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Hey friend - here’s what you need to know today…
Big Picture
Big businesses are still doing pretty well.
American workers with disabilities are getting more jobs.
The next government shutdown deadline is approaching.
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The Market: ⬆️ +0.1%
S&P 500: 4,382.78
1Mo: +1% | 1Yr: +17% | 5Yr: +58%
The market continued the longest positive streak in over a year as investors waded through decent corporate financial updates.
America’s biggest companies are still doing well. After nearly 90% of the third-quarter financial reports, sales are clearly slowing, but this year's layoffs and cost cuts have boosted profits. Almost 90% of companies have reported higher profits than investors expected.
American workers with disabilities are finally getting a fair shot, thanks to remote work. According to the Labor Department, nearly 2 million adults with disabilities have joined the labor force since the start of the pandemic, marking the highest percentage participation on record. The rise in remote has allowed many people with disabilities to find accommodating employment.
The government faces another shutdown deadline next week. Congress continues to debate over a government spending package. If they don’t figure it out by November 17th, the government will have to limit safety-net programs and childcare support, delay paychecks for hundreds of thousands of federal workers, furlough tens of thousands of workers, and interrupt disaster relief funding, among other things. To avoid this, lawmakers will consider passing a Continuing Resolution to keep federal agencies open by extending last year’s spending guidelines for a little longer.
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Company Scoops 🗣️🌎💰
💡Practice having an opinion. Build your voice. It accelerates your comprehension and comfort with these topics.
 Alphabet | Worker Backlash Google must now negotiate better working conditions for writers and design contractors who helped train its AI chatbot, Bard. Workers unionized after Google allegedly fired half their group in retaliation for protesting harsh conditions. |
 Warner Bros Discovery | TV is Dying Warner Bros. Discovery suffered a steep decline in advertising revenue, heavily dependent on legacy TV, as more customers switched to streaming. The media giant's Max streaming service made a profit, but the ongoing strike will disrupt content. |
 Disney | Content Challenges High theme park traffic helped Disney boost profits last quarter despite less advertising on its TV network, weaker movie releases, and delays from an ongoing worker strike. Disney+ added 7M more subscribers but is still losing money. |
 Eli Lilly | Obesity Billions Eli Lilly's blockbuster diabetes drug that helped with weight loss has been approved for sale as an obesity treatment shown to suppress appetite and reduce weight by 15-23%. The drug is already in high demand and will cost $1K per month. |
 Walgreens | Joining Together Retail pharmacy workers from across the country are taking steps to launch a union in the US for the first time. Pharmacy staff from Walgreens and CVS staged walkouts nationwide last week seeking improved working conditions. |
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Inside Scoop 🤓
Why does the government seem to often be at risk of shutting down?
A US government shutdown occurs when Congress can't agree on a budget for the upcoming fiscal year. It's a political standoff, often due to disagreements on where money should be spent, causing disruptions until a compromise is reached. When this happens, many federal agencies and services stop operating due to lack of funding. Essential services, like the military and air traffic control, keep running, but others, like national parks, might close. Government support services likely stay operating but may experience delays or disruptions. The longest shutdown was for 34 days in 2018.
When the US government shuts down, federal employees are placed on unpaid leave (furloughed), but they receive back pay for the time they were furloughed once the government reopens. Federal contractors, though, do not automatically receive pay. Their pay depends on the terms of their contracts, and they may not recoup lost wages even after the government reopens.
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