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Apple became the latest company to reach the $4 trillion market cap mark, joining the likes of Nvidia and Microsoft before retreating back below the threshold.

Apple's shares received a further boost following Counterpoint Research's report that the new iPhone 17 lineup outsold the iPhone 16 over the first 10 days it was available in the US and China.

According to the report, iPhone sales jumped 14% year over year during the period, with consumers showing particular interest in both the base iPhone 17 and the iPhone 17 Pro models.

Apple's new iPhone Air is also slightly outselling the iPhone Plus, which it replaced this year.

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US stocks climbed to fresh records amid promising signs that a US-China trade deal will cap President Trump's long-awaited meeting with Chinese President Xi Jinping later this week.

The S&P 500 jumped more than 1.2% to close above 6,800 for the first time.

Wall Street is in an upbeat mood as it starts up a pivotal week featuring the Federal Reserve’s interest rate decision and a barrage of Big Tech earnings, as well as Thursday's high-stakes meeting between Trump and Xi.

The optimism follows a banner week that saw all three major indexes close at all-time highs on Friday. Stocks are eyeing further records after US and China officials signaled that weekend talks had paved the way for a breakthrough in the trade standoff.

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Amazon is planning to cut as many as 30,000 corporate jobs as the company works to pare expenses and compensate for overhiring during the peak demand of the pandemic, according to three people familiar with the matter.

The figure represents a small percentage of Amazon’s 1.55 million total employees, but nearly 10% of the company’s roughly 350,000 corporate employees. This would represent the largest job cut at Amazon since around 27,000 jobs were eliminated starting in late 2022.

Amazon has been trimming smaller numbers of jobs over the past two years across multiple divisions, including devices, communications, podcasting and others.

The cuts beginning this week may impact a variety of divisions within Amazon, including human resources, known as People Experience and Technology, devices and services and operations, among others, the people said.

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Treasury Secretary Scott Bessent affirmed that the list of candidates to become the next Federal Reserve chair has been whittled down to five finalists.

“We’re down to five. … We’re going to do a second round and we hope to present a good slate to the president right after Thanksgiving,” Bessent told reporters alongside President Trump aboard Air Force One. “It will ultimately be his choice.”

The five people include former Fed governor Kevin Warsh, National Economic Council Director Kevin Hassett, and current Fed governor Chris Waller — three names previously mentioned by Trump, who will make the final decision.

The two others on Bessent's shortlist are another Fed governor, Michelle Bowman, who also serves as the central bank's top banking regulator, and BlackRock fixed-income chief investment officer Rick Rieder.

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With more than 42 million Americans at risk of losing SNAP benefits because of the government shutdown, Virginia Gov. Glenn Youngkin declared a state of emergency to help ensure that the 850,000 people in his state who rely on the Supplemental Nutrition Assistance Program don’t go hungry.

SNAP, more commonly known as food stamps, is the federal government’s largest food assistance program. It is operated by individual states, but is funded entirely by money from the federal government.


Agriculture Secretary Brooke Rollins warned last week that “there are not enough funds” to provide SNAP benefits to keep the program operating as long as the shutdown continues. States have begun warning that they will not have the funds to distribute SNAP benefits on Nov. 1 as scheduled.

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Tesla reported mixed third quarter results as the company forges ahead in a post-EV tax credit environment, with investors eyeing robotaxi progress.

For the quarter, Tesla reported Q3 revenue of $28.01 billion vs $26.27 billion expected, per Bloomberg, a jump from the $25.18 billion reported a year ago.


Tesla posted adjusted earnings per share of $0.50 vs $0.54 estimated, translating to EBITDA of $4.23 billion vs $3.78 billion expected.


Tesla did not reveal any new info regarding its robotaxi expansion, other than noting it launched a "ride-hailing service in the Bay Area using Robotaxi technology."

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Netflix reported earnings that missed analyst expectations on both revenue and profit, sending shares around 6% lower in after-hours trading.

Netflix reported revenue of $11.51 billion, just shy of Bloomberg consensus estimates of $11.52 billion and slightly below the company’s own guidance of $11.53 billion.


That compares to $9.82 billion in the same quarter last year.


Earnings per share came in at $5.87, missing analyst expectations of $6.94 and Netflix’s internal forecast of $6.87, though still above the $5.40 reported a year ago.


The company guided to revenue for the current quarter above Wall Street expectations, forecasting Q4 revenue of $11.96 billion compared to the $11.90 billion analysts polled by Bloomberg had expected.

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The government shutdown entered its 17th day Friday with no end in sight, tying it for the third-longest federal work stoppage in US history.

The shutdown — the first since President Trump's initial term in office — began on Oct. 1 after funding bills from Republicans and Democrats failed to reach a key threshold in the Senate.


Both sides have remained dug into their positions ever since. A Thursday vote in the Senate provided the chamber's 10th failure to advance the GOP plan and then lawmakers headed home for the weekend.


By the time they return Monday, the shutdown will be in its 20th day.


"Many of you have asked all of us how it will end," Republican House Speaker Mike Johnson said. "We have no idea."

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JPMorgan Chase said it plans to invest as much as $10 billion in direct equity and venture capital stakes in companies operating within key industries such as artificial intelligence, mineral producers, and defense.

The strategy is part of a wider "security and resiliency" plan by the country’s largest bank to commit $1.5 trillion in future financing and spending on industries critical to national and economic security in the US and allied nations, according to a press release.

JPMorgan CEO Jamie Dimon said that the plan is aimed at speeding up investments in these critical industries where the US and its allies have become hampered domestically and overly reliant on foreign supply chains.

"It has become painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products and manufacturing — all of which are essential for our national security,” Dimon said in the press release.

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US private employers shed 32,000 jobs in September, the latest sign that the labor market is in a serious pullback.
The data out from payroll processor ADP was far below economists’ expectations of 51,000 jobs added.


Private payrolls for August were also revised sharply lower to a loss of 3,000, after data initially showed a gain of 54,000.


“Despite the strong economic growth we saw in the second quarter, this month's release further validates what we've been seeing in the labor market, that US employers have been cautious with hiring,” ADP chief economist Nela Richardson said in a statement.

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