Good morning NYC. Key highlights for 2026-10-15:
- US stocks slumped following hotter-than-expected inflation data (CPI rose 3.7% YoY), with odds of an October Fed rate hike spiking nearly 30 points and the AI sector experiencing a significant rout led by CoreWeave's 15% drop and bond prices falling below 80¢ into distress.
- Bank of America missed Q3 earnings estimates and was hit with a record 15.5T.
- Anthropic's Q3 revenue surged 50% to $16.8B and achieved profitability on an adjusted basis ahead of its expected IPO, while TSMC posted record profits and confirmed expansion talks with Elon Musk's Terafab despite the broader AI selloff.
- Apple will debut its AI features in China in December through an iOS 27.3 update using Alibaba technology, two years after the original US rollout, as the company seeks to regain footing in a struggling Chinese smartphone market.
- Middle-class consumers are showing signs of trading down amid economic anxiety, with the "Walmart Recession Signal" flashing as discount retailers, warehouse clubs, and auto parts stores outperform while fast-casual restaurants serving younger white-collar workers lag.