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NEWS & MARKETS
The stories behind the numbers.
Six concise updates from the November 4 Morning Briefing on the economy, companies and global policy, freshly checked with direct sources.
Updated November 4, 2026 at 10:09 a.m. EST (15:09 UTC). Sources rechecked today at 10:02–10:04 a.m. EST. The election/markets story incorporates AP’s 9:47 a.m. update, with an explicitly dated 9:35 a.m. market snapshot. Company forecasts remain forecasts. Market readings above are separate provider feeds and may be delayed or market-closed.
From the Arants archive: earnings calls, cash-flow NPV and Graham valuation.
GLOBAL MACROECONOMICS
Original Arants conceptual illustration. Not a photograph or data chart.
Job openings hold near 7.5 million
September U.S. job openings totaled 7.5 million, while hires were 5.4 million and separations 5.3 million, BLS reported on November 3. All three measures were little changed. Quits increased to 3.4 million; layoffs and discharges were little changed at 1.6 million. These measures describe labor-market turnover, not monthly payroll job growth.
Bureau of Labor Statistics · September data, released November 3
GLOBAL MACROECONOMICS
Original Arants conceptual illustration. Not a photograph or data chart.
Factory orders rise in dollar terms
September manufacturing orders increased 1.8% to $677.2 billion, and shipments rose 1.3% to $668.5 billion, Census reported on November 3. Transportation equipment led the increase in durable-goods orders. The seasonally adjusted figures are not inflation-adjusted, so higher dollar values do not establish equivalent volume growth. New and unfilled orders exclude semiconductor manufacturing.
U.S. Census Bureau · September report, released November 3
MARKETS & CORPORATE NEWS
Original Arants conceptual illustration. Not a photograph or data chart.
AMD growth comes with a cash-flow caution
AMD reported third-quarter revenue of $13.377 billion, up 45% from a year earlier, and GAAP net income of $2.428 billion, up 95%. Data-center revenue rose 97%, while gaming revenue fell 40%. Non-GAAP free cash flow declined to $554 million from $1.530 billion. Management’s $17 billion fourth-quarter revenue outlook, plus or minus 3%, remains a forecast, not an achieved result.
AMD · Third-quarter results, November 3; quarter ended September 26
MARKETS & CORPORATE NEWS
Original Arants conceptual illustration. Not a photograph or data chart.
Aramco reports stronger cash generation
Aramco reported third-quarter adjusted net income of $31.2 billion, compared with $28.6 billion a year earlier, and free cash flow of $28.2 billion versus $23.6 billion. Both are non-IFRS measures; the prior-year adjusted-profit comparator was amended. The company declared a $21.9 billion base dividend payable in the fourth quarter and attributed stronger downstream earnings partly to refining margins.
Aramco · Third-quarter results, November 3
GEOPOLITICS & POLICY
Original Arants conceptual illustration. Not a photograph or data chart.
Election reshapes Congress as stocks rally
AP’s updated November 4 report says Democrats are set to control both the House and Senate. At 9:35 a.m. Eastern, the S&P 500 was up 1.2%, the Dow 2.3% and the Nasdaq Composite 1.1%. Those are early-session observations, not closing results or live quotes. Divided government changes the political balance but does not itself enact tax or regulatory policy; Trump retains executive authority.
Associated Press · Updated November 4, 9:47 a.m. EST; market snapshot 9:35 a.m.
GEOPOLITICS & POLICY
Original Arants conceptual illustration. Not a photograph or data chart.
Trump proposes ending annual Israel aid
Trump said on November 3 that the U.S. would stop roughly $4 billion in annual aid to Israel in 2027 while continuing arms sales, AP reported. This is an announced intention, not a completed legislative change. Congress has a major role, and the current assistance agreement runs to 2028. AP describes uncertainty over whether a wind-down could begin as early as 2027.
Associated Press · Updated November 3, 2:51 p.m. EST
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