock gains point to investor confidence in Ford's results and longer-term trajectory despite the cut to the automaker's outlook, adding to what has already been a strong year for the stock heading into today's session.

Because of the fire, Ford cut its 2025 adjusted EBIT outlook to a range of $6 billion to $6.5 billion from the prior $6.5 billion to $7.5 billion, and adjusted free cash flow of $2 billion to $3 billion from the previous $3.5 billion to $4.5 billion.

"We are working intensively with Novelis and others to source aluminum that can be processed in the cold rolling section of the plant that remains operational while also working to restore overall plant production," Ford CEO Jim Farley said. "We have made substantial progress in a short time to minimize the impact in 2025 and recover production in 2026."

With Friday's gains, Ford shares have risen nearly 40% since the start of the year.

• Alaska Air Group reported an IT outage that caused a ground stop of its flights and those of Horizon Air for several hours.
• It was the second ground stop caused by an IT problem at the airline in three months.

Shares of Alaska Air Group (ALK) flew lower Friday after the airline turned in quarterly profits that were less than expected and reported an IT outage that forced a system-wide ground stop of all flights of its namesake carrier and Horizon Air.

The company said the IT issues began at 6:30 p.m. Eastern Daylight Time (EDT) yesterday, and announced the ground stop—meaning certain flights weren't permitted to take off—at 10 p.m. EDT. It noted that operations had been restored by 3:15 a.m. today. 

Alaska Air’s second major IT outage in three months underscores how dependent companies have become on complex digital systems—and how costly failures can be. Tech resilience can be as important as fuel costs or traveler demand in the airline industry.

Alaska Air said the outage was caused by a failure at its primary data center, and “impacted several of our key systems that enable us to run various operations, necessitating the implementation of the ground stop to keep our aircraft in position.” The company said it was not a cybersecurity event and safety of its flights was not compromised. 

It was the second IT outage in three months to cause a ground stop for the airline. In July, a problem at its data centers led to more than 200 flight cancellations.

Alaska Air Group also reported third-quarter results, posting adjusted earnings per share of $1.05, short of forecasts. Revenue of $3.77 billion was basically in line with estimates. The company said that costs were higher than expected in part because of the expenses from July's IT incident.

Alaska Air Group shares were down more than 4% in recent trading. They have lost about 30% of their value year-to-date.

• Intel shares hit their highest level in 18 months Friday morning after the chipmaker swung to a profit that sailed past Wall Street expectations, signaling its closely watched turnaround plan is gaining traction.
• Intel shares have consolidated in a rectangle formation throughout most of October, setting the stage for a continuation of the stock’s recent uptrend.
• The measured move technique projects a near-term bullish target of $49. Investors should also watch important support levels on Intel's chart around $36, $32 and $29.

Intel (INTC) shares rose Friday morning after the chipmaker swung to a profit that sailed past Wall Street expectations, signaling its closely watched turnaround plan is gaining traction.

CEO Lip-Bu Tan, who took the helm in March and has refocused the company’s strategic direction, said the third-quarter results show Intel's "steady progress" in its turnaround, adding that demand for AI has created "attractive opportunities" across its portfolio.

The stock was up 1.2% at $38.60 in recent trading, after surging above $41 early in the session to its highest level since April 2024. Coming into today's session, the stock had risen 90% so far this year, with the lion’s share of those gains coming in recent months as investors cheered multi-billion dollar investments from Nvidia (NVDA) and SoftBank (SFTBY), as well as the U.S. government’s 10% stake in the chipmaker.

Below we analyze the technicals on Intel’s chart and identify important post-earnings price levels worth watching out for after the quarterly report.

Intel shares have consolidated in a rectangle formation throughout most of October, setting the stage for a continuation of the stock’s recent uptrend.

The trend for the stock has remained bullish since it broke out from a multi-month trading range in September, shortly after the 50-day moving average (MA) crossed above the 200-day MA to form a golden cross, a chart pattern that signals a sustained upward trend.

Let’s apply technical analysis to project a potential near-term bullish target on Intel’s chart and also identify important support levels worth watching during future retracements.

Investors can project an upside target on Intel’s chart by using the measured move technique, also known by chart watchers as the measuring principle.

When applying the analysis, we calculate the distance of the strong move higher that preceded the rectangle in points and add that amount to the formation's top trendline. For example, we add $10 to $39, which projects a target of $49.

During pullbacks in the stock, investors should initially watch the $36 level. This area on the chart could provide support near the base of the rectangle formation and a cluster of prices situated just below the July 2024 swing high.

A close below this level could see the shares retreat to around $32. Investors may look for buying opportunities in this area near the high of last month’s breakaway gap and a sideways trend that formed on the chart between April and July last year.

Finally, selling below this level opens the door for a retest of a lower trading floor near $29. Intel shares may find support in this location around the late September low, which also closely aligns with the Aug. 1, 2024 closing price that preceded the stock’s significant gap lower the following day.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our warranty and liability disclaimer for more info.

As of the date this article was written, the author does not own any of the above securities.

• The White House said October's inflation report is unlikely to be released.
  
• The ongoing government shutdown has closed the government's statistical agencies, leaving critical economic data unreported.
  

The Bureau of Labor Statistics is likely to skip a month of data collection for the Consumer Price Index for the first time in its history because of the ongoing government shutdown.

The Consumer Price Index, a widely watched gauge of inflation, is unlikely to be released for October, the White House said on Friday. The CPI is based on prices collected by an army of surveyors, who are currently on furlough and not working because of the government shutdown.

"Because surveyors cannot deploy to the field, the White House has learned there will likely NOT be an inflation release next month for the first time in history—depriving policymakers and markets of critical data and risking economic calamity," the White House said in a statement.

Investors, government officials, and businesspeople rely on government data to assess the health of the economy. Those decision makers could be left in the dark about important economic trends as the government shutdown drags on.

If October's data collection is skipped, it would create a remarkable gap in a dataset that spans more than a century. The BLS first published data for a national Consumer Price Index in 1921, including estimates for the national inflation rate dating back to 1913.

The CPI report is one of many pieces of economic data going unreported as the government's statistical agencies remain closed. Republican and Democratic lawmakers have voted down one another's bills to fund the government amid a dispute over health care policy. The White House statement deepened concerns among economists that the government will have to skip many of the monthly economic reports scheduled for release in October.

The ongoing data blackout is especially problematic for officials at the Federal Reserve who set the nation's monetary policy with the aim of keeping employment high and inflation low. Although private companies, universities, and other groups produce their own measures of the economy's health, the federal government's statistics, based on extensive surveys, are considered by economists to be the most comprehensive and reliable.

The White House announcement occurred shortly after the BLS released its CPI report for September, showing price increases accelerated less than forecasters anticipated, although remaining well above the Federal Reserve's target of a 2% annual rate. The BLS brought back some employees during the shutdown to publish the September CPI report since it is used to calculate Social Security annual cost-of-living adjustments to benefits.