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November 03, 2025 View Online | Sign Up | Shop
Morning Brew
Presented By
Mizzen+Main
Good morning. As that dry frigid air sets in, a reminder to set up your ChapStick infrastructure before it’s too late: one at your desk, one by your bed, one in your backpack, one in your car, and one in your puffer coat pocket for the day you inevitably lose all of them. (Though Holly recommends Blistex Five Star, because it’s “totally superior.”)
—Holly Van Leuven, Brendan Cosgrove, Neal Freyman
MARKETS: YEAR-TO-DATE
Nasdaq
23,724.96
+22.86%
S&P
6,840.20
+16.30%
Dow
47,562.87
+11.80%
10-Year
4.101%
-47.2 bps
Bitcoin
$107,917.38
+15.51%
Philip Morris
$144.33
+23.04%
Data is provided by
*Stock data as of market close, cryptocurrency data as of 12:00am ET. Here's what these numbers mean.
Markets: October Effect? Don’t know her. On Friday, major indexes not only had winning days and winning weeks, but they also closed out positive months. For the S&P 500 and the Dow, October was their sixth winning month in a row. And for the Nasdaq, it was the seventh. Time will tell if November lives up to its reputation for being a strong month for stocks...
Stock spotlight: How can smartphone usage be this generation’s “smoking cigarettes” when popping Zyn pouches is this generation’s smoking cigarettes? Amateur sociologists may want to reconsider their metaphors in light of the kind of year Philip Morris is having. The company reported Q3 earnings that surpassed analysts’ expectations thanks to growth in its smoke-free product lines. PM has also benefited from a favorable regulatory environment in the US this year, according to Reuters.
Markets Sponsored by Outskill
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FINANCE
Signs of K-shaped economy popping up everywhere
a tipped-over shopping cart
Artur Widak/NurPhoto via Getty Images
Recent earnings reports and consumer data show a bifurcation in the US that experts call a “K-shaped” economy. It means wealthy consumers do well and spend freely while lower- and middle-income people struggle and scrimp.
In the US’ current market realities, that looks like:
The affluent doing very well along with the booming stock market and the appreciation of their homes in the inventory-crunched real estate market.
Nearly everyone else faltering due to a shaky job market, high interest rates, and/or inflation.
Some of the sectors flashing “K”
Auto: In September, the cost of a new vehicle passed the $50,000 mark for the first time, according to Cox Automotive’s Kelley Blue Book. And repossession volume passing through Manheim, the auction group owned by Cox, was up 12% through the end of September on an annualized basis, according to the Wall Street Journal’s deep-dive into the rise of auto repos.
Airlines: Delta Air Lines CEO Ed Bastian said that sales of premium seats would exceed those of coach seats for at least one or two quarters in 2026.
Food & bev: Coca-Cola CEO James Quincey told CNBC that sales of its premium brands, like Smartwater, Topo Chico, and Fairlife, are juicing the company’s sales, while Coke demand is up at dollar stores, as well as at amusement parks frequented by higher spenders.
Consumer goods: Apple grew by double digits last quarter, thanks to strong sales of the $799 iPhone 17. And while economist Leo Feler told Marketplace that “everyone has kept buying health and personal care items,” how and when they buy them has changed. Wealthier shoppers are making hauls at Costco, while budget-constrained shoppers use up everything at home before going shopping.
Zoom out: Economic trends suggest that the gap will widen rather than narrow. Economist Betsey Stevenson of the University of Michigan told Marketplace, “The real risk to a K-shaped economy is social and political instability.”—HVL
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