News Recap • Week 45 2025

Check the news below and make sure to visit my latest Market Recap as well.

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Macro

• Tue US Manufacturing PMI declined to 48.7 in October after its eighth straight month of contraction. (Reuters)
• Wed The ongoing US government shutdown became the longest ever when it entered its 36th day on Wednesday. As I'm writing this on Sunday, the government still hasn't reopened. (BBC)
• Wed Private payrolls rose 42,000 in October, well above the 22,000 forecast and a very positive reversal from the 29,000 decline seen in September. The latter was revised up from 32,000 previously reported. (CNBC)
• Thu Job cuts in October totaled over 153,000, a 175% surge compared to the same month a year ago. It was also the highest level in 22 years. More than 33,000 jobs were cut in the Technology sector alone. (CNBC)
• Thu China’s shipments to the US plummeted 25% in October, causing a surprise 1.1% contraction in overall exports. It was the first decline in almost two years. Imports rose just 1%, missing expectations for 3.2%. (CNBC)
• Thu Rumors started spreading this week that the US will ban sales of Nvidia’s scaled-down AI chips to China. People are also tying this to Jensen Huang’s statement about “China going to win the AI race” on Thursday which seemed to cause Nvidia stock and other AI names to take a hit. (The Kobeissi Letter)
• Thu The Bank of England kept interest rates steady at 4.0% as expected. The decision wasn’t unanimous by any means though, with four of the nine committee members voting for a 25 bps cut. (CNBC)
• Fri US consumer sentiment fell to 50.3 in the latest University of Michigan survey, the lowest level in over three years and well below the 53.0 forecast. Concerns over the ongoing government shutdown outweighed fresh record highs in the stock market. (CNBC)
• Fri Top Senate Democrat Chuck Schumer made a proposal to the Republicans on Friday that would reopen the US government. Although Republicans quickly dismissed the plan, it did seem to provide a further boost to markets which were already recovering from their lows made earlier Friday morning. The S&P climbed back from a 1.3% loss to close Friday in the green while the Nasdaq rallied 1.9% off its intraday lows. (CNBC)
• Sat Talks in the Senate to reopen the government continued Saturday, with Majority Leader John Thune saying that the talks had been positive in nature. (Reuters)
• Sat China’s Consumer Price Index rose 0.2% year-over-year in October, above expectations for no growth and a positive surprise after the index has remained in negative territory most of the year. Producer prices were down 2.1% compared to a year ago, extending the decline to three full years. (CNBC)
• Sat China announced on Friday the suspension of the export controls it imposed on October 9 and followed up on Saturday by suspending a ban on exports of gallium, germanium, antimony, and super-hard materials to the US. (Reuters)

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Other

• Mon Amazon announced a $38 billion deal with OpenAI to provide cloud infrastructure through Amazon Web Services. Amazon closed at a new all-time high after the announcement. (CNBC)
• Thu Tesla shareholders approved Elon Musk’s $1 trillion pay plan with more than 75% voting in favor. (CNBC)
• Thu President Trump announced a deal with Novo Nordisk and Eli Lilly to cut prices on some of their obesity drugs. (CNBC)
• Fri Pfizer won its bidding war against Novo Nordisk, clinching a $10 billion deal to buy Metsera. Pfizer will pay $86.25 per share, around 150% more than where Metsera was trading in September. (CNBC)

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Earnings

• Mon Palantir reported earnings of 21 cents per share on $1.18 billion in revenue, both beating estimates for 17 cents and $1.09 billion respectively. Despite the beat, Palantir stock fell 8% after the report and more than 11% for the week. However, that comes after a 140% year-to-date rally and barely registers on the chart. (CNBC)
• Tue Uber reported 20% revenue growth to $13.47 billion and beat estimates. Gross bookings were up 21% from a year ago. And yet, just like Palantir, Uber showed a case of (seemingly) good earnings, poor price action. Shares fell more than 5% after the report. (CNBC)
• Tue Spotify beat Q3 earnings expectations and gave guidance slightly above expectations for Q4. The stock closed at a 6-month low this week. (Reuters)
• Tue Pinterest reported revenue in line with expectations but missed on earnings. The company’s Q4 revenue projection also came in slightly below Wall Street’s forecast. Shares plummeted 21.76% on Wednesday after the report and are now approaching April lows. (CNBC)
• Tue AMD’s revenue jumped 36% from a year ago and came in ahead of expectations. Earnings also beat the LSEG consensus. The stock rose 2.5% after the report but plunged on Thursday with the broader market. (CNBC)
• Wed Qualcomm reported adjusted earnings of $3.00 per share, beating expectations for $2.88. Revenue rose 10% from a year ago to $11.27 billion, also ahead of forecast. Despite strong guidance, shares fell 3.63% on Thursday in an overall tough market. (CNBC)
• Wed Novo Nordisk managed to deliver a disappointing earnings report despite very low expectations. Shares fell 4.5% after the report and 7.83% for the week, closing at a new 4-year low. (CNBC)
• Wed McDonald’s delivered a small miss on both revenue and earnings after low single-digit year-over-year growth. Shares rose 2.16% on Wednesday after the report. (CNBC)
• Wed Robinhood’s revenue doubled year-over-year to $1.27 billion in Q3, beating expectations for $1.19 billion. Transaction-based revenue, however, missed expectations by $9 million at $730 million. Earning per share almost quadrupled from $150 million to $556 million, or 61 cents per share. Despite the seemingly strong report, the stock plummeted 10.81% on Thursday after the report. However, to put things into perspective, the stock is up by 250% year-to-date after this drop. (CNBC)
• Wed Snap stock surged almost 10% on Thursday after a solid earnings report and a $400 million Perplexity deal. Even after this move, the stock is down 23.77% year-to-date and 90% from its 2021 all-time high. (CNBC)
• Thu Duolingo gave disappointing guidance and said it will prioritize user growth and long-term strategy over short-term monetization. Investors did not like that and sent the stock down by 25.5% on Thursday, extending its decline from the May peak to more than 63%. (CNBC)
• Thu Airbnb reported revenue growth of 10% to $4.10 billion in Q3 and gave Q4 guidance above estimates. Shares closed marginally higher on Friday after a volatile session and are still down 8% year-to-date. (CNBC)
• Thu Expedia delivered a small beat on both the top and bottom line. The company also raised its full-year guidance. The stock soared 17.55% on Friday after the report and broke out to a new all-time high. (Yahoo Finance)
• Thu Figma reported a solid Q3 beat on both revenue and earnings while also raising its full-year guidance. And yet, shares declined 3.76% on Friday after the report and closed the week at their lowest level since Figma's IPO in July. (TradingView)