Good Afternoon. On November 11, 1918, an armistice stopped World War I fighting on the Western Front. The date grew into Veterans Day, a time to honor all who served in the U.S. military.

—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: AI stocks helped lift Wall Street during Wednesday’s trading. CoreWeave’s results eased some fears about demand and how it will fund its growth. Gains weren’t shared evenly across stocks. Higher oil prices added pressure, while the U.S. bond market was closed for Veterans Day.

🔥 What’s Hot:

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AI can analyse data. 

AI can generate recommendations. 

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As AI moves from screens into the physical economy, DIT AgTech is building the infrastructure for it in livestock production. 

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Shoppers kept retailers moving in October, but the gain was small. Early holiday deals may be bringing some spending forward, rather than creating a bigger shopping budget.

The CNBC/NRF Retail Monitor, a report built from card purchases, found sales rose 0.15% from September. That was slower than September’s monthly gain. The figures account for usual seasonal swings and leave out car dealers and gas stations.

The report tracks dollars spent. Higher prices can raise that total even when shopping bags hold the same amount. It doesn’t count how many products each person bought.

The National Retail Federation says shoppers are timing purchases around sales to stretch their budgets. Early holiday offers also helped pull demand into October, the group said.

Buying a gift on an early deal can shift spending from December to October. It doesn’t, by itself, show that households have more money to spend.

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🏠 More loan applications, still fewer buyers

More borrowers asked for home loans last week as rates fell. A survey from the Mortgage Bankers Association, a lender trade group, found 6.2% more loan requests in the week ended November 6, after seasonal adjustments.

That isn’t a full housing rebound. Requests for loans to buy homes were still 18% lower than a year earlier. These are people seeking loans, rather than closed home sales. One better week hasn’t erased that gap.

🛒 Who’s behind that AI shopping order?

Riskified helps online stores spot fraud in orders, returns and refunds. Now it has tools to work out who is behind an AI shopping agent. That matters when software shops or asks for help on a person’s behalf.

Its sales grew 41% from a year earlier in the third quarter, and Riskified raised its yearly forecast. The tools aim to help stores wave through trusted shoppers and flag risky requests. They don’t make every AI order safe.

🥤 Less fizz in sales, a smaller loss

Reed’s makes ginger beer and other craft sodas, including Virgil’s. Its latest quarter delivered a smaller loss even though sales fell. The company cut overhead and paid less to make each case of drinks.

Its third-quarter net loss was $3.2 million, smaller than a year earlier. After quarter-end, it also completed a $10 million stock sale to fund the business. That cash gives its turnaround more room, but it’s new investor money rather than earnings from soda.

CoreWeave rents powerful computers to firms that build and run AI tools. Its results helped lift tech stocks early Wednesday. But the cash needed to build that business still comes at a cost.

Sales reached $3.66 billion in the third quarter, more than double a year earlier. It still lost $709 million. The interest bill on its debt was bigger than the profit from its day-to-day work.

The firm uses loans backed by signed deals and expects more customers to pay up front. That helps fund more server space. Those early payments are cash to use now, rather than profit earned today.

CoreWeave raised its 2026 sales forecast. It also expects an even bigger interest bill in the fourth quarter.

Today’s news has a reputation for being dense, loud, and somehow both boring and stressful. Morning Brew is the opposite: a free daily newsletter that makes it all make sense, skips the shouting from both sides, and adds a little humor to keep things interesting.

See for yourself

E.ON runs power grids and sells energy across Europe. It’s spending heavily on the wires that connect homes, factories and new power projects. The company invested €4.2 billion in its networks from January through September.

New connections let more customers and wind or solar projects join the grid. E.ON is also adding digital tools to make better use of lines already in place.

The German company kept its full-year profit forecast and its network spending plan. Its finance chief said these projects need stable rules for the years ahead.

Building wind turbines is only part of the job. Their power also needs a route to the homes and businesses that use it.

🌬️ A fuller order book, fewer new orders

Vestas builds and services wind turbines. The Danish firm’s third-quarter sales grew, but new turbine orders fell 27% from a year earlier, measured by power capacity. Its book of turbine and service work still grew. Higher costs at a European offshore site hurt results. That shows the challenge of turning new orders into finished projects.

🌏 Bessent calls for a trade rebalance

U.S. Treasury chief Scott Bessent called for the U.S. to make more of what it buys. He also wants China to buy more of what it makes. The goal is less reliance on each other, rather than ending trade. Trump and Xi Jinping are expected to meet in Shenzhen next week, with trade likely on the agenda.

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🥸 Dad Joke of the Day

Q: What do you call a fish that practices medicine?

A: A sturgeon.

📖 Vocab Word of the Day · Sales volume

Sales volume: The number of items a business sells during a set period. Sales volume counts units, while revenue tracks the money those sales bring in.

In a sentence: A store can earn more revenue without increasing its sales volume.

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