Good Afternoon. Markets are kicking off November on a mixed note. AI’s still fueling markets, Berkshire’s stacking cash, and driverless cars are heading for Detroit, Vegas, and San Diego. Even healthcare’s getting a digital co-pilot. Let’s get into it.

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Investors face a dilemma. Headlines everywhere say tariffs and AI hype are distorting public markets.

Now, the S&P is trading at over 30x earnings—a level historically linked to crashes.

And the Fed is lowering rates, potentially adding fuel to the fire.

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1. Stocks Opened November on a Mixed Note

The News: The Nasdaq rose and the Dow slipped, capping off a record-setting October. The day’s biggest headline: Kimberly-Clark agreed to acquire Tylenol-maker Kenvue for over $40 billion, sending Kenvue shares surging while Kimberly-Clark slid. Meanwhile, Amazon extended its rally following a $38 billion partnership with OpenAI, cementing its position in the AI infrastructure race. Across the Pacific, Beijing announced it will ease restrictions on auto semiconductor exports, giving a lift to U.S. chipmakers and European automakers. Microsoft also got long-awaited government approval as it secured US export licenses to export Nvidia chips to the UAE, which maintains close trade ties with China.

Why It Matters: The start of November shows investors juggling optimism and uncertainty: M&A momentum and AI euphoria are fueling risk appetite, while the U.S. government shutdown nears a record length, straining consumers and federal workers. Democratic lawmakers are calling for direct White House intervention but political gridlock remains the week’s wildcard.

What to Watch: With Palantir earnings and more Big Tech updates on deck, investors are betting the “November effect” can keep markets climbing. But between shutdown drama, mega-deals and elections tomorrow, Wall Street might need more caffeine or another Fed pivot to keep the rally alive.
Source: wsj.com

2. Wall Street Started the Week with a Familiar Story

The News: AI-fueled optimism continued to dominate: Nvidia rose 3.3%, now up 55% this year. Amazon climbed 4.4% on its $38 billion OpenAI partnership, leveraging AWS for AI workloads. Palantir added 3.3% ahead of earnings, bringing its yearly gain to a staggering 165%. Meanwhile, Microsoft slipped slightly despite a $9.7 billion AI cloud deal with IREN.

Why It Matters: AI remains the only bright light in an otherwise dim market. With tariffs pinching manufacturers and most sectors flashing red, investors are doubling down on companies seen as the backbone of the next tech revolution. But the chorus of concern is growing louder, some analysts warn that this “AI everything” market could be drifting toward dot-com déjà vu.

What to Watch: Earnings from Palantir and other tech firms will test whether the AI rally is running on results or pure hype.
Source: apnews.com

3. Berkshire’s operating earnings jump 34%

The News: Berkshire Hathaway’s cash pile hit an all-time high of $381.6 billion as Warren Buffett’s conglomerate reported a 34% jump in operating profit for the third quarter. The surge was fueled by a 200% increase in insurance underwriting income, which climbed to $2.37 billion thanks to strong results from GEICO and reinsurance operations. Despite the rebound, Buffett once again refrained from stock buybacks — even as Berkshire’s shares pulled back from record highs — and instead continued selling equities, netting $10.4 billion in taxable gains during the quarter. The result: Berkshire now sits on more cash than ever, surpassing its previous $347.7 billion record.

Why It Matters: With Buffett set to hand over the CEO reins to Greg Abel at year-end, investors are watching how the post-Buffett Berkshire will deploy its massive reserves. The company’s cautious stance — hoarding cash instead of buying stocks — signals that Buffett still sees few bargains in the market, even as Wall Street rallies. The decision underscores Berkshire’s patience and discipline amid mounting speculation about a “Buffett premium” fade.

What to Watch: The next move for Berkshire’s record hoard looms large — will Abel follow Buffett’s measured playbook or finally go shopping in 2026? For now, Omaha’s vault is overflowing, but the Oracle’s final message seems clear: when in doubt, hold cash and wait for the right pitch.
Source: cnbc.com

4. Waymo to launch robotaxis in Detroit, Vegas, San Diego

The News: Waymo is expanding its robotaxi empire — announcing plans to launch commercial driverless services in San Diego, Las Vegas, and Detroit as soon as next year. The move marks a major acceleration in the Alphabet-owned company’s rollout, bringing its total network to eight cities once the launches go live. Regulatory hurdles remain: the company still needs testing and operating approval from Nevada and Michigan authorities before going fully commercial in those states.

Why It Matters: The announcement underscores Waymo’s shift from cautious testing to rapid commercialization, positioning it as one of the U.S. leaders in autonomous mobility. Expanding into Detroit, the cradle of American auto manufacturing, is especially symbolic, a statement that the future of driving might be written not by carmakers, but by code.

What to Watch: Waymo says its doors will open “next year,” pending regulatory sign-off — but local resistance in places like Boston and Seattle shows the road to autonomy is far from smooth. For now, it’s safe to say: the race to own the driverless lane just hit the gas.
Source: theverge.com

5. Oscar Health to expand to 20 states for 2026

The News: Oscar Health is making its biggest move yet, expanding into 20 states and more than 570 counties for 2026, marking the insurer’s largest footprint since its founding. The New York–based health tech firm will debut in Alabama and Mississippi and deepen its reach in major metros including Dallas–Fort Worth, San Antonio, Cincinnati, and Phoenix, bringing total membership to roughly 2 million people. The rollout coincides with the start of ACA open enrollment and aims to position Oscar as one of the nation’s largest players in the individual market.

Why It Matters: Oscar is banking on AI-powered care navigation to stand out in an increasingly expensive health insurance market. Its new virtual assistant, Oswell, built with OpenAI technology, helps members manage prescriptions, symptoms, and plan benefits, part of Oscar’s pitch to make healthcare “feel more like tech support than bureaucracy.” The company is also introducing HelloMeno, billed as the first menopause-focused plan in the individual market, alongside expanded coverage for chronic conditions like diabetes and heart disease, all with $0 primary and specialty visits with hundreds in potential savings.

What to Watch: Oscar’s expansion comes as ACA premiums climb significantly nationwide. Whether its tech-first approach can offset rising costs, and win over skeptical consumers in new markets, will be the real stress test. For now, Oscar’s message is simple: your next doctor’s visit might start with an AI that actually listens.
Source: businesswire.com

1. Turkey's inflation drops to 32.87%, lowest since 2021

The News: Turkey’s inflation eased to 32.87% in October, the lowest since 2021 and below forecasts, marking another milestone in the country’s disinflation drive. Monthly price growth also slowed to 2.55% from 3.23% in September, reinforcing confidence in the Central Bank’s more measured monetary policy. The benchmark rate now sits at 39.5%, down from 50% earlier this year.

Why It Matters: And you thought inflation here was bad, after years of runaway inflation that once topped 75%, Turkey’s cooling price growth signals cautious progress under its orthodox economic policies. But with food inflation still near 35% and housing costs up 50%, the relief isn’t yet reaching everyday consumers. Hitting the government’s 25–29% year-end target may be out of reach, but the data suggests disinflation momentum heading into 2026.

What to Watch: Markets will look to the November 7 Turkish central bank inflation report for clarity on future rate cuts and fiscal direction. A stronger-than-expected path toward single-digit inflation could anchor investor confidence and attract renewed foreign capital inflows besides just foreigners getting hair plugs.
Source: reuters.com

2. Humanoid robot runs torch relay at China's National Games

The News: China’s 15th National Games torch relay made history Sunday as it crossed the Guangdong–Hong Kong–Macao Greater Bay Area, marking the first-ever cross-boundary relay in the event’s history. The relay showcased China’s technological edge with a 5G-A humanoid robot torchbearer, unmanned vehicles, and low-altitude aircraft linking relay routes. Each city highlighted a theme — Shenzhen’s innovation, Guangzhou’s commercial legacy, Hong Kong’s global energy, and Macao’s cultural fusion — culminating in a unified flame at the Guangdong Olympic Sports Center.

Why It Matters: Beyond sports, the relay doubles as a powerful symbol of national unity and technological prowess, blending tradition with the future. From smart robotics to deep-sea ignition, the event underscored China’s ambition to frame its sporting achievements as an emblem of scientific and cultural progress.

What to Watch: The unified flame will light the cauldron on November 9, officially opening the Games — a spectacle expected to mix sports, AI, and national pride. If the rehearsal was this fiery, the opening ceremony could set the digital world ablaze.
Source: news.cgtn.com

3. China Seeks to Buy US Wheat for First Time in a Year After Truce

The News: China is reportedly looking to buy U.S. wheat for the first time in over a year, marking a potential breakthrough following last week’s soybean purchases and the recent Trump–Xi trade truce. Sources say Beijing’s state grain buyers are exploring deals for 240,000 to 400,000 tons of U.S. soft and hard red winter wheat for delivery between December and February. While Chicago wheat futures initially spiked to a three-month high, gains quickly faded as traders grew cautious amid a lack of official confirmation from Beijing and with the ongoing U.S. government shutdown delaying export data.

Why It Matters: The tentative wheat inquiries are another symbolic olive branch in thawing U.S.–China trade relations after months of agricultural tensions. If finalized, the deal would also lift tariffs on American wheat and could open the door to broader grain trade normalization — crucial for U.S. farmers who’ve weathered a year of lost exports.

What to Watch: Traders will be watching for official purchase confirmations and tariff-rollback details this week. For now, Beijing’s silence says as much as any statement and until the ink dries, this truce feels more handshake than real harvest.
Source: finance.yahoo.com

Vanguard just projected public markets may return only 5% annually over the next decade. In a 2024 report, Goldman Sachs forecasted the S&P 500 may return just 3% annually for the same time frame—stats that put current valuations in the 7th percentile of history.

Translation? The gains we’ve seen over the past few years might not continue for quite a while.

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Q: Why did the stadium get hot after the game?

A: All the fans left.

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