Stocks rebound after wild swing, Bitcoin crashes, Warner Bros bids roll in

US stock futures are higher after one of the wildest sessions of the year, with the S&P 500 logging its most significant intraday reversal since the peak of tariff turmoil in 2018 — surging 1.4% early before plunging 1.6% by the close. New York Fed president John Williams helped stabilize sentiment this morning, signaling he “still sees room” for a December rate cut, a notable shift given the stronger-than-expected September jobs report. Williams — part of the influential Fed “troika” alongside Powell and Jefferson — said policy needs to move “closer to neutral,” even as tariffs temporarily stall progress on inflation.

Bitcoin (BTC-USD) is extending a brutal decline, sliding below $85,000 after more than $1 billion in liquidations were hit in a single hour. The token is now heading for its worst month since the 2022 crypto crash, down more than 30% from its October record as cross-asset selling accelerates. Analysts warn the next key support sits near $75,000.

Retail earnings reinforce the K-shaped consumer story: Walmart (WMT), Ross (ROST), and TJX (TJX) continue to win by delivering price-driven “value” across all income levels, while mid-tier shoppers remain stretched. Gap (GPS) surprised to the upside with strength in Old Navy and Gap brand, helped by lower discounting and viral marketing campaigns like its K-pop-backed “Milkshake” spot.

Meanwhile, the bidding war for Warner Bros. Discovery (WBD) is heating up. Paramount (PARA), Comcast (CMCSA), and Netflix (NFLX) have all submitted their initial — non-binding — bids. Paramount is the only suitor pursuing the entire company, while the others are targeting the studio's assets exclusively.

Takeaways:

• Fed’s John Williams signals a December rate cut is “on the table,” lifting futures

• S&P 500 posts its sharpest intraday reversal in years; markets remain fragile

• Bitcoin plunges below $85K with $1B liquidated in one hour; worst month since 2022

• “Value” retailers like Walmart, Ross, and TJX outperform as consumers hunt for pricing power

• Warner Bros. Discovery draws bids from Paramount, Comcast, and Netflix as strategic review accelerates

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