1. Trump Elected 47th President of the United States
2. Musk Becomes Biggest Beneficiary of Trump’s Victory
3. U.S. Mortgage Rates Approach 7%
4. Blackstone Acquires Mall Owner in $4 Billion Deal
5. Amazon Stock Hits Record High
6. Zillow’s Q3 Earnings Beat Estimates
7. Stellantis Cuts 1,000 Jobs at Ohio Factory
1. Trump Elected 47th President of the United States
On Tuesday night, 78-year-old Donald Trump was elected the 47th president of the United States. His campaign faced numerous challenges, including multiple lawsuits and surviving two assassination attempts.
Americans have expressed significant dissatisfaction with current policies on immigration, abortion, international affairs, and inflation, with many hoping Trump will bring change. In addition to his personal victory, Trump helped Republicans secure control of the Senate.
Speaking in Florida this morning, Trump stated he and his team achieved an unprecedented political comeback.
Next year, Republicans will have the advantage to rewrite tax policy and four years to reshape the U.S. judicial system.
Trump promised to focus on tackling illegal immigration, significantly cutting federal spending, and taking action against political opponents.
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2. Musk Becomes Biggest Beneficiary of Trump’s Victory
Tesla CEO Elon Musk was Trump’s most prominent billionaire supporter during this election, spending a combined total of $130 million supporting Trump and Republican House candidates.
Following his victory, Trump announced plans to offer Musk an official position responsible for reducing federal spending, which would grant Musk significant influence over policy-making and federal agencies.
Trump described Musk as an extraordinarily rare genius, stating the U.S. should protect individuals like him.
Tesla’s stock rose by up to 15% at market open today. Musk also revealed this morning that user engagement on his X social media platform surged.
Over recent months, Musk has publicly endorsed Trump on X and frequently participated in Trump’s campaign rallies.
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3. U.S. Mortgage Rates Approach 7%
The Mortgage Bankers Association (MBA) reported today that the average 30-year fixed-rate mortgage rose by 8 basis points to 6.81% for the week ending November 1, the highest level since July. Mortgage rates have climbed by 67 basis points over the past five weeks, marking the sharpest rise in two years.
The market anticipates Trump’s administration might increase tariffs and reduce corporate tax rates, potentially boosting economic growth and inflation but possibly delaying the Federal Reserve’s rate cuts.
If rate cuts fall short of expectations, U.S. treasury prices could decline, driving yields and mortgage rates higher.
The MBA refinancing index dropped for a sixth consecutive week, reaching its lowest level since May.
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4. Blackstone Acquires Mall Owner in $4 Billion Deal
Blackstone announced today it will acquire real estate investment trust Retail Opportunity Investments for $17.50 per share in an all-cash transaction, representing a 34% premium over the stock’s closing price before the announcement.
Retail Opportunity Investments’ stock has risen 18% year-to-date as of Tuesday. The company owns 93 shopping centers, primarily in the western United States. As of September 30, the properties had a 97% occupancy rate, with major tenants consisting largely of large supermarket chains.
Blackstone’s co-head of real estate noted that few new shopping centers have been developed over the past decade, signaling strong growth potential in this sector.
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5. Amazon Stock Hits Record High
Amazon shares reached a record high of $201.45 today, surpassing the previous peak set in July. Since its low in August, Amazon’s stock has risen by 25%. Year-to-date, shares are up 32%, outperforming the Nasdaq’s 23%.
Amazon recently delivered exceptional earnings, with its AWS cloud division positioned to benefit from long-term AI-driven growth. The company also provided stronger-than-expected holiday sales guidance.
Mike Bailey, director of research at FBB Capital Partners, stated Amazon is firing on all cylinders, experiencing rapid growth across its cloud computing, e-commerce, and advertising segments.
Amazon’s current P/E ratio stands at 29, above the Nasdaq average but significantly below its 10-year average of 53.
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6. Zillow’s Q3 Earnings Beat Estimates
In the third quarter, Zillow reported EBITDA of $127 million, beating analyst expectations of $108 million. The results highlight how Zillow’s strategy to diversify revenue sources has helped it navigate a challenging housing market.
Zillow’s core business involves selling marketing services to real estate agents, though the high-interest rate environment since 2022 has significantly impacted the market. The company generated $405 million from its residential business, $123 million from rentals, and $39 million from mortgages.
In August, Zillow appointed a new CEO, with co-founder Rich Barton replaced by long-time executive Jeremy Wacksman.
Zillow expects fourth-quarter EBITDA between $90 million and $105 million.
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7. Stellantis Cuts 1,000 Jobs at Ohio Factory
Stellantis, the parent company of brands including Jeep and Ram, announced it would lay off 1,100 workers at its Ohio Jeep plant due to inventory buildup and slowing sales.
The Ohio factory, primarily producing the Jeep Gladiator pickup, will reduce operations from two shifts to one. Affected workers will receive compensation amounting to approximately 74% of their regular income and will retain health benefits for an additional two years.
Stellantis stated the decision is aimed at adjusting production according to sales volume, emphasizing the importance of clearing excess inventory.
In the third quarter, Stellantis’s U.S. sales dropped to their lowest level since 2021, with five of its six major brands experiencing declines.
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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.