Morning Brief

US stocks fell for a second straight day as the post-shutdown market reset collided with doubts about rate cuts and another rout in tech. Nasdaq futures slid more than 1.5% as AI leaders such as Nvidia (NVDA), Microsoft (MSFT), and Alphabet (GOOG) extended losses amid profit-taking and growing concerns about stretched valuations. Bitcoin (BTC-USD) officially entered a bear market, down more than 20% from its October peak.

Walmart (WMT) shocked investors by announcing CEO Doug McMillon will retire after more than a decade at the helm, handing the reins to Walmart US chief John Furner in February. McMillon, who modernized the world’s largest retailer through e-commerce expansion and wage growth, leaves the company at record highs. The move comes just ahead of Walmart’s earnings report next week.

Meanwhile, Fed officials are sending mixed messages. Minneapolis Fed president Neel Kashkari and St. Louis Fed’s Alberto Salm cautioned against cutting rates too quickly, while Governor Steven Myron continues pushing for a larger 50 bp move. Markets now see just a 50% chance of a December rate cut — down from 85% two weeks ago — as the post-shutdown economic data trickles in.

Takeaways:

Walmart CEO Doug McMillon to retire; John Furner to take over in February

Nasdaq extends losses as AI leaders slide and bitcoin enters bear market

Fed officials grow divided on December rate cut amid mixed economic signals

Investors brace for Walmart earnings, new inflation data, and the delayed jobs report

Palantir (PLTR) CEO Alex Karp defends the company’s mission and AI role in exclusive Yahoo Finance interview

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US stock futures rise as the House prepares to vote on ending the 43-day government shutdown, with reopening possible by midnight if the bill passes and the President signs. The data pipeline will take weeks to normalize. Still, Fed watchers will parse remarks from New York Fed’s John Williams, Atlanta’s Raphael Bostic, Governors Steven Myron and Susan Collins for clues on December cuts. AMD (AMD) extends gains after CEO Lisa Su projected data-center revenue could jump ~60% over the next 3–5 years, feeding AI enthusiasm beyond Big Tech. Stablecoin issuer Circle slipped despite a top- and bottom-line beat as investors worry lower rates will dent reserve-income margins; management touted growth in its payments network and testing of its new ARC blockchain (with a potential native token). On consumer names, On Holding (ONON) popped on raised guidance and resilient premium demand, while Infineon (IFNNY) guided back to growth on AI-data-center strength. Chevron (CVX) explored supplying natural-gas power to an AI data center in Texas, and Eli Lilly (LLY) moved employees off CVS’s drug plan amid a GLP-1 coverage spat.

Takeaways:

House set to vote to end the shutdown; Fed speakers in focus as missing data slowly returns

AMD touts multiyear AI data-center surge; AI trade broadens to chip and infrastructure names

Circle beats but slides on lower-rate margin fears; pushes payments/ARC blockchain initiatives

On Holding raises outlook; Infineon sees AI demand offsetting auto softness

Chevron eyes AI-power deals; Eli Lilly reshuffles pharmacy benefits in GLP-1 fight

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US stocks opened mixed as investors weighed the Senate’s passage of a bill to end the government shutdown and a pair of jolting AI headlines. The measure now heads to the House, where a vote is expected within 24 hours before President Trump signs it into law. Lawmakers are racing back to Washington amid widespread flight delays — a fitting symbol of the shutdown’s ripple effects. The bill would reopen the government by week’s end and restore pay to 750,000 furloughed workers.

SoftBank (9984.T) sold its entire stake in Nvidia (NVDA) — about 32 million stock worth $5.8 billion — calling the move a “financing measure” to raise capital for new investments, including OpenAI. The sale triggered a modest pullback across AI-linked names. CoreWeave, an Nvidia-backed cloud infrastructure firm, cut its full-year revenue forecast due to construction delays at a key data center, prompting a downgrade from JPMorgan and an 8% stock slide. Has cut its full-year revenue forecast due to construction delays at a key data center, prompting a downgrade from JPMorgan and an 8% stock price decline. Analysts stressed that the supply issue is temporary but noted that it highlights execution risks in the AI supply chain.

Elsewhere, corporate buybacks are surging to record highs, with US firms authorizing more than $1.2 trillion so far this year — a 15% increase from 2024 — as executives become more confident in the economy. Analysts say the trend is helping support stocks even at elevated valuations.

Takeaways:

Shutdown deal moves to the House after Senate passage; government likely to reopen by week’s end

SoftBank sells entire $5.8B Nvidia stake to fund new investments, including OpenAI

CoreWeave cuts forecast over data center delays; JPMorgan downgrades stock

Corporate buybacks top $1.2T this year as confidence and cash flow improve

AI enthusiasm faces new tests amid capacity bottlenecks and high valuations

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US stock futures climb as Washington inches closer to ending the government shutdown. The Senate advanced a bipartisan bill 60–40 that would reopen the government through January 30, fully fund key programs like SNAP, and add new limits on President Trump’s power to fire federal workers. The House still needs to act, but hopes for a deal are fueling a risk-on rally, with Nasdaq (^IXIC) futures leading after last week’s AI-led selloff. A reopening would also bring long-delayed economic data back online, though the White House has already signaled this week’s CPI report is likely a full casualty of the shutdown.

Earnings remain in focus with Disney (DIS) set to report what’s expected to be its first adjusted profit decline in more than two years as revenue growth slows. Investors will be watching strength in parks and cruises, Disney+ pricing power, early demand for the new ESPN streaming service, and any hints on CEO Bob Iger’s successor before his planned 2026 exit. On the deal front, Pfizer (PFE) is buying obesity-drug startup Metsera after Novo Nordisk (NVO) dropped its bid, monday.com (MNDY) slides on tempered guidance, and Instacart (CART) pops on resilient grocery demand. All of it comes as strategists debate whether the AI boom is starting to look a lot like the dot-com bubble — even in blue-chip names.

Takeaways:

Senate advances shutdown deal that would reopen government through Jan. 30 and fully fund SNAP

Markets rally on hopes for a resolution and the eventual return of key economic data, even as this week’s CPI is likely scrapped

Disney earnings on deck: parks and cruises strong, streaming margins and ESPN DTC in focus, plus long-running questions about Bob Iger’s successor

Pfizer wins Metsera obesity-drug bidding war over Novo Nordisk; monday.com cuts guidance, Instacart beats on steady grocery demand

Strategists warn of “bubble-like” AI behavior even in high-quality names as trillion-dollar deals and mega pay packages pile up

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US markets edge lower to close the week as investors digest Elon Musk’s latest triumph — Tesla (TSLA) shareholders approving his $1 trillion pay package with over 75% support. The vote also included conditional approval for Tesla to invest in Musk’s AI startup, xAI, although the board remains undecided amid concerns about overlap. Musk promised to scale up Optimus robot production at Fremont and Austin and teased a 2026 target for its driverless “Cybercab.” Ark Invest’s Brett Winton told Yahoo Finance the robotaxi business could become a “natural monopoly” and that humanoid robots will ultimately be “an order of magnitude larger.” Still, Winton admitted that scaling to 1 million robots by 2030 will be a “hard and steep climb.”

Crypto markets remained volatilBTC-USD) fell back toward $100,000 after recent whale selling. At the same time, Ark Invest reiterated its five-year bullish outlook on bitcoin and public blockchains.e as bitcoin (BTC-USD In trending tickers, Constellation Energy (CEG) rose after substantial revenue driven by AI data center demand, Block (SQ) plunged on weak quarterly sales despite higher profit guidance, and Opendoor (OPEN) fell sharply after cutting volume growth targets. Investors also eye the AI sector amid talk of an “innovation bubble,” with experts noting valuations are stretched but structural gains from generative AI remain strong.

Takeaways:

Tesla shareholders approve Elon Musk’s $1T pay package and xAI investment plan

Musk promises 2026 Cybercab rollout and mass Optimus robot production

Ark Invest sees robotaxi cash flow hitting “hundreds of billions” by 2030

bitcoin wobbles near $100K after whale selling, but Ark stays long-term bullish

Analysts warn AI valuations are overheated but not yet a true bubble

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US stock futures are little changed as investors weigh lofty valuations, strong earnings, and fresh signs of labor market stress. Qualcomm (QCOM) is the latest big-tech name to get punished despite a solid quarter and upbeat forecast after unveiling a new data center chip. The FAA is reducing US flight traffic by 10% as the government shutdown enters its 37th day, moving to relieve unpaid air traffic controllers amid growing delays and cancellations. New data from Challenger, Gray & Christmas shows that more than 150,000 job cuts were announced in October — the highest for that month since 2003 — with technology, warehousing, and retail leading the way, and year-to-date layoffs now topping 1 million amid cost-cutting and AI-driven restructuring. Federal officials, including Governor Steven Myron and New York Fed president John Williams, speak today as markets continue to price in a December rate cut without official job data. The AI trade remains central, with Nvidia (NVDA), Intel (INTC), Alphabet (GOOG), Meta (META), and Micron (MU) in focus. At the Supreme Court, justices sounded skeptical of President Trump’s use of emergency powers to impose key “Liberation Day” tariffs. This ruling could upend nearly $200 billion in tariff revenue and reshape his economic agenda. Auto stocks like General Motors (GM), Ford (F), Stellantis (STLA), and Tesla (TSLA) have been climbing on hopes for tariff relief as Tesla shareholders prepare to vote this afternoon on Elon Musk’s proposed $1 trillion pay package and a potential investment in his xAI startup. In trending tickers, Marvell Technology (MRVL) jumps on reports SoftBank weighed a takeover and Arm combo, Duolingo (DUOL) slumps on a weak bookings outlook, and ConocoPhillips (COP) rises after beating earnings, hiking its dividend, and boosting its production forecast.

Takeaways:

October layoffs hit 150,000 — the highest since 2003 — with tech, warehousing, and retail leading more than 1 million cuts year to date

FAA to cut flight volume by 10% as the government shutdown reaches day 37 and air traffic staffing strains worsen

Fed officials Myron, Hammack, Williams, and others speak as markets bet on a December rate cut without an official jobs report

Supreme Court hears challenge to Trump’s emergency tariffs, putting nearly $200B in revenue and key trade pillars at risk

Tesla shareholders vote today on Elon Musk’s $1T pay package and a proposed xAI investment; Marvell, Duolingo, and ConocoPhillips move on deal and earnings headlines

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US stocks are bouncing off session lows after a sharp tech and chip sell-off wiped about $500 billion in market value from the Philadelphia Semiconductor Index. AMD (AMD) is under pressure even after beating on revenue, profit, and guidance across data center, client, and gaming, as Wall Street questions lofty AI valuations following blockbuster deals with OpenAI and Oracle. Super Micro Computer (SMCI) sinks after missing earnings despite already cutting guidance, adding to worries that AI infrastructure demand isn’t translating into the blowout server sales investors expected. A fresh read on the labor market from ADP showed 42,000 private payrolls added last month, while September was revised to 29,000 jobs lost, underscoring a still-fragile hiring backdrop.

On the consumer front, McDonald’s (MCD) reported another quarter of strong US same-store sales, powered by the return of its $3.99 Snack Wrap and new $5 and $8 value meals — but the “K-shaped” economy is in full view, with lower-income traffic falling nearly double digits. At the same time, visits from higher-income individuals rise by a similar amount. Cava (CAVA) also saw comps rise but cut its full-year outlook as 25–35 year-old diners pull back under the weight of student loans, housing, and healthcare costs. Bitcoin (BTC-USD) is trading back above $100,000 after briefly breaking below the key level for the first time since June, still down roughly 20% from last month’s record as “whales” — long-term holders — dump as much as 400,000 coins in a month. In trending tickers, Novo Nordisk (NVO) cut its obesity-drug outlook again while battling Pfizer (PFE) for startup Metsera, IBM (IBM) plans thousands of job cuts as it leans harder into software and services, and Pinterest (PINS) slumps on a soft revenue outlook and AI-ad worries despite launching its new Pinterest Assistant shopping tool. Wall Street also digests the election of Democratic Socialist Zoran Momani as New York City mayor, with leaders like Bill Ackman, Jane Fraser, and Jamie Dimon pledging to work with City Hall, and investors tuning in for Fed Governor Steven Myron’s interview on the path of interest rates.

Takeaways:

AMD beats across the board but slides as investors reassess lofty AI chip valuations; Super Micro misses again and deepens AI hardware jitters

Bitcoin drops below $100,000 as long-term “whales” dump holdings, with support eyed near $95,000 and catalysts tied to liquidity and the shutdown

McDonald’s Snack Wrap and value deals drive US comps, but lower-income visits fall sharply as higher-income traffic powers a K-shaped consumer

Cava trims same-store sales guidance as younger diners feel the pinch from loans, housing, and inflation

Novo Nordisk, IBM, and Pinterest move on guidance cuts, layoffs, and AI advertising concerns amid broader questions about market concentration and bubble risk

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US stock futures are under pressure as Palantir (PLTR) slides despite beating on earnings and raising its full-year outlook, with investors balking at its lofty valuation after a 170% year-to-date run. The AI favorite is also under fresh scrutiny after “Big Short” hedge fund manager Michael Burry disclosed prominent put positions against both Palantir and Nvidia (NVDA), stoking fears of an AI bubble and a broader tech pullback. Uber (UBER) stock fell after missing on operating income and issuing softer guidance, while Pfizer (⁠PFE⁠) raised its 2025 profit forecast but faces a challenge to its planned Metsera obesity-drug deal from Novo Nordisk (NVO). In Washington, the government shutdown has now tied the record at 35 days, with 40 million low-income Americans at risk of losing SNAP benefits before a judge-ordered round of partial payments, and the Supreme Court is set to hear a significant case on the legality of Trump-era tariffs. Voters head to the polls in key state elections in Virginia, New Jersey, and New York as the political landscape for tariffs and the broader economic agenda takes shape.

Takeaways:

Palantir stock sinks on valuation fears despite strong earnings and guidance

Michael Burry takes prominent bearish options positions against Nvidia and Palantir, flashing an AI bubble warning

Uber misses on operating income; Pfizer lifts 2025 outlook as Novo Nordisk contests its Metsera deal

Government shutdown hits day 35, threatening SNAP benefits and setting records

Supreme Court tariff case and state elections could reshape Trump’s economic and trade agenda

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US stocks kick off November on a positive note after October marked a sixth straight month of gains, with futures higher ahead of a big week for earnings from AMD (AMD), Palantir (PLTR), and Qualcomm (QCOM). Berkshire Hathaway (BRK-B) reported strong insurance results and a record $381.7 billion cash pile, but no share buybacks — a sign Warren Buffett may still see the stock as expensive as he prepares to step down as CEO at year-end, handing the role to Greg Abel while remaining chairman. In consumer staples, Kimberly-Clark (KMB) is buying Tylenol maker Kenvue (KVUE) for $40 billion in a deal that would vault it past Unilever (UL) as the No. 2 global health-and-wellness player. Fed officials remain sharply divided on whether to cut rates again in December after two straight moves, with hawks warning about sticky inflation and doves arguing for more easing. Meanwhile, Tesla (TSLA) shareholders prepare to vote Thursday on Elon Musk’s proposed $1 trillion pay package, and breaking news hit that OpenAI has signed a $38 billion cloud deal with Amazon (AMZN) Web Services to tap Nvidia GPUs as part of a broader AI capex boom that already tops $400 billion for 2025. In trending tickers, Australia-based AI data center operator Iris Energy (IREN) struck a $9.7 billion cloud capacity deal with Microsoft (MSFT), and Pfizer (PFE) is suing to block Novo Nordisk’s (NVO) bid for obesity-drug startup Metsera.

Takeaways:

Berkshire’s cash hoard hits a record $381.7B with no buybacks as Buffett prepares CEO handoff to Greg Abel

Kimberly-Clark to buy Kenvue for $40B, aiming to leapfrog Unilever in health and wellness

Fed officials split on a December rate cut after two straight moves lower

OpenAI signs $38B cloud deal with AWS; Microsoft inks $9.7B AI capacity pact with Iris Energy

Tesla faces high-stakes shareholder vote on Elon Musk’s proposed $1T pay package

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US stocks kick off November on a positive note after October marked a sixth straight month of gains, with futures higher ahead of a big week for earnings from AMD (AMD), Palantir (PLTR), and Qualcomm (QCOM). Berkshire Hathaway (BRK-B) reported strong insurance results and a record $381.7 billion cash pile, but no share buybacks — a sign Warren Buffett may still see the stock as expensive as he prepares to step down as CEO at year-end, handing the role to Greg Abel while remaining chairman. In consumer staples, Kimberly-Clark (KMB) is buying Tylenol maker Kenvue (KVUE) for $40 billion in a deal that would vault it past Unilever (UL) as the No. 2 global health-and-wellness player. Fed officials remain sharply divided on whether to cut rates again in December after two straight moves, with hawks warning about sticky inflation and doves arguing for more easing. Meanwhile, Tesla (TSLA) shareholders prepare to vote Thursday on Elon Musk’s proposed $1 trillion pay package, and breaking news hit that OpenAI has signed a $38 billion cloud deal with Amazon (AMZN) Web Services to tap Nvidia GPUs as part of a broader AI capex boom that already tops $400 billion for 2025. In trending tickers, Australia-based AI data center operator Iris Energy (IREN) struck a $9.7 billion cloud capacity deal with Microsoft (MSFT), and Pfizer (PFE) is suing to block Novo Nordisk’s (NVO) bid for obesity-drug startup Metsera.

Takeaways:

Berkshire’s cash hoard hits a record $381.7B with no buybacks as Buffett prepares CEO handoff to Greg Abel

Kimberly-Clark to buy Kenvue for $40B, aiming to leapfrog Unilever in health and wellness

Fed officials split on a December rate cut after two straight moves lower

OpenAI signs $38B cloud deal with AWS; Microsoft inks $9.7B AI capacity pact with Iris Energy

Tesla faces high-stakes shareholder vote on Elon Musk’s proposed $1T pay package

Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves.

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