Daily Briefing · 2026-11-08

Stock correlation levels hit record lows, a pattern that has historically preceded broader market reversions. Corporate earnings beats narrowed to a four-year low, with profit margins only slightly topping Wall Street estimates, a sign of weakening earnings quality. On the economic front, US employers added 165,000 jobs in October, beating forecasts and pushing unemployment down to 4.1 percent. Anthropic signed a $3.4 billion gas-fired power agreement to supply its data centers amid surging AI electricity demand. Apple shifted $2.7 billion in profits to Singapore, which has now overtaken Ireland as the company's primary tax jurisdiction. Tesla will discontinue production of the Cybertruck, citing insufficient demand. Democrats opened investigations and impeachment proceedings targeting Trump administration officials, including Pete Hegseth, along with scrutiny of Elon Musk's role in Venezuelan oil dealings. The cryptocurrency industry is facing potential regulatory scrutiny tied to those same investigations into Trump family business ties. Within the Republican Party, infighting over corruption allegations against administration officials is raising concerns about donor confidence following midterm losses. Most newly elected Democrats from the midterm wave are moderates rather than progressives, a mix that could ease fears of fiscal volatility in Congress. In Europe, regulators are pushing new frameworks and investment initiatives to reduce reliance on foreign tech providers, though the financial impact remains limited without stronger enforcement. BC Partners is weighing a purchase of LIV Golf's bankruptcy debt from Saudi Arabia's Public Investment Fund, with recovery prospects tied to reviving the struggling league. Funeral homes are diversifying into weddings and golf outings as traditional burial services decline.