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Market Headlines 👀 

• US President Biden set to announce first executive order on some AI regulations.

• US Department of Treasury reduces the amount of debt it plans to potentially borrow this quarter to $776b , lower than its July estimate.

• Apple (AAPL) plans to announce new products at its ‘Scary Fast’ event today at 5pm PST // 8 pm EST.

• Alphabet (GOOGL) invests $2b into AI startup Anthropic competing with OpenAi.

• JP Morgan (GOOGL) CEO Dimon announces he will sell 1 million worth of company stock over the next year.

• Tesla (TSLA) saw a 5% decline today after reports from longtime battery supplier Panasonic had reduced its battery cell production in Japan.

• Meta Platforms (META) announces ad-free option starts in Europe starting at $9.99 a month.

• X (TWTR) sees its valuation drop to $19b in latest assessment from the peak $44b Elon purchased the company at.

• General Motors (GM) reaches a tentative deal with the UAW union following Ford and Stellantis also agreed to a deal.

• UK government confirmed its plans to formally regulate crypto industry and will bring a plan to Parliament in 2024.

Earnings 💸

• Sofi Technologies (SOFI)

  • EPS: $-0.03 beats (exp. $-0.09)

  • Revenue: $537.2m beats (exp. $515m)

• McDonalds (MCD)

  • EPS: $3.19 beats (exp. $2.99)

  • Revenue: $6.69b beats (exp. $6.55b)

• Pinterest (PINS)

  • EPS: $0.28 beats (exp. $0.20)

  • Revenue: $763.2m beats (exp. $743m)

  S&P 500 Heat Map

A Note From Modemobile

First Disruption to Smartphones in 15 Years🤳

Tech Startup With Traction: Turn your phone from a cost to an income source. Intriguing idea, isn't it? This is why, we have our eyes on the launch of Mode Mobile’s Pre-IPO Offering. It’s the latest in a series of impressive raises among smartphone innovators, likely spurred by Apple’s recent $3+ trillion valuation.

Mode saw 150x revenue growth from 2019 to 2022, a leap that has made them one of America’s fastest growing companies. Mode is on a mission to disrupt the entire industry with their "EarnPhone," a budget smartphone that’s helped consumers earn and save $150M+ for activities like listening to music, playing games, and ... even charging their devices?!

Over 11,000 investors already acquired shares — and with only days remaining prior to their bonus tier closing, allocations are limited.

📈 Claim Exclusive 110% Bonus: $0.16/Share*

*Disclosure: Please read the offering circular at invest.modemobile.com. This is a paid advertisement for Mode Mobile’s Regulation CF Offering.

Recap Around the Street 🧠

The key for any market inflection point is the relative strength of the leaders. Does faltering RS signal a regime shift with new leaders taking over from the old like what happened after 1999 Dotcom or does it signal a faltering market for everyone?(Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Rising WARN notices from large companies may now start to impact the non-farm payroll report. Wouldn’t be surprised to see monthly releases drop below 100K signaling labor market softness. So far, few signs of outright contraction, particularly across services which have served as the plow horses in the current cycle.(Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Market Preview 🎞️

• Tuesday, October 31st: Consumer Board consumer confidence; Employment cost index

• Tuesday earnings: Advanced Micro Devices (AMD), Pfizer (PFE), and Caterpillar (CAT)

• Wednesday, November 1st: MBA mortgage applications; JOLTS job openings; FOMC presser (Powell statement); ADP employment report

• Wednesday earnings: Paypal (PYPL), Airbnb (ABNB), Qualcomm (QCOMM), and CVS Pharmacy (CVS)

• Thursday, November 2nd: Weekly jobless claims; Challenger job cuts; durable goods orders

• Thursday earnings: Apple (AAPL), Shopify (SHOP), Palantir Technologies (PLTR), Coinbase (COIN), Cloudfare (NET),and Starbucks (SBUX)

• Friday, November 3rd: US Non-farm payrolls

• —> Podcast spotlight: Pounding the Table 👊 : listen now; where you will find in-depth analysis around these highlights, read company deep dives, and interviews with public CEO's!

Enjoy reading?👇

That’s all for today, folks! We’ll be back around the same time Wednesday with a curated list of important news, economic data and market highlights. 

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