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Greetings !

Erika Etkin won our world famous News Haiku^TM competition by writing this beauty about a new word, “cold brew,” from Merriam Webster’s college dictionary:

Congratulations, Erika! Here’s your on-theme celebratory gif:

This week’s theme is that the U.S. government shutdown has left traders “flying blind” on jobs data. Email me your brilliant News Haiku^TM on the subject by Thursday at noon ET for a chance to be voted on by your Chpeers. That’s short for “Cheddar Peers.” I know, because I just made it up.

Now let’s talk about today’s news you Need2Know, shall we?

—Matt Davis, Need2Know Chedditor

News You Need2Know

• U.S. stocks hit record highs yet again

• Apple removes apps that allow reporting of ICE sig …

• Let’s talk about green cleaning products!

• Tech leader who navigated the ‘90s Internet weighs …

• ‘Flying blind’: Lack of jobs data muddies view of …

• New show alert: The Business of Defense

What’s the stock market up to, eh?

$SPX ( ▲ 0.01% ) $DJI ( ▲ 0.51% ) $NDX ( ▼ 0.28% )

Companies mentioned in today’s newsletter

$HTHIY ( ▲ 7.24% )  $AAPL ( ▲ 0.35% )  $CSCO ( ▲ 0.03% )  $ADP ( ▲ 0.5% )  $GS ( ▲ 1.36% )  

U.S. stocks hit record highs yet again

The U.S. stock market ended last week on a record high, extending what has been an impressive recent streak, with major indexes logging gains in seven of the last nine weeks.

Investors appear to be brushing off concerns about a potential U.S. government shutdown, which has delayed key economic data. Historical trends suggest that such shutdowns don’t typically deal lasting damage to markets.

However, recent reports offer mixed signals about the economy. The Institute for Supply Management noted stalling growth in key sectors, while S&P Global’s findings pointed to moderate but persistent expansion. Amid these updates, investors are speculating about the Federal Reserve’s next interest rate moves.

Adding fuel to the market’s climb is excitement around artificial intelligence. Companies like Japan’s Hitachi saw stock jumps — Hitachi $HTHIY ( ▲ 7.24% ) surged 10.3% after announcing a major new collaboration with OpenAI. There is some concern, however, that a “train wreck” could be imminent for AI stocks. In fact you can read all about that down here below…

Song of the day: Taylor Swift, ‘Opalite’

Taken from her new album, “The Life of a Showgirl,” this single, “Opalite,” has flickers of Fleetwood Mac. “I had a bad habit of missing lovers past / My brother used to call it ‘Eating out of the trash’,” she sings. But the good news is that Travis Kelce was “dancing through the lightning strikes.” Of course he was. Couldn’t win a Superb Owl, though, could he?

Apple removes apps that allow reporting of ICE sightings

Apple $AAPL ( ▲ 0.35% ) has removed the controversial ICEBlock app from its App Store, bowing to pressure from law enforcement and the Trump administration. The app, which allowed users to anonymously report and track Immigration and Customs Enforcement agents, had gained significant traction with over 1 million users prior to its removal.

Apple defended its decision, citing safety concerns raised by law enforcement. “We created the App Store to be a safe and trusted place to discover apps,” the company said. “Based on information we’ve received from law enforcement about the safety risks associated with ICEBlock, we have removed it and similar apps from the App Store.”

Attorney General Pamela Bondi supported the move, claiming ICEBlock was “designed to put ICE agents at risk just for doing their jobs.” Bondi also pointed to a recent incident in which a gunman targeting an ICE facility had searched for apps that track ICE activity.

Meanwhile, advocates argue the app reflects First Amendment-protected free speech. They emphasize that such tools empower individuals to protect themselves from surprise immigration raids. Critics have also pointed out that other crowdsourced apps, like Waze and Google Maps $GOOGL ( ▼ 0.14% ) , remain available despite their ability to flag police activity.

Let us know what you think in today’s poll👇🏻

Today on the ‘gram: Two robots fall in love

Post of the day: I thought he’d ‘retired’?!

Quote of the Day

Let’s talk about green cleaning products!

Jeff Yurcisin, CEO of Grove Collaborative, shed light on the company's unwavering commitment to sustainability in cleaning products, even as it embraces innovation. "Grove must be sustainable before it can transform the industry,” he said. This philosophy guides their mission to be the "destination for clean, sustainable, non-toxic products," proudly operating as the "first plastic neutral retailer and a certified B Corp."

“We are the first to publicly disclose AI-related emissions and integrate them into our Scope 3 recording," Jess said.

Scope 3 emissions are indirect greenhouse gas emissions that occur in a company's value chain, including both upstream and downstream activities, but are not directly owned or controlled by the company. Jeff explained their methodology, which involves measuring "compute time," "server power," and a "grid emission factor." What surprised them, he noted, was that the carbon impact of using AI was “pretty small,”  “about 0.1% of total scope three emissions" compared to 6% on air travel. This, he believes, shows "there is a path to really lean into AI while still like believing in science and maintaining and minimizing your carbon impact."

Yurcisin also addressed the pervasive issue of packaging. "The way packaging has been done is crazy," he said. He highlighted Grove's dedication to minimizing plastic, explaining. Their commitment extends to using "paper tape" in fulfillment centers.

Should you check your 401(k) today?

👍️ 

Yes.

Tech leader who navigated the ‘90s Internet weighs in on AI

Former Cisco $CSCO ( ▲ 0.03% ) CEO John Chambers, who steered the company through the dizzying highs and crushing lows of the 1990s Internet boom, is weighing in on the modern AI revolution. Chambers, a seasoned Silicon Valley leader, sees striking similarities between the internet's rise and the frenzy around AI.

“AI is moving at five times the speed and will produce three times the outcomes of the Internet age,” Chambers said in a recent interview. In the internet era, startups typically spent years developing products before entering the market. “Today, AI startups develop the product in a month—sometimes in a week—and then bring it to market in one or two quarters,” he said.

However, Chambers warned of a coming bubble. "Is there going to be a train wreck? Yes, for those that aren’t able to translate the technology into a sustainable competitive advantage,” he said.

The rapid advancement of AI also raises employment concerns. “We are going to destroy jobs faster than we can replace them,” he cautioned, emphasizing the need for educational reform to equip workers for new roles. “Big time!” he emphasized when asked if the upheaval worried him.

Not that you’d know it from his picture, of course. He looks like a spectacularly unconcerned man, in fact, don’t you think? Just goes to show. Never judge a book by its cover.

‘Flying blind’: Lack of jobs data muddies view of hiring

For the first time since 2013, the widely anticipated monthly jobs report from the Labor Department was not released last week, thanks to an ongoing government shutdown. That leaves us without critical data to assess the health of the job market. White House spokesman Kush Desai criticized the Democrats for the impasse, stating, "Businesses, families, policymakers, markets, and even the Federal Reserve are flying blind at a key juncture in America’s economic resurgence because the Democrats’ government shutdown has halted the release of key economic data."

The Democrats have disputed that branding of the shutdown, obviously, saying they’re fighting to keep healthcare costs low with the rates set to go up without a deal.

In the absence of government data, economists have turned to private measures. Payroll processor ADP $ADP ( ▲ 0.5% ) estimated a surprising 32,000 job losses in the private sector for September, with sectors like construction, manufacturing, and financial services seeing cuts. “We’ve seen a significant decline in hiring momentum throughout the year,” said Nela Richardson, ADP’s chief economist. “This is consistent with a low hire — even a no-hire — and low fire economy.”

Meanwhile, weekly unemployment claims, estimated by Goldman Sachs $GS ( ▲ 1.36% ) using state-reported data, rose slightly to 224,000, a historically low number that indicates employers are still reluctant to lay off workers.

Poll of the day: Apple of my ICE?

New show alert: The Business of Defense

The global defense industry represents a staggering $2.5 trillion market, with the United States alone investing nearly $1 trillion in its military capabilities. From company boardrooms to Pentagon briefings, the decisions made today are reshaping how nations protect themselves and project power.

On October 9 at 8 p.m. ET, wherever you watch Cheddar, we'll take you inside this high-stakes world. We'll meet the industry's most influential players, explore cutting-edge innovations in AI. We examine the next generation of smart tanks, ships, precision-guided missiles, and reveal the breakthrough technologies that are redefining modern warfare.

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