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Good morning investors! The market jumped yesterday thanks to good earnings and less tariff pressure.
Today we cover:
A look at the housing market
Intel reports
More earnings (Ford, Super Mico, etc.)
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📊 Economy and News
U.S. Existing Home Sales Hit 7-Month High Amid Affordability Woes
U.S. existing home sales rose 1.5% in September to a seasonally adjusted annual rate of 4.06 million units—the highest since February— aligning with economist expectations and marking a 4.1% year-over-year increase.
The uptick, driven by easing mortgage rates dropping to a one-year low of 6.19%, was led by higher-income buyers in the Northeast, South, and West regions, with sales of homes over $1 million surging 20.2% annually, while lower-priced segments ($100,000-$250,000) grew only 6.0%. However, affordability challenges persist for middle- and lower-income households.
Inventory climbed 14% year-over-year to 1.55 million units, offering more buyer options and pushing months' supply to 4.6 from 4.2, with homes lingering 33 days on the market versus 28 last year.
The median price edged up 2.1% to $415,200. First-time buyers rose to 30% of sales from 26%, but experts say 40% is needed for a healthy market. Distressed sales held at 2%, and all-cash deals at 30%.
Global hits:
Canadian retail sales rebound in August as gains in auto sector offset weakness.
China outlines 2026-2030 plan for tech self-reliance, stronger markets.
Turkish central bank slows rate cuts as inflation concerns grow.
US tariffs to slow UK economy, lower inflation, BoE’s Dhingra says as UK manufacturers see weakest outlook for orders since 2020.
Just in: Trump pardons convicted Binance founder Changpeng Zhao.
Do you think it is fair to forgive Binance's founder?
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📈 Stocks
S&P 500 6,748 (+0.58%)
DJIA 43,075 (+0.31%)
NASDAQ 15,390 (+0.89%)
BRENT CRUDE 98.50 (+4.9%)
* Prices as of Oct 24th, 12:20 AM UTC
Intel, Ford, and More Report
Intel announced a robust third-quarter performance, surpassing revenue expectations due to a rebound in demand for its x86 PC processors, which propelled its stock up 6% in after-hours trading. The company reported a 37-cent per-share loss, factoring in escrow shares linked to an $8.9 billion U.S. government investment, involving 433.3 million shares at $20.47 each, with $5.7 billion received from the government during the quarter.
For Q4, Intel projects $13.3 billion in revenue and an adjusted EPS of 8 cents, slightly under analyst forecasts of $13.37 billion and 8 cents EPS, excluding the recent Altera subsidiary sale.
A $5 billion investment from Nvidia in September will see Intel’s CPUs integrated with Nvidia’s AI chips, which hold a 90% share of the AI chip market. With chip demand outstripping supply—a trend expected to continue into 2026—Intel’s workforce shrank to 88.4 million from 124 million a year ago.
Pending SEC approval for accounting related to the government’s stake, delayed by the U.S. government shutdown, Intel noted potential future revisions to its results.
Ford Motor beat Wall Street’s third-quarter earnings expectations but lowered its 2025 guidance due to impacts of a supplier fire, which is disrupting production of its highly profitable large trucks and SUVs.
Ford’s new 2025 guidance includes adjusted earnings before interest and taxes of $6 billion to $6.5 billion, down from $6.5 billion to $7.5 billion as of July; adjusted free cash flow of $2 billion to $3 billion, down from $3.5 billion to $4.5 billion, and capital spending of roughly $9 billion, which remains the same.
Ford CFO Sherry House said without the supplier fire, the company was planning to raise its 2025 guidance to more than $8 billion in adjusted EBIT rather than cutting it.
Ford said there was no material impact to third-quarter results due to the fire, but that it will impact its fourth-quarter results.
Shares of Pop Mart fell 9% Thursday, the stock’s worst day since April. The Labubu maker reported third-quarter revenue that had more than tripled year over year. Sales in the U.S. swelled between 1,265% and 1,270% during the period. But resale demand jitters could be contributing to a stock pullback since its August peak.
Super Micro Computer shares fell after the company released weak preliminary results for its fiscal first quarter of 2026. The company said it expects to report $5 billion in revenue for the quarter, down from its previous guidance of $6 billion to $7 billion. Super Micro said “design win upgrades” pushed some expected first-quarter revenue to the second quarter.
Sales at Kering narrowed at the group level and at Gucci, the company’s biggest brand. Earlier this week, Kering announced it had agreed to sell its beauty unit to L’Oreal for $4.7 billion. While Kering’s third-quarter earnings represented a “clear sequential improvement,” it nevertheless, “remains far below that of the market,” CEO Luca de Meo said.
Lazard reported third-quarter 2025 results that exceeded analyst expectations, with adjusted revenue hitting a record $725 million (up 12% year-over-year) and adjusted EPS of 56 cents versus the forecasted 45 cents, driven by a resurgence in dealmaking and asset management. Financial advisory revenue soared 14% to $422 million, fueled by accelerating M&A activity, including high-profile deals like Ferrero's $3.1 billion acquisition of WK Kellogg.
Also check: Target cuts 1,800 corporate jobs in its first major layoffs in a decade. Elsewhere, Rivian laying off more than 600 workers.
OpenAI buys AI startup that built interface for Apple computers.
Alibaba prices AI glasses at $660 to rival Meta and launches ChatGPT challenger.
Google and Anthropic partner: Anthropic and Google officially announced their cloud partnership. It gives the artificial intelligence company access to up to one million of Google’s custom-designed Tensor Processing Units, or TPUs. The deal will add over a gigawatt of compute capacity by 2026, supporting Anthropic’s surging $7 billion revenue run rate.
💵 Personal Finance
Open Enrollment Tune-Up
It’s open enrollment season for many employers, which means today is the best time to audit your health coverage and tax-advantaged accounts before 2026 contributions lock in. Too many households default to last year’s choices and miss easy money from HSA matches, FSA tax savings, or plan changes that add virtual care and mental health benefits.
Start with the big lever: if you’re eligible for a high-deductible plan paired with a Health Savings Account, HSAs combine triple tax advantages and rollover forever. The 2025 HSA contribution limits are higher than last year, and some employers seed accounts early in the year. If your usage is predictable, a Limited-Purpose FSA can pair with an HSA for dental and vision. If you are on an ACA marketplace plan, premium and cost-sharing subsidies depend on your projected 2026 income, so update estimates when you change jobs or side-gig income. Link details to official sources so you can confirm limits and deadlines quickly.
A few specifics help you save real dollars. Many plans added $0 virtual primary care and expanded behavioral health networks. Generic drug lists also refreshed, so check whether your prescriptions moved tiers. Finally, review life and disability coverage; employer group rates can be competitive, but you may want supplemental coverage if you have dependents or variable income. If you expect major procedures next year, compare total annual cost, not just the premium. An HSA plan often wins over time, but a low-deductible PPO can be cheaper if you are certain you’ll hit the max out of pocket.
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👩🏽⚖️ Legal Stuff
Nothing in this newsletter is financial advice. Always do your own research and think for yourself.