🚀 Inflation close to 2% Fed Target

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Inflation edged closer to the Federal Reserve's 2% target in September, as the personal consumption expenditures price index rose by 0.2% month-over-month and 2.1% annually. Core inflation, excluding food and energy, was slightly higher at 2.7% year-over-year. Goods prices rose by 0.3%, while services saw a modest 0.1% drop, highlighting shifting cost pressures. With personal income up 0.3% and spending up 0.5%, the labor market remains robust, as initial jobless claims fell to 216,000. These factors reinforce expectations of a Fed rate cut next week as policymakers balance economic resilience with inflation management.

2. Super Micro’s stock has crashed nearly 72% since its inclusion in the S&P 500 in March, cutting its valuation from $70 billion to under $20 billion. This steep decline, spurred by the resignation of auditor Ernst & Young over concerns about the company's financial statements and governance, puts Super Micro at risk of Nasdaq delisting. Known for its role in packaging AI servers powered by Nvidia, Super Micro had previously been a big winner in the AI boom. However, recent challenges, including short-seller scrutiny, delayed filings, and heightened compliance issues, are triggering a reality check for the AI sector's hype.

3. Uber’s third-quarter revenue rose 20% to $11.19 billion, surpassing Wall Street’s expectations, though gross bookings slightly missed estimates at $40.97 billion. Uber posted a substantial net income of $2.6 billion, aided by a $1.7 billion gain from equity investments. Mobility and delivery segments reported robust growth, up 17% and 16% in gross bookings, respectively. CEO Dara Khosrowshahi highlighted Uber’s strong core performance, noting a focus on “organic investments” and smaller acquisitions rather than transformational deals. Despite positive results, Uber’s shares fell 9% in pre-market trading, reflecting cautious investor sentiment.

4. Headlines

   1. Elon Musk is trying to move the lawsuit against his $1M daily giveaway to swing-stage voters to Federal Court.

   2. Peloton is raising its 12-month forecast despite predicting lower-than-anticipated sales during the holiday season.

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Onwards and Upwards,

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