Good morning investors! Earnings left investors joyous with big names beating expectations.
Today we cover:
China-US truce
Amazon and Apple beat
More earnings (Reddit, MasterCard, Eli Lilly, and more)
Did Facebook's bad day (down 12%) shock you?
📊 Economy and News
Trump and Xi Reach Trade Truce on Rare Earths and Tariffs
In a high-stakes meeting in South Korea on October 30, 2025, Presidents Donald Trump and Xi Jinping agreed to a trade truce, averting a potential trade war over rare earths.
China paused its October 9 export controls on rare earths for one year, while the U.S. reduced tariffs on Chinese goods related to fentanyl from 20% to 10%, bringing the overall rate to about 47%. The U.S. also delayed blacklisting Chinese subsidiaries and suspended port fees for a year.
China’s dominance in rare earths, critical for magnets in weapons, semiconductors, and electric vehicles, gave it leverage.
The truce includes China’s commitment to buy 25 million metric tons of U.S. soybeans annually for three years, though details on energy and fentanyl cooperation remain vague. Discussions on Nvidia chip exports and TikTok were noted but lack specifics. Former Ambassador Nicholas Burns called it an “uneasy truce” in an ongoing trade war.
Global hits:
Mexico’s GDP contracts 0.3% in Q3, setting stage for Banxico rate cut.
London stocks pause after recent gains; WPP plunges on profit warning.
Turkey’s monthly inflation seen at 2.83% in October, year-end seen 32%.
ECB keeps rates unchanged as economy holds up for now.
Mortgage rates: The average rate on the 30-year fixed mortgage jumped to 6.33% on Thursday.
Markets had already priced in a cut from the Federal Reserve, but they weren’t expecting the Fed chairman’s commentary.
Look here: Delta and United call on Congress to immediately end government shutdown, pay air traffic controllers.
Hurricane Melissa set to trigger $150 million Jamaica catastrophe bond to help rebuild.
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📈 Stocks
S&P 500 6,822.34 (0.99%)
DJIA 47,522.12 (-0.23%)
NASDAQ 23,581.14 (-1.57%)
BRENT CRUDE 65.02 (-0.01%)
* Prices as of Oct 31st, 12:20 AM UTC
Apple and Amazon beat expectations and rise
Apple reported fiscal-fourth quarter earnings that beat analyst expectations, and provided a strong forecast for the company’s December quarter.
Apple CEO Tim Cook said that the current quarter, which ends in December, would see total company revenue grow 10% to 12% on a year-over-year basis.
Here’s how Apple’s main business lines did versus consensus estimates:
iPhone revenue: $49.03 billion vs. $50.19 billion estimated
Mac revenue: $8.73 billion vs. $8.59 billion estimated
iPad revenue: $6.95 billion vs. $6.98 billion estimated
Other Products revenue: $9.01 billion vs. $8.49 billion estimated
Services revenue: $28.75 billion vs. $28.17 billion estimated
Cook said that Apple was confident in its guidance because of the strong reception for the company’s new iPhone 17 devices, released in September, which he said was “off the chart.”
Cook said that several iPhone models were supply constrained during the quarter — both for the iPhone 17 and last year’s iPhone 16 models.
The company’s sales in Greater China, which includes Hong Kong and Taiwan, fell 4% on an annual basis to $14.5 billion in sales. Cook said he expected China to return to growth in the December quarter.
Cook said that Apple had not changed its prices in response to Trump administration tariffs.
Amazon posted third-quarter earnings that exceeded expectations and strong cloud growth.
Key revenue numbers:
Amazon Web Services: $33 billion vs. $32.42 billion expected, according to StreetAccount
Advertising: $17.7 billion vs. $17.34 billion expected, according to StreetAccount
For the current quarter, Amazon said it expects sales to be $206 billion to $213 billion. The midpoint of the revenue outlook, $209.5 billion, topped estimates of $208 billion, according to LSEG.
Just in: Netflix announces a 10-for-1 stock split. Elsewhere, AI and energy-focused SPAC raises $175 million and taps Nvidia, Prologis execs as advisors for deal hunt.Lastly. Meta fell over 11%, recording its worst day in three years.
More earnings:
Reddit’s sales jumped 68% year-over-year in the third quarter, while net income was $163 million, up 23% from the $133 million it logged the previous year during the same period. Reddit’s logged-in DAUq for the U.S. rose 7% year-over-year to 23.1 million during the third quarter. That was slower than the 12% year-over-year jump Reddit recorded in the second quarter. Reddit said it expects its adjusted earnings in the fourth quarter to be between $275 million and $285 million, topping StreetAccount’s projections of $259 million.
The company said third-quarter global average revenue per user was $5.04, ahead of analyst estimates of $4.82.Reddit’s “Other revenue” category, which includes the company’s data licensing business, rose 7% year-over-year to $36 million.
Roblox shares slipped after the company said the operating margin could decline year-over-year due to increased spending on infrastructure and safety. The gaming company reported otherwise strong third-quarter financial results that beat expectations. Average daily users were at 151.5 million, up 70% over the year prior, but average bookings per DAU of $12.68 missed the StreetAccount expectation of $13.24.
Coinbase shares ticked up 2% as the crypto exchange posted strong financial results for the third quarter that exceeded Wall Street’s expectations.
In the quarter ended Sept. 30, Coinbase net income rose to $432.6 million, or $1.50 per share, from $75.5 million, or 28 cents per share, a year ago. Earnings topped the consensus estimate of $1.10 reported by LSEG.
Revenue rose to $1.87 billion from $1.21 billion in the same quarter last year, coming in above analysts’ expectations of $1.8 billion.
Revenue tied to transactions came in 37% higher quarter-over-quarter at $1 billion.
Eli Lilly reported third-quarter earnings and revenue that topped estimates and hiked its full-year outlook, as the company continued to see strong demand for its blockbuster weight loss drug Zepbound and diabetes treatment Mounjaro. The results come as Eli Lilly works to maintain its edge over chief rival Novo Nordisk in the booming market for a class of obesity and diabetes drugs called GLP-1s. Eli Lilly CEO David Ricks said the beat was driven by “really strong international performance,” pointing to Mounjaro’s launch in China, Brazil and India earlier this year.
Stellantis reported a 13% increase in third-quarter net revenues, delivering the first top line growth for seven quarters. The beleaguered automaker, which owns household names including Jeep, Dodge and Chrysler, issued a warning on one-off costs, however.
Shell reported stronger-than-expected third-quarter profit, citing a robust operational performance. The London-listed company launched another $3.5 billion in share buybacks over the next three months. Shell’s shares have climbed more than 16% so far this year, outperforming its industry peers.
Mastercard's Q3 earnings of $4.38 per share rose 13% and topped estimates; revenues grew 17% to $8.6 billion. Cross-border volume climbed 15%, while switched transactions rose 10% to 45.4B. Value-added services revenues jumped 25%, fueled by acquisitions and digital authentication demand.
💵 Personal Finance
These Entry-Level Jobs Are Resistant to AI Replacement
As AI reshapes the job market, causing layoffs at companies like Amazon, workers are seeking stable, AI-resistant careers.
We have highlighted 12 fast-growing, entry-level jobs that are unlikely to be automated. These roles, requiring no more than an associate degree, offer median salaries of $46,350–$94,260 and at least 5% job growth by 2034.
Why These Jobs Are AI-Resistant
These roles often require a physical presence and human judgment, blending technology with uniquely human abilities. Fields like health care, renewable energy, and skilled trades are growing due to worker shortages, driven by past declines in trade interest and pandemic-related health-care retirements.
Top 12 AI-Resistant, Entry-Level Careers
Wind Turbine Technicians
Median salary: $62,580
Education: Postsecondary certificate in wind energy technology
Growth by 2034: 50%
Solar Photovoltaic Installers
Median salary: $51,860
Education: High school diploma
Growth by 2034: 42%
Occupational Therapy Assistants
Median salary: $66,050
Education: Associate degree
Growth by 2034: 18%
Physical Therapist Assistants
Median salary: $60,050
Education: Associate degree, licensure
Growth by 2034: 16%
Diagnostic Medical Sonographers
Median salary: $89,340
Education: Associate degree or certificate
Growth by 2034: 13%
Respiratory Therapists
Median salary: $80,450
Education: Associate degree
Growth by 2034: 12%
Electricians
Median salary: $62,350
Education: High school diploma, technical certificate
Growth by 2034: 9%
Heating, Air Conditioning, and Refrigeration Mechanics
Median salary: $59,810
Education: Postsecondary certificate
Growth by 2034: 8%
Dental Hygienists
Median salary: $94,260
Education: Associate degree, licensure
Growth by 2034: 7%
Radiologic and MRI Technologists
Median salary: $78,980
Education: Associate degree
Growth by 2034: 5%
Surgical Assistants and Technologists
Median salary: $62,480
Education: Postsecondary certificate or associate degree
Growth by 2034: 5%
EMTs and Paramedics
Median salary: $46,350
Education: Postsecondary certificate, state licensure
Growth by 2034: 5%
How to Land These Jobs
Spencer advises job seekers to gain hands-on experience through internships or volunteering and highlight transferable skills like teamwork and communication on applications. Rather than fearing AI, workers should focus on adaptability and learning new skills to thrive in these evolving fields.
💰 Be a Better Investor
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👩🏽⚖️ Legal Stuff
Nothing in this newsletter is financial advice. Always do your own research and think for yourself.