|  | Nasdaq | 22,204.43 | |
| | S&P | 6,552.51 | |
| | Dow | 45,479.60 | |
| | 10-Year | 4.051% | |
| | Bitcoin | $113,280.48 | |
| | Nvidia | $183.16 | |
| | Data is provided by |  |
*Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. | - Markets: Be nice to your friends who dabble in day trading this weekend, since they probably had a rough one yesterday. Stocks plunged, with the S&P 500 and the Nasdaq experiencing their worst drop since President Trump announced a slew of steep tariffs in April. It was the trade war that had investors running scared yesterday, too, as Trump threatened new duties on Chinese goods in response to China tightening export controls on rare earth minerals (more on that below). Tech stocks like Nvidia got hit especially hard.
| Markets Sponsored by Outskill Join Outskill's 2-day AI mastermind course (happening this weekend) and see how to learn, earn, and build with AI. This is a limited-time offer, so save your free spot while it lasts. |
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TRADE After weeks of diffusing trade tensions, the US and China have resumed throwing punches. Yesterday, President Trump announced a 100% additional tariff on Chinese goods and export restrictions on "all critical software" on Nov. 1—a response to China going gloves off by imposing unprecedentedly strict export controls on rare earth metals this week. He also said there's "no reason" for him to meet China's leader Xi Jinping two weeks ahead of their planned tete-a-tete. Why is Trump so mad? - Under regulations announced Thursday, China will require foreign companies producing goods containing Chinese rare earths to get approval from Chinese authorities to export them.
- Trump said that China is exploiting its "monopoly" power on rare earths, a group of 17 metals integral to tech like missiles, smartphone chips, and EV batteries.
Tough before talks: This move came despite the US and China agreeing in June on the outline of a deal that included loosening rare earths export restrictions. By throttling the supply of vital tech used by American companies, including US military contractors, experts say China is trying to get leverage in trade negotiations with Trump. China also took other muscle-flexing actions this week, like opening an antitrust probe of American chipmaker Qualcomm's recent acquisition of Israeli semiconductor firm Autotalks. China's trump card Rare earths aren't actually…rare, since many countries, including the US, have deposits. But China controls around 60% of rare earths mining—a process that comes with heavy environmental costs—and over 90% of processing, according to the International Energy Agency. It's not just a problem for the US: Foreign companies that export products containing Chinese rare earths are caught in the crossfire. Germany said it's working with the EU to boost rare earths production in Europe. As the stock market flashed red…investors piled into safe haven assets like US government bonds and gold, as well as shares of US-based rare earths producers, sending their stocks surging.—SK | | |
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WORLD  Palestinians return to northern Gaza as Israeli troops withdraw. Under the terms of a US-brokered ceasefire that Israel and Hamas agreed to this week, Israel pulled its troops back from part of Gaza yesterday, though it still controls about 50% of the territory. That prompted tens of thousands of displaced Palestinians to begin returning to northern Gaza, which has been devastated by Israeli air strikes. The 20 living hostages being held by Hamas are expected to be released on Monday under the deal, which has raised hopes among both sides for a permanent end to the war. However, thorny issues regarding the postwar administration of Gaza still need to be resolved.
 Trump admin begins mass layoffs as shutdown drags on. Making good on threats issued before the government shutdown began on Oct. 1, the Trump administration sent layoff notices to thousands of federal government employees yesterday. Allies of the president blamed the layoffs on Democrats' refusal to pass a budget, while Democratic lawmakers accused the administration of taking advantage of the shutdown to make an unprecedented move. If the shutdown is not resolved, federal workers who do still have jobs and military service members will miss their first full paychecks next week.
 MIT rejects Trump's deal for priority funding. The university became the first school to decline the Trump administration's offer for priority in accessing federal funding in exchange for signing an agreement to adopt policies consistent with Trump's political agenda, which was recently made to nine universities. MIT President Sally Kornbluth said in a letter that although the university already meets or exceeds many of the deal's standards, signing on would conflict with the university's "core belief that scientific funding should be based on scientific merit alone." The White House wants universities to respond to the offer by Oct. 20.—AR
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FINANCE JPMorgan Chase isn't taking any security chances at its shiny new $3 billion headquarters in Midtown Manhattan, so it's requiring employees to offer up biometric data in order to access the building, the Financial Times reports. We don't need no stinking badges: Though the bank initially called it voluntary, biometric access is now "required" to get into the skyscraper at 270 Park Avenue, according to the FT, which cited internal communications. That means that instead of scanning badges, employees will have to take a more hands-on approach, offering up their palms or fingerprints. Ocular scans are also possible, so building access could be denied in the blink of an eye. The stricter measures come on the heels of a deadly shooting in July at a nearby building that houses the NFL headquarters and other offices. The house that Jamie Dimon built More than 10,000 JPMorgan employees will be working in the HQ when it fully opens later this year. Once they make it past security, they'll be treated to 60 floors of form, function, and finance. According to Fortune, the new facility will have: - A 19-restaurant food court and an Irish pub.
- An art collection, plus lighting to match workers' circadian rhythms.
- Its own signature scent.
It's just the beginning: JPMorgan plans to renovate other nearby buildings, creating an entire multi-block campus as it stresses in-office working for its staff.—BC | | |
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ICYMI Here's everything that didn't make it into this week's newsletters but we immediately sent to the group chat.  Netflix is turning the board game Clue into a reality competition series. The show will trap contestants in a house with a murderer, and somehow, this isn't the idea of MrBeast.
Human actress Betty Gilpin penned a scathing open letter to AI actress Tilly Norwood, saying she's "made up of millions of bits of plagiarism." Norwood responded by downloading all available data on Gilpin and agreeing to star in The Betty Gilpin Story. Leila's Hair Museum, a museum in Kansas City filled with human hair displays, is closing its doors for good. It's safe to say the new owners of the building will be changing the locks. George Clooney, 64, says budget approval was granted for Ocean's 14, which will likely bring back Brad Pitt, 61, and Julia Roberts, 57. After robbing Vegas casinos in the previous movies, this one will see the crew catch an early magic show with their grandkids and be in bed by 7pm. AI companies are paying people to fold laundry in front of robots so they can learn to do household chores. It's disappointing that we may never see a robot get tangled in a fitted sheet.—DL |
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NEWS - Nineteen people were missing yesterday and feared dead after a blast at a Tennessee military explosives plant.
- Venezuelan opposition leader María Corina Machado won the Nobel Peace Prize. Prize organizers are investigating suspicious bets on prediction market Polymarket after odds for Machado getting the award shot up hours before her winning was announced.
- France's President Emmanuel Macron reappointed Sébastien Lecornu as prime minister just four days after he resigned from the post.
- The Las Vegas Aces won the WNBA Finals with an 11-point victory over the Phoenix Mercury last night. It's the Aces' third WNBA championship in four years.
- A federal judge dismissed Drake's lawsuit against his record company, Universal Music Group, over its distribution and promotion of Kendrick Lamar's "Not Like Us," saying the diss track expressed an opinion and was not defamatory.
- Sister Jean Dolores Schmidt, the chaplain who became famous for cheering on the Loyola Chicago men's basketball team during the school's successful 2018 season, has died at age 106.
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COMMUNITY Last week, we asked: "What's the most spectacular live event you've ever attended?" Here are some of our favorite responses: - "A midnight space shuttle launch in Florida. Upon ignition, the whole sky lit up like daytime; then five seconds later, we heard the roar of the rocket lifting off. Those first five seconds of silence and brightness were surreal and unforgettable."—Michele from Denver, CO
- "The Beatles' first tour of the US at the Cow Palace in San Francisco. I'd been to concerts and events before, but nothing prepared me for this. When they entered, everyone stood, there was a rumble, and the entire arena shook. And then the screaming started and didn't stop until they left the stage."—Sheila from Glen Ellen, CA
- "On a family trip to the Grand Canyon, we happened upon a star party where amateur astronomers had set up telescopes focused on different celestial objects. It was like Halloween, except we walked around collecting images of stars! A famous astronomer gave a talk where my 5-year-old son answered the question of how stars form. I went home to check his DNA profile to be sure he was mine."—Mary from Greenland, NH
- "The abdication of the Danish queen and the coronation of the new royals. It's not every day you see someone quit and get promoted in the same ceremony!"—Alex from Copenhagen
This week's question How would you celebrate winning $100 million in the lottery? Sam's answer to get the juices flowing: "I'd take my parents shopping on Madison Ave., followed by a Broadway show in first row seats. I would finish the night at the Russian Tea Room with family and friends, who'd have carte blanche to order anything they want." Submit your response here. |
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PLAY Brew Crossword: Start your long weekend on a high note by completing today's crossword here. Open House Welcome to Open House, the only newsletter section looking for a curvier house. We'll give you a few facts about a listing and you try to guess the price.  ZillowToday's winding property is in Gig Harbor, WA. The 7,916-square-foot S-shaped home sits on just under an acre of private beachfront land. It has an attached garage that curves around so you can walk out your front door in the morning and wave to all your cars. Amenities include: - 3 beds, 4 baths
- Deepwater dock for your yacht (of course you have a yacht)
- All mirror bathroom
How much for the luxury squiggle? |
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ANSWER $7.5 million Word of the Day Today's Word of the Day is: tete-a-tete, meaning "a private conversation between two persons." Thanks to Marissa from Minneapolis for the heady suggestion. Submit another Word of the Day here. |
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✢ A Note From Pendulum *Based on preclinical studies. Not intended for weight loss. ✳︎ A Note From Miso Robotics This is a paid advertisement for Miso Robotics' Regulation A offering. Please read the offering circular at invest.misorobotics.com. |
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