Your Evening Briefing

November 05, 2025

Markets rally as SCOTUS looks likely to weigh against tariffs and hope rises for end to US government shutdown

US stocks regained momentum on Wednesday as the Supreme Court weighed Trump’s tariffs, sending a bevy of tariff-sensitive stocks higher. The president also signaled heightened urgency to end the US government shutdown, buoying the S&P 500 and Nasdaq 100 to solid gains, while the Russell 2000 outperformed.

Stocks that moved higher:

Google rose on the news that Apple will pay it $1 billion a year to use the search giant’s AI model for Siri.
Rivian had its best day since January following the EV maker hyping its next SUV during its earnings call.
Airlines took flight on hopes that the US government shutdown might soon be over, lifting Delta, United, and American Airlines.
Qualcomm erased Tuesday’s losses and then some just a few hours before the company was slated to release quarterly results.
Nebius gained after launching its Token Factory platform to offer access to inference compute using open-source models, adding breadth to the AI boom.
AMD turned losses into gains Wednesday after reporting a Q3 top- and bottom-line beat and Q4 sales guidance ahead of estimates after-market on Tuesday.

Stocks that moved lower:

Axon dropped after it reported earnings after the bell on Tuesday that widely missed expectations. The company, which was once a top Trump trade, blamed Trump’s tariffs for a large part of the earnings miss.
Pinterest sunk after reporting weak revenue guidance and an adjusted EPS that missed analyst estimates by 10%.
Super Micro plunged as Wall Street hated its trade-off of profitability for sales after its fiscal Q1 earnings report. Management delivered a much better Q2 sales outlook than analysts had anticipated, but also weaker-than-expected guidance for earnings per share.
Live Nation continued to fall on Wednesday after reporting earnings that bombed with investors after hours on Tuesday, widely missing EPS estimates.
Arista dove following its earnings report on Tuesday after the bell, as while it beat on earnings, its forward guidance disappointed.

— Luke Kawa, Markets Editor & Toby Bochan, Managing Editor

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The stock market wants to move on from tariffs. The Supreme Court may not let that happen.

Tariffs were a solved problem for the stock market that Supreme Court oral arguments may move back to the front burner.

Read more.

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The median age of a first time homebuyer in America just hit 40 years old. That’s the oldest point on record and 10 years higher than it was as recently as 2010.

Read more.

Ahead of Musk’s pay package vote, Tesla’s board says they can’t make him work there full time
“He likes to create companies, and they’re not necessarily Tesla companies.”
Yum! Brands is considering selling off struggling chain Pizza Hut
The fast-casual veteran faces a crowded market and “pizza fatigue,” just as sales at sister brand Taco Bell are soaring.
Lyft partners with United in a new airline miles alliance
Lyft’s previous partnership with Delta ended in April.
China’s XPeng mimics Tesla, with EVs, robotaxis, robots, and AI chips
The Chinese EV company plans to launch robotaxis next year.
This year’s dramatic World Series finish drew baseball’s largest audience in years
The business of baseball got a much-needed boost, as more than 27 million Americans tuned in to see the LA Dodgers’ nail-bitting victory.
Netflix creates new made-up metric for advertisers
“Monthly active viewers” takes the number of users who’ve watched at least one minute of ads in a month and multiplies that by the presumed number.

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