Tech shares are poised to maneuver larger following document earnings from chipmaker SK Hynix

On the time, Kohn was the vice chair of the Federal Reserve Board of Governors and, for his half, was unaware that his infamously rigorous expeditions had earned a nickname—”loss of life march”—amongst his friends.

A little bit over a decade later, Kohn appeared on as Warsh, his shut former colleague, invoked the spirit of those hikes—strolling hikes, not rate of interest hikes—in his inaugural speech as central financial institution chairman at Jackson Gap in August.

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Mark Cuban took off his watch the day he grew to become a millionaire: ‘I wished to have the ability to management my very own time’ – Sydney Lake

Obama mocked Trump’s gold White Home as a Cheesecake Manufacturing unit. The chain simply posted a document quarter – Andrew McGowan

Regardless of a $150 million internet price, Quentin Tarantino refuses to provide a ‘penny’ of his fortune to his mom: ‘No home, no Cadillac’ – Orianna Rosa Royle

Anthropic’s S-1 reveals two areas the place OpenAI might have the higher hand, specialists say – Emily Forlini

Trump’s immigration coverage is so dangerous to expertise that Anthropic talked about IT as a threat consider its historic IPO – Marco Quiroz-Gutierrez

Individuals are anticipated to spend a document $13.5 billion on Halloween—pushing one in 4 revelers into debt – Mia Osmonbekov

Airbnb company not have to scrub dishes or strip beds. Livid hosts are threatening to boycott and lift cleansing charges – Lena Borrelli

Trump’s farmworker pay reduce moved $2.5 billion a 12 months from employees to growers. A choose says IT’s unlawful, and again pay might observe – Molly A. Wallace

FUEL FOR THOUGHT

Southwest Airways was the one winner within the Iran conflict jet gas shock

After the Iran conflict began, the world didn’t run out of jet gas, as some feared on the time, however airways have needed to navigate elevated bills—with principally adverse outcomes for his or her backside traces. Jet gas “is commonly the most important or second-largest value merchandise for airways. In 2025, IT accounted for 27% of whole operational prices on common. This share might transfer in the direction of 35% in 2026,” according to ING’s Rico Luman.

Of the airways he tracks, all suffered lowered working income this 12 months because of shortages in provide from the Center East. All, that’s, besides Southwest Airways, which was the one one to see a acquire in earnings earlier than curiosity and taxes:

THE MARKETS

Tech shares poised to maneuver larger after chipmaker SK Hynix reviews blowout Q3

Nasdaq futures had been up this morning on upbeat information for the AI sector. Chipmaker SK Hynix beat expectations for its Q3 earnings. Its inventory rose 11%, and South Korea’s KOSPI closed up 6.63%. 

S&P 500 futures had been flat after the index rose within the earlier two classes. IT stays inside touching distance of its all-time excessive. Merchants look like ina holding sample as they await a brand new rate of interest determination from the Fed later at this time. The CME FedWatch index of Fed futures exhibits a 91% expectation that the central financial institution will maintain charges on the 3.75% degree.

• S&P 500 futures had been up marginally by 0.08% this morning. The index rose 0.6% yesterday.
• In Europe, the Stoxx 600 fell 0.13% in early buying and selling, and the U.Ok.’s FTSE 100 fell 0.26% earlier than lunch.
• Asia: South Korea’s KOSPI was up 6.63%. Japan’s Nikkei 225 was up 1.08%. India’s Nifty 50 was down 0.15%. China’s CSI 300 was up 0.85%.
• Brent crude was at $115 per barrel.
• Bitcoin declined to $81,418.

The worst is behind us: Shares poised to rise after the midterms 

Shares backed off their document excessive this month, however the angst must be over quickly—as soon as we’ve the outcomes of the U.S. midterm elections. That’s as a result of October 27 is behind us. For some unusual motive, October 27 is often the worst day of the autumn interval for U.S. shares, which frequently take an inexplicable seasonal dive at the moment of 12 months, in line with Deutsche Financial institution.

The autumn dip impact is extra pronounced in a 12 months with midterms, DB’s Jim Reid says. Besides, as soon as the elections are out of the best way, IT’s often “one-way site visitors” upward for shares, he stated in an e-mail. The S&P 500 made good points over the subsequent three months in 21 of the final 23 midterm years, in line with the financial institution’s Binky Chadha and Parag Thatte.

Why do shares rise after midterms? As a result of merchants love IT when political uncertainty is changed by the assured inaction of congressional gridlock, in line with Pimco’s Libby Cantrill.

“The distinction between a Democratic sweep—a Democratic Home and Senate—and a cut up Congress—a Democratic Home and a Republican Senate—are simply not all that completely different. Beneath both, President Trump nonetheless has veto authority regardless,” Cantrill advised Fortune by way of e-mail. “Beneath both situation, we count on to see extra oversight, extra obstruction, and incrementally larger spending.” 

Good for equities, in different phrases!

CHART OF THE DAY

AI is discovering high-severity cybersecurity holes in document numbers

The PHP web vulnerability found by two companies utilizing AI fashions from OpenAI and Google final week is the tip of the iceberg, in line with Karim Mattar at ARK Make investments.

In June, about 1,500 high- and critical-severity vulnerabilities had been disclosed by numerous organizations, three and a half instances the document earlier than Anthropic launched Claude Mythos Preview again in April.

“AI can floor vulnerabilities quickly, [and] attackers are more likely to exploit weaknesses extra shortly, forcing organizations to patch their software program programs extra typically,” he stated in a be aware.

NUMBER OF THE DAY 

180 million

The variety of baggage of espresso beans consumed by the world yearly, in line with Goldman Sachs intern Samuel Jönsson and his colleagues Lina Thomas and Daan Struyven. Every bag weighs 60 kilograms (132 kilos), for a complete of 1.08 billion kilos (23.8 billion kilos) of espresso.

THE FRONT PAGES TODAY

Live: Israeli exit polls suggest no clear winner in pivotal general election – BBC

Polymarket’s top trader is sports gambler ‘Swiss Tony’ – FT

Trump says Iran war will end ‘when I want IT to’ as prices reportedly balloon to $47 billion – CNBC

U.S. Warns Gulf of Possible Short, Intense Renewal of Iran War After Midterms – WSJ

U.S. granting visas to Flávio Bolsonaro and family – Axios

Mbappe Learns the Value of Silence on China – Bloomberg

Technology/proposition-40-california-billionaire-tax.html” href=”https://www.nytimes.com/2026/10/27/Technology/proposition-40-california-billionaire-tax.html”>Contained in the Billionaires’ Struggle In opposition to California’s Proposed Wealth Tax – NYT

Crooks are ripping off huge shipments of pricey AI equipment – $100M in heists since June – NY Publish

ONE MORE THING

Inside one household’s $1 billion inheritance drama, wherein a father needed to inform his youngsters they weren’t getting any cash

When IT involves inheriting important wealth, many wealthy households keep away from the dialog about how the property shall be divided as a result of they’re afraid of the emotional discomfort, writes Wingspan Legacy Companions founder Christina Wing. She advised Fortune about her work with a high-net-worth couple, Jose and Natalia:

“Jose was educated as an accountant and labored for funding banks earlier than founding a wildly profitable personal fairness agency. The couple, who now stay in San Francisco and are of their eighties, have constructed substantial wealth. Their belongings whole over $1 billion.”

“They’ve 4 kids of their fifties, all well-educated and financially impartial. Years in the past, the mother and father gave every little one a major present—about $25 million every [and] the youngsters have all the time assumed they’d inherit a lot of the property when the mother and father die.”

“Right here’s the key: They received’t.”

Learn the way the youngsters reacted by studying the entire thing right here. (Spoiler alert: IT didn’t go nicely!)

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ONE MORE THING