Summary: Equities were mixed this week, with the Dow up +1.32% while the S&P 500 (−1.04%) and Nasdaq (−2.64%) fell as AI spending concerns resurfaced. Economic data was light. Import prices rose +1.1% in September on higher fuel costs, and export prices rose +2.2%, led by petroleum, natural gas, and chemicals. Housing was soft, with housing starts (−5.2%) and pending home sales (−7.3%) both falling, while initial jobless claims dropped to a three month low of 194,000. Fed Chair Kevin Warsh said the economy has largely performed as expected since September’s hike, offering no guidance before the Fed entered its blackout period. Markets expect a hold in October but price in a 78% chance of a December hike. In earnings, SpaceX (SPCX) finished about +8% higher after revenue jumped +161%, and Elon Musk said SpaceX and Tesla (TSLA) have formed special committees to discuss a merger. Netflix (NFLX) finished about −5% on soft guidance. Meta Platforms (META) finished −7% as a higher capex outlook overshadowed a beat, Tesla finished −3% after cutting its capex plan, and Lam Research (LRCX) finished about −12% on an in line outlook and falling China revenue. Commodities finished mostly lower, with gold (−3.4%) and silver (−4.2%) declining and WTI crude (−2.2%) slipping despite reports of potential renewed strikes on Iran. The 10 year yield fell -10 bps to 4.96%, and Bitcoin (−0.6%) and the dollar (−0.19%) fell lower.