The US Federal Reserve delivered a second consecutive cut today, lowering its benchmark range to 3.75%-4%. The markets were in consensus, near-unanimously projecting the move. But the central bank itself was not.

Two committee members dissented — one hoping for a bigger cut, and one pushing for none at all. With Chairman Jerome Powell subsequently casting doubt on a December cut, the next Fed forecast could be cloudier than a November day.

Plus, hurricane-strength headwinds are gathering for global trade. Scroll down for more.

— Brooks & Cas

Mark Spitznagel, who made $1B in a single day during the 2015 flash crash, warns markets are mimicking 1929. Yeah, just another oracle spouting gloom and doom, right?

Vanguard and Goldman Sachs forecast just 5% and 3% annual S&P returns respectively for the next decade (2024-2034).

Bonds? Not much better.

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Caterpillar $CAT ( ▲ 0.13% ) posted a strong beat and saw its biggest one-day gain since 2009.

Avantor $AVTR ( ▼ 5.05% ) cut its full-year organic revenue outlook despite meeting earnings expectations.

Seagate $STX ( ▲ 0.86% ) beat estimates for both earnings and revenue.

Enphase Energy $ENPH ( ▼ 3.5% ) issued weak revenue guidance, citing tariff-related margin pressure.

Teradyne $TER ( ▲ 1.43% ) climbed on a Q3 earnings beat and upbeat outlook.

To monitor hot stocks in real time, check out The Street Feed.

📈 Upgrades

📉 Downgrades

This is just a fraction of the calls we feature all day on The Street Feed. Street Sheet Research Subscribers can see why the analysts upgraded or downgraded the stocks above and updated price targets. Get immediate access today.

Star hedge fund managers gathered at the Sohn San Francisco Investment Conference this week, revealing fresh ideas aimed at finding value beyond Big Tech.

Among the favorites: Magnite $MGNI ( ▼ 5.02% ), a connected-TV advertising platform, and Blend Labs $BLND ( ▼ 4.43% ), a beaten-down digital mortgage software firm.

Maestria Partners’ James Edwards called Magnite “the largest independent platform helping companies like Netflix $NFLX ( ▼ 0.7% ) and Disney $DIS ( ▲ 1.84% ) monetize their advertising.”

The Los Angeles-based company, born from the 2020 merger of Rubicon Project and Telaria, has become a key player in the streaming ad ecosystem.

Edwards noted that connected TV — ads streamed directly through smart TVs — now makes up 44% of Magnite’s revenue. He expects shares could deliver 30% to 40% returns as advertisers continue shifting budgets to digital and programmatic channels.

Meanwhile, Floating Capital’s Gaurav Gupta pitched Blend Labs as a contrarian recovery play.

The company digitizes roughly one in six US mortgages, but has seen its shares plunge more than 80% since its 2021 IPO, amid collapsing refinancing volumes.

Gupta believes that mortgage demand will rebound as rates ease, setting up Blend for a sharp turnaround. The firm’s new AI tools, designed to accelerate mortgage processing, could drive the next leg of growth.

The analyst projects Blend’s stock could climb to $8.50 by 2027 — more than double its current level.

The two picks share a common theme: AI-driven efficiency.

Whether optimizing ad placement or automating home loans, both firms are chasing profitability through smarter data use.

If the macro backdrop cooperates, these under-the-radar names could turn into hedge funds’ next success stories.

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YF: Nvidia $NVDA ( ▼ 1.88% ) became the first company with a market cap above $5T.

CNBC: The CBO estimated the federal shutdown could cost up to $14B in lost GDP if it lasts eight weeks.

Engadget: General Motors $GM ( ▼ 0.07% ) will lay off 3,300 workers, citing government actions.

CNN: Paramount $PSKY ( ▼ 2.65% ) will cut about 10% of its workforce, or roughly 2,000 jobs, in a move to streamline operations and cut costs.

AP: Microsoft $MSFT ( ▼ 3.23% ) deployed a fix for an Azure outage caused that disrupted access to Office 365, Minecraft, and other major services.

Hurricane-strength headwinds are gathering for global trade:

This tide is rising too fast to lift all boats. It could potentially leave some of the biggest capsized. But the operators with nimble, flexible fleets may be able to weather this gathering storm — and emerge with the wind at their backs.

In our November report, we’ve identified one small-cap stock with the potential to pick up rerouted cargo flows, exploit secondary terminals, and, perhaps, capture premium returns in volatile conditions.

There’s still time to ride this rogue wave before it breaks. But maybe not for much longer. Our newest monthly Street Sheet Research report drops Saturday, Nov. 1.

Doing it for the love — and the liquidity.

A “non-profit” startup, a $500B valuation, and now a possible 2027 listing.

Capitalism, but make it altruistic.

Are you bullish or bearish on Progressive $PGR ( ▼ 0.38% ) over the next 12 months?

▇▇▇▇▇▇ 🐂 Bullish

▇▇▇▇▇▇ 🐻 Bearish