• Market recap: The Dow skyrocketed over 1,500 points yesterday for its best day in 7 months and its largest gain after midterm elections since 1982. The Nasdaq and S&P 500 both rose around 1.5%, with Walmart (WMT) and Bank of America (BAC) up 3–4%. Sources: CNN / CNBC.
• Tesla and SpaceX fall after Dems' win: Tesla (TSLA) fell over 3% and SpaceX (SPCX) nearly 4% after Dems captured Congress and key Texas offices. Potential investigations into Musk's businesses may threaten the companies' proposed merger. Sources: NY Times / Reuters.
• Micron halts $4.5B Taiwan project: Micron (MU) has paused work on its planned memory plant in Taiwan amid a prolonged labor dispute, potentially delaying DRAM capacity expansion. Shares fell 7% Wednesday and another 3.9% premarket. Source: StockAnalysis.com.
• Trump Media crashes: Trump Media (DJT) cratered 25% to $4.49 — a record low — following Democratic midterm gains, extending its decline to over 90% since its 2024 debut. Source: NY Times.
• Wendy’s rejects $1.4B takeover bid: Wendy's (WEN) turned down Trian’s $7.35-per-share cash offer, arguing it undervalues the chain’s turnaround potential. Source: CNBC.
• JetBlue raises baggage fees: JetBlue (JBLU) increased first checked-bag fees to $50–$70 each way, its 2nd hike this year, as jet fuel costs surge. The airline expects Q4 fuel prices to rise 85% YoY. Shares surged 12% yesterday and another 5% premarket. Source: AP.
• Sports-betting firms diverge after key vote: Voters in Nebraska rejected 2 ballot measures to legalize online sports betting, curtailing opportunities for DraftKings (DKNG) and Flutter (FLUT). Although Flutter fell 2.3% yesterday, DraftKings gained 5.4%. Source: Nebraska Public Media.
• Apple tightens AI spending limits: Apple (AAPL) cut some engineers’ daily AI budgets from $300 to $200, with further reductions planned, as it seeks to control costs. R&D spending rose 32% to $45.8B in fiscal 2026 despite efforts to slow expense growth. Source: StockAnalysis.com.
• Microsoft declines major deal expansion: Microsoft (MSFT) will not expand its Texas AI computing deal with Nscale (NSCL), foregoing a potential contract worth tens of billions of dollars. The companies' existing agreement remains intact. Sources: FT / Reuters.
• Australian data-center firm surges: NextDC (ASX:NXT) soared 51% after Digital Realty (DLR) and Goodman Group (ASX:GMG) sought stakes of up to 9.9% each at A$9.50 per share. Source: CNBC.

You can hedge against one without selling your stocks.

Kalshi’s US500 Perpetual lets you take a position against an index of large U.S. companies.

If the index falls, gains on the position can help offset losses in your stock portfolio, without selling the stocks you want to keep.

A few key benefits:

• No expiry. Traditional futures force you to roll positions and pay to do it. US500 stays open as long as you want. 
• No Greeks. Options pricing involves strikes, implied volatility and time decay. US500 tracks the index, so the payoff is linear and easy to explain. 
• Less complexity. Taking a short position is as simple as buying it, with no borrowing fees or complicated brokerage infrastructure. 

Set your position size based on the exposure you want to hedge, then close the position whenever you choose.

• AppLovin: AppLovin (APP) jumped 18% premarket after Q3 revenue rose 55% to $2.18B, beating estimates, while net income surged 72% to $1.44B. The company forecast Q4 revenue of $2.365–$2.395B and expanded buybacks. Source: StockAnalysis.com.
• Qualcomm: Qualcomm (QCOM) fell 10% premarket as quarterly handset chip revenue dropped 26% to $5.14B. Weak smartphone demand, rising memory costs, and Apple-related (AAPL) revenue declines weighed on results. Source: Reuters.
• Arm Holdings: Arm (ARM) reported Q2 revenue growth of 27% to $1.44B, beating estimates, with adjusted EPS of $0.52 vs. forecasts of $0.48. Data center royalties doubled, and Q3 revenue guidance of $1.54B exceeded expectations. All the same, shares dropped 7% premarket. Source: WSJ.
• ConocoPhillips: ConocoPhillips (COP) reported Q3 adjusted EPS of $3.27, beating estimates of $2.97, as higher oil prices offset lower production. The company raised its quarterly dividend 11% to $0.93 per share, sending shares up 1% premarket. Source: Reuters.
• Snap: Snap (SNAP) fell over 10% after Q3 revenue of $1.72B and daily active users of 495M missed estimates, despite 14% sales growth and better-than-expected earnings. Weaker advertising spending weighed on results, while Q4 guidance topped forecasts. Source: CNBC.

• Trade deficit narrows: The U.S. trade deficit fell 0.7% to $105B in September, beating forecasts of $108B, as imports hit a record $426.6B amid AI investment. Exports rose 1.9% to $321.5B. Source: Reuters.
• Jobless claims: Seasonally adjusted initial jobless claims totaled 189,000 for the week ending Oct. 31, down 6,000 WoW. The 4-week moving average was 194,750, down 2,250 WoW. Source: Dept. of Labor.

• Democracy activist jailed: Hong Kong pro-democracy organizer Joshua Wong received a 10-year prison sentence for conspiring to lobby foreign governments for sanctions against China. Source: NY Times.
• Dems win multiple state houses: Democrats scored full state-level control — governorship, legislature, and senate — in PA, MI, WI, and MN, and will likely gain AZ as well. In addition, they flipped state legislatures in TX and NC. Sources: The New Republic / The Hill.
• Where Republicans prevailed: The GOP retained governorships in NH and VT, as well as Senate seats in MT and NE, which Dems had hoped to flip. Republicans are also likely to flip a House seat in Maine. Sources: NHPR / VTdigger / Legis1 / Nebraska Examiner / Maine Morning Star.
• White House delays Cook's hearing: The Trump admin. postponed Fed governor Lisa Cook's removal hearing to Dec. 14. The renewed effort to dismiss her over unproven mortgage-fraud allegations once again raised concerns about central bank independence. Source: CNBC.
• Bomb threats disrupt flights across Europe: Multiple bomb alerts forced emergency diversions and precautionary landings in France, Belgium, and Bulgaria today. No explosives have been found, while authorities have yet to identify those responsible. Source: Reuters.

• 8:30 AM: Initial Jobless Claims
• 8:30 AM: Non-Farm Productivity QoQ Prelim.
• Friday: Non-Farm Payrolls, Unemployment Rate, Michigan Consumer Sentiment Prelim.

Arm Holdings (ARM) has released its quarterly earnings.

• Revenue of $1.44B (+27.14% YoY) beats by $66.52M.
• EPS of $0.52 (+33.33% YoY) beats by $0.10.
• Financials · As Reported · Metrics · Press Release

QUALCOMM (QCOM) has released its quarterly earnings.

• Revenue of $10.32B (-8.41% YoY) beats by $175.27M.
• EPS of $2.17 (-27.67% YoY) beats by $0.15.
• Financials · As Reported · Metrics · Press Release

McKesson (MCK) has released its quarterly earnings.

• Revenue of $110.96B (+7.57% YoY) beats by $971.45M.
• EPS of $11.68 (+18.46% YoY) beats by $0.94.
• Financials · As Reported · Metrics · Press Release

AppLovin (APP) has released its quarterly earnings.

• Revenue of $2.19B (+55.52% YoY) beats by $109.95M.
• EPS of $4.30 (+75.51% YoY) beats by $0.29.
• Financials · As Reported · Metrics · Press Release

MercadoLibre (MELI) has released its quarterly earnings.

• Revenue of $10.75B (+45.09% YoY) beats by $46.24M.
• EPS of $8.83 (+6.13% YoY) misses by $0.47.
• Financials · As Reported · Metrics · Press Release

Motorola Solutions (MSI) has released its quarterly earnings.

• Revenue of $3.38B (+12.20% YoY) beats by $98.48M.
• EPS of $4.69 (+15.52% YoY) beats by $0.35.
• Financials · As Reported · Metrics · Press Release

W.W. Grainger (GWW) has released its quarterly earnings.

• Revenue of $5.18B (+11.25% YoY) beats by $108.66M.
• EPS of $12.54 (+22.82% YoY) beats by $0.88.
• Financials · As Reported · Metrics · Press Release

The Allstate Corporation (ALL) has released its quarterly earnings.

• Revenue of $17.35B (+0.54% YoY) misses by $187.13M.
• EPS of $9.76 (-12.62% YoY) beats by $2.79.
• Financials · As Reported · Metrics · Press Release

Cencora (COR) has released its quarterly earnings.

• Revenue of $88.35B (+5.53% YoY) beats by $393.07M.
• EPS of $4.66 (+21.35% YoY) beats by $0.09.
• Financials · As Reported · Metrics · Press Release

MetLife (MET) has released its quarterly earnings.

• Revenue of $19.91B (+11.21% YoY) misses by $91.56M.
• EPS of $2.78 (+17.30% YoY) beats by $0.02.
• Financials · As Reported · Metrics · Press Release

Aflac (AFL) has released its quarterly earnings.

• Revenue of $3.27B (-30.99% YoY) misses by $934.60M.
• EPS of $2.43 (-2.41% YoY) beats by $0.63.
• Financials · As Reported · Metrics · Press Release

Expedia Group (EXPE) has released its quarterly earnings.

• Revenue of $4.94B (+11.92% YoY) beats by $204.38M.
• EPS of $9.39 (+24.04% YoY) beats by $0.66.
• Financials · As Reported · Metrics · Press Release

Nutrien (NTR) has released its quarterly earnings.

• Revenue of $6.06B (+0.95% YoY) beats by $358.88M.
• EPS of $0.61 (-37.11% YoY) misses by $0.14.
• Financials · As Reported · Metrics · Press Release

Amcor (AMCR) has released its quarterly earnings.

• Revenue of $6.13B (+6.68% YoY) beats by $239.23M.
• EPS of $0.95 (-2.06% YoY) misses by $0.07.
• Financials · As Reported · Metrics · Press Release

GlobalFoundries (GFS) has released its quarterly earnings.

• Revenue of $1.90B (+12.50% YoY) beats by $9.57M.
• EPS of $0.53 (+29.27% YoY) beats by $0.04.
• Financials · As Reported · Metrics · Press Release

Brookfield Renewable Partners (BEP) has released its quarterly earnings.

• Revenue of $1.78B (+11.53% YoY) beats by $285.61M.
• EPS of -$0.52 misses by $0.01.
• Financials · As Reported · Metrics · Press Release

Sony Group (SONY) has released its quarterly earnings.

• Revenue of $21.54B (+10.35% YoY) beats by $1.61B.
• EPS of $0.48 (+50.00% YoY) beats by $0.10.
• Financials · As Reported · Metrics · Press Release

ConocoPhillips (COP) has released its quarterly earnings.

• Revenue of $20.06B (+29.22% YoY) beats by $1.23B.
• EPS of $3.27 (+103.11% YoY) beats by $0.24.
• Financials · As Reported · Metrics · Press Release

The Cigna Group (CI) has released its quarterly earnings.

• Revenue of $73.68B (+5.65% YoY) beats by $1.02B.
• EPS of $7.98 (+1.92% YoY) beats by $0.48.
• Financials · As Reported · Metrics · Press Release

Monster Beverage (MNST) will report today after close.

• Analysts estimate revenue of $2.49B (+13.40% YoY).
• EPS is estimated to be $0.30 (+7.14% YoY).
• Financials · As Reported · Metrics

Cloudflare (NET) will report today after close.

• Analysts estimate revenue of $738.45M (+31.39% YoY).
• EPS is estimated to be $0.28 (+3.70% YoY).
• Financials · As Reported · Metrics

Viasat (VSAT) will report today after close.

• Analysts estimate revenue of $1.20B (+5.30% YoY).
• EPS is estimated to be -$0.04.
• Financials · As Reported · Metrics

Simon Property Group (SPG) will report today after close.

• Analysts estimate revenue of $1.67B (+4.51% YoY).
• EPS is estimated to be $3.32 (+2.15% YoY).
• Financials · As Reported · Metrics

Wynn Resorts (WYNN) will report today after close.

• Analysts estimate revenue of $1.75B (-4.54% YoY).
• EPS is estimated to be $0.59 (-31.40% YoY).
• Financials · As Reported · Metrics

StandardAero (SARO) will report today after close.

• Analysts estimate revenue of $1.56B (+4.34% YoY).
• EPS is estimated to be $0.31 (+55.00% YoY).
• Financials · As Reported · Metrics

Brookfield Asset Management (BAM) will report tomorrow before market open.

• Analysts estimate revenue of $1.59B (+26.82% YoY).
• EPS is estimated to be $0.46 (+4.55% YoY).
• Financials · As Reported · Metrics

KKR & Co. (KKR) will report Monday.

• Analysts estimate revenue of $2.42B (+0.85% YoY).
• EPS is estimated to be $1.55 (+9.93% YoY).
• Financials · As Reported · Metrics

Constellation Energy (CEG) will report Monday.

• Analysts estimate revenue of $9.22B (+40.39% YoY).
• EPS is estimated to be $3.88 (+27.63% YoY).
• Financials · As Reported · Metrics

• There are no remaining IPOs expected this week. To see all upcoming IPOs, check out our IPO calendar.