MARKET RECAP

• US stocks -1.84%, bonds +0.44%, bitcoin down about 10%.
• Earnings estimates for the next three years are up five weeks in a row. See the chart below.
• There were 119,000 jobs added in September, versus a 50,000 estimate, but the July and August employment numbers were cut. The unemployment rate increased to 4.4%, the highest rate in four years.
• Nvdia reported blockbuster earnings, but that couldn’t curb fears that the AI trade is way overdone and the massive capital spending plans are going to come back to haunt companies.

EARNINGS ESTIMATES OVER TIME

SCOREBOARD