CNBC Business News Update - Market Close: Stocks Mixed, Palantir With Strong Quarterly Results, Amazon Hits Record High On OpenAI Deal 11/3/25

Episode Date: November 3, 2025

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I'm Jessica Eddinger, CNBC, Wall Street, with a mixed start to November trading after winning October is in the books for stocks. On Monday, the Dow was down 226 points, just about a half a percent. Merck shares leading it lower, down 4%. The S&P 500 index up 11 points. The NASDAQ was up 109 points, just about a half a percent. Companies who shares at fresh all-time highs on Monday include. Amazon, Wells Fargo, CrowdStrike, Micron, and Palantir. Palantir shares popped in after-hours trading Monday, and for the year it's up 170 percent, it reported better than expected. Quarterly results after the closing bell.

Palantir is the best software company, and it's not even close. They are doing things that other companies have not been able to figure out how to do. They are helping companies with disparate data in a lot of different places, bring that data together so those companies can build AI applications. That's DA Davidson's Gil Luria on CNBC. OpenAI signed a $38 billion compute deal with Amazon, partnering with the parent of the cloud leader Amazon Web Services for the very first time. Nvidia shares were popping on Monday on U.S. approval of AI chip sales to the United Arab Emirates.

It's a Microsoft deal. One economist, though, has a word. of caution for investors. It all feels good when you look at these stock prices, but there's a lot underneath it that makes me just very anxious. The job market is flat on its back, right? You can argue we have a jobs recession already. If we're creating any jobs, we're not creating very many of them.

And that's even before AI really kicks into gear and causes job loss. And that feels like it's just starting to happen to some degree. And I wouldn't be nearly as worried about it if we were creating 100,000 jobs a month or 125,000 jobs a month, but we're not. And so if you start losing jobs, jobs because of AI and we start getting negative numbers. That's another reason to be nervous about

what's going on here. Moody's economist Mark Zandi on CNBC. Ford reported its vehicle sales for October. Overall Ford sales up 1.6% internal combustion engine vehicles. Those sales were up 3.4% compared with October of last year. Here's the big falloff, EV sales, down 24%. That is not a surprise. That will not move markets. There will be nobody who says, oh, my goodness, sales were down 24%. That was expected. Hybrid sales down 4%. Bottom line is this, guys, none of the sales numbers that we're going to hear from any of the automakers who are reporting for the month of October, none of them are going to be good. You strip away a $7,500 incentive. You are going to see a drop in demand. Again, Ford, overall, up 1.6% for the month of October. CNBC's Phil LeBoe. Kimberly Clark,

buying Tylenol maker can view for about $40 billion. Nearly two dozen U.S. states suing the Trump administration over the new rule that limits student loan forgiveness for public servants, like teachers, nurses, police officers, and firefighters, saying the White House went back on the bargain that was signed into law nearly 20 years ago by President George W. Bush. The Trump tariffs now higher on goods coming into the U.S. from India and not China. Americans importing from India now pay a 50% tariff. Americans importing from China pay 47%. On Tuesday's watch list, earnings are coming from Pfizer, Uber, Amgen, and AMD. Jessica Eddinger, CNBC.

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