Good Afternoon. On November 2, 1947, Howard Hughes flew the giant Spruce Goose over Long Beach Harbor. The wooden plane was built to carry troops and supplies when wartime metal was scarce. Its brief test flight proved it could leave the water, but the plane never flew again.

—Rosie, Wyatt, Evan & Conor

In this edition

Supplied by StockTwits. ONEQ tracks the Nasdaq Composite; IEF holds U.S. Treasury bonds; GLD tracks gold. These three references are ETFs.

The read: Wall Street’s morning rally didn’t last. The S&P 500 fell 0.5% Monday as tech shares gave back early gains. The Nasdaq lost 1.1%, while the Dow rose 0.4%. Most stocks still climbed, helped by cheaper oil. Large tech stocks were heavy enough to pull the broad index lower.

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America’s factories are making more goods. Getting the parts still isn’t easy.

The latest manufacturing survey rose to 55.5 in October, from 54.5 in September. That marked a tenth straight month of growth. A reading above 50 signals expansion; it doesn’t mean output grew 55.5%.

Production grew at its fastest pace since November 2021. New orders also rose, though their growth barely picked up. More work is reaching factory floors, but not every part of the business is speeding up.

Suppliers were still taking longer to deliver. Most firms reporting a price change were paying more, though the price gauge eased from September. That means costs rose less broadly. It doesn’t mean parts got cheaper.

Some firms tied demand and shortages to AI data centers. Others said customers were waiting to buy. The survey covers both sides of that split.

For now, factories have more work. The report also shows why a bigger order book can come with a longer wait for supplies.

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🏨 Marriott finds room to grow

Marriott’s hotels brought in more money per room. That measure rose 6.5% worldwide in the third quarter, including 7.4% in the U.S. and Canada. It combines room prices with how many rooms are filled, rather than counting bookings alone.

Profit rose 9% to $794 million. Marriott now expects its global room-revenue measure to grow 4.5%–5% for all of 2026. Growth comes with more debt, too: the total reached $16.8 billion, up from $16.2 billion at the end of 2025.

🐾 Pet tests lift sales, not every forecast

IDEXX’s repeat business is doing the heavy lifting. Third-quarter sales rose 10% to $1.21 billion. Revenue from repeat pet tests, supplies and related services grew 11%. Those sales give the maker of vet-testing tools a steady source of business beyond new equipment.

The company raised its full-year sales forecast to $4.74 billion–$4.77 billion. But it lowered the share of sales it expects to keep after running costs. Costs from a recent deal helped weigh on that forecast, despite the stronger sales outlook.

🛡️ A future care bill hits today’s profit

Loews earned less after its insurer set aside more for future long-term care claims. Third-quarter profit fell to $306 million, from $504 million a year earlier. The care update cut Loews’s profit by $125 million after taxes and outside owners’ share.

That charge reflects a change in expected future costs, rather than a cash payment made this quarter. Storm losses also hurt insurance results. Loews expects higher investment returns from recent changes to its portfolio to offset nearly all of the care charge over time.

Estée Lauder’s profit rebound is much bigger than its sales growth. The cash story still needs work.

Sales rose 7% to $3.72 billion in its fiscal first quarter, which ended September 30. Net profit climbed to $233 million, from $47 million a year earlier.

Cost savings, pricing and lower costs from the company’s overhaul helped. Profit from running the business more than doubled to $408 million. That left the beauty group with more profit from each dollar of sales.

It also raised its sales-growth forecast for the year ending June 30, 2027, to 5%–6.5%, from 3%–5%.

There’s still a cash gap. The business used $166 million in cash during the quarter, an improvement from $340 million a year earlier. Higher profit hasn’t yet turned that cash flow positive.

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China’s latest private factory survey shows growth with a catch: some firms are cutting prices.

The RatingDog survey slipped to 52 in October, from 52.1 in September. It stayed above the 50 mark that separates growth from decline. Output grew at its fastest pace in six months.

Export orders kept growing, but at their slowest pace in three months. Selling prices fell after rising in September. Firms pointed to fierce competition and lower costs for some supplies, which gave them room to offer discounts.

That’s a mixed result for buyers and sellers. A lower price can help win an order, but it also brings in less money for each item sold.

Firms’ confidence in the year ahead fell to a nine-month low. More goods are leaving production lines, while managers sound less sure about what comes next.

🇮🇳 India’s export orders pick up

India’s factories grew more slowly in October, even as export orders rose at their fastest pace in six months. The factory survey fell to 54.7 from 55.1, still above the 50 growth mark. Orders at home and hiring grew more slowly. Firms raised selling prices at their weakest pace in nearly four years.

🇩🇪 More euros, fewer goods in German shops

German shops took in 1.2% more euros in September than a year earlier. After price changes, sales were 2.3% lower. That gap shows why a bigger cash total can hide weaker sales. Price-adjusted sales also fell 2% from August, after calendar and seasonal changes were removed. These early figures can still be revised.

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🥸 Dad Joke of the Day

Q: What did one hat say to the other?

A: Stay here! I’m going on ahead.

📖 Vocab Word of the Day · Diffusion index

Diffusion index: An index that counts how widely a change is shared. It combines survey answers about rising, falling or steady activity. It shows the direction of change, rather than the size of a gain.

In a sentence: The factory survey’s diffusion index rose to 55.5, signaling wider growth rather than a 55.5% jump in output.

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