Happy Thursday! For the first time in decades, the Fed is showing signs of deep division. With key voices breaking from the pack and warning signs flashing across the economy, the Fed’s next move is critical. What’s driving the divide, and what does it mean for your investments? Here’s everything you need to know.

Also, while at the White House, Apple pledged another $100 billion to U.S. manufacturing, pushing its total stateside investment to a staggering $600 billion. But the real story isn’t what it seems. Are iPhones about to get more expensive? Read on to find out.

Plus, Benzinga is hosting the biggest Fintech conference of the year. Click here for more details, and come join the biggest names in Fintech.

In Today's Edition

• MARKET RECAP

• MARKET HEATMAP

• FIVE ZINGERS

• MARKET HISTORY

• ONE FOR THE ROAD

Another Fed Official Backs A Rate Cut — Goldman Sees Trouble Ahead If The Fed Waits

The Federal Reserve is facing one of its most divided moments in decades, and the timing couldn't be more critical. While Chair Jerome Powell is holding the line on interest rates, a growing chorus of voices within its own ranks is beginning to challenge the status quo.

Michelle Bowman and Christopher Waller broke ranks, voting to cut rates amid troubling new signs that the economy may be cooling faster than expected. Even Neel Kashkari, once one of the most hawkish voices at the table, is sounding the alarm.

With the next Fed decision looming and markets already pricing in multiple rate cuts, the stakes have rarely been higher. The clock is ticking. Dive into the full story to see what’s going to be the driving force in what could be one of the Fed’s most pivotal decisions in decades. Is your portfolio ready?

One Day. One Room. Infinite Possibilities.

This isn’t just another fintech conference — it’s the fintech conference. On November 10 in NYC, Benzinga Fintech Day & Awards gathers VCs, startups, C-suites and product leaders to explore where innovation meets investment. Expect dynamic panels, curated networking and the most relevant discussions around retail user growth, digital assets, prediction markets and more. If you’re building, funding or scaling fintech, this is where you belong.

Secure your pass now and be where the future of finance is decided — sign up today.

Yesterday: U.S. indexes closed higher Wednesday and recovered from a stretch of losses, as strong corporate earnings boosted sentiment. Prior to yesterday’s gains, the S&P 500 had five losing sessions over the past six trading days, and the Dow had had six negative days in the past seven. Treasury yields rose, with the 10-year yield climbing to 4.23%, following a weaker-than-average government bond auction. Despite the uptick, yields remain below July highs as soft labor market data fuels expectations for multiple Fed rate cuts this year and next. Meanwhile, earnings season continues to outperform, with 82% of S&P 500 companies beating estimates, prompting a sharp upward revision to earnings growth forecasts.

On Our Radar: Analysts will be watching several key reports this morning, including wholesale inventories and consumer credit, as well as a speech from Atlanta Fed President Raphael Bostic. On the earnings front, Block (XYZ), The Trade Desk (TTD), Monster (MNST) and Gilead Sciences (GILD) will headline a slate of earnings reports that will be released after hours today.

It’s an earning bonanza with the markets whipsawing and share prices swinging in both directions this week. Shopify helped lead the way Wednesday as shares soared more than 20% to close at a new 52-week high. Meanwhile, AMD, Super Micro and Snap all plunged. But those weren’t the only big movers of the day. Read on for all the details.  

Discover how the market is moving with our interactive heatmap — filter by market cap and zoom in for deeper insights. Click any box to explore specific sectors or assets in detail.

Sunday: Chris Capre’s Plan To Trade August’s CPI And PPI Shockwaves

CPI and PPI reports drop next week — and they could send shockwaves through tech, rates and volatility names. This Sunday at 1:00 p.m. ET, former hedge fund trader Chris Capre goes live to show how he’s trading short-term setups designed to move fast. These are the same 1–5 day strategies he’s taught to over 34,000 traders. If you want to get ahead of next week’s inflation spike, start here.

On This Day In 2018…

Elon Musk shocked markets with a tweet stating he was “considering taking Tesla private at $420. Funding secured.” The message, posted in the middle of the trading day, caused Tesla’s stock to surge and triggered widespread speculation about whether the proposal was legitimate. The tweet caught investors, analysts and even Tesla’s board by surprise. It quickly became one of the most controversial and talked-about corporate social media posts in history, leading to months of scrutiny, a Securities and Exchange Commission investigation and ultimately, a settlement between Musk and the SEC.

QUOTE OF THE DAY

“Some people get rich studying artificial intelligence. Me, I make money studying natural stupidity.“

— Carl Icahn

Apple Increases U.S. Commitment to $600 Billion, Announces American Manufacturing Program

Apple’s latest headline-grabbing move — a $100 billion additional commitment to U.S. manufacturing for a total of $600 billion — may sound like a game-changer for American-made tech, but if you look at the details, it’s not what you think it is.

No, this isn’t about bringing iPhone production stateside. According to veteran tech analyst Gene Munster, the investment is more about boosting U.S.-based component manufacturing through long-time partners like Corning, Texas Instruments and Broadcom. The company will continue to assemble phones outside the U.S., so don’t expect to see a “made in the U.S.” iPhone anytime soon.

But what does this mean for prices going forward? Are iPhones about to get more expensive? Read on for all the insights.

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