FIVE MINUTE DAILY

A Google parent lost half a trillion dollars in a single day, while fresh growth numbers impressed and the Fed held off on another hike. Israel’s election produced no clear winner, hackers tied to North Korea raided a crypto giant, and Alaska braced for a Senate showdown.

He has a newsletter on beehiiv. So do Codie Sanchez, Jay Shetty, David Begnaud, Colin & Samir, and Joanna Stern.

They could publish just about anywhere. They chose beehiiv to build a direct connection with the people who want to hear from them most. And you can do the same, whether you’re world-famous or just at the start of your plan for world domination.

Get started for free.

Alphabet shares fell nearly 13% Thursday in their worst day since Google went public in 2004, wiping out roughly $500 billion in market value. Shares sank after the Google parent reported negative free cash flow of $9.07 billion for the third quarter, compared with the $2.7 billion analysts had expected.

Alphabet stuck with its full-year capital spending forecast of $195 billion to $205 billion, as investors scrutinized how heavily tech giants were spending on AI. Microsoft traded largely flat by comparison, after reporting free cash flow that fell 27% but stayed positive at $18.63 billion for the quarter.

The U.S. economy grew at a 3.4% annual rate from July through September, up from the spring's 2.2% pace on strong spending and data center building. Higher-income households drove much of that spending, since they were better able to absorb stubbornly high prices than the lower-income families who struggled more.

The sturdy report landed just days before the midterms, while many Americans said they still felt gloomy as inflation pushed up the cost of everyday necessities. Wage growth also fell behind inflation, further squeezing many Americans, while the ongoing conflict with Iran kept driving up energy costs like gasoline.

Federal Reserve Chair Kevin Warsh and his colleagues voted to hold their benchmark rate steady Wednesday, keeping it in a range of 3.75% to 4%. Two policymakers, governor Lisa Cook and Beth Hammack of the Cleveland Fed, voted instead to raise rates by a quarter percentage point.

Consumer prices climbed 3.7% over the year through September, a faster pace than in August, even after the Fed's first rate hike in more than three years. Policymakers left the meeting widely expected to raise rates again in December, which would push up costs for credit cards and other short-term lending.

Israel's first election since the 2023 Hamas-led attacks ended without a clear winner, with neither Benjamin Netanyahu's bloc nor Gadi Eisenkot's opposition reaching a majority. Netanyahu's Likud party and its allies won 53 seats and Eisenkot's bloc took 48, both short of the 61 needed in the 120-seat Knesset.

Arab-led parties won about 19 seats, a historic showing for parties representing Arab citizens, who make up roughly a fifth of Israel's population. Remaining votes were not expected to change the result, setting up weeks of negotiations to form a coalition government and choose a prime minister.

Hackers moved $6.36 billion out of Binance, the world's biggest crypto exchange, most of it in about 20 minutes, according to a blockchain intelligence firm. TRM, the U.S.-based firm, said with high confidence that TraderTraitor, North Korea's elite hacking unit, was behind what would be the largest crypto theft on record.

Binance said it worked with blockchain partners to freeze roughly $3 billion in affected assets and promised it would cover all losses for users. Deposits were unaffected, and the exchange said suspended withdrawals were expected to resume within a day or two as it began recovering assets.

A new national poll found Democrats still hold significant advantages and remain favorites to win the House, though likely voters looked slightly less eager for Democratic control. Voters cast their final ballots Tuesday, with the cost of living topping concerns as a third of respondents reported financial hardship in the past year.

Alaska's governor ordered a Senate race investigation after a report alleged Democratic operatives helped recruit a second Dan Sullivan, which Democrats have long denied. Track Tuesday's results closely, since Democrat Mary Peltola's challenge to GOP incumbent Dan Sullivan could decide which party controls the Senate.

A federal judge blocked changes to East Potomac Park, the D.C. municipal golf course President Trump wants turned into a championship-level venue. Look for the administration's promised appeal and any mid-November closure, which the judge says requires at least ten business days' written notice first.

Are you ready? As revealed in our holiday playbook, Roku Ads Manager lets you easily set up, measure and optimize your self-serve holiday ad campaign. You can even create a shoppable ad unit that lets streamers buy directly from their remote.

Set up your campaign today.

This week's headlines revealed a growing divide between economic strength and everyday financial pressures. The U.S. economy expanded at a 3.4% pace, but inflation continued to squeeze household budgets, prompting the Federal Reserve to hold interest rates steady.

Wall Street faced its own uncertainty as Alphabet lost roughly $500 billion in market value amid concerns over AI spending. Meanwhile, a record $6.3 billion cryptocurrency theft highlighted the risks facing digital assets and the challenges of protecting investors.

Political uncertainty extended beyond Washington, with Israel's election producing no clear winner and setting up difficult coalition negotiations. Back home, Tuesday's midterms could reshape Congress, with control of the House and Senate at stake.

Looking ahead, election results and inflation will remain central. Voters will decide the balance of power in Washington, while investors watch whether heavy AI spending delivers returns and whether the Fed raises rates in December. For households, the biggest question remains when stronger economic growth will translate into meaningful relief from rising costs.

Pope Leo XIV, a Villanova graduate, welcomed his alma mater's basketball team and Notre Dame to the Vatican, declared the pontiff neutral, then joked Robert Prevost "has another opinion."

A museum in Bremen, Germany, opened what its director believes is the world's first dachshund art exhibition, and visitors are welcome to bring their own sausage dogs along.

Karl Bushby started walking around the world at 29, and half a lifetime later, at 57, he is finally nearing the finish line at his mother's home in Hull, England.

Ready to stop scrolling job boards and start building something of your own?

The Hustle's free "Side Hustle Ideas Database" uncovers 100 unconventional, actually-actionable ways to earn on the side.

Inside you'll find:

A curated list of 100 real side hustle ideas spanning e-commerce, services, content, and weird corners of the internet most people never think to look

Opportunities at every level, whether you have 5 hours a week or 50, zero capital or a small runway

Offbeat, under-the-radar ideas you won't find in generic "how to make money" listicles

Subscribe for free today and get instant access. Your next income stream is one click away.

Get The Free Guide

Tom Hanks revived David S. Pumpkins for SNL, bursting onto a couple's horror ride in his jack-o'-lantern suit with two dancing skeletons, proving some Halloween traditions never die.

Liverpool manager Andoni Iraola says he'll tell Alexander Isak to start diving after the striker laughed off an obvious jersey tug against Arsenal instead of tumbling down for a penalty.

A man from Jarrow, England, walked 300 miles from London home to retrace a famous Depression-era protest march in reverse, admitting nicer lodging and better shoes made it easier.

Shakespeare's Othello debuts in England (1604) · Parris Island is designated a Marine Corps Recruit Depot (1915) · Ebony magazine publishes its first issue (1945) · Two Puerto Rican nationalists try to force their way into Blair House to assassinate President Harry Truman (1950) · McDonald's says it will replace plastic food containers with paper (1990) · The Texas Rangers win their first World Series in the team's 63-year history (2023)

"O, beware, my lord, of jealousy; It is the green-eyed monster which doth mock The meat it feeds on." — Iago, in William Shakespeare's Othello

That's your Sunday wrap-up. Enjoy the rest of your weekend, and share this edition with someone who likes to stay informed.

—The Five Minute Daily Team