Summary: Stocks fell sharply this week, with the S&P 500 down −4.75%, the Nasdaq down −7.14%, and the Dow down −1.57%, as markets turned risk off after the midterm elections and concerns around AI regulation and buildout spending. Furthermore, economic data was solid. The ISM Manufacturing PMI rose to 55.5, with production at its highest since November 2021, while the ISM Services PMI fell to 54.5. September job openings rose to 7.52 million above market forecasts, ADP private payrolls rose +86,000, and initial jobless claims fell to 189,000, matching a 57 year low. Cleveland Fed President Beth Hammack said policy will need to move into restrictive territory, and Richmond Fed President Thomas Barkin called inflation “too high” and favored a gradual approach to hikes. Markets price a ~65% chance of a December hike. In corporate news, tech sold off broadly on Thursday, with hyperscalers falling alongside semis. Notable earnings this week include: 1) Apple (AAPL) fell −1.9% on weaker margin guidance tied to rising memory costs; 2) AMD (AMD) rose +1% after a record quarter; 3) AppLovin (APP) rose +31%; 4) Unity Software (U) rose roughly +15% on strong beats and raised guidance; 5) Arm (ARM) fell about −13% on a royalty miss; 6) Qualcomm (QCOM) fell about −10% on a weak earnings outlook. Gold and silver both rose +5.5% as the dollar and yields fell, while WTI crude dropped nearly −13% as the Democratic sweep eased fears of a prolonged conflict with Iran. The 10 year yield fell -11 bps to 4.83%, Bitcoin fell −1.3%, and the dollar slipped −0.3%.