What’s Happening

POLITICS

Trump Hits Wisconsin in Garbage Truck 'in honor of Kamala and Joe Biden'

Former President Donald Trump arrived in Wisconsin in an unconventional vehicle: a garbage truck. In Green Bay, Trump used the truck as a symbol in response to recent remarks from President Joe Biden, who during a campaign call referred to Trump’s supporters as “garbage” amid ongoing contentious exchanges in the final days leading to the election. Dressed in an orange safety vest, Trump positioned the garbage truck as a jab at the Biden-Harris ticket, noting it was “in honor of Kamala and Joe Biden.” Trump’s Wisconsin appearance was one of several in battleground states, including similar campaign gestures, to stir enthusiasm among his base while emphasizing humor in countering criticism.

With election day around the corner, both parties are intensifying tactics that go beyond traditional campaigning. Trump’s garbage truck stunt draws on his longstanding tactic of reframing perceived insults into rallying symbols, similar to how he reacted to the “deplorables” label in 2016. This approach is Trump’s appeal to voters who view the former president as a defender of populist values against perceived elite criticisms. Meanwhile, Biden’s comments, echoing his past divisive language, risk alienating undecided voters who may see these remarks as divisive. .

BUSINESS

Reddit Stock Surges Following Strong Q3 Report

Reddit’s stock jumped 42% after the company’s third-quarter report surpassed Wall Street expectations. The social media platform announced a 68% year-over-year revenue growth, reaching $348.4 million, and achieved a profit of $29.9 million. This exceeded analysts' predictions, who had anticipated a small loss. CEO Steve Huffman celebrated the performance, attributing it to "important milestones" in user growth and monetization. For Q4, Reddit anticipates revenue between $385 million and $400 million, again exceeding the market's forecast.

Reddit’s post-IPO turnaround signals a promising trajectory, as analysts now view the company as a “winner” in the social media and AI space. Its growth in daily active users by 47% to 97.2 million has been a key factor in building advertiser interest, especially with the rollout of new ad formats like Shopping Ads and Search Ads. Citi and JP Morgan raised their stock price targets, noting that these revenue streams, combined with Reddit's cost-control measures, could drive sustained profitability. With ambitious targets and positive analyst outlook, Reddit is showing potential as a long-term, profitable tech player in a competitive market.

WORLD

North Korean Troops Reportedly Moving Toward Ukraine Under Russian Command

U.S. Defense Secretary Lloyd Austin reported that North Korean troops, clad in Russian uniforms and equipped with Russian weapons, are advancing toward the Ukraine-Russia border, specifically to the Kursk region. This mobilization of up to 12,000 North Korean soldiers aims to reinforce Russian defenses amidst Ukrainian counteroffensives. The report, corroborated by Ukraine's U.N. ambassador and South Korean defense officials, suggests some units are as close as 30 miles from the Ukrainian border. The U.S. and South Korea are concerned about the potential for an extended conflict and have called for Pyongyang’s immediate withdrawal.

The alliance between Russia and North Korea signals a deepening military partnership that could reshape power dynamics in the region. North Korea's deployment of troops marks a substantial escalation, hinting at significant concessions Russia may offer in return, potentially involving advanced nuclear or missile technology. This development also reflects Russia's strained resources after two years of conflict and raises global concerns about the potential spread of advanced military technology to North Korea. The U.S. and South Korea are strengthening military cooperation and surveillance capabilities in response, aiming to deter further escalations.

Your Political Briefing

• Pennsylvania judge extends deadline for mail-in ballot requests in Bucks County following Trump campaign lawsuit alleging voters were turned away before the initial cutoff.

• With Election Day approaching, US intelligence agencies are warning law enforcement of increased threats to ballot drop boxes, polling sites, and election workers due to narratives around election fraud.

• The DHS bulletin highlighted rising calls for violence against election officials, especially after recent arson incidents targeting ballot drop-off boxes in Oregon and Washington.

• Election officials have fortified polling stations and ballot boxes with extra security, including “panic buttons,” bulletproof windows, and training for poll workers to manage disruptions safely.

• Local authorities are also using new tech to increase transparency, with live feeds in tabulation rooms in Arizona and AI systems in Delaware to detect voting anomalies.

• A Pew Research survey found a stark partisan divide in confidence about election integrity, with 90% of Harris supporters confident in fair administration, versus only 57% of Trump supporters.

In Brief

• The US economy grew by 2.8% in Q3 2024, with consumer spending strong despite inflation, which may support further rate cuts by the Fed.

• The US is pressuring China to influence North Korea after reports surfaced of North Korean troops aiding Russia in Ukraine, complicating Beijing’s diplomatic position.

• China's billionaire count fell by a third in 2024 as economic challenges impacted the stock market, reducing wealth for the country’s richest.

• Diwali and Halloween are celebrated together this year, with “Diwalloween” festivities merging traditions in the US, while Japan’s “mundane Halloween” costume event gains popularity.

• Meta and Microsoft beat earnings expectations in Q3 as AI services continue driving growth, with cloud computing playing a key role for both tech giants.

• Russia stated that Germany’s arms factories in Ukraine are valid military targets, signaling rising tensions amid Western support for Ukraine’s defense.

• Saudi Arabia’s New Africa Summit emphasized technology and resources as vital to supporting Africa’s growth, setting the stage for the Future Investment Initiative.