Federal Reserve officials signaled another interest rate hike before year-end, though the timing remains uncertain. Minutes from the September meeting revealed no specific hints about when policymakers might act. Meanwhile, a New York Fed survey showed inflation expectations at their highest since 2023, with fewer households anticipating financial improvement. Another report suggested President Donald Trump’s tariffs prevented price drops on everyday goods, while Levi Strauss benefited from tariff refunds.
PepsiCo exceeded third-quarter forecasts, with net sales rising 5.6% as international markets drove growth. However, domestic struggles led the company to lower its full-year earnings forecast. CEO Ramon Laguarta is set to discuss the results in an exclusive CNBC interview. Elsewhere, crude oil prices surged over 4% after Trump ruled out a deal with Iran, raising concerns about escalating Middle East tensions.
Microsoft and Nvidia unveiled a new Surface Laptop Ultra priced at $2,599, featuring an Nvidia chip. The device, available for preorder, underscores Microsoft’s push for AI capabilities in consumer hardware. Meanwhile, tech executives including Satya Nadella and Elon Musk are expected to receive honors at a Trump-led summit celebrating scientific achievements.
Republican megadonors are outspending Democratic counterparts in the midterm elections, with 14 of the top 20 donors backing GOP candidates. Democratic donors, citing past election trauma, are funneling funds directly to candidates instead of the Democratic National Committee. Conservative super PACs have outspent their Democratic counterparts by nearly 2-to-1 since Labor Day.