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Good morning investors! Stocks continued to slide down due to valuation concerns.
Today we cover:
Weakening labor market?
Airbnb reports
Elon Musk and Trump win
📊 Economy and News
US Labor Market Weakens Sharply in October 2025
Private reports reveal a sharp deterioration in the U.S. labor market during October 2025, as the longest-ever government shutdown continues to block official BLS data.
Revelio Labs estimates a net loss of 9,100 jobs, driven by 22,200 government payroll cuts from furloughs and buyouts, plus 8,500 retail positions eliminated, partially offset by 22,000 gains in education and health services.
Announced layoffs skyrocketed 183% to 153,074—the highest October total in 22 years—according to Challenger, Gray & Christmas, pushing year-to-date cuts to 1.1 million, up 65% from 2024.
Technology led with 33,281 reductions, including Amazon’s plan for up to 14,000 corporate roles, while cost-cutting accounted for 50,437 cuts and AI adoption triggered 31,039.
The Chicago Fed estimates unemployment rose to 4.4% (rounded), potentially reaching 4.8% if all 670,000 furloughed federal workers are counted.
Small businesses recorded their first monthly job losses since January, holiday hiring intentions plunged, and experts warn that sustained high interest rates, tariff uncertainty, AI disruption, and the “DOGE Impact” have ended the “no hire, no fire” era, signaling the fastest labor-market weakening since 2020.
Global hits:
Ontario, hit by US tariffs, cuts deficit forecast and pledges support for businesses.
Bank of England holds rates in knife-edge vote that hints at December cut.
UK companies’ job sentiment hits 5-year low, BoE survey shows.
SNAP benefits must be fully paid by Trump administration by today.
Trump wins: President Trump unveiled landmark deals with Eli Lilly and Novo Nordisk to drastically cut prices on GLP-1 obesity drugs like Zepbound and Wegovy, dropping monthly out-of-pocket costs from over $1,000 to just $50–$350 depending on dosage and coverage.
The agreements expand access through Medicare/Medicaid, enable first-time obesity coverage for eligible patients, and launch direct-to-consumer discounts via TrumpRx.gov, a website to be launched in January 2026—tying U.S. prices to the lowest global rates under a "Most-Favored-Nation" policy in one of the administration’s biggest moves to rein in skyrocketing drug costs.
Moreover, virtual care company Omada Health said it will start prescribing GLP-1s and other obesity drugs and help patients manage those medications.
Don’t forget: Fed’s Miran expects December rate cut despite dissenting views. Elsewhere, Holiday hiring by retailers is expected to fall to its lowest level in at least 15 years.
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📈 Stocks
S&P 500 6,720.32 (-1.12%)
DJIA 46,912.30 (-0.84%)
NASDAQ 23,053.99 (-1.90%)
BRENT CRUDE 63.28 (-0.43%)
* Prices as of Nov 7th, 12:20 AM UTC
Airbnb and Peloton report earnings
Airbnb rose in extended trading after the company reporter third-quarter results that beat analysts’ estimates for revenue. Revenue increased 10% to $4.10 billion, according to a release. For the fourth quarter, Airbnb said it expects to report revenue of $2.66 billion to $2.72 billion. Analysts were expecting $2.67 billion for the period
Peloton beat Wall Street’s expectations on the top and bottom lines for its fiscal 2026 first quarter earnings. The company raised its adjusted EBITDA guidance and issued a holiday sales forecast that beat expectations. Earlier in the day, Peloton said it was doing yet another voluntarily recall impacting products from its early lineup.
Exciting: Google’s rolling out its most powerful AI chip, taking aim at Nvidia with custom silicon.
OpenAI is on track to generate more than $20 billion in annualized revenue this year.
Tesla says shareholders approve Musk’s $1 trillion pay plan with over 75% voting in favor.
Controversial: Peloton is recalling 833,000 of its original Bike+ model after receiving reports that the seat post broke and detached during use, leading to two injuries. In other news, Meta reportedly projected 10% of 2024 sales came from scam, fraud ads. Furthermore, Ford reportedly considers ending production of all-electric F-150 Lightning. Lastly, Take-Two shares sank 7% in after-hours trading after Rockstar delayed GTA VI to Nov. 19, 2026—previously slated for fall 2025, then May 2026.
💵 Personal Finance
Big 2025 Mutual Fund Payouts Loom: Dodge the Tax Bomb with ETFs
After a stellar stock market year, many mutual funds are set to unleash double-digit capital gains distributions by year-end 2025 — some topping 25%, per Morningstar. If held in taxable accounts, these payouts trigger taxes even if reinvested.
The fix? Switch to ETFs. ETFs exploit a “tax loophole” via in-kind redemptions, avoiding nearly all year-end capital gains distributions.
Before you swap, check two things:
Compare costs: Selling mutual funds now triggers one-time gains vs. repeated annual tax hits. Often worth it for a permanent ETF flip, says CFP Karen Van Voorhis.
Beat the record date: Sell mutual funds before the fund’s record date (usually late Nov–Dec) or you’re still taxed, warns CFP Tom Geoghegan.
Quick math + smart timing = thousands saved. Act before Thanksgiving to stay tax-free in 2025 and beyond.
💰 Be a Better Investor
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Nothing in this newsletter is financial advice. Always do your own research and think for yourself.