Good morning,
 
Congratulations to the Milwaukee Brewers on winning their first World Series. Before taking the field, they were probably watching the Fed rate decision in the clubhouse to get fired up. As expected the committee held rates unchanged. You can read our recap here.  The S&P 500 ended the day up 0.3%. 2y yields fell as chair Warsh spoke while the long-end rose. Around the time of the Fed news, ORCL updates from its investor day hit the tape, including guiding out to 2030 and expecting 2029 FCF of over $30B, much higher than expected. That sent the stock up sharply higher late in the session, taking a lot of tech along with it before major tech earnings reports after the close. GOOG is down 10% In the pre-market as a miss in the Search business raises concerns on the negative impact of AI and agents on the business, overshadowing strong Cloud numbers. NOW is also under pressure as well, down ~20%. MSFT is faring better, up 2% with strength in Azure (Cloud).  
 
S&P futures are lower with those negative earnings reactions weighing on the index. Outside of big tech, LLY is up ~4% with a strong beat and raise as its weight loss franchise starts to outshine even the AI story. CAT and CARR are down ~10%. CAT’s guidance reiteration is disappointing investors. Several rally attempts have been faded. A late afternoon report yesterday that JD Vance reached out to Iran to restart peace talks was later modified by President Trump, who said the outreach was focused on medical supplies. There were more reports of the US readying allies for renewed strikes on Iran after the elections.
 

 
There was some big economic data this morning. PCE was on the screws with consensus. Headline rose 0.5% m.m while core was up 0.3%, which was unchanged from last month. Advanced Q3 GDP accelerated from Q2 and beat estimates (3.4% vs 3.2%). Yesterday Warsh noted that economic growth was strong and getting better, so this falls right inline with that. Consumer spending continues to hold up, if not shine, rising 3.8%. Yields are down 1-2bp across the curve.  
 

• US 2yr -1bps to 4.70%, 5yr -2bps to 4.83%, 10yr -2bps to 5.00%, 30yr -2bps to 5.33%
• USD index: +$0.11 to $102.14          

Major European indices are trading higher, led by Energy, Chemicals, Telecom and Financials. EU sentiment missed and fell from last month and the ECB rate decision will be after the open. ECB President Lagarde will reportedly step down in February, though the news is not a major surprise. Chinese tech stock got hit overnight, like the pitching staffs of the Brewers playoff opponents. Tencent and Alibaba fell 3%. Multiple Chinese banks are hitting 52week highs, however. The Hang Seng saw a steep decline into the close, finishing down 0.6. The Nikkei gained 1% with banks and metals/mining leading. Advantest (+6%) reported solid earnings on the back of demand for its chip testing equipment. The other chip majors- Kioxia, Tokyo Electron- were also higher. The BOJ will hold its rate meeting tonight, with a hold largely expected. South Korea fell as Samsung dropped 4% after reporting.
 

 
Commodities are broadly lower. Crude is down about 2% and weakening while natural gas and precious metals are also lower. Ag is slightly lower while Bitcoin and Ether are down ~2%. Peace talks between the US, Russia and Ukraine are tentatively scheduled for November 10. NYSE parent company ICE announced a definitive agreement to bring Trade[XYZ]'s perpetual markets onshore in the United States, subject to regulatory approvals. Trade[XYZ] utilizes Hyperliquid’s infrastructure and the HYPE coin is up 7% today.
 

 
Earnings:
After-Market (Wed): ALGN, AWK, BHE, CHDN, CMG, COHU, CVNA, EBAY, EG, EHC, EIG, EPR, EQIX, F, FDX, FLS, FORM, FTNT, GEN, GKOS, GNW, GOOGL, HONA, INVH, KLAC, MAA, MGM, MSFT, MTH, MUSA, NOW, NXT, OLED, ORLY, PBI, PI, PLXS, PPC, QTWO, RJF, Samsung Electronics, SFM, TENB, THG, TMUS, TYL, VICI
 
Pre-Market: AGCO, Adidas, AOS, ARES, ATI, AVY, AXTA, BAX, BBVA, BC, BDC, BG, BLDR, BMY, BUD, BWA, BXMT, CARR, CAT, CFR, CNX, CRH, CTSH, CWT, DAR, DHI, EME, ENTG, FCN, FSS, FTI, FTRE, H, HGV, HII, HOG, HSY, HWM, ICE, INCY, KBR, KIM, LAUR, LHX, LKQ, LIN, LLY, LTH, MA, MO, MRK, NCLH, OMCL, OSK, PBF, POR, PWR, RES, SAH, SAIA, SHEL, SIRI, SLGN,  STM, THC, TRN, TROW, TT,  TTE, TXT, VMC, WCC, WST, WTW, XEL, XPO
 
After-Market: AJG, AMZN, ATR, AX, BFAM, CDP, COIN, COLM, CUBE, CUZ, DLR, DXC, DXCM, EIX, EMN, ERIE, EXPO, FDXF, FMC, FND, FSLR, GDDY, GILD, GLPI, ILMN, INTC, IR, MDLZ, MHK, MMSI, MPWR, MTX, MTZ, OLN, PEB, PMT, RDDT, RMD, RSG, RYAN, SBUX, SKYW, SNDK, SNDR, SPSC, SPXC, SYK, TWLO, VLTO, WY
 
Economic Data:
US:

• PCE m.m / y.y: 0.5% / 3.6% vs 0.5% / 3.6% cons, prior 0.3% / 3.4%
  • Core: 0.3% / 3.1% vs 0.3% / 3.1% cons, prior 0.3% / 3.0%
• GDP Q3: 3.4% vs 3.2% cons, prior 2.2%
• Personal Income / Spending m.m: 0.2% / 0.5% vs 0.3% / 0.6% cons, prior 0.3% / 0.9%
• Jobless Claims: 194k vs 199k cons, prior 195k
• Continuing Claims: 1701k vs 1720k cons, prior 1722k
• 10:30am Nat gas inventories
• 1:00pm 7yr auction
• 4:30 Fed Balance sheet

Global:

• Australia Export / Import prices q.q: 1.4% / -1.1% vs prior 1.1% / 5.7%
• Europe Economic Sentiment: 96.9 vs 97.5 cons, prior 97.5
• 9:15am ECB rate decision