Good Afternoon. Today’s markets delivered a familiar mix: tech nerves, commodity strength, and an IPO that proves “boring but profitable” is back in style.

Tonight, all eyes turn to Washington, where the president will make his case to an audience increasingly unconvinced the economy is working for them. The disconnect between Wall Street and Main Street is getting harder to ignore. Let’s get into it.

—Rosie, Wyatt, Evan & Conor

🔥 What’s Hot: 🔥

🥶 What’s Not: 🥶

1. Tech stumbles, oil perks up, silver refuses to calm down

The News: Stocks slipped Wednesday as tech once again took it on the chin. The Nasdaq dropped more than 1%, dragged lower by Nvidia, Broadcom, and Oracle, while tech stocks led the S&P 500 down. The Dow briefly flirted with green before Caterpillar shares pulled it back into the red.

Elsewhere, Medline made a blockbuster debut, jumping more than 30% after pulling off the biggest U.S. IPO since 2021. Oil prices climbed after President Trump ordered a blockade of sanctioned Venezuelan tankers, sending Brent back toward $60 a barrel. And silver? It casually set another intraday record.

Why It Matters: This is the market’s current personality: AI nerves, energy geopolitics, and precious metals acting like they’re the stars of the show. Tech’s pullback suggests investors are getting less forgiving about spending, margins, and AI hype, while oil and metals are benefiting from geopolitical stress and central-bank uncertainty. Meanwhile, Medline’s strong IPO is a reminder that investors still love a good, boring, cash-flowing business.

What to Watch: Whether tech’s selloff turns into a broader rotation or just another AI-induced mood swing. Keep an eye on oil prices if Venezuela tensions escalate, and on silver and gold.
Source: wsj.com

2. Trump to address nation tonight as approval ratings hit seven-year low

The News: President Trump will deliver a primetime address to the nation tonight at 9 p.m. EST, as new polling shows his approval ratings sinking to their lowest levels since 2018. Speaking from the White House, Trump is expected to highlight his administration’s accomplishments and preview his 2026 agenda. “It has been a great year for our Country, and THE BEST IS YET TO COME!” Trump posted on Truth Social, which, to be fair, is exactly what you’d say before a primetime address.

The timing is awkward. A new NPR/PBS News/Marist poll shows just 36% of Americans approve of Trump’s handling of the economy, while his overall job approval sits at 38%, matching the weakest point of either of his terms.

Why It Matters: Presidential addresses are usually reserved for wars, crises, or moments when polling slides off a cliff and tonight appears to be the third option. With inflation, tariffs, and job growth weighing on voters, the speech is a chance for Trump to reset the narrative before economic anxiety hardens into midterm math. History is not especially comforting here: the last time Trump’s approval looked like this, Republicans lost 40 House seats months later.

What to Watch: Watch how much time Trump spends on prices versus politics, voters care deeply about one and already know how they feel about the other. Also listen for any signal on tariffs, which the Fed has quietly blamed for inflation overshooting its target. If the speech leans optimistic while voters feel poorer, markets may shrug but independents probably won’t. All major networks will carry the address, so everyone gets the same message at the same time… whether they asked for it or not.
Source: npr.org

3. Senate passes $901B defense bill: Ukraine aid included, receipts requested

The News: The Senate passed the annual National Defense Authorization Act in a decisive 77–20 vote, approving $901 billion in defense spending and sending the bill to President Trump’s desk. The package includes a 3.8% pay raise for service members, continued funding for Ukraine weapons manufacturing, and a long list of policy riders that reflect both bipartisan compromise and bipartisan side-eye. As tradition demands, Congress passed the NDAA for the 65th year in a row, proving once again that nothing unites Washington like a massive defense bill everyone complains about but still votes for.

Why It Matters: This bill locks in U.S. military priorities heading into 2026: keeping troops in Europe, continuing Ukraine support, and limiting the administration’s ability to quietly move forces without telling Congress first. It also marks a rare rollback of presidential war powers by repealing the 1991 and 2003 Iraq authorizations, a reminder that some laws really can get repealed. At the same time, lawmakers are clearly signaling they want more oversight, fewer surprises, and ideally fewer situations that require senators to ask for unedited strike videos after the fact.

What to Watch: Watch how President Trump frames the bill once it’s signed especially the parts he likes versus the guardrails Congress slipped in. Also keep an eye on the Ukraine funding: while it’s modest compared to earlier packages, it keeps U.S. weapons flowing without reopening the loudest debates. And yes, the Pentagon now owes Congress some video files because nothing says “modern governance” like withholding a travel budget until the Dropbox link arrives.
Source: abcnews.go.com

4. Medline pops 30% in IPO debut

The News: Medical supply giant Medline jumped more than 30% in its Nasdaq debut after pricing its IPO at $29 and opening at $35, marking the largest IPO of 2025 globally. The offering raised $6.26 billion, valuing the company at roughly $37 billion and giving private equity a very nice victory lap. CEO Jim Boyle summed it up best: Medline is “the largest company you’ve never heard of,” which makes sense, since it mostly sells gloves, masks, and scalpels rather than hype. Until now.

Why It Matters: Medline’s strong debut is a big confidence boost for the IPO market, which has survived tariffs, shutdowns, and general investor mood swings this year. It signals that investors are still willing to back profitable, boring-in-a-good-way companies, especially ones with $25.5 billion in annual sales and products hospitals literally cannot function without. It’s also a major win for Blackstone, Carlyle, and Hellman & Friedman, who bought Medline in 2021 in what was then the biggest leveraged buyout since the financial crisis. Four years later, they’re ringing the bell in Times Square instead of sweating debt covenants.

What to Watch: Watch whether Medline’s momentum spills into 2026 IPOs, especially other private equity-backed firms waiting for a green light. Also keep an eye on tariffs: Medline expects a $150–$200M hit next year due to Asia-sourced products, a reminder that even companies selling gauze can’t escape geopolitics.

And finally, enjoy the irony: Wall Street spent years obsessed with moonshots, and the year’s biggest IPO turns out to be… medical gloves.
Source: cnbc.com

5. America’s credit card just hit $1 trillion in interest

The News: U.S. interest payments on the national debt topped $1 trillion in 2025 for the first time, driven by a $38 trillion debt pile and higher rates. Interest costs have nearly tripled in five years, now rising by roughly $70,000 per second with some arguing nothing to show for it except a very large balance.

Why It Matters: Interest is becoming one of the government’s biggest expenses, quietly crowding out everything else. The more the U.S. borrows, the more expensive it gets to borrow — a feedback loop that’s already pushed all three major credit agencies to downgrade U.S. debt.

What to Watch: Treasury yields. If investors demand higher returns, interest costs could surge toward $2 trillion a year in the 2030s. Washington knows this is a problem, it just hasn’t decided whether to fix it or refinance it.
Source: crfb.org

1. Samsung’s tri-fold phone sells out in two minutes

The News: Samsung’s $2,450 Galaxy Z TriFold sold out in just two minutes during its second sales batch in South Korea, faster than its already-blink-and-you-miss-it debut last week. Limited production (roughly 3,000–4,000 units) has pushed resale prices as high as $7,000+.

Why It Matters: Foldables remain niche, but Samsung is proving there’s real demand at the ultra-premium end, especially when innovation is obvious and supply is scarce. The TriFold also signals Samsung’s intent to stay well ahead of Apple in experimental hardware.

What to Watch: Whether Samsung ramps production or keeps scarcity as a feature, not a bug. Also worth watching: Apple’s rumored foldable in 2026 because nothing validates a category like Cupertino finally showing up late and expensive.
Source: sammobile.com

2. EU–Mercosur trade deal delayed

The News: Italy and France moved to delay the long-awaited EU–Mercosur trade deal, just days before it was set to be signed, arguing protections for European farmers aren’t ready. Italian PM Giorgia Meloni called signing now “premature,” while France’s Emmanuel Macron said Paris would “firmly oppose” pushing it through. After 25 years of negotiations, the deal is once again… not quite done.

Why It Matters: This is a big crack in Europe’s trade unity. The agreement would open a massive 780-million-person market, but farmer backlash — especially over beef, sugar, and soy imports — is proving politically radioactive. For Europe, it’s the classic dilemma: free trade sounds great, until tractors show up in Brussels.

What to Watch: Brazil’s response. President Lula issued a blunt ultimatum: sign this month or forget it. With enough EU countries lining up to form a blocking minority, the deal could slip into 2026 or into the diplomatic freezer forever. Bonus watch: whether EU officials actually booked refundable flights.
Source: reuters.com

3. U.S. pauses UK tech deal talks

The News: The U.S. has halted negotiations on a proposed UK–U.S. “technology prosperity deal,” according to the Financial Times. The agreement, announced just three months ago during President Trump’s UK state visit, was meant to turbocharge collaboration on AI, quantum computing, and nuclear fusion. Instead, Washington reportedly got impatient with the pace of progress and hit pause.

Why It Matters: This was supposed to be a flagship symbol of post-Brexit Britain plugging directly into America’s tech future. A suspension sends an awkward signal, especially after the UK lined up £31 billion in AI investment deals with U.S. firms like Microsoft, Nvidia, OpenAI, and Google. Turns out even a “special relationship” still has deadlines.

What to Watch: Whether talks quietly restart or stay frozen. Also worth watching: how this affects the UK’s push to brand itself as Europe’s AI-friendly hub, and whether Washington starts using “slow progress” as a polite substitute for “we’re annoyed.”
Source: cnbc.com

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To suggest or indicate something indirectly, rather than stating it explicitly.

“Her tone seemed to imply that she disagreed, even if she didn’t say so outright.”

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