Morning Brief
China tensions hit markets, big banks beat, J&J spin-off
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Show notes
US stocks fall as tensions with China escalate after Beijing sanctioned the US subsidiaries of a major South Korean shipping company in retaliation for new American port fees. Investors are flocking to Treasuries while crypto tumbles, with traders bracing for more trade volatility heading into November. JPMorgan Chase (JPM), Goldman Sachs (GS), Citigroup (C), and Wells Fargo (WFC) all reported strong Q3 results, with JPMorgan posting record market revenue and BlackRock (BLK) seeing $205B in quarterly net inflows. Jamie Dimon called the US economy “resilient” but warned of rising risks from tariffs and geopolitics. Johnson & Johnson (JNJ) beat earnings estimates and raised its full-year guidance while announcing plans to spin off its orthopedics division within two years to streamline operations. Meanwhile, Oracle (ORCL) will deploy 50,000 AMD (AMD) GPUs as AI chip demand accelerates, and General Motors (GM) will take a $1.6B charge as EV subsidies expire. Finally, Oura CEO Tom Hale joined Yahoo Finance to discuss the company’s new $900M Series E round valuing the wearable tech firm at $11B and its push into AI-driven health insights.
Takeaways:
China sanctions US subsidiaries of South Korean shipper; trade tensions reignite
JPMorgan, Goldman, Citi, and Wells Fargo all post strong Q3 earnings
Johnson & Johnson to spin off orthopedics unit within 24 months
Oracle to deploy 50K AMD GPUs; GM takes $1.6B EV charge
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