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   Earnings season is in full swing and this week is one of the biggest, with five of the Magnificent 7 reporting over the next two days.
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                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   Hey Snackers,
                  </span>
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                  <p style="margin:0;margin-bottom:16px">
                   The star of “The Bear” and
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     decent feedback
                    </strong>
                   </a>
                   from audiences and critics couldn’t propel “Springsteen: Deliver Me From Nowhere” to box-office glory days — the movie garnered
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     a
                    </strong>
                    <strong>
                     disappointing
                    </strong>
                   </a>
                   $9 million over its opening weekend. Alas, it seems the film is born to run a short time in theaters, as moviegoers may have had their
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     fill of musical biopics
                    </strong>
                   </a>
                   , which seem to have
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     peaked in the 2010s
                    </strong>
                   </a>
                   .
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   US stocks kicked off the week on a positive note, after top officials from the US and China signaled that
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     positive discussions over the weekend
                    </strong>
                   </a>
                   had cleared the runway for the world’s two largest economies to reach a deal.
                  </p>
                  <p style="margin:0">
                   The S&amp;P 500 rose 1.2%, the Nasdaq 100 outperformed with a 1.8% advance, and the Russell 2000 gained 0.3%, with
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     all three setting record closing highs
                    </strong>
                   </a>
                   . Tech, consumer discretionary, and communications services (home to the Magnificent 7 stocks) were the three S&amp;P sector ETFs to rise at least 1% on the day.
                  </p>
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                     UNCAPPED
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                  <a style="text-decoration: underline; color: #5869ff;">
                   <strong>
                    Meta is expected to spend a bigger share of its revenue on capex than ever before
                   </strong>
                  </a>
                 </h1>
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                  <p style="margin:0;margin-bottom:16px">
                   Earnings season is in full swing and this week is one of the biggest, with five of the Magnificent 7 —
                   <strong>
                    Amazon
                   </strong>
                   ,
                   <strong>
                    Apple
                   </strong>
                   ,
                   <strong>
                    Alphabet
                   </strong>
                   ,
                   <strong>
                    Microsoft
                   </strong>
                   , and
                   <strong>
                    Meta
                   </strong>
                   — reporting over the next two days.
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   One area investors will be laser-focused on is AI, particularly regarding the amount of capital expenditure, or capex, each will be laying out on property and equipment like
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     massive data centers
                    </strong>
                   </a>
                   for the rest of the year and beyond.
                  </p>
                  <p style="margin:0">
                   Meta, which reports after the bell tomorrow, has been pouring
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     billions into data centers
                    </strong>
                   </a>
                   to power its AI ambitions — and traders, for now, are going along.
                  </p>
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                </td>
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                  <ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Analysts surveyed by FactSet expect Meta’s third-quarter revenue to jump 22% year over year to
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      $49.5 billion
                     </strong>
                    </a>
                    . Meanwhile, its spending on property and equipment is projected to surge 123% to
                    <strong>
                     $18.4 billion
                    </strong>
                    , surpassing its anticipated net income of
                    <strong>
                     $17.1 billion
                    </strong>
                    .
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    That would push Meta’s capital expenditure to roughly
                    <strong>
                     37%
                    </strong>
                    of revenue, up from about
                    <strong>
                     20%
                    </strong>
                    a year earlier — its highest capex-to-sales ratio on record,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      as we’ve charted
                     </strong>
                    </a>
                    .
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    The spending spree shows no sign of slowing: Wall Street predicts capex will approach $97 billion in 2026, while Meta has outlined plans to invest
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      $600 billion in US data centers and infrastructure
                     </strong>
                    </a>
                    through 2028.
                   </li>
                  </ul>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-5" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:10px">
                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0">
                   CEO Mark Zuckerberg recently
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     told
                    </strong>
                   </a>
                   the “Access” podcast that “misspending a couple of hundred billion dollars,” while “very unfortunate,” would still be worth it to achieve superintelligence. “The risk, at least for a company like Meta, is probably in not being aggressive enough rather than being somewhat too aggressive,” he said.
                  </p>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-5" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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                <td class="pad" style="padding-bottom:8px;padding-top:24px;text-align:center;width:100%">
                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:23px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:28px">
                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   THE TAKEAWAY
                  </span>
                 </h1>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
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                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0">
                   While investors will press Meta on how and when these AI investments will pay off,
                   <strong>
                    JPMorgan
                   </strong>
                   analysts who cover Amazon and Meta are optimistic on both hyperscalers’ upcoming results. They recommend traders position for strength —
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     but not too much strength
                    </strong>
                   </a>
                   <strong>
                   </strong>
                   — from both stocks as investors react to the quarterly figures.
                  </p>
                 </div>
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               </tr>
              </table>
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                  <a style="color:#ffffff;text-decoration:none;" target="_blank">
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          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
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              <table border="0" cellpadding="0" cellspacing="0" class="button_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="text-align:left">
                 <div align="left" class="alignment">
                  <!--[if mso]>
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<![endif]-->
                  <span class="button" style="background-color: #5869ff; mso-shading: transparent; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-radius: 7px; border-right: 2px solid #000000; border-top: 2px solid #000000; color: #ffffff; display: inline-block; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; font-weight: 400; mso-border-alt: none; padding-bottom: 2px; padding-top: 2px; padding-left: 11px; padding-right: 11px; text-align: center; width: auto; word-break: keep-all; letter-spacing: normal;">
                   <span style="word-break: break-word; line-height: 16.8px;">
                    <strong>
                     BEAN COUNTERS
                    </strong>
                   </span>
                  </span>
                  <!--[if mso]></center></v:textbox></v:roundrect><![endif]-->
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                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:10px;padding-top:10px;text-align:center;width:100%">
                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:26px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:31px">
                  <a style="text-decoration: underline; color: #5869ff;">
                   <strong>
                    China could finally return to buying US soybeans, America’s biggest agricultural export
                   </strong>
                  </a>
                 </h1>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-3" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:10px">
                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0;margin-bottom:16px">
                   Last year, China
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     bought
                    </strong>
                   </a>
                   more than
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     $12 billion
                    </strong>
                   </a>
                   worth of American soybeans. Since the summer, however,
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     not a single bean has been shipped
                    </strong>
                   </a>
                   , one of many commodities that fell victim to the simmering trade tensions.
                  </p>
                  <p style="margin:0">
                   With a trade truce seemingly in reach, China might be about to start buying American beans again. Soybean futures rose 2% to a five-month high in Chicago on Monday morning, after Treasury Secretary Scott Bessent said China
                   <strong>
                    “
                   </strong>
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     will be making substantial purchases
                    </strong>
                   </a>
                   <strong>
                    ”
                   </strong>
                   as the two countries close in on a trade deal.
                  </p>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="list_block block-4" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word;color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:15px;padding-left:10px;padding-right:10px;padding-top:10px">
                 <div style="margin-left:-20px">
                  <ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    For American farmers, it’s a much-needed jolt of optimism, as soybeans are the country’s
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      biggest agricultural export
                     </strong>
                    </a>
                    — worth
                    <strong>
                     $24.5 billion
                    </strong>
                    last year.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    China typically buys more than half of that total, so its absence this season
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      has left
                     </strong>
                    </a>
                    US silos full and profits thin.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Earlier this month, Washington
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      outlined
                     </strong>
                    </a>
                    a bailout plan to help offset losses, but payments have been delayed by the government shutdown, leaving growers in limbo in the middle of harvest season.
                   </li>
                  </ul>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-7" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
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             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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                <td class="pad" style="padding-bottom:8px;padding-top:24px;text-align:center;width:100%">
                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:23px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:28px">
                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   THE TAKEAWAY
                  </span>
                 </h1>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:10px">
                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0;margin-bottom:16px">
                   If this soybean standoff feels familiar, it’s because we’ve been here before. Back in 2018, the US-China trade flare-up
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     cut
                    </strong>
                   </a>
                   American soybean exports to China by 75% in a single year,
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     prompting
                    </strong>
                   </a>
                   the government to roll out roughly $12 billion in emergency farm aid.
                  </p>
                  <p style="margin:0">
                   Meanwhile, China has already
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     stocked up
                    </strong>
                   </a>
                   soybeans from Brazil and Argentina and is ramping up domestic production. Still, Bessent, himself a
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     soybean farmer
                    </strong>
                   </a>
                   , said growers will be “extremely happy” with the upcoming deal “for this year and for the coming years.”
                  </p>
                 </div>
                </td>
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                   <span style="word-break: break-word; line-height: 16.8px;">
                    <strong>
                     THE BEST THING WE READ TODAY
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                    Apple is planning to put advertising in its Maps app
                   </strong>
                  </a>
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                    Apple
                   </strong>
                   is well known for its
                   <a style="text-decoration: underline; color: #5869ff;">
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                     iconic ads
                    </strong>
                   </a>
                   . Now, the same thing that attracted many to the company in the first place could be what deters them from its products.
                  </p>
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                     Estimated time of arrival
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                   Snacks Shots
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                   <li aria-level="1" style="Margin:0 0 8px 0">
                    🏛️
                    <strong>
                     Louvre Heist:
                    </strong>
                    Traders think there’s a 64% chance that a thief involved in the Louvre heist will be charged before November,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      with the market pricing an 89% chance
                     </strong>
                    </a>
                    of at least one charge before December.
                   </li>
                   <li style="Margin:0 0 8px 0">
                    <strong>
                     📊 Fed Cut:
                    </strong>
                    Needless to say, it would be a shocker if the October Fed decision is anything
                    <em>
                     but
                    </em>
                    a 25-basis point cut, with traders on Robinhood’s* prediction market aligned and giving a 97% chance of that being how things go down later this week.
                   </li>
                   <li style="Margin:0 0 8px 0">
                    🗽
                    <strong>
                     NYC Mayoral:
                    </strong>
                    As early voting starts, Robinhood’s market price for a Zohran Mamdani
                    <strong>
                    </strong>
                    win translates to a 92% chance of victory for the assemblyman, with rivals Andrew Cuomo ($0.08) and Curtis Sliwa ($0.02) trading for pennies on the dollar.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <strong>
                     ✨ TikTok:
                    </strong>
                    With just days to go,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      traders on Polymarket
                     </strong>
                    </a>
                    think there’s a 17% chance that a TikTok sale will be announced by October 31. Current pricing implies only a 59% chance the deal is done by the end of the year.
                   </li>
                  </ul>
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                  <p style="margin:0">
                   <strong>
                    *
                   </strong>
                   Robinhood Markets, Inc. is the parent company of Sherwood Media, an independently operated media company. Event contracts trading is offered by Robinhood Derivatives, LLC a registered futures commission merchant with CFTC.
                  </p>
                 </div>
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                   What else we’re Snackin’
                  </span>
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                    <strong>
                     Tesla
                    </strong>
                    chair urges approval of
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      $1 trillion pay package
                     </strong>
                    </a>
                    : “Without Elon, Tesla could lose significant value”
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Even the White House is happy
                     </strong>
                    </a>
                    <strong>
                    </strong>
                    “Halo” is finally available on PlayStation, and that makes
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      GameStop
                     </strong>
                    </a>
                    stock happy, too
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Thinking about leveling up your derivatives game as earnings season kicks into high gear? Here’s
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      what you need to know about futures’ past
                     </strong>
                    </a>
                    before adding them to your present
                   </li>
                  </ul>
                 </div>
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               </tr>
              </table>
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           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-bottom:5px;padding-left:25px;padding-right:25px;padding-top:5px;vertical-align:top" width="100%">
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                   Snack Fact of the Day
                  </span>
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                  <p style="margin:0">
                   <a style="text-decoration: underline; color: #ffffff;">
                    <strong>
                     Amazon will cut 30,000 corporate jobs to correct pandemic overhiring.
                    </strong>
                   </a>
                  </p>
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           <tbody>
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             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
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                  </table>
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                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:25px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:30px">
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                   Tuesday
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                 </h1>
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                   <li style="Margin:0 0 8px 0">
                    Earnings expected from
                    <strong>
                     UnitedHealth
                    </strong>
                    ,
                    <strong>
                     PayPal
                    </strong>
                    ,
                    <strong>
                     UPS
                    </strong>
                    ,
                    <strong>
                     JetBlue
                    </strong>
                    ,
                    <strong>
                     Royal Caribbean
                    </strong>
                    ,
                    <strong>
                     SoFi
                    </strong>
                    ,
                    <strong>
                     Wayfair
                    </strong>
                    ,
                    <strong>
                     Seagate Technologies
                    </strong>
                    ,
                    <strong>
                     Visa
                    </strong>
                    , and
                    <strong>
                     Bloom Energy
                    </strong>
                   </li>
                  </ul>
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