JPMorgan Chase will invest $10 billion directly into companies vital for U.S. national security, such as defense and AI firms.

The Institute of Supply Management’s PMI, which measures US manufacturing capacity, was 48.7 in August. Anything below 50 indicates a contraction. That marked the sixth straight month of contraction, which is a worrisome trend given how significant manufacturing is to economic activity.

Most-actively-traded gold futures on Tuesday surpassed $4,000 a troy ounce for the first time. A 52% gain in futures this year is on track to outpace similar surges during the first year of the Covid-19 pandemic and the 2007-09 recession, trailing only the inflationary shock in 1979.

Fifth Third said it would acquire Comerica for $10.9 billion, marking the latest effort by midsize lenders to bulk up and compete with the nation’s biggest banks. The all-stock deal would create one of the nation’s top 20 largest banks, with $288 billion in total assets.

Gen X is barreling toward retirement with an excruciating student-loan burden. The six million-plus borrowers aged 50 to 61 have the highest average balance of any age group, at $47,857.

Assets in U.S. ETFs swelled to a record $12.19 trillion at the end of August, up from $10.35 trillion at the end of last year. If the pace holds during the fourth quarter, when inflows tend to pick up, it will be the market’s second straight record year. In 2024, ETFs added $1.1 trillion.

The spread, that investors are getting by holding investment-grade corporate bonds compared with ultrasafe U.S. Treasurys fell to 0.74 percentage point in September, its lowest level since 1998. The spread for junk-rated bonds is about 2.75 percentage points, near the record low set in 2007.

EV sales are expected to surge 28% in September from a year earlier, while the much larger market of pure gasoline and hybrid vehicles is expected to contract 2.5%.

Options markets currently show a 93% chance of another 25-basis-point cut in October and an 80% chance of a cut in December.

Overall, companies are requiring 12% more time in-office than in early 2024, according to data on policies for 9,000 employers. Yet Americans still work from home about a quarter of the time—much like in 2023.