The Weekend Rip
Happy Weekend!
It’s my B day, so happy B day to my twins out there
Markets pulled back this week as tech stocks faced skepticism over AI spending and consumer sentiment hit its lowest since 2022. The government shutdown reached a record 37 days, triggering FAA flight cuts and partisan gridlock, while earnings reactions ranged from Expedia’s surge to Sunrun and Opendoor’s sharp declines. Tesla slipped despite shareholder approval of Elon Musk’s $1T pay package, and the Nasdaq posted its worst week since April.
Let's recap and prep you for the week ahead.
Monday — Palantir posted its 21st straight revenue beat with 63% YoY growth and raised full-year guidance, but shares traded flat as investors weighed its lofty 85× sales multiple. Amazon surged on a $38B Nvidia chip deal to power OpenAI’s datacenter ambitions, while Cipher Mining and Iren inked multibillion-dollar GPU infrastructure deals. Meanwhile, Kimberly-Clark announced a $40B buyout of Tylenol-maker Kenvue, and Berkshire Hathaway revealed record cash reserves but no buybacks, leaving investors cautious.
Tuesday — Markets climbed as Nvidia hit $4.65T and Microsoft crossed $4T on blockbuster AI deals—Nvidia with Uber and Lucid, Microsoft with OpenAI. The S&P 500 broke 6,900 ahead of the Fed’s rate decision, with traders pricing in a cut despite limited data from the shutdown. Visa beat earnings, Enphase guided lower, and EA suspended guidance amid a $55B go-private deal.
Wednesday — Markets climbed as ADP data showed 42,000 new jobs in October, offering rare clarity amid the shutdown. IonQ surged on a 221% revenue spike, Robinhood beat on crypto-fueled earnings, and Duolingo posted strong results despite slowing user growth. Snap rallied on a $400M AI deal with Perplexity, while Qualcomm, ARM, and AppLovin beat earnings but faced mixed reactions.
Thursday — Markets fell as October layoffs surged 183% month-over-month, marking the worst jobs cut tally in two decades. Tesla shareholders approved Elon Musk’s $1T pay package, while DraftKings disappointed on guidance despite landing ESPN as its official sportsbook partner. Datadog soared on strong AI-driven earnings, but e.l.f. Beauty and Block sank on margin pressure and missed estimates.
Friday — Markets wobbled Friday before closing slightly green, as the S&P 500 dipped below its 50-day moving average and consumer sentiment hit its lowest since 2022. The government shutdown reached a record 37 days, with FAA flight cuts looming and partisan gridlock intensifying after a rejected healthcare extension deal. Tech stocks pulled back sharply on AI spending skepticism, while earnings reactions were mixed—Expedia soared, Sunrun and Opendoor sank, and Tesla slipped despite Musk’s $1T pay package approval.
This week's Stocks Top 25 showed outperformance vs. the indexes.
Here are the closing prices:
THE BRIEF
Need a concise summary of what's going on this week? Look no further. Here’s a rundown of this week’s earnings and economic data.
Earnings This Week
Earnings season is chugging along, with over 713 stocks reporting this week.
Above is a quick summary. Check out the full Stocks earnings calendar for the other names reporting this week.
Economic Calendar
It’s a busy week of economic data.
In addition to the above, check out this week's complete list of economic releases.