US stock indexes are down, with the S&P 500, Dow Jones, and Nasdaq 100 all falling to recent lows. Palantir Technologies leads AI stocks lower despite beating Q3 sales expectations. Valuation concerns are raised by Morgan Stanley and Goldman Sachs. US vehicle sales slow to 14-month low. Markets anticipate a 70% chance of a rate cut in December.

The Supreme Court will hear arguments on the legality of President Trump’s reciprocal tariffs. Lower courts have deemed them illegal, potentially leading to refunds of over $80 billion in tariffs. Earnings season continues, with 80% of S&P 500 companies beating forecasts. The US government shutdown, now in its sixth week, is the longest in history.

Overseas markets are lower, with the Euro Stoxx 50, Shanghai Composite, and Nikkei Stock 225 all down. Interest rates are up as T-notes gain support from stock weakness and the ongoing government shutdown. European bond yields are lower, with swaps indicating a 7% chance of an ECB rate cut.

Tech stocks like Tesla and Nvidia are down, along with other Magnificent Seven stocks. Crypto stocks slide, with Bitcoin hitting a 4.25-month low. Sarepta Therapeutics drops over 33%, while Zoetis and Norwegian Cruise Line Holdings also see declines. Uber Technologies forecasts lower-than-expected Q4 Ebitda.

Eaton Corp is down after missing revenue estimates, while Henry Schein, Sanmina, Fabrinet, and Whitestone REIT see gains. Yum! Brands, Marriott International, and Global Payments also report positive earnings. Various companies report Q3 earnings, including Pfizer, Shopify, Uber, and more. No positions in mentioned securities.

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