The Morning Market Briefing

Ben and Tom preview today's Fed decision and what they'd ask Warsh, why housing data says conditions are restrictive, and earnings misses from Boeing, HCA, and CoStar.

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Ben and Tom break down Microsoft's voluntary exit offer to 60,000 workers, AI's growing hit to white-collar jobs, and weak pricing at Coca-Cola, HCA, and Sherwin-Williams.

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Andrew, Ben, and Tom break down Meta's stock sale of up to $95B, Elon's warning that neoclouds are shut out of debt markets, and Brazil's 27% drop after Lula's upset win.

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Andrew and Thomas break down the AI selloff and the rally in homebuilders as the 10-year slips under 5%, preview next week's big tech earnings, and run through the weekend's college football slate.

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Ben and Tom break down the bond rally driven by worries about off-balance-sheet AI debt, Meta's earnings and new Class C shares, and Zuckerberg weighing a move out of California. Tom's camera died in the middle of recording today FYI.

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Andrew, Ben, and Tom break down SpaceX's 55% incremental AI margins and Elon's possible Tesla merger, SMCI's $4B guidance raise, and signs the consumer is getting stretched across Elevance, Netflix, and United.

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Tom and Thomas break down rising subprime auto delinquencies and GM's narrowed guidance, why oil's 4% pop is mostly an expiration-day move, and earnings from Steel Dynamics, 3M, and Northrop Grumman.

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Andrew and Ben break down Elon's pledge of SpaceX shares for every US kid, Anthropic's new 5% Public Benefit Fund, Microsoft walking away from Nscale's Essex data center, and the hedge fund selloff behind last week's weakness.

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Andrew, Ben, and Tom break down why bonds rallied on hot inflation data as AI stocks fell, Warsh declining to precommit on rates, and Apple partnering with Meta to run Muse on Mac Studio.

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Ben and Tom break down Larry Fink's capital-shortage warning, Anthropic's Q3 revenue, and the selloff in CoreWeave and Oracle, plus hot PPI and retail sales data and TSMC's strong outlook.

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