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☆ Why the October jobs report on Friday could sink the market's soft-landing narrative
▼ + stars: | 2024-10-30 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

September's payrolls report exceeded expectations, but economists see weak gains for October. Even with lower expectations, a poor print could reset the market's narrative around a soft landing. AdvertisementThe narrative around ongoing labor-market strength revived with September's payrolls report, which topped economists' expectations by over 100,000 jobs. "The October jobs report will likely show a severe but short-lived hit from hurricanes Helene and Milton," Adams said. Another sign that September's jobs numbers may have been overstated is that other employment indicators haven't started to trend upwards.

Persons: September's, —, Hurricanes Milton, Helene, Tom Essaye, Ben McMillan, McMillan, Goldman Sachs, there's, Goldman, Claudia Sahm, Michael Cuggino, Bill Adams, Milton, Adams, Neil Dutta, David Rosenberg, Rosenberg, Dutta Organizations: Service, Bureau of Labor Statistics, Hurricanes, Boeing, IDX Advisors, of Labor Statistics, Comerica, Funds, Federal Reserve, Macro, BLS, PMI

☆ I spent a day in Kamala Harris' Fortnite town. It was full of policy details meant to reach young voters, but was mostly empty.
▼ + stars: | 2024-10-30 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

The map, Freedom Town, USA, focuses on affordable housing and Harris' proposed policies. I spent a day in Freedom Town, USA, building housing, and it was pretty empty. AdvertisementWelcome to Freedom Town, USA, a Fortnite world created by the Harris-Walz campaign. I took a trip to Freedom Town, USA, and spent the day observing and attempting to talk to players. So far, Freedom Town hasn't taken off; according to third party player statistics tracker Fortnite.GG, the Freedom Town map saw an all-time and 24-hour peak of 563 users.

Persons: Harris, Walz, —, Walz's, Gen Zers, would've, unmuted, Lauren Obanion, Obanion Organizations: Freedom Town, Service, Entertainment Software, YouGov, Freedom, New, DC Metro Locations: USA, Freedom Town, New York City, Ohio

☆ Bringing manufacturing back to the US is a $10 trillion opportunity for the economy, Morgan Stanley says
▼ + stars: | 2024-10-30 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Morgan Stanley estimated that bringing manufacturing back to the US could add $10 trillion to the economy. The bank pointed to a 20-year stagnation of the industrial economy as production was sent offshore. AdvertisementThe US economy could unlock trillions in value over the next decade if more manufacturing activity comes back to the US, according to Morgan Stanley. The Biden administration, meanwhile, has poured billions into its push to increase chip production in the US and boost the manufacturing and industrial sectors. The cumulative effects could be "pretty profound" across the US economy, Snyder said, with the boost to industry and manufacturing bound to raise GDP.

Persons: Morgan Stanley, —, Chris Snyder, Snyder, Morgan Stanley's, Trump, Biden Organizations: Service, Biden, of Supply Management, Commerce Department, Economic

☆ Wall Street is bullish on Amazon earnings despite uncertainty around consumer spending, rising investment costs
▼ + stars: | 2024-10-30 | by ( Filip De Mott | ) www.businessinsider.com time to read: +7 min

CFRA trimmed its Amazon price target to $219 a share on October 21, indicating 13% upside ahead. The firm has a "buy" rating on the stock and a $210 price target, which implies an 8.3% gain from current levels. The firm said investors have toned down margin expectations due to Amazon's spending in new investment areas, such as Project Kuiper. AdvertisementWedbush reiterated its "outperform" rating and $225 price target, implying a 16% gain from current levels. Morgan Stanley has a $210 price target for the stock, representing upside of about 8% from Wednesday's share price.

Persons: —, Arun Sundaram, Sundaram, Justin Post, BofA, Scott Devitt, Wedbush, Morgan Stanley, Bullish, Brian Nowak Organizations: Service, CFRA, Bank of America, Amazon Web Services, 3Q, JPMorgan, Wedbush Securities

☆ Reddit's bet on AI is starting to pay off
▼ + stars: | 2024-10-30 | by ( Huileng Tan | Aditi Bharade | ) www.businessinsider.com time to read: +4 min

The company saw a 68% revenue increase and a 47% rise in daily active visitors in Q3. Reddit's third-quarter revenue soared 68% to $348.4 million from a year ago, comfortably beating analysts' expectations of $312.8 million. This positive net increase was consistent with its second-quarter results, during which the platform saw a 51% increase in daily active users globally. Elon Musk's X reported 1.6% growth in daily active users in 2024's second quarter, per the FT. The daily active users on all of Meta's platforms combined, which include Facebook, Instagram, and Threads, increased by 7%, according to its second-quarter earnings report.

Persons: —, Steve Huffman, Huffman, Reddit, AMAs, Elon Musk's, Jefferies, RDDT Organizations: Service, Analysts, Global, Elon, Facebook, New York Stock Exchange Locations: Spanish

☆ Brian Williams' executive producer dishes on Amazon's leap into live news
▼ + stars: | 2024-10-30 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

Amazon is testing news with a Brian Williams election-night special on Prime Video. AdvertisementAmazon is getting closer to jumping into news coverage with an election-night special hosted by Brian Williams. "Election Night Live with Brian Williams" will air on Prime Video at 5 p.m. "Election Night Live" is a gamble for Amazon, which has no history in news. A one-off news program is in keeping with its strategy of getting into live event programming like sports and live shopping, though.

Persons: Brian Williams, James Carville, Shepard Smith, —, Baratunde Thurston, Williams, Jonathan Wald, Wald, Comcore, Jeff Bezos, Puck, Axios, They're Organizations: Service, Fox News, Business, Amazon, Washington Post, NBC, MSNBC, Politico Locations: —, Iraq

☆ The Chinese EV loved by Ford's CEO just got a lot faster
▼ + stars: | 2024-10-30 | by ( Tom Carter | ) www.businessinsider.com time to read: +4 min

Ford CEO Jim Farley is a big fan of Xiaomi's SU7 EV — and it just got a major upgrade. The Chinese tech giant unveiled the SU7 Ultra, a high-performance electric car with a max speed of 350km per hour. AdvertisementFord CEO Jim Farley's favorite Chinese EV just got a major upgrade. Speaking on a podcast last week, Ford CEO Farley praised Xiaomi as an "industry juggernaut" and said he was a big fan of the SU7. AdvertisementWestern automakers like Ford are under pressure from Chinese electric car makers, which are expanding rapidly worldwide.

Persons: Jim Farley, —, Jim Farley's, Xiaomi, Farley, Lei Jun, it's, I've, Tesla, Elon Musk Organizations: —, Service, Ford, Citibank Locations: China, presale, Shanghai, Chicago

☆ How the cost of housing is expected to change under Trump or Harris
▼ + stars: | 2024-10-30 | by ( Allie Kelly | John L. Dorman | ) www.businessinsider.com time to read: +7 min

Detailed below is what Harris and Trump have proposed in order to address these worries. Vice President Kamala Harris and former President Donald Trump have both pledged to address high prices by boosting the supply of homes. Related storiesThe Democratic candidate also said she plans to expand the existing low-income housing tax credit, which incentivizes the rehabilitation or building of housing targeted at lower-income households. As president, Trump proposed major cuts to the federal Department of Housing and Urban Development's budget, including slashing housing assistance and community development aid. AdvertisementWhile in office in 2017, Trump proposed a budget for the 2018 fiscal year that would have significantly cut rural housing subsidies.

Persons: Harris, Trump, —, Kamala Harris, Donald Trump, Daryl Fairweather, Redfin, Fairweather, Jessica Lautz, multifamily Organizations: Service, Business, Democratic, Peterson Institute for International Economics, Builders, of Housing, Urban, National Association of Realtors, Democratic Party Locations: America

☆ Polymarket's pro-Trump election predictions aren't so surprising when you look at the rest of the site
▼ + stars: | 2024-10-30 | by ( Katie Notopoulos | ) www.businessinsider.com time to read: +5 min

The betting site Polymarket has emerged as a hot topic in the 2024 presidential race. Wagers in its pop culture section show the bro-y vibe of the site: Zyn, Andrew Tate, and Hawk Tuah. Let's look at some of the wagers:Will Trump say "skibidi" before the election? Will Donald Trump say "mog" in 2024? AdvertisementFor the record, I think the odds that Trump will say "skibidi" before the election are way too low.

Persons: Trump, Andrew Tate, Hawk, —, Will Trump, Will Kamala Harris, Joe Rogan's, Will Donald Trump, Roaring Kitty, Logan Paul, Max Read, Joe Rogan, Gen Z'ers, MAGA, Theo Von, Adin Ross, Taylor Swift, Travis Kelce, Shayne Coplan, There's, Polymarket, haven't, I'm, who's, John Herrman, McDonald's Organizations: Service, Trump, New, New York Magazine, Harris, Dodgers, Yankees Locations: MrBeast

☆ We spent $374 to take a ferry across Lake Michigan with our car. The journey was nice, but I'll do things differently next time.
▼ + stars: | 2024-10-30 | by ( Jessica Steinhoff | ) www.businessinsider.com time to read: +4 min

My family and I spent about $750 to take a roundtrip ferry across Lake Michigan. We took our car on the ferry, which accounted for the majority of our expenses. The trip was relaxing, but next time, I'll rent a car at our destination. The trip wasn't stress-free, but the views made up for itThe beautiful views were the best part of the trip. Next time we take the ferry, though, we'll borrow someone else's car at our destination or rent one at the terminal.

Persons: —, Jessica Steinhoff, could've Organizations: Service, Express, Lake Express, Bell's Brewery, Milwaukee Brewing Co, Chicago Locations: Lake Michigan, Chicago, Wisconsin, Michigan, Milwaukee, Muskegon , Michigan

☆ I'm a CEO who started a company and had a baby at the same time. Fatherhood has completely changed how I think about work.
▼ + stars: | 2024-10-30 | by ( Perri Ormont Blumberg | ) www.businessinsider.com time to read: +6 min

Balancing family and entrepreneurship, MacKay prioritizes family time while building Cadence. AdvertisementThis as-told-to essay is based on a conversation with Andrew Ross MacKay, the 33-year-old cofounder and CEO of Cadence, based in Los Angeles. I'm now the cofounder and CEO of Cadence, a salt-based electrolyte drink. This year, my daughter, Bloom, was born on March 20Mackay and his family. My family deserves me to be at my best, and to do that, I need to feel passionate about what I'm building.

Persons: Andrew Ross MacKay, MacKay, Bloom, MacKay prioritizes, —, I'm, Peter Thiel, Drake, George Heaton, Mackay, Anastasia Hing, Anastasia, I've, Ana, I'd Organizations: Cadence, Service, Daring Foods, D1 Capital, Founders Fund, Daring, Ana Locations: Los Angeles, Glasgow, Scotland

☆ Why Citadel's longest-running equities unit is focused on shorting stocks
▼ + stars: | 2024-10-29 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

Justin Lubell, Citadel's Global Equities head, said shorting has been a big driver of returns. There's less competition in the space compared to going long on stocks, he said. Anthony Bozza, the founder of Lakewood Capital, called those who know who to short stocks a "dying breed." AdvertisementWhile some big bets against specific stocks have blown up in hedge funds' faces in recent years, there's still a focus on shorting at Citadel's longest-running equities unit. Related storiesEven investors known for bold short bets have moved away from the practice.

Persons: Justin Lubell, shorting, Anthony Bozza, —, there's, Ken Griffin's, Lubell, Robin, Gavin Baker, Lee Ainslie, Steve Cohen's Point72, Gabe Plotkin's Melvin Capital, Pershing, Bill Ackman, Bozza Organizations: Citadel's Global, Service, Citadel's, Citadel Global, Robin Hood Investors Conference, Business, Management, Lakewood Capital, Maverick Capital, GameStop, Lakewood Locations: Lakewood Capital, New York

☆ Google CEO says more than a quarter of the company's new code is created by AI
▼ + stars: | 2024-10-29 | by ( Hugh Langley | ) www.businessinsider.com time to read: +2 min

More than a quarter of new code at Google is made by AI and then checked by employees. Google is doubling down on AI internally to make its business more efficient. Business Insider previously reported that Google launched an internal AI model named "Goose." More than a quarter of new code created at Google is generated by AI, said CEO Sundar Pichai on Tuesday during the company's Q3 earnings call. AdvertisementBusiness Insider reported in February that the company had launched a new internal AI model named "Goose" to help employees code and build products.

Persons: —, Sundar Pichai, Pichai, Goose Organizations: Google, Business, Service, BI, Company

☆ 'Don't Move' ends with the victim thanking a serial killer. Here's why.
▼ + stars: | 2024-10-29 | by ( Ayomikun Adekaiyero | ) www.businessinsider.com time to read: +5 min

The film follows a woman who is injected with a paralyzing drug and pursued by a serial killer. Netflix is doubling down on nerve-racking films about serial killers with its latest thriller, "Don't Move." In the film, Iris (Kelsey Asbille) grieves the death of her child and plans to die by suicide by jumping off a cliff in the middle of a forest. AdvertisementIn 'Don't Move' Iris must save herselfRichard (Finn Wittrock) searching for Iris (Kelsey Asbille) in "Don't Move." Richard starts swimming to shore, and Iris' boat starts sinking due to a leak from the gunshots.

Persons: —, Jeffrey Dahmer, Iris, Kelsey Asbille, Richard, Finn Wittrock, Vladislav Lepoev, Richard ., Chloe, Brian Netto, Adam Schindler, Tudum, Netto Organizations: Service, Netflix

☆ Cash is no longer king. Here are 3 alternatives investors are trading it for, according to chief money managers.
▼ + stars: | 2024-10-29 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

Investors face diminishing returns from cash alternatives as interest rates decline. Today, cash alternatives are yielding slightly less. Specifically, those who didn't have liquidity needs but chose to sit in cash anyway missed out on a strong year for the S&P 500. If liquidity needs arise, investors may be able to sell for a profit if the Fed's cutting cycle is steeper than expected, he added. Simply put, the M2 money supply, which includes cash and cash alternatives, has skyrocketed since 2020 by over 36%, debasing the dollar.

Persons: —, Mark Malek, Siebert, Malek, David Miller, Miller, Millers Organizations: Service, Treasury, AAA, Catalyst Funds, Federal, World Gold Council, Investors Locations: Treasuries, Russia, Central

☆ Steve Schwarzman says Trump would be an 'efficient and effective' president this time — and Ken Griffin thinks he'll win
▼ + stars: | 2024-10-29 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

Blackstone CEO Steve Schwarzman said he thinks Trump would make a better president the second time around. He's uncertain about the election result, though Citadel's Ken Griffin said he expects Trump to win. AdvertisementSteve Schwarzman said he thinks Donald Trump would be more "efficient and effective" if he wins next week's election. Citadel founder and CEO Ken Griffin, who was also on the panel, was more assured of the election's outcome. Citadel founder Ken Griffin expects Donald Trump to win the 2024 election.

Persons: Steve Schwarzman, Trump, Ken Griffin, —, Donald Trump, Schwarzman, Mike Blake, Griffin, Alan Murray Organizations: Saudi Arabia's Future Investment, Service, Blackstone, Future Investment Initiative, Saudi, Republican, Bloomberg, Citadel, White Locations: Davos

☆ Elon Musk is backing Trump. Is Musk's Twitter backing Trump, too?
▼ + stars: | 2024-10-29 | by ( Peter Kafka | ) www.businessinsider.com time to read: +5 min

Is this because Twitter users want this? AdvertisementIs X, the service many of us still call Twitter, more likely to show users political posts from Republicans, or right-leaning accounts? But they both hover around two possibilities, which aren't mutually exclusive:AdvertisementTheory 1: Twitter is showing users what users want to see. And it's entirely plausible that some left-leaning users have left the platform during Musk's ownership, in part because he reinstated accounts from right-leaning users, including Trump himself. This is a notion that some current and former Twitter users believe, though there's no direct proof that it's the case.

Persons: Elon Musk, —, Musk, Donald Trump's, I've, Twitter, Twitter they're, Kamala Harris, Harris, Trump, Platformer's Zoë Schiffer, he's, Ron DeSantis Organizations: Republican, The Washington Post, Street, Twitter, Trump, Service Locations: The, Florida

☆ Chanel CEO describes the ChatGPT fail that happened while visiting Microsoft headquarters
▼ + stars: | 2024-10-29 | by ( Jaures Yip | ) www.businessinsider.com time to read: +3 min

Chanel CEO Leena Nair visited Microsoft to discuss AI, she told Stanford's business school. Chanel is preparing for AI integration and testing experiments including chatbots, Nair said. AdvertisementChatGPT may be one of the major contenders in the AI race, but Chanel CEO Leena Nair was left slightly less than impressed by it during her trip to Microsoft headquarters. "And we're like, 'Show us a picture of a senior leadership team from Chanel visiting Microsoft' — it is all men in suits." Yes, 76% of my organization is women, 96% of my clients are women, female CEO," Nair said.

Persons: Leena Nair, Nair, Chanel, —, you've Organizations: Microsoft, Service, Stanford Graduate School, ChatGPT, Chanel, Unilever, Business Locations: Seattle

☆ A woman lost 75 pounds and kept them off. She made 2 simple changes, while enjoying her favorite foods.
▼ + stars: | 2024-10-29 | by ( Kim Schewitz | ) www.businessinsider.com time to read: +7 min

Bertrand made simple lifestyle changes that she actively enjoyed, which resulted in weight loss. Weight loss drugs including Ozempic have also helped dispel the myth that willpower alone is enough to achieve a healthy weight. She decided that it wasn't, and she would try to lose weight. Bertrand shared the two simple changes she made that led her to lose 75 pounds and keep it off without giving up her favorite foods. When she decided to lose weight, she began to notice how other people ate.

Persons: Alaias Bertrand, Bertrand, — Organizations: Service, Michigan State University Locations: Florida

☆ My husband and I follow the Mediterranean diet and shop at Costco. Here are 12 things I always buy.
▼ + stars: | 2024-10-29 | by ( Kate Santos | ) www.businessinsider.com time to read: +1 min

My husband and I try to follow the Mediterranean diet on a budget, so we shop at Costco. Go to newsletter preferences Thanks for signing up! AdvertisementMy husband and I began following the Mediterranean diet years ago to keep healthy. It's considered one of the healthiest ways to eat, and those following the Mediterranean diet limit processed foods and red meat while focusing on seafood, healthy fats, and fresh produce. Here's what we often buy at Costco while following the Mediterranean diet.

Persons: —, It's Organizations: Costco, Service

☆ Big Tech earnings drop this week. Here's what Wall Street is watching.
▼ + stars: | 2024-10-29 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +3 min

Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Big Tech earnings start today, with roughly $12 trillion in market cap reporting over three days. Mark Zuckerberg hasn't shied away from saying his company will keep spending big on AI, and the market hasn't minded. Judging by Meta Connect 2024 and its CTO's comments , the tech giant wants to own the market for AI-powered wearables.

Persons: —, We'll, Insider's Kelly Cloonan, We're, Mark Zuckerberg hasn't, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Milan Sehmbi, Amanda Yen Organizations: Business, Service, Traders, Big Tech, Google, Nvidia, Meta, Microsoft, AWS, Apple, Apple Intelligence Locations: China, New York, London

☆ I visited Tatte Bakery & Café. The fast-casual chain is so incredible that states without it should be jealous.
▼ + stars: | 2024-10-29 | by ( Alice Levitt | ) www.businessinsider.com time to read: +1 min

I've been to Tatte Bakery & Café a few times and recently visited a location in Reston, Virginia. The chain has 40 cafés throughout Massachusetts and the greater DC area. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email.

Persons: I've, —, it's Organizations: Service Locations: Reston , Virginia, Massachusetts, Boston, Washington

☆ Over 90% of AWS's biggest data center customers are now using its homegrown Graviton chips, executive says
▼ + stars: | 2024-10-29 | by ( Eugene Kim | ) www.businessinsider.com time to read: +4 min

AWS's Graviton CPU chips are used by over 90% of its 1,000 largest data center customers. AWS's custom silicon strategy includes AI chips like Inferentia and Trainium. AdvertisementIn 2018, Amazon Web Services launched Graviton, its own line of homegrown central processing unit chips for data center servers. Big enterprises, such as Epic Games, Databricks, and Pinterest, are all major Graviton customers, he said. "We will absolutely continue to drive innovation in custom silicon as we have been doing for the past 10-plus years."

Persons: —, Rahul Kulkarni, Kulkarni, Graviton, James Hamilton, Bernstein, AWS's Kulkarni, Jassy Organizations: Service, Amazon Web Services, Intel, AMD, Epic, Annapurna Labs, Bernstein Research, AWS Locations: Israel

☆ Brian Chesky breaks down what people get wrong about 'founder mode'
▼ + stars: | 2024-10-29 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +4 min

"Founder mode" is not about "swagger," says one of the founders who popularized it. Here's what he says most people get wrong about "founder mode" and how he actually defines it. AdvertisementBrian Chesky helped popularize the term "founder mode," but he says some people have gotten it twisted. The term "founder mode" was popularized in September by Y Combinator founding partner Paul Graham, who wrote that Chesky inspired it. "First of all, people don't know what founder mode is," Chesky said on the podcast.

Persons: Brian Chesky, —, Y, Paul Graham, Graham, Chesky, Airbnb, Mark Zuckerberg, aren't, Steve Jobs, Walt Disney, Elon Musk, Jony, Hiroki Asai Organizations: Service, Apple, Harvard Business School Locations: Airbnb

☆ Ford cuts profit forecast as high costs and low volumes hit hard
▼ + stars: | 2024-10-29 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

The guidance stems from high costs and low volumes of Ford Pro and Ford Blue models. Ford aims to compete with Chinese EV makers by reducing costs and innovating designs. It said the guidance was hurt by costs and low volumes of its most profitable cars, Ford Pro and Ford Blue, due to supplier and hurricane-related disruptions. He said that finding new designs for components or using new suppliers will be key to reducing EV costs. Chinese EV makers have been on a roll this year.

Persons: Ford, —, Jim Farley, Farley, I've, Stellantis, Tesla Organizations: Ford Pro, Ford, Service, Companies, EV, European Union, Motors, Chrysler Locations: Russia, Shanghai, Chicago, China

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