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Good morning investors! The market continues to operate under pressure as earnings have failed to boost stocks.
Today we cover:
Household debt rises
China and tariffs
Big earnings (Snap, Qualcomm, and more)
📊 Economy and News
U.S. Household Debt Rises 1% in Q3, Student Loans Worsen
U.S. household debt climbed 1% ($197B) in Q3 2025 to $18.6T, per the New York Fed. Year-over-year, it rose $642B.
Key increases:
Mortgages: +$137B to $13.1T
Credit cards: +$24B to $1.23T
Student loans: +$15B to $1.65T
Auto loans: Stable at $1.66T
Delinquency held at 4.5% overall, but student loans deteriorated sharply—14.3% of accounts entered delinquency (vs. 0.77% in Q3 2024). Serious delinquency (90+ days/default): 9.4%. Mortgages remained resilient with low rates.
Global hits:
Indonesia Q3 GDP growth slows slightly to 5.04% ahead of end-year stimulus measures.
Portugal’s unemployment rate falls to 5.8% in Q3.
China’s services growth hits three-month low in October, PMI shows.
Tarrifs: China will suspend a 24% additional tariff on U.S. goods for one year starting November 10, 2025, while keeping a 10% levy, per the State Council, to foster stable bilateral trade ties post-Xi-Trump summit in South Korea.
Also, China will lift tariffs on select U.S. optical fiber imports, as Beijing eases retaliatory measures post-U.S.-China summit.
Look here: Amazon, Walmart, and Target prices rose this year due to tariff costs; Amazon hikes exceeded Walmart and Target across categories.
Traders slashed odds that the Supreme Court will uphold President Donald Trump’s aggressive tariffs after justices on Wednesday signaled doubts about the legality of the administration’s sweeping trade powers.
Private payrolls: Private companies added 42,000 jobs in October, following a decline of 29,000 in September and topping the Dow Jones consensus estimate for a gain of 22,000.
All of the job creation came from companies employing at least 250 workers. That category added 76,000 jobs, 0.37.
The ADP count comes out the first Wednesday of the month and usually takes a back seat to the official nonfarm payrolls report, which won’t be released because of the government shutdown.
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📈 Stocks
S&P 500 6,796.29 (+0.37%)
DJIA 47,311 (+0.48%)
NASDAQ 23,499.80 (+.650%)
BRENT CRUDE 63.54 (-1.40%)
* Prices as of Nov 6th, 12:20 AM UTC
Big earnings are here
Figma’s revenue and revenue guidance both exceeded consensus. Some growth derived from adoption of Figma Make, which spits out app and website designs in response to a few words of human input, with help from artificial intelligence models. CEO and co-founder Dylan Field said about 30% of customers spending over $100,000 in annualized revenue are using Figma Make weekly.
Qualcomm reported better-than-expected earnings and revenue for the fiscal fourth quarter. The chipmaker has been trying to elbow its way into the artificial intelligence boom, which has to date been dominated by Nvidia. Qualcomm’s stock has underperformed the Nasdaq this year, while Nvidia and Advanced Micro Devices have notched much steeper gains.
McDonald’s earnings missed estimates, but the company’s same-store sales rose 3.6%. The burger chain’s U.S. same-store sales increased 2.4%, boosted by growth in average check. CEO Chris Kempczinski said in a statement that the results are “a testament to our ability to deliver sustainable growth even in a challenging environment.”
Toyota Motor raised the operating profit forecast for its financial year ending in March, while flagging a 1.45 trillion yen hit from U.S. tariffs. The company, which revised its operating profit outlook to 3.4 trillion yen from 3.2 trillion yen forecast earlier, missed profit estimates for the quarter ended September.
Lucid Group missed Wall Street’s quarterly expectations for a second consecutive quarter. The EV manufacturer continues to address problems with the launch of its new flagship Gravity SUV. Lucid also said it has agreed to increase a term loan credit facility from $750 million to roughly $2 billion from Saudi Arabia’s Public Investment Fund – its largest shareholder.
Snap issued its third-quarter earnings, reporting revenue that beat analysts expectations and announcing a $500 million stock repurchase program. The company also announced that Perplexity AI will pay the social media company $400 million over 1 year to integrate the artificial intelligence startup’s search features into Snapchat. Snap said fourth-quarter sales will come in between $1.68 billion and $1.71 billion. That figure’s midpoint of $1.695 billion is slightly ahead of Wall Street expectations of $1.69 billion. In a letter, Snap said that new policies around the globe, including Australia’s social media minimum age bill, may result in a decline of daily active users in the fourth quarter.
Robinhood beat Wall Street expectations for the third quarter. Transaction-based revenue, which is a proxy for trading activity, came in at $730 million but missed the StreetAccount estimate. Revenue doubled year-over-year.
E.l.f. Beauty missed revenue estimates but beat on earnings for its fiscal second-quarter earnings. Hailey Bieber’s cosmetics line Rhode is expected to increase the company’s annual sales by $200 million this fiscal year, E.l.f. CEO Tarang Amin told CNBC Wednesday. The cosmetics company also issued fiscal-year guidance again.
Check this: Digital assets and infrastructure company Ripple said it has raised $500 million in funding, lifting its valuation to $40 billion.
Xpeng to let other carmakers use its partly-autonomous driving system.
Controversial: France moves to suspend Shein over sex dolls and weapons on day Paris store opens. Elsewhere, FAA to cut flights by 10% at 40 major airports amid government shutdown. Lastly, Ozempic maker Novo Nordisk lowers growth outlook for its weight loss drugs as pricing pressures mount.
Just in: Tesla EV sales in Europe fall with sales in Germany cratered by more than half in October, and are down 50% year-to-date.
Starbucks union authorizes open-ended strike as busy holiday season begins.
💵 Personal Finance
Tune-Up Your Cash Bucket
When markets seesaw, the cash you keep for near-term needs matters more than usual. “Cash bucket” simply means the money you’ll need in the next 6 to 18 months. Keeping it in the right place helps you avoid selling long-term investments at a bad time and lets you ride out volatility with less stress.
Start by sizing the bucket. List known expenses through mid-2026: rent or mortgage, insurance premiums, debt payments, travel you’ve already booked, and emergency reserves. That total is what you want parked in safe, liquid accounts. For many households, this is three to six months of living costs plus any big payments due in the next year.
Next, get the yield you deserve. Bank “sweep” accounts inside brokerages often pay less than dedicated cash vehicles. Compare your current sweep to a money market fund or high-yield savings account, and consider a T-bill ladder for money you know you won’t touch for three to nine months. A three-note ladder that rolls every month can raise your blended yield while keeping access predictable. Check your broker’s cash-sweep disclosure and the rate on a core money market before you move anything.
Think in layers. Keep one month of expenses in a checking account for bill-pay, the next few months in a high-yield savings, and the remainder in short T-bills you can sell any business day. If you’re nervous about reinvestment risk, extend one rung out by a month and keep the rest short. For couples, designate which account is the “payer” so you don’t both pull from the same funds in a crunch.
Risks and trade-offs: Money market funds can temporarily gate redemptions in extreme stress, though that’s rare. Bank savings are FDIC-insured, but funds are not. T-bills can fall modestly in price if you sell before maturity, so only ladder what you won’t need immediately. Taxes differ across these options; T-bill interest is generally exempt from state and local taxes, which can improve after-tax yield in high-tax states. If your employer’s open enrollment is live, consider routing part of your paycheck to savings until markets calm. The goal is simple: build enough liquidity to avoid forced selling, then leave your long-term portfolio alone to do its job.
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👩🏽⚖️ Legal Stuff
Nothing in this newsletter is financial advice. Always do your own research and think for yourself.