Market Beats | October Jobs Report to Be Released Without Unemployment Rate; Michael Burry Deregisters Scion Asset Management With the SEC; Manhattan Rents Rise Ahead of Mamdani’s Election Victory; Disney Misses Sales Estimates; Gaw Capital-Led Fund Misses Deadline on $260 Million Loan; Heavy Selling Returns to Wall Street

—— October Jobs Report to Be Released Without Unemployment Rate; Michael Burry Deregisters Scion Asset Management With the SEC; Manhattan Rents Rise Ahead of Mamdani’s Election Victory; Disney Misses Sales Estimates; Gaw Capital-Led Fund Misses Deadline on $260 Million Loan; Heavy Selling Returns to Wall Street

1. October Jobs Report to Be Released Without Unemployment Rate

The October jobs report will be published without a reading of the unemployment rate, President Donald Trump’s top economic adviser said Thursday, following delays caused by the government shutdown.

“The household survey wasn’t conducted in October, so we’re going to get half the employment report,” National Economic Council Director Kevin Hassett said on Fox News. “We’ll get the jobs part, but we won’t get the unemployment rate, and that’ll just be for one month.”

Jobs data for October have been delayed amid the shutdown, which ended Wednesday after Trump signed legislation restoring funding for government agencies.

The monthly employment report is based on two separate surveys — one of businesses, which produces the headline payrolls number, and another of households, which determines the unemployment rate.

While most firms keep records and can submit their data electronically, it’s much harder to reach households retroactively and confirm their employment status for a specific week in October.

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2. Michael Burry Deregisters Scion Asset Management With the SEC

Michael Burry’s Scion Asset Management has terminated its registration status with the US Securities and Exchange Commission, according to a Nov. 10 filing.

Burry — best known for his successful bet against the US housing market in 2008 — shared a screenshot of the terminated registration on social media, saying he was “on to much better things Nov 25th.” His recent warnings about potential market bubbles, including posts referencing The Big Short, have been widely interpreted as skepticism toward the booming AI trade.

Scion recently disclosed bearish positions against Nvidia Corp. and Palantir Technologies Inc., two of the most prominent winners of the AI surge.

Under SEC rules, investment advisers managing more than $100 million in regulatory AUM must be registered. The deregistration suggests Burry may be shutting down his hedge fund or restricting it to internal capital only.

A March filing showed Scion had roughly $155 million in assets under management.

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3. Manhattan Rents Rise Ahead of Mamdani’s Election Victory

Manhattan rents ticked higher in the month before Zohran Mamdani won New York City’s mayoral election on an affordability platform.

The median rent on new leases reached $4,600 in October, up 7.1% from a year earlier and 1.1% from September — the third-highest level on record, according to Miller Samuel Inc. and Douglas Elliman. While New York’s rental market typically cools in the fall, active demand and a 3.4% drop in inventory kept prices elevated.

Two-thirds of New Yorkers are renters, and housing costs continue to climb. Mamdani campaigned on freezing rent increases for rent-stabilized apartments and supporting ballot measures to speed up housing development. However, Miller said such policies could push market-rate rents even higher.

Despite concerns that wealthy residents would flee following the victory of a democratic socialist mayor, leasing and home sales data show “there is no exodus coming out of New York.”

“You can’t have rising rent prices and leasing activity if there’s an exodus — it shows just the opposite,” Miller said. “Housing affordability is getting worse.”

Manhattan’s luxury rental market saw median rents jump 20% from a year ago to $11,995 in October, while inventory declined.

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4. Disney Misses Sales Estimates

Walt Disney Co. reported quarterly sales that fell short of Wall Street expectations and warned that a slate of big-budget films — including a new Avatar installment — will weigh on results for the first quarter of its new fiscal year.

Revenue for the fiscal fourth quarter came in at $22.5 billion, flat from a year earlier and below the $22.8 billion average analyst estimate. Adjusted earnings were $1.11 per share, topping projections of $1.07.

Shares fell as much as 9.3% in early New York trading, the biggest drop since April. Disney’s entertainment division faces early-fiscal-year pressure across streaming, film and TV. The company forecast $375 million in operating income from its streaming business for the first quarter — higher than last year but below what Wall Street expected.

Chief Financial Officer Hugh Johnston told Bloomberg TV this shortfall stems from increased investment in content and bundling strategies, including cross-selling Disney+ with services such as Warner Bros. Discovery’s HBO Max. He added that “recommendation engines and the like” require upfront spending, but the long-term payoff will be substantial.

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5. Gaw Capital-Led Fund Misses Deadline on $260 Million Loan

A fund led by private equity firm Gaw Capital Partners failed to repay a $260 million loan tied to a Shanghai office tower that came due this week, according to people familiar with the matter — another sign of rising default risks in China’s troubled real estate market.

The loan had two tranches: an onshore portion due Tuesday and an offshore tranche maturing Wednesday. Missing the repayment allows creditor banks to declare a default, though they may still negotiate an extension. The loan is backed by Ocean Towers, a 25-story office building near Shanghai’s Nanjing East Road shopping district. A Gaw-led consortium purchased the property for around 3 billion yuan ($421 million) in 2018. The fund had attempted to sell the tower to repay the debt but failed to secure a buyer before maturity.

China’s deepening property crisis — with falling rents and shrinking cashflows — has made refinancing increasingly difficult. In Shanghai, grade-A office rents fell 4.1% in the third quarter. Analysts expect excess commercial real estate supply to take years to absorb.

Gaw has been in talks with lenders for months seeking refinancing or an extension, but some banks want to reduce their China property exposure. The firm is also trying to refinance a separate $110 million-equivalent loan for a Shanghai life-science park project maturing Nov. 24.

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6. Heavy Selling Returns to Wall Street

Heavy selling resumed on Wall Street — ending a weeklong respite brought by the reopening of the US government — as hawkish remarks from Federal Reserve officials ahead of a wave of economic data pushed traders to dump risky assets from tech to crypto.

With optimism over the shutdown resolution already priced in, valuation concerns surfaced, triggering a selloff in high-flying tech giants. Beneath the surface, some observers pointed to a rotation into more defensive sectors. It was the third time in two weeks that the S&P 500 fell more than 1%, after doing so only once in the prior three months. Bitcoin plunged below $100,000 and is now down more than 20% since early October.

President Donald Trump signed legislation ending the longest shutdown in US history, but it may take time for federal agencies to fully restart. US chief economic adviser Kevin Hassett told Fox News that the October jobs report will skip the unemployment rate.
Traders currently assign roughly even odds to a Fed rate cut in December. Chair Jerome Powell said last month that a cut is “not a foregone conclusion,” stressing that the decision depends on incoming data.

With key reports missing due to the shutdown, some traders fear the data gap may bolster arguments for the Fed to hold steady.

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7. Trump Signs Bill Ending Longest US Government Shutdown

President Donald Trump signed legislation to end the longest government shutdown in US history, officially concluding a 43-day impasse that halted food aid to millions of households, canceled thousands of flights and forced federal workers to go unpaid for more than a month.

With Trump’s signature, the government can begin resuming normal operations, with federal employees expected back on the job starting Thursday. Still, it may take days or even weeks for agencies to fully restart and work through backlogs after being closed since Oct. 1. Transportation Secretary Sean Duffy said it could take up to a week to begin lifting flight restrictions at major airports.

The shutdown has weighed heavily on the US economy. The Congressional Budget Office projected last month that a six-week closure would shave 1.5 percentage points off real GDP growth this quarter. Just over half of that loss may be recovered early next year as federal programs restart and workers receive back pay.

The House voted 222–209 on Wednesday evening to approve interim funding through Jan. 30. Most Democrats opposed the bill because it excludes their central demand in the shutdown fight: renewing Affordable Care Act health-insurance subsidies set to expire at year-end.

Ultimately, the economic strain was enough to force a reopening.

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