🗞️ Kamala Harris on Fox

In partnership with

GREETINGS!

🔔 In today’s email:

💸 Weekend Market Update

🚨 Key Story:

🗣️ Kamala Harris Bret Baier Fox Interview Recap

-Mike

Get your news from the future.

  • The world's largest prediction market.

  • Stay ahead on politics, culture, and news.

  • Get insights on market changes.

FINANCE

Quick Bite - Nvidia stock saw another week of uprising leading while its own industry takes a heavy hit. Big banks finally show a positive earnings report that eases Wall Street worries.

Big Banks - The “Top Dogs” of the banking sector are making a strong comeback. Morgan Stanley (MS +6.49%) experienced a share price surge of up to 7.5% on Wednesday morning after surpassing Q3 expectations with a remarkable 32% profit increase, totaling over $3.2 billion. By exceeding analysts’ forecasts, Morgan Stanley sent a clear message to Wall Street that they’re back in action. Here’s how Morgan’s top competitors performed:

  • Wells Fargo: +10.97%

  • Bank of America: +6.49%

  • Goldman Sachs: +4.89%

  • JPMorgan Chase: +4.79%

Market Movers: 

General Motors (GM +2.42%) is partnering up with Lithium Americas Corp (LAC +23.22%) to mine minerals for EV batteries in the U.S.

United Airlines (UAL +12.44%) took off to a record high stock price after announcing its share buyback on Tuesday. 

Netflix (NFLX -0.56%) reports its earnings this morning, and investors are making popcorn.

Gold (GC=F) is experiencing another rise amid concerns about the stability of the dollar's value.

Global Economy:  Some big international news this week follows.

ASML Raising Concerns: 

Dutch company ASML (ASML -6.42%) made an error in its earnings report, triggering a ripple effect in chip stocks on Tuesday. Despite the global high demand for these microchips, companies are purchasing ASML's chipmaking machines less frequently. As one of the few suppliers of these machines, ASML's struggles could lead to supply issues in the future.  

Correction in China: 

Following a significant rally in late September, Chinese stocks have entered correction territory.  What does this mean actually? A market is considered in correction when it falls 10% from a recent high; the CSI 300, a major Chinese stock index, is down 9.9% since reaching a two-year high on October 8th. The index had previously surged as investors flocked to buy stocks following announcements of the Chinese government’s stimulus plans.

CRYPTO:

  • BTC: $67,854 (+1.87%)

  • ETH: $2,621 (+1.86%)

  • DOGE: $0.12 (+13.94%)

Bitcoin Bull Run: Bitcoin has long had an inverse connection with the US currency. Simply put, as the US dollar strengthens, Bitcoin's price tends to fall—and vice versa. However, the tendency has shifted recently, with both the dollar and Bitcoin gaining in the last month. Some experts believe this is due to cryptocurrency speculators profiting on Donald Trump's strengthening election prospects.

Tesla Makes Crypto Movers: Tesla (TSLA +0.80%) has recently transferred all of its Bitcoin—approximately $770 million—into a new digital wallet. Why the change? The reasoning remains unclear, but it could suggest that Tesla is considering selling the cryptocurrency to raise funds or perhaps Elon Musk, also known as the Dogefather, has something planned. The company's stock is down over 11% year-to-date and recently disappointed investors last week with the unveiling of its new robotaxi.

REAL ESTATE:

  • 30-year: 6.63%

  • 15-year:6.07%

Real Estate Weekly Numbers: 

The average 30-year mortgage rate climbed again last week, reaching a two-month high, according to the Mortgage Bankers Association.

Rates have climbed by nearly 0.4% in the last two weeks, the largest increase since February 2023. 

The surge in interest rates is discouraging many homebuyers, with mortgage demand falling by 7% week on week.

KEY STORY

Kamala Harris Brett Baier Fox Interview Recap

7.1 million tuned into Harris’s first formal interview on Fox News. Hosted by Brett Baier, it was an intense back and forth exchange, with at least 38 interruptions from Baier in 27 minutes. However, this could’ve been due to Harris' alleged late arrival as well as her campaign team cutting off the interview short, both according to Baier.

In Baier’s most recent interview with Trump, he began with a softball question. “I’ve asked this question, the same first question, to all the candidates I’ve interviewed this year,” Baier told Trump before asking what the US’s most pressing issue is. However with Harris, Baier jumped right in, right off the bat questioning how many millions of illegal immigrants Harris estimates the Biden administration has released into the US. 

Harris didn’t give a direct number, but instead talked about her efforts to pass the US Citizenship Act in 2021, which she said would have sent 1500 more border agents to the border among other safety measures. She also discussed her career as a prosecutor where she took on groups trafficking in guns and drugs. When asked if she owes the families an apology who were affected by illegal criminal immigrants, Harris continued speaking on past efforts she believes Trump interfered with. 

Baier then asked why the Border Agents Union endorsed Trump. “I think they’re frustrated, and I get it. They want support…And that’s what the border security bill would have done. These guys down at the border – these men and women, they’re working hard. They’re working around the clock. I get it,” Harris replied. 

After briefly discussing transgender healthcare, Baier brought up how Harris believes Iran poses the highest risk to the US. He asked why then, did the Biden administration relax sanctions against Iran. Harris rebutted, arguing her number one priority is to stop Iran from being able to develop nuclear weapons and said she is actively working in the Situation Room to help support Israel. 

Later on, Harris dropped one of the biggest bombshells of the interview. “My presidency will not be a continuation of Joe Biden’s presidency,” Harris said. While she supported Biden’s cognitive fitness, contrasting it to Trump’s by bringing up former White House personnel who have warned about his lack of stability, she still believes she’ll bring new and fresh ideas to the Oval Office. Harris especially believes this since she hasn’t spent the majority of her career in Washington DC. If elected, Harris says she’ll additionally work alongside Republicans. 

Towards the end of the interview, Harris acknowledged winning a presidential election isn’t going to be a cake walk for anyone. She’s right. With such a close race in swing states, going on Fox is just one effort to appeal to a wider audience. Some speculate Harris will follow this trend and possibly appear on Joe Rogan’s show next. 

As far as Baier goes, he says he was happy with any time he got with Harris. Some Trump supporters and Trump himself, criticized Baier for being soft on Harris, a few even accusing him of going easy in exchange for her interview. However, Baier has firmly rejected these claims.

HEADLINES
Here’s some small talk ammunition

What did you think about today's edition?

Login or Subscribe to participate in polls.

FROM THE EDITOR

You’re a special kind of person if you reached the end of the road here. :)

-Mike