The Closer – More Breadth Disconnect, Fedspeak, Issuance – 11/3/25
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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we lead off with a rundown of the latest earnings (page 1) followed by a check up on the disconnects between price and breadth including how mega-caps have impacted the S&P 500 (page 2). Next, we review the latest slug of Fedspeak and give an update on repo markets (page 3). Turning over to macro data, we close out with updates on ISM (page 4), Remittances (page 5), and election day (page 6).
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Bespoke’s Consumer Pulse Report – November 2025
Bespoke’s Consumer Pulse Report is an analysis of a huge consumer survey that we run each month. Our goal with this survey is to track trends across the economic and financial landscape in the US. Using the results from our proprietary monthly survey, we dissect and analyze all of the data and publish the Consumer Pulse Report, which we sell access to on a subscription basis. Sign up for a 30-day free trial to our Bespoke Consumer Pulse subscription service. With a trial, you’ll get coverage of consumer electronics, social media, streaming media, retail, autos, and much more. The report also has numerous proprietary US economic data points that are extremely timely and useful for investors.
We’ve just released our most recent monthly report to Pulse subscribers, and it’s definitely worth the read if you’re curious about the health of the consumer in the current market environment. Start a 30-day free trial for a full breakdown of all of our proprietary Pulse economic indicators.
Daily Sector Snapshot — 11/3/25
Q3 2025 Earnings Conference Call Recaps: Chipotle (CMG)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Chipotle’s (CMG) Q3 2025 earnings call.
Chipotle (CMG) operates more than 3,500 fast-casual restaurants specializing in customizable burritos, bowls, tacos, and salads. Serving a broad customer base that skews younger and urban, Chipotle offers insight into US consumer behavior and spending trends, especially among millennials and middle-income households. Chipotle’s Q3 call centered on macro pressure from lower- and middle-income consumers, who’ve reduced dining frequency as inflation, unemployment, and student loans weigh on budgets. Management noted that households under $100K account for roughly 40% of sales and are dining out less, but stressed that Chipotle isn’t losing share to competitors, only to food-at-home options. The company plans to limit 2026 price increases and absorb some cost inflation to preserve value, even as tariffs and beef costs rise mid-single digits. Digital engagement and loyalty activations like “Summer of Extras” lifted frequency, while new equipment upgrades improved throughput. Unit expansion and catering pilots remain key growth drivers heading into 2026. CMG missed on the top-line with in-line EPS as shares plummeted 18.3% on 10/30…
Continue reading our Conference Call Recap for CMG by becoming a Bespoke Institutional subscriber. You can sign up for Bespoke Institutional now and receive a 14-day trial to read our newest Conference Call Recap. To sign up, choose either the monthly or annual checkout link below:
Q3 2025 Earnings Conference Call Recaps: Alphabet (GOOGL)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Alphabet’s (GOOGL) Q3 2025 earnings call.
Alphabet (GOOGL), the parent company of Google, is a global technology leader whose businesses span Search, YouTube, Android, Chrome, Google Cloud, and an expanding portfolio of AI-driven products. The company posted its first-ever $100 billion quarter, with revenue up 16% YoY, driven by Search, YouTube, and Cloud. AI dominated the discussion. Gemini models now process 7 billion tokens per minute, and the Cloud backlog surged 46% to $155 billion as enterprise demand for AI infrastructure soared. Search engagement grew sharply with AI Overviews and AI Mode, while YouTube’s Shorts and interactive ads helped lift ad revenue 15%. CapEx guidance rose to $91–93 billion for 2025 to continue funding data center expansion. Waymo expanded to new cities and airports, and a major quantum breakthrough was highlighted. Shares rose 2.5% on 10/31 on EPS and revenue beats…
Continue reading our Conference Call Recap for GOOGL by becoming a Bespoke Institutional subscriber. You can sign up for Bespoke Institutional now and receive a 14-day trial to read our newest Conference Call Recap. To sign up, choose either the monthly or annual checkout link below:
Q3 2025 Earnings Conference Call Recaps: Royal Caribbean (RCL)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Royal Caribbean’s (RCL) Q3 2025 earnings call.
Royal Caribbean (RCL) operates a global fleet of cruise ships and expanding land-based vacation destinations under brands like Royal Caribbean International, Celebrity Cruises, and Silversea Cruises. The company serves millions of travelers seeking premium leisure-travel experiences. RCL saw about 2.5 million vacations (+7% YoY) and net yield growth of about 2.4%. Demand stayed strong, especially from families booking closer to departure. The Caribbean, 57 % of deployment, continues to perform well despite added industry capacity, with yields expected to be 37% above 2019 levels in Q4. Digital engagement set records, with nearly 90% of onboard revenue purchased before sailing through its app and online platforms. Expansion of exclusive destinations like Perfect Day Mexico and the Royal Beach Club Santorini remains central to growth, alongside the new Celebrity River cruise brand. On the cost side, the company expects $1.14 billion in fuel expense (68% hedged), EU ETS compliance at 100% in 2026, and a modest hit from the new global minimum tax. RCL beat on EPS but missed top-line estimates and cut guidance. Shares sank 8.5% on 10/28 as a result…
Continue reading our Conference Call Recap for RCL by becoming a Bespoke Institutional subscriber. You can sign up for Bespoke Institutional now and receive a 14-day trial to read our newest Conference Call Recap. To sign up, choose either the monthly or annual checkout link below:
Q3 2025 Earnings Conference Call Recaps: Microsoft (MSFT)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Microsoft’s (MSFT) Q1 2026 earnings call.
Microsoft (MSFT) software, hardware, and cloud services power the backbone of modern digital life. Its portfolio spans operating systems (Windows), productivity software (Microsoft 365), developer tools (GitHub, Visual Studio), cloud infrastructure (Azure), AI platforms, and gaming (Xbox). The company serves consumers, enterprises, and governments worldwide. Microsoft reported a strong start to fiscal 2026, with revenue up 18% to $77.7 billion and cloud revenue climbing 26% to $49 billion. The company highlighted massive AI infrastructure expansion (AI capacity up 80% this year and total data center footprint set to double in two years), driven by surging demand from partners like OpenAI, which added $250 billion in Azure commitments. Microsoft 365 Copilot adoption exceeded 150 million users, while GitHub Copilot reached 26 million. Fabric data platform revenue rose 60%, and security saw 100 trillion daily signals processed. Despite Azure capacity constraints, management emphasized strong bookings and durable AI-driven growth. MSFT shares fell 2.9% on 10/30 despite better-than-expected results…
Continue reading our Conference Call Recap for MSFT by becoming a Bespoke Institutional subscriber. You can sign up for Bespoke Institutional now and receive a 14-day trial to read our newest Conference Call Recap. To sign up, choose either the monthly or annual checkout link below:
Q3 2025 Earnings Conference Call Recaps: Meta Platforms (META)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Meta’s (META) Q3 2025 earnings call.
Meta Platforms (META), the owner of social media platforms like Facebook, Instagram, WhatsApp, and Messenger, connects more than 3 billion people daily. The company generates nearly all its revenue from advertising through AI systems that personalize content and optimize ad performance across its apps. Beyond social media, Meta is aggressively investing in AI infrastructure and hardware, developing frontier models, wearable devices like Ray-Ban Meta glasses, and long-term AR/VR projects such as Quest and Orion. Meta’s quarter highlighted record engagement and expanding AI capabilities. Time spent on Facebook rose 5%, Threads 10%, and Instagram video viewing jumped 30%, while Reels hit a $50 billion annual run rate. Advertising performance improved as Advantage+ automation and Lattice models drove higher conversions and lower costs per lead. Meta also expanded its business AIs in Mexico and the Philippines and reported 60% YoY growth in click-to-WhatsApp ads. Hardware demand surged as the new Ray-Ban and Oakley Meta glasses sold out within 48 hours. Management emphasized front-loading compute capacity for superintelligence development and flagged regulatory risks in the EU and US as potential near-term headwinds. The stock fell 11.3% on 10/30 despite EPS and revenue beats as huge AI investments weighed on the stock…
Continue reading our Conference Call Recap for META by becoming a Bespoke Institutional subscriber. You can sign up for Bespoke Institutional now and receive a 14-day trial to read our newest Conference Call Recap. To sign up, choose either the monthly or annual checkout link below:
Bespoke Market Calendar — November 2025
Please click the image below to view our November 2025 market calendar. This calendar includes the S&P 500’s historical average percentage change and average intraday chart pattern for each trading day during the upcoming month. It also includes market holidays and options expiration dates plus the dates of key economic indicator releases.
Note: Due to the government shutdown, scheduled release dates are subject to change. Click here to view Bespoke’s premium membership options.
As a result of the government shutdown, in addition to the usual monthly calendar below we show a running list of releases that have been delayed since the shutdown began. Thus far, the only data point to have released after missing its original release date has been been CPI.
