Bloomberg News Now: SNAP Benefits, Trade Deals, Interest Rates, and Hurricane Aftermath

SNAP Benefits and Government Shutdown

• ⚠️ SNAP benefits have run out for over 40 million Americans, with President Trump questioning federal judges' rulings on suspending benefits during the government shutdown.
• 💬 George Jones of Bread for the City highlights the urgent need for these funds due to increased demand from furloughed workers, government employees, and rising food costs.
• 🗣️ House Minority Leader Hakeem Jeffries criticized Democrats for the lapse, stating that contingency funds exist to prevent hunger, while Republicans refuse to negotiate until the government reopens.

Economic and Trade Developments

• 🏦 The government shutdown is delaying progress on including private credit in 401k plans due to staffing furloughs affecting the SEC and Labor Department.
• ✈️ A United Airlines plane clipped another at LaGuardia Airport, an incident occurring amidst critical staffing shortages for air traffic controllers and TSA agents due to the shutdown.
• 📉 Federal Reserve Governor Christopher Waller is advocating for another interest rate cut in December, citing a hiring slowdown and persistent inflation.
• 🤝 The U.S. is set to announce that Nexperia will resume shipping chips following a trade pact between Donald Trump and Xi Jinping.
• 📈 Shares of Nvidia dipped as its CEO expressed reliance on selling more chips to China, pending export control permissions.
• 🇨🇦 Trade talks between the U.S. and Canada are not expected to resume soon, despite an apology from Canada's Prime Minister regarding an anti-terror ad.

Market Performance and Business Expansion

• 📊 The S&P 500 gained 2.3% in October, marking its sixth consecutive month of advances, with the market showing resilience.
• 🇨🇳 Brooks Running plans a significant expansion in China, aiming to open 30 stores by 2027, driven by strong sales in Asia and Latin America.

Hurricane Melissa Aftermath

• 🌊 Humanitarian aid is reaching Jamaica after Hurricane Melissa, a Category 5 storm, caused widespread devastation, leaving residents without water, power, or communication.
• 💔 The hurricane is blamed for at least 19 deaths in Jamaica and 30 in Haiti, making it one of the most powerful storms to hit the Caribbean.