DIMON: ‘SEMI-RATIONAL’ TO HOLD GOLD Jamie Dimon said it makes “some sense” to own gold in today’s market, though he won’t say if it’s overpriced. Speaking at Fortune’s Most Powerful Women conference, the JPMorgan Chase CEO noted gold could rise to $5,000–$10,000, calling it one

Biggest increase in unemployment over past two years is in occupations with highest and lowest exposure to AI, suggesting AI itself is not a significant driver of job loss per ⁦Ernie Tedeschi⁩ (@Opinion)

BANK OF AMERICA: “GOLD $5,000, SILVER $65 — STAGFLATION RISK” BofA raised its precious metals price targets, now forecasting gold at $5,000/oz and silver at $65/oz, citing stagflation as the main concern. ETF gold purchases surged 880% YoY in September to a record $14B, and

Fed’s Waller says another rate cut is the right thing to do and that you can’t have a strong economy with zero job growth Bloomberg

Every single member in the Utilities sector is above its 50- and 200-day moving average

🚨 HOW LONG DO YOU THINK THE GOVERNMENT SHUTDOWN WILL LAST? Kalshi is now predicting almost 40 days! See what the crowd is predicting in real time 👇 kalshi.com/markets/kxgovs…

REGIONAL BANKS HIT BY BAD LOANS. Shares of Zions Bancorporation ( $ZION) fell up to 6.4% after a $50M charge-off tied to a loan from California Bank & Trust. Western Alliance Bancorporation ( $WAL) dropped 11% over a collateral issue with a borrower and exposure to the collapse

🚨 U.S. AND INDIA HAVE HAD PRODUCTIVE DISCUSSIONS THAT HAVE LED INDIA TO ALREADY CUT RUSSIA OIL IMPORTS BY 50% - WHITE HOUSE OFFICIAL

Worst day for the KBW Regional Banking Index vs. the S&P 500 since March 2023

Some auto tariff relief coming Bloomberg

BITCOIN SLIDES TO FOUR-MONTH LOW AS INVESTORS SEEK SAFE HAVENS Bitcoin drops over 3% to $103,659, according to LSEG. Analyst Derren Nathan says miner selling and ETF liquidations are fueling the decline. Concerns over U.S. credit, bank loan losses, U.S.–China trade tensions, and

UBS TURNS BULLISH ON GLOBAL EQUITIES UBS upgraded its global equity outlook to Attractive, citing stronger growth, easing tariffs, and AI-driven investment. The bank raised its 2025 earnings forecast to 8% and expects support from Fed cuts and fiscal stimulus. UBS upgraded

TRUMP ON CHINA: MEETING WITH XI IN TWO WEEKS

🚨 TRUMP: 100 PERCENT TARIFF IS NOT SUSTAINABLE

U.S. equity index futures turning higher this morning after Trump says tariffs on Chinese goods are “not sustainable.”

🚨 WTO CHIEF: ANY U.S.-CHINA DECOUPLING WOULD LEAD TO FRAGMENTATION OF TRADE; COULD REDUCE GLOBAL GDP BY UP TO 7% ON LONGER-TERM BASIS

AFGHANISTAN-PAKISTAN EXTEND 48-HOUR CEASEFIRE BY MUTUAL CONSENT UNTIL DELEGATION-LEVEL TALKS IN DOHA - FOUR SOURCES

GOLD ERODES DOLLAR’S RESERVE DOMINANCE Gold now accounts for about 30% of global central bank reserves, up from 24% in June, boosted by price gains and diversification away from the dollar. U.S. dollar reserves have slipped to 43% from 60% in the early 2000s, pressured by policy

*TRUMP REJECTS ZELENSKIY ON TOMAHAWK MISSILES FOR NOW: AXIOS

*US TO EXTEND USMCA TARIFF CARVEOUT TO MEDIUM, HEAVY TRUCK LEVY *US TO IMPOSE 10% TARIFF ON IMPORTED BUSES STARTING NOV. 1