Good morning investors! Stocks jumped to new records on Monday thanks to positive news coming from different sectors. All eyes today will be on big earnings from names like Booking and Visa.
Today we cover:
US-China trade talk moves ahead
Qualcomm to come up with new chips
Earnings
📊 Economy and News
U.S.-China Trade Deal Optimism
President Donald Trump, speaking from Air Force One on route to Japan, announced progress toward a trade agreement with China ahead of his meeting with President Xi Jinping in South Korea. He also hinted at a possible TikTok deal resolution by Thursday.
In Japan, Trump will meet Prime Minister Sanae Takaichi before attending the APEC summit. U.S. and Chinese negotiators, meeting on the sidelines of the ASEAN summit, reached a preliminary framework addressing export controls, fentanyl, and shipping fees.
U.S. Treasury Secretary Scott Bessent indicated Trump’s threatened 100% tariffs on China are likely off the table, with China potentially resuming U.S. soybean purchases and delaying rare earth export controls. This caused rare earth stocks to fall.
Global hits:
Malta cuts taxes for parents in bid to revive native birth rate.
Bank of Canada poised to cut rates to 2.25% amid economic slowdown.
Moody’s affirms Japan’s A1 rating with stable outlook.
German economy shows signs of recovery as Ifo index rises.
Good to know: Annual 2026 gold price forecast tops $4,000/oz for first time.
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📈 Stocks
S&P 500 6,875.16 (+1.23%)
DJIA 47,544.59 (+0.71%)
NASDAQ 23,637.46 (+1.86%)
BRENT CRUDE 65.53 (-0.39%)
* Prices as of Oct 28th, 12:20 AM UTC
Qualcomm Unveils AI Chips to Challenge Nvidia and AMD, Stock Surges 15%
Qualcomm announced new AI accelerator chips, AI200 (2026) and AI250 (2027), targeting data center AI inference to compete with Nvidia and AMD.
The chips, based on Qualcomm’s Hexagon NPUs, support full-rack, liquid-cooled systems with up to 768GB of memory, offering cost and power efficiency.
The move marks Qualcomm’s entry into the AI data center market, projected to see $6.7 trillion in spending by 2030.
Qualcomm’s stock soared 15% on the news, before falling. The company will sell chips individually or as systems, potentially serving clients like hyperscalers and even competitors.
Look here: Amazon targets as many as 30,000 corporate job cuts.
Lululemon is partnering with the NFL to release apparel for all 32 teams.
Robot stock tumbles 30% after Roomba maker warns the search for a buyer has stalled.
OpenAI says U.S. needs more power to stay ahead of China in AI: ‘Electrons are the new oil’.
Earnings:
Confluent $CFLT (▼ 3.16%) surged 9% after hours, topping revenue forecasts with a 19% YoY jump to $298M for the B2B data-streaming firm. Shares shrugged off soft Q4 guidance as traders cheered the beat.
Whirlpool $WHR (▲ 0.16%) dipped fractionally despite Q3 sales edging 1% higher YoY to $4.03B, above consensus. Operating margins shrank to 5.1% from 6.6%, while free cash flow dropped $52M.
Avis Budget $CAR (▼ 1.17%) climbed 5% on Q3 revenue up 1.1% to $3.52B, beating estimates. EPS soared to $10.11—27.9% above Street expectations.
Bed Bath & Beyond $BBBY (▲ 0.35%) eased slightly but posted a narrower-than-expected 19¢/share loss. Skipping detailed guidance, exec Marcus Lemonis projected revenue returning to growth in 2026.
Check here: AMD, Oracle, and Hewlett Packard are teaming up with the U.S. Energy Department to build supercomputers.
Elsewhere, Nextera and Google are working on a new nuclear power plant in Iowa
💵 Personal Finance
Millennials in these cities earn more than most
Millennial households in certain U.S. cities are earning significantly more than other generations, with income gaps reaching up to $40,000 annually. Here are 10 cities where millennials are outpacing others, based on recent data analysis:
1. Jersey City, New Jersey
Median millennial household income: $143,500
Median household income, all ages: $100,751
Millennial earnings premium: 42.43%
2. Berkeley, California
Median millennial household income: $146,987
Median household income, all ages: $103,727
Millennial earnings premium: 41.71%
3. Quincy, Massachusetts
Median millennial household income: $140,661
Median household income, all ages: $101,775
Millennial earnings premium: 38.21%
4. Lakeland, Florida
Median millennial household income: $86,739
Median household income, all ages: $63,859
Millennial earnings premium: 35.83%
5. San Francisco, California
Median millennial household income: $188,353
Median household income, all ages: $139,801
Millennial earnings premium: 34.73%
6. Hartford, Connecticut
Median millennial household income: $66,752
Median household income, all ages: $50,418
Millennial earnings premium: 32.40%
7. Edinburg, Texas
Median millennial household income: $79,139
Median household income, all ages: $59,851
Millennial earnings premium: 32.23%
8. Brockton, Massachusetts
Median millennial household income: $98,579
Median household income, all ages: $75,210
Millennial earnings premium: 31.07%
9. New Bedford, Massachusetts
Median millennial household income: $74,730
Median household income, all ages: $57,240
Millennial earnings premium: 30.56%
10. Jurupa Valley, California
Median millennial household income: $123,627
Median household income, all ages: $94,942
Millennial earnings premium: 30.21%
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👩🏽⚖️ Legal Stuff
Nothing in this newsletter is financial advice. Always do your own research and think for yourself.