Manufacturing activity contracted for an eighth straight month in October, according to the survey-based ISM Manufacturing Index. Meanwhile, prices paid in the sector continue to rise. By contrast, a competing survey, paints a brighter picture, reporting “steady growth” in October via the US PMI Manufacturing Index.

OpenAI has signed a deal to buy $38 billion worth of capacity from Amazon Web Services. Amazon stock rose on Monday, closing at a record high.

Goldman Sachs and Morgan Stanley on Tuesday cautioned investors to brace for a drawdown in the stock market at some point over the next two years. “It’s likely there’ll be a 10 to 20% drawdown in equity markets sometime in the next 12 to 24 months,” said Goldman Sachs CEO David Solomon at the Global Financial Leaders’ Investment Summit in Hong Kong. “Things run, and then they pull back so people can reassess.”

China exports continue to rise, despite US tariffs. Chinese exports are on track to reach another record this year. The country has been seeking new customers for years, and its massive manufacturing investment allows it to sell goods at low prices. “They should not be surprised that China is able to find markets outside of the advanced economies,” said Mary Lovely, a senior fellow at the Peterson Institute for International Economics.

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