UPS Reports Beat and Announces Deep Cuts

MRKT Matrix - Tuesday, October 28th

• S&P tops 6,900 for first time as investors bid up AI trade before Fed rate decision (CNBC)
• AI stocks could be part of a new Mag 7 (Axios) The next chapter of the Microsoft–OpenAI partnership (OpenAI)
• OpenAI restructuring pushes Microsoft’s valuation above $4tn (FT)
• PayPal Raises Earnings Guidance After Announcing OpenAI Deal (Bloomberg)
• Nvidia’s Huang Works to Convince Investors There’s No AI Bubble (Bloomberg)
• Nvidia takes $1 billion stake in Nokia, sending the 5G equipment maker’s shares up 26% (CNBC)
• Jensen Huang says Nvidia’s AI chips are now being manufactured in Arizona (CNBC)
• The Fed has a rate cut plus a bunch of other things on its plate this week. Here’s what to expect (CNBC)
• UPS deepens job cutting amid turnaround, says 48,000 roles eliminated this year (CNBC)
• Amazon Lays Off 14,000 Corporate Workers (WSJ)

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MRKT Matrix by RiskReversal Media is a daily AI powered podcast bringing you the top stories moving financial markets

Story curation by RiskReversal, scripts by Perplexity Pro, voice by ElevenLabs