Good morning investors! Nasdaq fell more than 2% for worst day since June as earnings disappoint and AI stocks remain under pressure. However, Bill Ackman says 2027 will be an amazing year for stocks as wars, inflation ease.
Today we cover:
Jobless claims fall
Newmont report
Protecting against scams
📊 Economy and News
US Jobless Claims Near 57-Year Lows, Signaling Labor Market Stability
US initial jobless claims fell by 6,000 to 194,000 in the week ended October 17, approaching a 57-year low and suggesting modest job growth in October. Claims have remained below 200,000 for six consecutive weeks, reflecting limited layoffs despite economic uncertainty.
Employers are holding on to workers amid strong domestic demand and a tighter labor supply. However, hiring remains sluggish due to geopolitical tensions, tariffs, and elevated borrowing costs.
Continuing jobless claims rose by 25,000 to 1.728 million, indicating that finding new jobs remains challenging for some workers. While the data suggests potential improvement in October payrolls, economists warn that labor market weakness may persist.
Cooling wage growth gives the Federal Reserve room to focus on inflation risks linked to the Middle East conflict. Markets largely expect the Fed to hold rates steady at its next meeting, although further tightening remains possible if inflation pressures intensify.
Global hits:
Mexico inflation accelerates in October, testing Banxico rate path. Conversely, Bank of Korea holds rates at 3% after back-to-back hikes. Furthermore, Turkey’s central bank cuts key rate to 36% from 37%.
UK pay growth slows to smallest gain since 2021 pandemic.
New Zealand Q3 inflation rises 0.7% from previous quarter.
Musk news: President Donald Trump asked Elon Musk to ease restrictions he had imposed on the military-grade version of SpaceX’s Starlink system in Ukraine as Musk commits roughly $366 million to the 2026 midterm election, with much of it aimed at preserving or expanding Republican power in Washington. Also, Elon Musk has invested about $1 billion in David Ellison’s Skydance.
Reminder: FIFA is formally launching a tender for its U.S. men’s World Cup media rights as Disney’s multiplatform Super Bowl plan frustrates ABC affiliates. Furthermore, Trump’s approval rating on economy hits all-time low as midterm looms.
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📈 Stocks
S&P 500 7,663.43 (-1.21%)
DJIA 52,867.98 (+0.02%)
NASDAQ 26,008.86 (-2.61%)
BRENT CRUDE 113.04 (+4.24%)
* Prices as of Oct 23rd, 12:20 AM UTC
Newmont Beats Q3 Profit Estimates as Higher Gold Prices Boost Earnings
Newmont, the world’s largest gold producer, reported third-quarter adjusted earnings of $2.20 per share, beating analysts’ expectations of $2.05, as higher gold prices boosted profitability.
Gold prices averaged $4,204.59 per ounce during the quarter, up 17.6% from a year earlier. Newmont’s average realized gold price rose to $4,317 per ounce from $3,539 in the same period last year.
However, gold production declined to 1.30 million ounces from 1.42 million ounces a year earlier. Despite lower output, elevated gold prices helped the company deliver stronger-than-expected earnings amid inflation concerns and geopolitical uncertainty.
More earnings:
Bloom Energy reported record Q3 revenue of $1.24 billion, up 138% year over year, and raised its 2026 revenue guidance to $4.4–$4.6 billion. GAAP EPS reached $0.78, while adjusted EPS hit $0.94, beating expectations.
Despite strong results and surging demand for AI data-center power, shares fell 8.7% to $217.77 as investors took profits after a major rally. The sell-off also hit peers FuelCell and Plug Power.
Western Digital beat estimates, raised its dividend, and forecast another sharp step higher in revenue with a guidance of $5.0B-$5.2B in revenue and $5.60-$6.00 in adjusted earnings per share.
Nokia plunged 14.8% to $7.88 despite strong Q3 results. Revenue reached €5.15B, operating profit rose 35% to €605M, and AI/cloud orders hit €1.5B.
Demand is booming, with AI and cloud sales more than doubling. But negative free cash flow of €99M prompted Nokia to cut its 2026 cash-conversion outlook to 35%–55% from 55%–75%.
Interesting: Moderna’s personalized melanoma vaccine cut recurrence or death risk by 42% when paired with Merck’s Keytruda. Yet $MRNA plunged 17.6% to $202.63 as stellar results failed to meet sky-high expectations after a 500%+ rally.
In a Phase 3 trial of more than 1,100 patients, the combination also reduced distant spread or death risk by 38%. Two-year cancer-free rates reached 82.2%, versus 70% with Keytruda alone.
The data topped analysts’ 40% benefit threshold, but leaked results triggered a sell-the-news reaction. Now Moderna must prove it can scale personalized vaccine production and replicate the success beyond melanoma.
Surprising: Barclays to slash 5,000 jobs in AI-powered cost-cutting drive. Elsewhere, Meta’s credit risk indicator jumps to record high after results. Lastly, Meta stock sinks nearly 7% as AI spend pushes free cash flow negative and Zuckerburg comes back into the news with plans to not leave California.
Breaking: Forgent Power Solutions fell over 25% after Chief Financial Officer Ryan Fiedler stepped down for family time.
Pepsi renews contract with Taco Bell days after KFC switches to Coke in the U.S.
OpenAI nears up to $30 billion funding round at $1.25 trillion valuation led by UAE investors.
💵 Personal Finance
Fraud Losses Among Older Americans Hit $3 Billion in 2025: How to Protect Yourself
Americans aged 60 and older reported approximately $3 billion in fraud losses in 2025, a 25% increase from $2.4 billion in 2024. Reported losses have risen 400% since 2020, with large individual losses driving much of the increase.
Although only 6% of older victims reported losing $100,000 or more, these cases accounted for 70% of the group’s total reported losses. The FTC estimates actual losses could be substantially higher because many scams go unreported.
Investment scams were the costliest category, causing more than $1 billion in reported losses, up 42% from 2024. Government impersonation scams accounted for $448 million, while business impersonation scams caused $422 million in losses.
Scammers often pose as bank employees, government officials or financial advisers, using fake emergencies, social media advertisements and fraudulent trading platforms to persuade victims to transfer money. Artificial intelligence is also making scams more convincing and easier to produce.
How to Protect Yourself Against Fraud
Verify before sending money: Contact banks, businesses or agencies through official channels.
Never act under pressure: Pause and verify urgent claims before making financial decisions.
Be cautious with investments: Avoid unsolicited offers, guaranteed returns and unverified platforms.
Never transfer money to “protect” your account: Legitimate authorities won’t ask you to move funds to a safe account, mail cash or use a crypto ATM.
Protect personal information: Never share passwords, verification codes or banking details in response to unexpected messages.
Consult someone you trust: Discuss major financial decisions with a trusted person or financial professional.
Watch for AI impersonation: Independently verify unexpected requests, even if the voice or message seems genuine.
What to Do If You Suspect a Scam
Stop communicating with the suspected scammer and do not send additional money. Contact your bank or financial institution immediately to report the transaction and ask whether it can be stopped or reversed. Change compromised passwords, secure affected accounts and report the incident to the relevant authorities.
If an older family member may be targeted, approach the conversation with patience and compassion rather than blame. Scammers often try to isolate victims, and fear of embarrassment can prevent people from seeking help.
Potential Relief for Fraud Victims
US lawmakers are considering legislation to expand protections for fraud victims. The proposed Tax Relief for Fraud Victims Act would ease certain tax restrictions on fraud losses, while the Financial Exploitation Prevention Act would allow eligible financial institutions to temporarily delay suspicious transactions in certain circumstances. Both bills were awaiting further Senate action at the time of the report.
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