Big Tech Trouble; Economic Downturn Trigger Weekly Slide

Core Insights - AI remains a focal point in the market, with major indexes experiencing volatility due to valuation concerns despite initial gains from Big Tech earnings [1][2] - Private sector job data showed a significant month-on-month increase for October, positively impacting major indexes, although they are on track for their first weekly drop in four weeks [2] - Consumer sentiment hit a record low, indicating potential challenges ahead for the market [2] Company Earnings - Palantir Technologies reported an earnings beat but faced valuation concerns, while Uber Technologies struggled due to a negative outlook on robotaxis [3] - Unity Software achieved a top-line beat, boosting its stock performance, whereas Advanced Micro Devices saw increased options activity despite a Q3 earnings beat [3] - Datadog managed to avoid the tech sector selloff, and Applovin raised its current-quarter outlook after a strong third-quarter performance [4] Major Deals - IREN signed a significant five-year cloud infrastructure deal worth $9.7 billion with Microsoft, indicating strong demand for cloud services [5] - Cipher Mining secured a 15-year lease and AI workload agreement with Amazon, showcasing the growing intersection of crypto and AI [5] - Kimberly-Clark announced the acquisition of Kenvue, a Johnson & Johnson spinoff, valued at $48.7 billion, highlighting consolidation in the consumer goods sector [5] Economic Impact - The ongoing government shutdown, now the longest in history, is disrupting economic data, with key inflation data and Federal Reserve commentary expected soon [6] - Upcoming earnings reports from major companies such as Applied Materials, Cisco Systems, and Walt Disney are anticipated to provide further insights into market trends [6]