Morning Brief
Stocks rebound after wild swing, Bitcoin crashes, Warner Bros bids roll in
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Show notes
US stock futures are higher after one of the wildest sessions of the year, with the S&P 500 logging its most significant intraday reversal since the peak of tariff turmoil in 2018 — surging 1.4% early before plunging 1.6% by the close. New York Fed president John Williams helped stabilize sentiment this morning, signaling he “still sees room” for a December rate cut, a notable shift given the stronger-than-expected September jobs report. Williams — part of the influential Fed “troika” alongside Powell and Jefferson — said policy needs to move “closer to neutral,” even as tariffs temporarily stall progress on inflation.
Bitcoin (BTC-USD) is extending a brutal decline, sliding below $85,000 after more than $1 billion in liquidations were hit in a single hour. The token is now heading for its worst month since the 2022 crypto crash, down more than 30% from its October record as cross-asset selling accelerates. Analysts warn the next key support sits near $75,000.
Retail earnings reinforce the K-shaped consumer story: Walmart (WMT), Ross (ROST), and TJX (TJX) continue to win by delivering price-driven “value” across all income levels, while mid-tier shoppers remain stretched. Gap (GPS) surprised to the upside with strength in Old Navy and Gap brand, helped by lower discounting and viral marketing campaigns like its K-pop-backed “Milkshake” spot.
Meanwhile, the bidding war for Warner Bros. Discovery (WBD) is heating up. Paramount (PARA), Comcast (CMCSA), and Netflix (NFLX) have all submitted their initial — non-binding — bids. Paramount is the only suitor pursuing the entire company, while the others are targeting the studio's assets exclusively.
Takeaways:
Fed’s John Williams signals a December rate cut is “on the table,” lifting futures
S&P 500 posts its sharpest intraday reversal in years; markets remain fragile
Bitcoin plunges below $85K with $1B liquidated in one hour; worst month since 2022
“Value” retailers like Walmart, Ross, and TJX outperform as consumers hunt for pricing power
Warner Bros. Discovery draws bids from Paramount, Comcast, and Netflix as strategic review accelerates
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