The Federal Reserve delivered its 25 bp cut as expected, but reporters’ questions about Powell’s job security under the Trump administration sparked significant discussion. Meanwhile, risk assets continued to rally on optimism about what the Trump administration’s policies could mean for the economy and markets. 👀

Today's issue covers the Fed’s latest interest rate move, speculative bets gaining more steam, and the biggest earnings pops and drops. 📰

Here’s the S&P 500 heatmap. 8 of 11 sectors closed green, with technology (+1.74%) leading and financials (-1.61%) lagging.

And here are the closing prices: 

Most bullish/bearish symbols on Stocktwits at the close: 📈 $CELU, $XRAY, $BNZI, $NMHI, $GCT 📉 $LEV, $HSY, $IIPR, $BLUE, $GERN*

*If you’re a business and want to access this data via our API, email us.

As expected, the Federal Reserve cut interest rates by another 25 basis points at today’s meeting. Unfortunately, market participants didn’t get much more information from the central bank regarding its next move.

Overall, the Fed noted that the risks to its dual mandate (max employment and stable prices) remained balanced and that the path toward a neutral interest rate remained intact. Specifically, the document said, “The Committee judges that the risks to achieving its employment and inflation goals are roughly in balance…”

Meanwhile, Jerome Powell’s statement referenced a slight downtick in the labor market, saying, “Conditions have generally eased, and the unemployment rate has moved up but remains low.” While he acknowledged the weaker employment and stickier inflation of late, he indicated that the Fed’s next move will remain data-dependent…not offering much color beyond that.

As for reporters, they all wanted to know how Donald Trump’s election would impact the Fed…and more specifically Jerome Powell’s job as Fed Chair. The President-elect has been critical of Powell’s management of monetary policy in the past and suggested he would seek to make a change before Powell’s term ends in May 2026.

On the first point, Powell said that the Fed will include the potential outcomes of fiscal policy in its model as more details come out and adjust policy as needed. However, fiscal policy often takes significant time to be drafted, passed, and implemented, elongating the time it takes to see its economic impacts. So it is a consideration, but something the Fed can manage over time vs. needing to react quickly.

For the second question, we’ll refer you to the tweet below, which perfectly sums up Powell’s epic response. 🤣

Internationally, the Bank of England cut rates by another 25 bps but warned that future reductions would likely be gradual. The central bank expects the British government’s first budget will lead to higher inflation and economic growth; thus, a more restrictive stance is likely necessary to keep prices in check.

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Toast: Shares popped 16% after the digital payment platform for restaurants’ revenue beat outshone its earnings miss. Gross payment volume rose 24% YoY to $41.7 billion, and it’s now in almost 127,000 restaurants. Management expects the momentum to continue, and its guidance kept investors satisfied. 🍞

Lyft: Shares drove 23% higher after the ride-sharing company met earnings but topped revenue estimates. Bookings grew 16% YoY, and management expects the momentum to continue, lifting its current quarter guidance and revising its full-year estimate for adjusted EBITDA margins from 2.1% to 2.3%. 🚕

Zillow: Shares jumped 24% after the online real estate marketplace reported a 17% YoY jump in revenue and earnings that topped estimates by $0.09. Residential revenues rose 12% YoY, but rental revenue growth of 24% YoY stood out as the company adjusts to a higher-rate world where housing activity remains slow. 🏘

Under Armour: Shares soared 27% after the retailer reported a lighter-than-expected revenue decline (-11% YoY). Adjusted earnings topped estimates due to cost-cutting, showing that the restructuring plan announced in May is already driving results. 🎽

Rivian Automotive: Shares rose 5% despite its loss per share and revenue missing analyst estimates. Management also lowered its full-year earnings forecast. CEO RJ Scaringe reiterated plans to achieve “modest positive gross profit” during the fourth quarter, which Wall Street is watching closely. This quarter, its gross loss narrowed from $477 to $392 million YoY, showing a big hurdle still ahead. 🚘

Lucid Motors: Shares lept 10% after the electric vehicle maker narrowly beat loss per share and revenue estimates. CEO Peter Rawlinson described the quarter as “landmark” for the company, with record deliveries of 2,781 units and cost-cutting measures helping drive momentum. 🔋

Moderna: Shares popped 10% but gave back gains to close down 3% after a surprise profit smashed expectations. Its COVID vaccine revenues picked up, but the show's real star was its cost-cutting efforts as it looks to save $1.1 billion by 2027. 💉

DraftKings: Shares drifted 5% lower after the sports betting company cut its full-year 2024 revenue and profit forecast, citing a weak fourth-quarter start. Management noted that “customer-friendly sports outcomes” cut into its sales and profits…meaning its customers have gotten lucky, but shareholders have not lol. 😆

Nissan Motors: Shares fell 5% after the automaker cut 9,000 jobs and a fifth of its global capacity, dragging its annual profit outlook down by 70%. Japan’s third-largest automaker is facing significant headwinds in both the Chinese and U.S. markets, needing to restructure its business to become leaner and more resilient. ✂

Block: Shares fell 2% after the payment company’s adjusted earnings per share beat by $0.01, while revenues of $5.98 billion missed estimates of $6.24 billion. Cash App remains the core driver of profitability, but management’s inability to get other growth levers growing keeps investors concerned. 💳

Sweetgreen: Shares dove 10% after the salad-centric restaurant chain’s loss per share widened more than anticipated. Higher costs were the culprit, tough demand concerns remain intact as revenue also missed estimates. Still, management is hopeful new menu offerings and increased kitchen automation can drive growth. 🥗

Pinterest: Shares dropped 11% after the social media giant beat earnings and revenue estimates but provided weak fourth-quarter revenue guidance. Third-quarter sales rose 18% YoY, but expenses were also up 17% due to the company’s investments in R&D and hiring employees with artificial intelligence (AI) expertise. 📱

Wolfspeed: Shares slid 40% after the chipmaker posted weaker-than-expected sales and guidance, announcing cuts to 20% of its workforce as it looks to “right-size” its business. The company took $87.1 billion in restructuring charges during its fiscal first quarter and expects more than double that in the current quarter. 😬

There are honestly too many to cover here, so I’d recommend hopping over to the Stocktwits earnings calendar and sorting by % change to see more of the biggest movers and shakers. 👀

As we’ve been discussing, investors and traders continue to venture out on the risk spectrum in search of bullish bets to make. This time, we’re seeing SoundHound AI, a voice AI platform enabling businesses to offer customized conversational experiences to customers, break out to roughly 6-month highs as the bulls party on.

If you like this chart and commentary, you’ll love our “Chart Art” newsletter. We’ll deliver you the best trade ideas and analysis from the Stocktwits community every evening by 8 pm ET.

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Economic data: Nvidia and Sherwin Williams will replace Intel and Dow Inc. in the Dow Jones Industrial Average. Michigan Consumer Sentiment (10:00 am ET), Fed Bowman Speech (11:00 am ET), WASDE Report (12:00 pm ET). 📊

Pre-Market Earnings: Canopy Growth Corp ($CGC), Ocugen ($OCGN), NRG Energy ($NRG), Paramount Global ($PARA), Icahn Enterprises ($IEP), Humacyte ($HUMA). 🛏️

After-Hour Earnings: Hawaiian Electric Holdings ($HE), Future Fuel ($FF). 🎧

P.S. You can listen to all of these earnings calls and more straight from the Stocktwits app or website. You’ll find them on the calendar page and individual symbol pages once they’re set to begin! We’ll see you there. 👍

🧑‍🏫 Join IBD’s experts for a free webinar on Nov. 12 to learn strategies for holding stocks long-term*

🤑 Missouri becomes 39th state to legalize sports betting

🍦 Wendy's enlists Palantir's AI to keep up with Frosty demand

🚨 French regulator probes Peter Thiel-backed betting platform

🤖 A robot retrieves the first melted fuel from Fukushima nuclear reactor

👃 FDA proposes ending use of decongestant found in many cold, allergy medicines

🎵 TikTok’s latest feature lets music fans ‘Share to TikTok’ from Spotify and Apple Music

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