October 28, 2026

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Greetings unto thee. October 28 (that’s today) is historically the best day of the year for stocks. Congrats on having the coolest factoid in the office today.

—Matty Merritt, Sam Klebanov, Dave Lozo, Adam Epstein, Neal Freyman

In today’s newsletter, we’ll get into:

GM joining the Nasdaq
What Coke’s earnings say about the soda market
Resealable Cheerios

Markets

Nasdaq

26,477.81

+1.18%

S&P

7,722.6

+0.60%

Dow

52,377.57

+0.03%

10-Year

4.993%

+1.0 bps

Bitcoin

$80,653.12

+1.17%

Boeing

$168.16

-10.70%

Data is provided by

*Stock data as of market close, cryptocurrency data as of 4:30pm ET. Here's what these numbers mean.

Markets: Stocks balled out yesterday as tech companies rallied and oil prices eased for the time being. But the day was much more turbulent for Boeing, which fell nearly 11% after it tempered its forecast and said it won’t boost production of the 737 Max until the second half of 2027.

REV UP THE BUICK

General Motors joins the ‘everything is AI’ parade

Illustration: Morning Brew Inc., Photo: Getty Images

Once the poster child for blue-collar work in the US, General Motors is putting on a Patagonia vest and going full tech company. GM announced yesterday that it would leave the NYSE and transfer its stock to Nasdaq, becoming the first legacy automaker to trade on the tech-heavy exchange.

GM first listed on the NYSE in 1911. The Nasdaq, meanwhile, was founded in 1971 and listed companies like Apple and Amazon before they became the behemoths they are today. Confidence in the NYSE as the go-to exchange has faltered recently as its much younger sibling outpaces it with flashier companies and record-setting IPOs.

What’s so attractive about the Nasdaq?

Mainly the company it keeps (literally). Companies like Walmart, DoorDash, Palantir, and even Hilton have all switched or made plans to switch from the NYSE to Nasdaq in the past few years. The index has also attracted mega IPOs with SpaceX this summer and Anthropic’s highly anticipated debut. GM, which has a ~$64 billion market cap, would be eligible for the Nasdaq-100 index.

Everyone wants to be seen as a tech giant. GM has been scrambling to compete with cheaper Chinese automakers and US rival Tesla. The company said earlier this month that it was using AI to help design new cars, which will hopefully halve its concept-to-production time to two years. It’s also investing heavily in software, including eyes-off highway driving and an AI agent under its OnStar program.

Don’t worry. If you own GM stock, you don’t have to do anything besides accept that you’re a tech investor starting Nov. 17. The company isn’t even changing its ticker. GM stock closed up 5.5% yesterday.—MM

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Learn more.

World

Tour de headlines

Jack Guez/Getty Images

🇮🇱 No clear winner in Israel’s first election since Oct. 7, 2023. Following the highest turnout in the country in decades, it wasn’t immediately clear which party would win a majority in the next parliament: Prime Minister Benjamin Netanyahu’s far-right Likud, or the more centrist Yashar, led by former military chief Gadi Eisenkot. Both parties claimed the advantage last night, with Eisenkot saying, “The public opted for change,” after early results suggested a rebuke to Neanyahu, and Netanyahu later asserting, “We must form a strong right-wing government.” Early this morning, neither party appeared on track to win the 61 parliament seats needed to govern. That means weeks of negotiations, coalition forming—potentially with one of two Arab-led parties or even with each other—and possibly even another election round likely lie ahead.

🏃 Bolsonaro reportedly flees to US after losing election in Brazil. The right-wing Flávio Bolsonaro, who was shockingly defeated by left-wing incumbent Luiz Inácio Lula da Silva in Sunday’s presidential election, flew to the US after refusing to comply with an order to hand over his passports as part of a money laundering investigation, NBC News reported. President Trump reportedly welcomed Bolsonaro and his family to the US and will issue them visas. Bolsonaro’s flight mirrors when his father, former Brazilian President Jair Bolsonaro, absconded to the US in 2022 after also losing an election to Lula. The elder Bolsonaro returned to Brazil a few months later and was convicted of orchestrating a coup.

🤖 Trump says he is banning the term “artificial intelligence.” In a Truth Social post yesterday, President Trump declared he will be “officially BANNING the term, ‘AI/Artificial Intelligence,’ in all relevant documents, and everything else, due to its inaccuracy.” Trump prefers the term “Super Intelligence” because he argues it better reflects the technology’s capabilities. Earlier this month, he said anyone who still uses the term “AI” is considered “the enemy.” He already signed an executive order directing the White House to replace “AI” with “SI” in official documents, though it’s unclear how else he could enforce a ban on the globally popular label.—AE

LIQUID BUSINESS

World drinks more Coke products but not the US

Illustration of a glass coke bottle wearing sunglasses and holding a map and suitcase while walking between continents on planet earth.

Niv Bavarsky

Foreigners slurped up Coca-Cola’s drink offerings last quarter, while Americans’ intake was as flat as an unfinished soda left out overnight. Even so, the total number of drinks the company sold globally grew by 5% in Q3, the beverage behemoth reported yesterday and upgraded its earnings projections for the year.

The increased thirst came from places like India, China, Mexico, and Brazil, while North American sipping stagnated despite growing premium product sales:

A rise in stateside sales of traditional Coke and Fairlife milk was offset by a drop in water, coffee, juice, and sports drinks sales.
The company said that US supermarket sales were stronger than those tied to eating out, citing challenges in the restaurant industry.

But…Coca-Cola noted that US sales would have grown if it hadn’t been for a Q2 July 4 shopping rush and the shortage of its cult-favorite Topo Chico mineral water.

Low-cal soda enthusiasm frothed: Diet Coke and Coke Zero global sales surged by 6% and 16% respectively, compared with 6% for traditional Coke—with young people warming up to the diet soda cans they affectionately call “fridge cigarettes.”

Coke is beating PepsiCo…winning US market share from its fizzy rival, as well as recently nabbing Pepsi’s contract with KFC. Coke’s stock is up 30% this year, while shares of PepsiCo are down 7%.—SK

Reader Poll

What is your favorite Coca-Cola product?

Original
Diet
Zero Sugar
Cherry
Vanilla
Pepsi is better.
I don’t drink soda.

Why is DoorDash hungry for Instacart?

Buying Instacart would help the company that’s best known for satisfying your 2am wings craving to accelerate its move into the grocery delivery biz:

DoorDash is already ferrying goods from retailers like Aldi, Kroger, Safeway, and Target.
Analysts think Instacart commands the majority of the grocery delivery market, though it has ceded part of that pie to Walmart and Amazon in recent years.

Meanwhile…DoorDash rival Uber also reportedly considered buying Instacart as part of its push into supermarket wares, but walked away from talks.—SK

US geography trivia

What is the most populous US city that starts with the letter “F”?

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Answer

Fort Worth, TX (It’s the 10th largest city in the country!)

Word of the Day

Today’s Word of the Day is: ferrying, meaning “transporting people or goods from one place to another.” Thanks to Drew from Hoboken, NJ, for the suggestion. Submit another Word of the Day here.

Written by Adam Epstein, Matty Merritt, Sam Klebanov, Dave Lozo, and Neal Freyman

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