What happened last week…
On Sunday night, the Senate passed a key measure to advance a bill that could fund most of the government until January. This is a step forward to end the longest government shutdown in US History.
Amazon(AMZN) and OpenAI announced a $38 billion deal in which the artificial intelligence company “is accessing AWS compute comprising hundreds of thousands of state-of-the-art NVIDIA GPUs, with the ability to expand to tens of millions of CPUs to rapidly scale agentic workloads.” Elsewhere in AI news,Microsoft(MSFT) has been granted approval by the United States to shipNvidia’s(NVDA) advanced AI chips to the United Arab Emirates. Microsoft also announced an increased investment in the UAE to $15.2 billion by the end of the decade.
Kimberly-Clark(KMB) announced that it will purchase Kenvue (KVUE) in a deal valued at $48.7 billion. According to the news release, the transaction would combine 10 billion-dollar brands. Brands currently under Kenvue include Tylenol, Neutrogena, and Aveeno. The deal is expected to close in the second half of 2026. In 2023, Kenvue spun off of Johnson & Johnson (JNJ).
TheADP employment changebeat expectations (22,000) as it added 42,000, up from the previous reading. It is the highest figure over the past three months. Due to the government shutdown, other jobs data has been delayed.
Themanufacturing PMIfor October was 48.7. Meanwhile, thenon-manufacturing PMIfor October beat expectations (50.8) as it increased to 52.4 from 50.0. It is the highest reading since February 2025.
According to FactSet, as of November 7, for Q3 2025, 91% of S&P 500 companies reported earnings with 82% having a positive EPS surprise and 77% having a positive revenue surprise. The blendedearnings growthfor the S&P 500 is 13.1%, which would be the fourth consecutive quarter of double-digit growth. The blendedrevenuegrowthfor the index is 8.3%, which would be the highest revenue growth since Q3 2022 (11.0%).
Happening this week…
On Thursday, theinflation rateyear-over-year for October is expected to be 3.1%. Meanwhile, thecore inflation rateyear-over-year for October is expected to remain at 3.0%.
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- The Rockline Team
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