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Jamie Dimon. Photo: Justin Sullivan/Getty Images
JPMorgan CEO Jamie Dimon is considering selling off the company's Manhattan headquarters and cutting or relocating employees to U.S. cities that boast cheaper costs and better tax benefits.
What's happening: "JPMorgan is tightening its belt more than in previous years amid a growing number of potential pitfalls for the economy," Bloomberg's Michelle Davis writes.
Why it matters: JPMorgan is the latest company, and one of the largest, reported to be making serious efforts to roll back spending as fears of a global recession or a large-scale downturn scare more U.S. companies into being prudent.
To wit: IAC, the $19 billion company that owns 80% of online dating behemoth Match Group and a slew of other online properties, has increased its cash balances to the highest level in 15 years. CFO Glenn Schiffman tells Axios the company has built up its cash position to $2.7 billion in anticipation of a downturn.
The bottom line: The kind of profligate spending that was prominent ahead of the global financial crisis has been pared back significantly in recent months, with companies preparing for the economy to slow, Bernard Baumohl, chief global economist at the Economic Outlook Group, told Axios in August.
Editor's note: This piece reflects IAC's correction of its stated cash balance, which is $2.7 billion.
The S&P 500 and the Nasdaq both closed at their highest levels ever on Monday, with the S&P hitting a new record for the first time since July.
Why it matters: The S&P broke out of the tight range it has been trading in for more than three months, as confidence appears to be flowing back through the market.
The big picture: U.S. Treasury yields also jumped, with the benchmark 10-year note rising to its highest since mid-September, signaling that bond investors also see hallmarks of an improving economic story and the possibility for inflation to rise.
What's happening: The extension of Brexit to Jan. 31, a pause in the U.S.-China trade war, and near-certain expectations that the Fed will cut U.S. interest rates on Wednesday are all driving risk appetite.
Watch this space: This could be the first year ever during which stocks, bonds, gold and crude oil all rise at least 10%, according to LPL Financial.
The Center for Consumer Freedom yesterday placed a full-page ad in the New York Times detailing the less savory ingredients of “plant-based meats."
Why it matters: “'Plant-based meat' is ultra-processed," the group said in a statement. "The National Institutes of Health found that ultra-processed foods can cause weight gain and overeating, which can contribute to a variety of health problems."
But, but, but: No one cares. Plant-based meat continues to drive sales at fast-food restaurants, grocery stores and on the stock market.
The Impossible Whopper helped Burger King to its best quarter in four years.
Beyond Meat announced it more than tripled sales from the same quarter a year ago and produced $4.1 million in GAAP profit, its first-ever net profit.
Of note: CCF is an organization that lobbies on behalf of the fast food, meat, alcohol and tobacco industries.
Editor's note: This piece was updated to note CCF is a lobbying organization.
Hedge funds saw overall negative returns for the second month in a row in September and investors continued to pull their money out, data from research firm eVestment shows.
By the numbers: More than $12 billion was redeemed from the global hedge fund industry in September, bringing year-to-date flows to -$76.86 billion.
Between the lines: Multi-asset strategies have seen a wave of selling so far this year after a brutal 2018.
Hedge funds are losing interest in emerging markets right as real-money asset managers like pension and institutional funds are starting to express major interest.
On one side: Hedge fund managers sold out of EM assets for the fifth consecutive month in September, eVestment's data shows, with outflows increasing in size for two months in a row.
On the other side: Major institutional asset managers like Morgan Stanley and BlackRock came out strongly in favor of EM assets on Monday — EM debt in particular — with BlackRock reaffirming its positive stance and highlighting "a likely Fed rate cut this week and the potential for a stable U.S. dollar."
What it means: The new full-service Uber Money operation allows drivers and couriers real-time access to their earnings after every trip and provides them a mobile bank account and basic financial services through Uber.
Between the lines: Axios' Kia Kokalitcheva notes that while Uber and rival Lyft have provided some standalone services, like letting drivers cash out their earnings instantly and a credit card for riders, other ride-hailing companies around the world, such as Grab and Gojek, have long offered fuller suites of services.