📲 Apple Intelligence Is Here

Good afternoon! Dwyane Wade’s new statue outside Miami’s Kaseya Center is turning heads—and sparking memes. The statue, which captures Wade’s legendary “This is my house!” moment, drew laughs and jokes online, with fans comparing its face to everyone from Laurence Fishburne to anyone but Wade. But Wade’s unbothered, saying, “If I wanted it to look like me, I’d just stand outside the arena.” He’s more about the moment than the mirror image.

The tribute honors Wade’s 2009 buzzer-beater against the Bulls, sculpted over 800 hours with Wade’s own input along the way. As jokes flood in, Wade sees it as all part of the fun, urging fans to “come on down to see it, take some photos, send some memes. We don’t care.”

MARKETS

• Stocks kicked off a high-stakes earnings week on a positive note, with the S&P 500, Nasdaq, and Dow Jones all rising Monday. Leading the pack, the Dow gained nearly 0.7%, or 273 points, as investors bet on tech giants meeting sky-high expectations. Cooling crude prices helped the mood, with markets easing up as recent Middle East tensions showed signs of stabilization.

• The week’s lineup is packed with heavyweight reports—Alphabet drops results on Tuesday, followed by Microsoft and Meta on Wednesday, and Apple and Amazon closing it out Thursday. Traders are counting on these tech titans to keep the Nasdaq climbing as the broader market looks for solid footing amid the latest earnings and economic updates.

STOCKS
Winners & Losers

What’s up 📈

• NIO Inc. increased 10.46% after Macquarie upgraded the Chinese EV maker to "outperform" from "neutral," citing strong Q4 Onvo L60 orders expected to drive volume growth. ($NIO)

• Carnival Corp. rose 4.83% as lower oil prices provided a boost, reducing fuel costs for the cruise line. ($CCL)

• 3M ticked up 4.44% after JPMorgan raised the price target to $165 from $160, maintaining an Overweight rating. ($MMM)

• Robinhood increased 3.03% after announcing the launch of election-based contracts, available to eligible U.S. users. ($HOOD)

What’s down 📉

• Philips dropped 15.95% after the Dutch health-care devices company lowered its revenue outlook for 2024, citing weaker demand from Chinese hospitals and consumers, according to CEO Roy Jakobs. ($PHG)

• ADT declined 6.47% following the announcement of its secondary public offering pricing and a concurrent share repurchase. ($ADT)

• Dropbox fell 3.27%. ($DBX)

• Bath & Body Works slipped 3.06%. ($BBWI)

TECH
iOS 18.1 Is Here: Apple Intelligence, New Siri Look, AirPod Hearing Aids and More

iOS 18.1 just dropped, and while the number’s small, the update’s big.

Apple Intelligence has finally entered the chat for iPhone 15 Pro and iPhone 16 users, adding AI-driven features that make handling notifications, cleaning up photos, and rewriting text easier. Siri even got a facelift—she’s glowing around the edges now, though her brains might still need a boost.

It’s the start of Apple’s slow-and-steady approach to AI, with bigger updates like ChatGPT integration coming in December.

Siri Glow-Up & AirPods Hearing Boost

If you’re an AirPods Pro 2 user, you can now take a clinical-grade hearing test and turn those earbuds into custom hearing aids—because who knew AirPods could get even more versatile?

Meanwhile, Siri’s makeover adds a sleek new look and lets you text questions, perfect for keeping things low-key in public. But heads up, many of the coolest Apple Intelligence features, like custom emojis, are set for the iOS 18.2 drop next month.

Notifications & Photos, Reimagined

Sick of endless notifications? Apple Intelligence now packs alerts into one tidy message, cutting down the noise. The Photos app also got a cleanup button—just tap to make photobombers vanish.

These updates keep Apple’s promise of a user-first approach to AI, with more fun features rolling out in waves. It’s clear they’re aiming for smart, streamlined interactions rather than an AI free-for-all.

What’s Coming Next?

Apple’s playing it cool in the AI race, but the foundation is set. Expect major upgrades in iOS 18.2, from ChatGPT tools to a smarter Siri that may finally become as helpful as it looks.

Until then, iOS 18.1 offers a taste of Apple’s AI future, blending usability with privacy.

NEWS
Market Movements

• 💵 JPMorgan Takes Action on Viral ATM "Money Glitch": JPMorgan Chase is suing multiple customers for allegedly exploiting an ATM glitch that let them withdraw funds before checks bounced. In one Houston case, a defendant owes $290,939 after a fake $335,000 check was deposited and funds withdrawn immediately. The bank has closed the loophole and is pursuing repayments, interest, and punitive damages in federal courts across the country. ($JPM)

• 📉 Ford Adjusts Earnings Forecast Amid Cost Pressures: Ford reported third-quarter results with adjusted earnings slightly surpassing Wall Street's estimates but guided to the lower end of its 2024 forecast, citing inflation and warranty costs. The automaker achieved its goal of $2B in cost cuts but saw these gains offset by rising expenses. Shares fell over 4% in after-hours trading. ($F)

• 💼 Delta Takes CrowdStrike to Court: Delta is suing CrowdStrike for over $500M, blaming a faulty July software update for flight disruptions impacting 1.3 million travelers, though CrowdStrike argues Delta’s outdated systems share the fault. ($DAL), ($CRWD).

• 🍔 Quarter Pounders Return at McDonald's – Hold the Onions: McDonald's plans to reintroduce its Quarter Pounders after clearing beef patties of an E. coli link, though raw onions, suspected in the contamination, won’t be back at 900 locations. ($MCD).

• 🔍 Huawei Chip Discovery Stalls TSMC Shipments: TSMC has halted shipments to Sophgo after spotting its chips in a Huawei processor, raising concerns over U.S. export rules. Sophgo denies links with Huawei. ($TSM).

• 💰 Boeing Eyes $15B Stock Sale for Cash Boost: Boeing is preparing a $15B stock and preferred share sale to shore up finances after a series of production halts and recent financial losses. ($BA).

• 📱 Apple Awarded Damages in Masimo Watch Case: A jury awarded Apple $250M, finding Masimo’s smartwatches infringed on design patents, though Apple failed to secure a sales ban. ($AAPL)

TRADING
Robinhood Jumps Into Election Trading, Giving Users Chance To Buy Harris Or Trump contracts

Robinhood just tossed its hat into the election betting ring, letting users wager on the 2024 presidential showdown.

Starting today, users can buy contracts on either Kamala Harris or Donald Trump taking the White House, adding a new spin to the world of retail investing. The catch? Contracts fluctuate based on demand, with buyers scoring $1 per win, and users must meet a few eligibility requirements before diving in.

Playing the Odds in a Tight Race

Why now? A recent court ruling gave U.S. platforms like Kalshi the green light to offer election markets, opening a whole new betting frontier. Robinhood’s take?

It’s “democratizing access” to real-time events—a statement that’s got more than a few people scratching their heads. Yet, with the race heating up, the idea of betting on democracy is sparking serious interest, even if it’s only for the presidency for now.

Betting Markets Get a Twist

While traditional polls are crunching numbers, these betting markets take a different path—odds can swing wildly, with factors like big spenders tilting results.

Case in point: a recent betting blitz on Trump by a single French bettor shifted his odds on Polymarket. So, while polls might say one thing, betting markets can tell a different, albeit skewed, story.

More to Come?

With this new election feature, Robinhood is testing the waters. If it clicks with users, don’t be surprised if event-based betting options become a regular menu item. For now,

Robinhood’s dipping its toes into a whole new category, giving retail investors a front-row seat in one of the year’s most-watched contests.

Calendar
On The Horizon

Tomorrow

As earnings season cranks up, we’re doubling the forecast fun and keeping the economic scoop to the essentials.

October Consumer Confidence: Labor market jitters knocked confidence down a peg last month. But with the holiday cheer around the corner, analysts are holding out for a boost.

September Job Openings: Flatlined job openings last month might sound boring, but with Wall Street watching labor like hawks, it was surprisingly welcome news.

August S&P Case-Shiller Home Price Index: It’s been a relentless 14-month climb for home prices, with new records month after month. Analysts are crossing fingers that softer interest rates might finally cool things down.

Before Market Open:

• McDonald’s was already having a rough year, and then E. coli hit. While a bacteria outbreak isn’t exactly on-brand for a burger giant, for McDonald's, it’s more of a speed bump than a full stop. The real worry for investors? Sluggish sales, value meal margins, and a future where weight-loss drugs might curb fast-food cravings. Consensus: $3.19 EPS, $6.79 billion in revenue. ($MCD)

• Crocs may not be the first thing you think of when it comes to growth stocks, but the famously unfashionable clog brand is on fire. Stellar margins, rocketing sales, and a strong brand have powered shares up nearly 300% over five years. Wall Street’s in love: 11 of 12 analysts say "buy," with an average price target 25% above today’s price. Consensus: $3.10 EPS, $1.05 billion in revenue. ($CROX)

After Market Close:

• Snap Inc. might be the forgotten sibling in social media, but it’s not down for the count. Shares have dropped over 35% this year, tanking further after last quarter’s grim revenue guidance. Still, its focus on AI and AR could set it apart, especially if a TikTok ban were to drive U.S. users back to Snap. Consensus: $0.05 EPS, $1.36 billion in revenue. ($SNAP)

• Advanced Micro Devices has a front-row seat in the AI play, navigating the ups and downs of chip demand. It’s no Nvidia, which has been riding high all year, or ASML, which has seen rough patches, but AMD’s diversified model could give it a smoother ride. If AMD slips, though, cue the pundits declaring the AI hype over. Consensus: $0.91 EPS, $6.71 billion in revenue. ($AMD)

NEWS
The Daily Rundown

• 📰 Billionaires Freeze Newspaper Endorsements: The Washington Post and Los Angeles Times, under the direction of Jeff Bezos and Patrick Soon-Shiong, have decided not to endorse presidential candidates this year. This shift, reportedly aimed at avoiding political friction, has led to resignations at both outlets and raised questions about future endorsements in local races.

• 🎬 California's Big Bet on Hollywood: Governor Gavin Newsom wants to keep production in Hollywood, proposing to more than double state tax incentives for film and TV production to $750 million annually. With production down 5% in LA this quarter, the move aims to revive the city’s once-booming entertainment industry.

• 🇺🇸 Washington Post Investigates Musk's Visa History: An investigation by the Washington Post suggests that Elon Musk may have been in the U.S. illegally while co-founding Zip2, relying on a student visa despite not enrolling at Stanford. Musk denies any wrongdoing, stating he was legally permitted to work in the U.S.

• 🍦 DMCA Ruling Could Fix McDonald's Ice Cream Machines: A U.S. Copyright Office decision now allows McDonald’s franchises to use third-party repair services for its notoriously unreliable ice cream machines. Previously, only the machine’s manufacturer, Taylor, was authorized for repairs, locking out alternative options.

• 📊 Record-Breaking Campaign Spending: With the 2024 election, U.S. campaign spending is expected to reach a record $15.9 billion, far outpacing spending in other countries. While Harris and Trump continue to rake in millions, concerns are growing over the escalating costs of U.S. elections.

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