On The Rock
The market is in a rocky state with the S&P down 2.4% and the Nasdaq down 3.2%. Geopolitical tensions and rising treasury yields are causing concern. The 30-year yield crossed 5%, and the 10-year came close. On the bright side, September's retail sales exceeded expectations, and jobless claims were positive.
Top Tech
Spotify SPOT 0.00%↑ has unveiled an exclusive in-app Merch Hub, which offers personalized merchandise suggestions tailored to your music preferences. This feature provides a central location to explore and view artist merchandise. Within the hub, users can conveniently browse and click on merchandise items to access additional details.
Amazon AMZN 0.00%↑ is implementing two new automation technologies in its US warehouses. Sequoia, a new operational tech, streamlines processes by reducing the time it takes to identify and store received inventory, improving order processing times by up to 25%, and enhancing shipping predictability. Additionally, it allows Amazon to list items for sale more quickly. Meanwhile, Digit, a 5' 9" humanoid robot, will assist employees in consolidating totes that have been emptied of items. These advancements complement Amazon's existing workforce of over 750,000 robots that collaborate with human employees, streamlining operations and enhancing customer service.
Amazon now has 10,000 Rivian electric delivery vehicles in operation, part of their goal to have 100,000 electric delivery vans on the road by 2030.
Meta META 0.00%↑ extends its "broadcast channels" feature to Facebook and Messenger after introducing it on Instagram and WhatsApp. Creators and public figures can use this feature to engage with followers.
Meta introduces a feature allowing users to block Instagram from collecting their data across apps and websites, providing greater control over data privacy.
Consumer Staples
Retail sales exceed expectations, rising 0.7% on the month, with notable increases in various sectors, including online sales.
Walmart WMT 0.00%↑ is even encouraging small businesses to join its third-party marketplace and offers fulfillment services to sellers.
Target TGT 0.00%↑ is also expanding its Roundel retail media network.
Sports
NBA media rights discussions hint at fewer games on ESPN and TNT, while introducing a new streaming package remains a possibility, though details are unclear.
StubHub reports a 60% increase in ticket sales, with the Los Angeles Lakers as the most in-demand team.
Netflix NFLX 0.00%↑ plans a golf match, the Netflix Cup, featuring Formula 1 drivers and PGA Tour golfers.
