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• Gold suffered its biggest one-day loss in a dozen years on Tuesday.
• An end to the ongoing government shutdown and a trade deal between the U.S. and China would ease some of the uncertainty that has sent gold to a series of record highs recently, according to analysts.
• Even with Tuesday's decline, the price of gold is still up 57% since the start of 2025. Other precious metals have also rallied this year.

Gold's year-long rally hit a wall Tuesday, with the price of the precious metal falling the most it has in a dozen years.

Spot gold dropped as much as 6% to a low of about $4,120 per troy ounce on Tuesday after reaching yet another all-time high of nearly $4,400 on Monday. It marked the biggest one-day percentage decline since June 2013 and the largest one-day dollar decline ever.

The price of silver, which has surged this year alongside gold, also plunged, falling more than 8% during Tuesday trading to as low as $48.40 per troy ounce.

Gold, silver and other precious metals have soared this year amid global trade tension, inflation concerns and economic uncertainty. The rally in precious metals has also been fueled in recent weeks by concerns about the impact of the U.S. government shutdown and ongoing fears about unsustainable government debt globally.

Gold has risen steadily in recent months as investors have turned to the traditional safe haven amid economic uncertainty and market volatility. The sharp decline on Tuesday marked the first significant step backwards for the precious metal, which remains up more than 50% for the year.

Long considered a hedge against economic uncertainty and inflation, gold fell Tuesday as Citi Research issued a note saying that an end to the U.S. government shutdown and potential U.S. trade deal with China "can contribute to a consolidation (of gold prices) over the next 2-3 weeks." Citi said it's maintaining its 0-3 month price target of $4,000.

It remains unclear when the shutdown, which is about to enter its fourth week, will end, as legislators remain at loggerheads. On the trade front, President Donald Trump has expressed optimism that a deal will be reached, as he gets set to meet with his Chinese counterpart, Xi Jinping, next week.

Shares of gold miners also fell on Tuesday, with the Van Eck Gold Miners ETF (GDX), reflecting shares of gold miners around the world, dropping 9.4%. Shares of Newmont (NEM), the world's largest gold producer, dropped 9% to lead decliners in the S&P 500 index.

Some of Tuesday's sell-off could be attributed to investors simply cashing in on the strong gains precious metals have enjoyed this year. Even with Tuesday's losses, spot gold has surged 57% so far this year, with silver up 68%.

In addition, the selloff may reflect some trepidation ahead of a key inflation report expected later this week. The Bureau of Labor Statistics is expected to release September's Consumer Price Index report on Friday. The government shutdown has delayed that and many other routine economic reports, helping contribute to gold's attraction as a safe-haven asset.

• Six Flags Entertainment shares soared Tuesday after activist investor Jana Partners said it's teaming up with NFL star Travis Kelce to press for changes at the company.
• Six Flags shares have lost nearly half of their value this year as the amusement park operator has grappled with declining attendance.

Six Flags' stock is getting a bit of help from Travis Kelce.

Shares of Six Flags Entertainment (FUN) surged nearly 18% Tuesday afternoon after activist investor Jana Partners said it's teaming up with the NFL star, who is engaged to pop superstar Taylor Swift, to advocate for changes at Six Flags.

Jana said the firm, theme-park fan Kelce, and other investors have acquired an approximately 9% stake in struggling Six Flags.

"I am a lifelong Six Flags fan and grew up going to these parks with my family and friends," said Travis Kelce in a statement. "The chance to help make Six Flags special for the next generation is one I couldn't pass up."

Activist investors typically acquire minority stakes to push for changes at public companies, and the surge in Six Flags' stock Tuesday suggests Travis Kelce and Jana's involvement have boosted optimism about shifts at the company.

The move could mean big changes ahead for Six Flags, which is searching for a new CEO after announcing in August that current chief Richard Zimmerman plans to step down by the end of the year.

Even with Tuesday's gains, Six Flags shares have lost nearly half of their value in 2025 as the company has grappled with a host of issues from bad weather and broken rides to stiffer competition, contributing to declining attendance at its parks.

• Coca-Cola is leaning into its high-protein milk products, but also planning to shake up the segment's offerings as competition in the space heats up.
• Many food and beverage companies are focused on protein as a greater share of Americans take GLP-1 drugs or otherwise embrace the macronutrient.

Coke is bulking up on protein.

Coca-Cola (KO) is opening one of the largest dairy processing plants in the U.S. as it works to satisfy demand for Fairlife milk filtered to remove lactose and reduce sugar, but keep protein, its executives said on a conference call Tuesday. It's doing so as more companies, from ingredient suppliers to supermarkets and cafes, are catering to consumers’ hunger for protein.

Interest in the macroingredient has grown alongside use of GLP-1 drugs, medications used to treat diabetes, obesity and weight loss. About 12% of American adults take GLP-1 medication and its usage will likely grow, General Mills (GIS) said at its investor day this month. Coca-Cola knows its expansion comes as others are racing to release their own protein-packed products, CEO James Quincey said.

“Competitors [are] coming into the space across all sorts of food and beverages,” Quincey said, according to a transcript made available by AlphaSense. “We believe we have great brands; we have excellent products. There’ll be a lot of new innovation.”’

Companies often roll out new recipes or flavors, or otherwise "innovate" a product to help justify higher prices and attract new buyers. Protein-dense products may exemplify this sort of business strategy, but they may also indicate broader shifts in diet prompted by growing use of GLP-1 medications.

Many consumers—on and off the aforementioned medication—are keen to add more protein, which can make people feel more full and assist with building muscle, to their diets. (Americans generally get enough of the macronutrient, according to nutritionists.)

Eaters' preference for protein is showing up at a growing number of companies. Premier Protein Shakes were among the top five purchases during Amazon’s (AMZN) past two Prime sales, according to Numerator, a market research firm. Meat snack brands like Slim Jim and Fatty were a source of strength for Conagra (CAG) last quarter, with sales by volume rising 4% year-over-year. 

Food and beverage manufactures say they’re leaning into the trend. JM Smucker (SJM) introduced a high-protein version of its Uncrustables peanut butter-and-jelly sandwich, while Pepsi (PEP) plans to add it to Doritos. General Mills rolled out protein-dense versions of Cheerios, granola, mac and cheese and snack bars. The company even plans to highlight protein content in pet foods, executives said at the investor day.

“I can understand why you’d think it looks like we’re sprinkling protein everywhere,” said Dana McNabb, General Mills' group president of North American retail and pet, according to a transcript. “I really believe our [research and development] team has a proprietary advantage in how to make protein taste good.” 

The shift has buoyed business for Ingredion (INGR), which makes sweeteners, starches and other ingredients. The company is seeing double-digit increases in demand for a protein fortification product, it said last month.

Starbucks (SBUX) has added cold foam with extra protein. Grocer Sprouts Farmers Market (SFM) plans to “assertively” talk up the hundreds of high-protein items it’s adding to the 3,700 it already stocks, CEO Jack Sinclair said this summer.

What's next? PepsiCo, known for both drinks and snacks is making a play for protein seekers—but also trying to get a head start on the next “it” ingredient, CEO Ramon Laguarta said on a conference call earlier this month.

“We’re launching products with high fiber,” Laguarta said, according to a transcript. “I think fiber will be the next protein.”

• A strong earnings report helped boost a U.S. major carmaker on Tuesday, Oct. 21, 2025, while receding gold prices dragged down shares of a mining giant.
• General Motors shares surged after the vehicle manufacturer beat quarterly estimates and said tariff costs should be lower than previously forecasted.
• Shares of Newmont, the world's largest gold producer, moved lower as prices of the precious metal fell from their all-time highs.
  

Shares of a big U.S. automaker zipped higher Tuesday following better-than-expected earnings, while a top miner's stock fell with a slip in gold prices.

Major U.S. equities indexes finished the day mixed as investors evaluated the latest stream of corporate earnings reports. The S&P 500 ended the day little changed, while the Dow rose 0.5% and the Nasdaq retreated 0.2%. For more daily markets coverage from Investopedia, see here.

General Motors (GM) shares motored 15% higher, notching the top performance in the S&P 500, after the carmaker reported better-than-expected sales and adjusted profit for the third quarter. The automotive giant reduced its forecast on the cost of tariffs, and Citi analysts suggested that GM has adjusted to tariffs more quickly than anticipated. The manufacturer said it will take a $1.6 billion loss tied to a reevaluation of its electric vehicle strategy following regulatory changes.

Halliburton (HAL) also surpassed third-quarter revenue and adjusted earnings per share estimates, and shares of the oilfield services firm surged about 12% higher. The company announced a strategic agreement with energy technology firm VoltaGrid to collaborate on providing power solutions for data centers around the world, with an initial rollout planned in the Middle East.

Warner Bros. Discovery (WBD) shares jumped 11% after the entertainment conglomerate suggested that it was open to a sale. The company said it is initiating a strategic review amid interest from several suitors. In June, Warner Bros. Discovery announced a plan to split into two separate companies, and more recent reports indicated that the newly consolidated media giant Paramount Skydance (PSKY) was preparing a takeover bid.

Gold prices fell sharply off record highs, with futures price plunging more than 5% Tuesday. The possibility of easing geopolitical tensions, with leaders of the U.S. and China set to meet in coming weeks, contributed to the pressure on the precious metal, which is typically viewed as a safe haven in times of economic upheaval. Shares of Newmont (NEM), the world's largest gold producer, plummeted more than 9%, the furthest of any S&P 500 stock.

Although tobacco giant Philip Morris International (PM) beat forecasts with its third-quarter revenue and adjusted EPS, its shares tumbled 3.8%. While smokeless tobacco products are helping to generate growth, the company pointed to high levels of investment during the quarter, including significant marketing and promotional activity related to its Zyn nicotine pouches, after scaling down its commercial approach during supply shortages earlier in the year.

Shares of clinical laboratory services provider Quest Diagnostics (DGX) sank 3.1% in the wake of the company's quarterly earnings report. Although revenue and and adjusted EPS came in ahead of forecasts, boosted by acquisitions and growth in the consumer channel, the company trimmed its full-year guidance for reported EPS.

• Hiring by U.S. employers has slowed to a crawl, according to recent data from Vanguard.
  
• The job creation rate is at its slowest sustained pace since 2009, when the U.S. was in a recession.
  
• Vanguard's report is one of a handful of privately created data sources available in the absence of government reports that have been delayed by the shutdown.
  

The last time job growth was as slow as it is now, Boom Boom Pow by the Black Eyed Peas was at the top of the charts, a Bitcoin cost a quarter of a cent, and Donald Trump was best known as the host of a game show.

Vanguard data found the U.S. job growth rate was just 0.1% in seven of the first nine months of 2025—an ominous sign, as the last time job growth was that slow for a sustained period was during the Great Recession in 2009. That's less than a third of the recent job growth peak of 0.36% in 2022.

Vanguard's data highlights the job market's uneasy balance: job creation is slow, but there haven't been any waves of mass layoffs. Officials at the Federal Reserve view the job market as increasingly fragile and are expected to cut interest rates to support job growth and prevent a severe increase in unemployment.

Vanguard's data is one of a handful of reports on the job market created by private companies, which are still being published in the absence of official figures from the government that are being delayed by the ongoing shutdown.

Vanguard's data reinforces recent findings indicating a "low hire, low fire" job market in an uneasy equilibrium. Many employers remain reluctant to either expand or reduce their workforces as they contend with the economic policies of the White House, particularly tariffs and a crackdown on immigration, according to recent surveys.

The slow rate of job creation is bad news for anyone currently looking for work, but the labor market isn't yet in crisis. Unlike the early 2000s, people who currently have jobs can count on relatively stable employment, according to Vanguard.

"Hiring has slowed, but low layoff rates and solid income growth point to a labor market that remains strong for those currently employed," the company said in a blog post.

• The U.S. economy faces increasing risks the longer the current government shutdown continues, economists said.
  
• The shutdown, which began Oct. 1, is now the second-longest in U.S. history, with no end in sight.
  
• Lost federal worker pay, lost contracts, lost services, and reduced consumer spending will all drag on the economy more the longer the shutdown continues, economists said.
  

Past government shutdowns have been little more than speed bumps for America's economic growth, but the longer this one drags on, the more economists fear it could be different.

This shutdown could be more damaging than others given its potential to go on for longer, with increasingly severe consequences for workers and contractors, many of which are small businesses. And President Donald Trump's unprecedented threats to withhold back pay from federal workers, and to lay them off permanently, could magnify the hit to economic growth and consumer spending. Those moves are currently being challenged in court by unions.

As of Tuesday, this 21-day shutdown is tied for the second-longest in the country's history, behind the 2018-2019 partial shutdown that lasted 34 full days. While the shutdown continues, its effects ripple through the economy as federal workers remain unpaid, critical economic data goes unreported, and crucial government services remain unfulfilled.

Meanwhile, Democratic and Republican lawmakers are in a standoff over health care policy.

Glimmers of hope emerged when White House National Economic Council Director Kevin Hassett said the shutdown could end "this week." However, both sides seem to be deadlocked. As of Tuesday, wagers on betting website Polymarket had priced in a 54% chance the shutdown would continue at least through Nov. 4, making it the longest in history.

The U.S. economy is facing stiff headwinds from tariffs, immigration restrictions and persistent inflation. The shutdown presents another significant threat.

Economists are tallying up the mounting economic damage. Bernard Yaros, lead U.S. economist at Oxford Economics, highlighted several major pain points in a report Monday: missed pay by federal workers, missed payments to contractors, and reduced consumer spending.

In line with the estimates of other forecasters, Yaros said the shutdown was likely to subtract between 0.1 and 0.2 percentage points from the Gross Domestic Product each week it continued. Each day the shutdown continues, $800 million of federal contracts are at risk of disruption, Yaros wrote. That grows over time, rising to $1.3 billion per day if the shutdown continues into December.

"The federal award spigot has all but turned off at the Department of Defense, NASA, and the Department of Homeland Security," Yaros wrote. Oxford estimated towns in the South, where the military is a big part of the economy, will be hit hardest.

Contractors will face increasing risks as this wears on, affecting the estimated 5.2 million people they employ, Yaros wrote.

"While contractors can manage through a short-lived suspension of federal activity, a protracted shutdown can significantly impact their cash flow, potentially leading to furloughs, pay cuts, or even layoffs. Small businesses that contract with the government are more likely to resort to such cost-saving measures as they may have relatively thinner cash buffers. In FY2025, small businesses received half of all contracts awarded by the federal government."

Businesses will also face delays in getting permits and business loans from the federal government, further slowing down hiring.

In past shutdowns, the economy has typically bounced back after the shutdown ended—after furloughed federal workers are given back pay and things return to normal.

"Historically, shutdowns have had modest and temporary effects on growth; however, the risk of more lasting effects on growth increases with the duration of the shutdown," Gus Faucher, chief economist at PNC Bank, wrote in a commentary.

• OpenAI launched its AI-powered Atlas browser, which comes with ChatGPT built in, to macOS users Tuesday, with plans to roll it out to Windows, Android, and iOS users soon.
• The browser could challenge existing search leaders such as Google, which has already acknowledged OpenAI's ChatGPT as a competitive threat.

AI startup OpenAI is coming for Google's Chrome.

The ChatGPT maker and world's most valuable private startup launched its highly anticipated AI-driven browser Tuesday, in a move that could challenge leading browsers like Google's (GOOGL) Chrome.

The new browser, Atlas, comes with the company's flagship chatbot ChatGPT built in, eliminating the need to copy and paste resources from the web into conversations in a separate app, according to OpenAI.

Atlas can also perform tasks in "agent mode," like planning events or booking appointments, OpenAI said, though that is only available to ChatGPT Plus and Pro users for now, CEO Sam Altman said during a livestream.

The browser is available for Apple macOS users as of Tuesday, with the AI startup promising to roll out Windows, Android, and iOS soon.

Tuesday's release underscores OpenAI's potential to disrupt the dominance of older big tech giants such as Google, with rapidly growing popularity and influence since the launch of its ChatGPT chatbot in 2022.

The move brings OpenAI's offerings more directly in competition with Google, which has already acknowledged OpenAI's ChatGPT as a threat. While other companies, including Microsoft, have browsers too, Google’s is by far the most popular, capturing over 60% browser share by some estimates.

In a high-profile decision last month, a judge who ruled a year ago that Google operated a monopoly in search, decided against forcing the tech giant to sell Chrome, in part because of the rapid rise of AI and the threat newer companies in the space like OpenAI, Anthropic, and Perplexity pose to its dominance.

Meanwhile, Google has been hustling to augment its Chrome with AI features that will help it keep users amid widespread expectations that OpenAI would launch an AI-powered browser. Google rolled out its own Gemini chatbot in Chrome last month for Mac and Windows desktop users in the U.S.

Shares of Google were down about 2% in recent trading following the announcement from OpenAI. They've added about a third of their value in 2025, thanks in part to strong demand for its cloud services to support AI.

• Global business optimism has fallen for three straight quarters as a new survey showed that uncertain tariff and trade policies are creating fears of supply chain disruptions.
• More than half of the businesses surveyed said they were looking for alternatives to the U.S. and Chinese markets due to the trade pressures.
• Tariffs have affected metal manufacturing, automotive, and capital goods production the most, undermining investment confidence.

Global business optimism sank again in the third quarter as worries over U.S. trade and tariff policies led some businesses to look for alternatives to U.S. markets.

A global survey of 10,000 businesses found that optimism has dropped by nearly 20% so far this year, according to data from Dun & Bradstreet. The results show that business concerns over the challenging trade environment are accelerating as companies struggle to adapt to tariffs. 

“The renewed dip in Q3 suggests that businesses continue to grapple with a challenging external environment and may be adopting a more cautious stance as a result,” the report said. “These declines reflect not only the burden of existing tariffs but also rising uncertainty about what the U.S. might do next.”

Deteriorating business sentiment worldwide has the potential to harm foreign investment in the U.S. and reduce demand for U.S. exports. This could slow the economy, hurt corporate profits and increase market volatility.

Uncertainty surrounding U.S. tariffs has lead many international businesses to look for alternatives to American markets. More than half of surveyed businesses outside of the U.S. are seeking new trading partners beyond America, and the same share say they expect U.S. trade policies to get even worse. 

”Amid rising tariff pressures, businesses are prioritizing domestic markets and diversifying beyond the Chinese Mainland and the U.S.,” the report said.

The survey also showed a growing pessimism about supply chain stability and the investment environment.

North American manufacturing businesses saw the steepest drop in supply chain confidence this year. The results also indicate that businesses are prioritizing supply-chain resilience over managing costs. The report showed that metal manufacturing, capital goods production and the automotive sector have been hit particularly hard by the trade policies.

“This severe downturn could be particularly indicative of the impact of ongoing U.S. tariff policies and trade disputes directly affecting North American production and sourcing,” the report said. 

Increasing worries about supply chain stability have affected investment confidence as well. The survey found that sentiment fell more than 16% in the U.S. in the third quarter, more than the global average, as businesses worry whether they can get the funding they need to run their operations.

“Despite many major central banks lowering interest rates so far this year, a significant increase in uncertainty for global trade, supply chains, and geopolitics has dominated business capital expenditure decisions,” the report said. “Any easing of trade tensions would bring stability to supply chains and trade routes; businesses have cited supply chains as more important for investment decisions than trade uncertainty.”

• A major proxy advisor Institutional Shareholder Services on Monday panned the CoreWeave-Core Scientific deal ahead of a shareholder vote at the end of the month.
• Core Scientific shares rose Tuesday following the news, while CoreWeave's sank.

A major AI power coupling is in jeopardy. Why? Because the price, it seems, is not right.

That's effectively what proxy advisor Institutional Shareholder Services, or ISS, on Monday said of CoreWeave's (CRWV) proposed acquisition of Core Scientific (CORZ), helping send shares of the former down, and the latter up.

"The market believes the company's value is greater than the offer," ISS said, recommending that Core Scientific shareholders reject the CoreWeave deal on Oct. 30.

Coreweave, the AI cloud provider with Nvidia-backing (NVDA), in July proposed a deal valued at $9 billion to acquire data center operator Core Scientific in an all-stock transaction. But heightened appetites for AI-related investments drove stocks higher, including Core Scientific's, making the offer look less lucrative.

A pending shareholder vote on CoreWeave's planned acquisition of Core Scientific, a deal struck in July, could offer insight into investors' views of the market for AI technology. If they shoot it down, it could signal a belief that better deals are out there—though CoreWeave execs on Tuesday said their offer stands.

Some investors have taken note. At least one major shareholder—Two Seas Capital, which has a 6.2% stake in Core Scientific—plans to vote against the deal.

CoreWeave chief Michael Intrator has said multiple times that the company would not be sweetening its offer, a position he reaffirmed Tuesday. "Everything has a value, and the number we put out is the value we're willing to pay for them under all circumstances," he said in an interview with CNBC.

Neither of the companies responded to Investopedia's queries asking whether they would pursue other deals in the event shareholders reject this one in time for publication. The July merger agreement included a breakup fee of 4% of the transaction value.

CoreWeave's shares fell roughly 5% Tuesday morning, but were more recently off about 3%. Core Scientific's stock is up nearly 3%.

• Netflix is scheduled to report its quarterly results after the closing bell Tuesday.
• Wall Street analysts widely expect the streaming giant to have benefited from a strong slate of content and higher prices, along with its efforts to grow its advertising business.

Can Netflix keep up its recent momentum and maintain its reputation as a streaming winner?

The company's third-quarter results, due after the bell today, could show whether its investments in original shows, charging higher prices, and efforts to grow its advertising business have paid off, with Wall Street analysts generally bullish that the stock still has room to rise.

Netflix (NFLX) is expected to post earnings per share of $6.92 on revenue of $11.52 billion, according to estimates compiled by Visible Alpha, with 10 of the 14 of the analysts with current ratings surveyed calling it a "buy," compared to four "hold" ratings. Their average target of $1,400 would suggest 13% upside from Monday's close.

That's after what has already been a strong year for the stock so far. While well off its highs around $1,340 in June, Netflix stock has surged close to 40% in 2025, far outpacing the S&P 500's roughly 15% gain. Shares were up slightly at $1,240 in mid-afternoon trading Tuesday.

As a leader in the streaming space, Netflix's results could set the tone for other companies with streaming businesses, such as Disney. Netflix, which has also benefited from the perception that it's relatively insulated from tariffs, could also point to the resilience of consumer spending on entertainment in the face of broader economic uncertainty.

UBS analysts told clients earlier this month that they "continue to believe Netflix is a secular winner," anticipating gains from growing memberships and higher pricing, along with a boost from hit new shows like "KPop Demon Hunters" and the return of its popular "Squid Game" series.

The analysts also voiced confidence in Netflix's slate for the fourth quarter, with a lineup that includes "The Witcher" and "Stranger Things," along with National Football League events as Netflix and other streamers such as Apple (AAPL) and Disney (DIS) lean into sports to drive growth.

Meanwhile, analysts at Morgan Stanley and Bank of America voiced some concerns about competitive threats from the rise of AI-generated content and a potential merger between Paramount Skydance (PSKY) and Warner Bros. Discovery (WBD), but maintained "buy" or equivalent ratings on the shares. Bank of America said it expects Netflix's scale to protect its streaming leadership in the "near to mid-term."

"In our view, Netflix shares will be fueled by continued positive subscriber and earnings momentum in addition to evolving advertising and live opportunities," Bank of America said.