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Good morning investors! The stock market closed fell yesterday again and BTC fell below $87,000 – to its lowest level since April – as investors appeared to pull back exposure to riskier assets.
Nvidia results and guidance started a rally that gave up steam with most major names closing in red.
Today we cover:
September job data sends shockwaves
Home sales data
Earning reports
📊 Economy and News
U.S. September Jobs: Stronger-Than-Expected Payrolls but Unemployment Hits 4-Year High
U.S. nonfarm payrolls rose by 119,000 in September, far exceeding economists’ forecasts of only 50,000 and marking a rebound from a revised -4,000 drop in August. However, the unemployment rate climbed to 4.4% — its highest in four years — as labor force growth outpaced job creation.
The mixed report reflects a “no-hire, no-fire” labor market affected by trade tariffs, reduced immigration, AI-driven displacement of entry-level roles, and federal workforce cuts.
Gains were led by healthcare (+43,000) and leisure/hospitality, while manufacturing and transportation lost jobs.
Economists are split on whether the solid payroll number reduces the odds of a December Fed rate cut or if rising unemployment keeps the door open. In fact, Morgan Stanley dropped call for December Fed rate cut after strong jobs data.
Wages grew 3.8% year-over-year, supporting consumer spending amid a gradually cooling but still-resilient labor market.
Global hits:
Mexico’s central bank sees economic weakness helping lower inflation.
Trump signs order to remove tariffs from some Brazilian agricultural imports.
Treasury to block tax credits for illegal immigrants.
Denmark’s seasonally adjusted gross domestic product grew by 2.3% in the third quarter, mainly due to Novo Nordisk.
Home sales: U.S. existing home sales rose 1.2% in October to a seasonally adjusted annual rate of 4.10 million units, slightly beating economists’ expectations of 4.08 million.
Year-over-year, sales increased 1.7%. Despite the modest gain, the housing market remains constrained by high home prices (median price up 2.1% to $415,200).
Inventory grew 10.9% year-over-year to 1.52 million units but remains below pre-pandemic levels, while months of supply rose to 4.4 from 4.1 a year ago.
First-time buyers made up 32% of purchases (up from 27%), though a healthy market typically requires around 40%.
All-cash transactions increased to 29%, and distressed sales stayed low at 2%.
Good to know: Tariffs to reduce US deficits by $1 trillion less than previous estimate. Furthermore, Trump plans huge oil drilling expansion off California and Alaska coasts. Lastly, U.S. greenlights AI chip exports to Gulf tech giants after Saudi Crown Prince’s Washington visit.
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📈 Stocks
S&P 500 6 538,76 (+-1.57%)
DJIA 45 752,26 (-0.84%)
NASDAQ 22 078,05 (+0.57%)(-2.15%)
BRENT CRUDE62.53 (-0.62%)
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Gap crushes earnings as Bath & Body Disappoints
Gap crushed Wall Street expectations with 5% company-wide comparable sales growth in the quarter, fueled by the viral “Better in Denim” campaign featuring Katseye—its strongest comp growth (outside pandemic spikes) since holiday 2017 and well above the 3.1% forecast.
Total sales rose 3% to $3.94B. Net income fell 14%, mainly due to tariffs.
CEO Richard Dickson told CNBC that while broader economic signals suggest consumer pressure, Gap’s customers are still actively shopping. The one sore spot: Athleta, where sales dropped 11%.
Bath & Body Works badly missed Q3 earnings, calling results “disappointing.” Shares plunged nearly 25% Thursday to a new 52-week low, down over 50% YTD.
CEO Daniel Heaf unveiled a turnaround: exiting haircare and men’s grooming, refocusing on core body-care products, revamping the app/website, and lowering the free-shipping threshold in early 2026.
The company slashed full-year guidance and now expects Q4 revenue to fall high-single digits (vs Street’s +1.5%).
Check this: Zuckerberg, Meta directors agree to $190 million settlement of shareholder privacy case.
In other news, Joby Aviation sued Archer Aviation, alleging that the air taxi rival used stolen information from a former employee to land a partnership deal with a real estate developer.
Google launches Nano Banana Pro, an updated AI image generator powered by Gemini 3.
Worrisome: Goldman projects $40 billion stock selling scenario over the next week. Elsewhere, Ray Dalio says we are definitely in a bubble, but that doesn’t mean you should sell yet.
💰 Personal Finance
About 25% of Singles Would Move In With a Partner Just to Save Money — Experts Call It a “Risky” Move
A new study from reveals that 23% of American singles would accelerate moving in with a romantic partner purely for financial reasons.
With grocery prices still high, unemployment lingering above 7 million, and companies announcing over 150,000 job cuts in October alone, many people feel financially squeezed — and that pressure is now influencing dating decisions.
Key findings:
38% of Gen Z singles say they’d speed up the timeline (highest of any generation)
29% of millennials and 22% of Gen Xers agree
Men (29%) are more likely than women (19%) to consider it
“Gen Z is really the most financially strapped generation right now,” says Justin Lehmiller, senior research fellow at the Kinsey Institute. He points to AI displacing entry-level jobs and broader economic strain as reasons younger adults see cohabitation as a quick way to ease money stress.
But experts warn it’s a gamble.
“Accelerating your relationship timetable is risky,” Lehmiller says. “You might save on rent today, but breaking up later — and having to move out and start over — can end up costing far more, both emotionally and financially.”
In short: financial desperation is pushing some singles to treat relationships like a cost-cutting strategy — even though the long-term price could be steep.
💰 Be a Better Investor
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