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“Resilient” is the word of the moment on Wall Street.

JPMorgan Chase, Citigroup and Wells Fargo all reported their quarterly earnings Tuesday, and their CEOs all landed independently on the word “resilient” to describe the U.S. economy and its consumers.

“While there have been some signs of a softening, particularly in job growth, the U.S. economy generally remained resilient,” JPMorgan CEO Jamie Dimon said in a statement. Wells Fargo CEO Charlie Scharf said in a news release, “While some economic uncertainty remains, the U.S. economy has been resilient and the financial health of our clients and customers remains strong.” And Citigroup’s CEO, Jane Fraser, said the global economy has “proved more resilient than many anticipated,” and “America’s economic engine is indeed still humming.”

The numbers back them up, to a point. The most recent quarterly GDP data showed the U.S. economy expanding at a faster pace in the second quarter than had been previously expected.

Still, President Donald Trump’s global trade policies continue to fuel uncertainty as tariffs increasingly weigh on consumers. Trillion-dollar company valuations driven in large part by AI raise questions about how long the markets’ record run can continue. Jobs growth has weakened substantially, too.

U.S. stock indexes ended mostly lower Tuesday, with the Nasdaq falling 0.8% and the S&P 500 ending about flat. The 30-stock Dow closed up 200 points. The mixed session followed a dramatic couple days on Wall Street, during which stocks fell sharply on Friday after Trump threatened 100% tariffs on China — only to recover some of those losses Monday.

“There continues to be a heightened degree of uncertainty stemming from complex geopolitical conditions, tariffs and trade uncertainty, elevated asset prices and the risk of sticky inflation,” JPMorgan’s Dimon said.

The jobs market is rapidly cooling, as well, according to government and private data. Payroll processor ADP’s most recent monthly report showed that private employers shed 32,000 jobs in September.

The official government jobs report for the month has been held up by the government shutdown. Before the shutdown, the August jobs report from the Bureau of Labor Statistics showed that employers added just 22,000 jobs for the month. It also revised data to show there was a net loss of jobs in June.

“It’s pretty easy to imagine a world where the labor market deteriorates from here,” JPMorgan’s financial chief, Jeremy Barnum, said on the bank’s conference call.

“The fact that things are fine now doesn’t mean they’re guaranteed to be great forever,” he added.

Despite the dark clouds on the jobs horizon, Barnum said consumers are still — there’s that word again — “resilient,” noting strong spending and lighter-than-expected delinquency rates.

Scharf said Wells Fargo saw spending on debit and credit cards continuing to increase alongside growth in new auto loans.

“The performance of the consumer is just very, very consistent,” he said on Wells Fargo’s earnings call, adding that he didn’t see “any real pockets of slowing.”

At Citigroup, Fraser noted what she called “pockets of valuation frothiness” in the market, and warned that growth may be “cooling somewhat.”

Still, she said, the U.S. “continues to be a pace setter, driven by consistent consumer spending as well as tech investments in AI and data centers.”

AUBURN HILLS, Michigan – Stellantis announced today plans to invest $13 billion over the next four years to grow its business in the critical United States market and to increase its domestic manufacturing footprint. The investment is the largest in the Company’s 100-year U.S. history and will support the introduction of five new vehicles across the brand portfolio in key segments; production of the all-new four-cylinder engine; and the addition of more than 5,000 jobs at plants in Illinois, Ohio, Michigan and Indiana.

The new investment will further expand Stellantis’ already significant U.S. footprint, increasing annual finished vehicle production by 50% over current levels. The new product launches will be in addition to a regular cadence of 19 refreshed products across all U.S. assembly plants and updated powertrains planned through 2029.

“This investment in the U.S. – the single largest in the Company’s history – will drive our growth, strengthen our manufacturing footprint and bring more American jobs to the states we call home,” said Antonio Filosa, Stellantis CEO and North America COO. “As we begin our next 100 years, we are putting the customer at the center of our strategy, expanding our vehicle offerings and giving them the freedom to choose the products they want and love.”

“Accelerating growth in the U.S. has been a top priority since my first day. Success in America is not just good for Stellantis in the U.S. — it makes us stronger everywhere,” Filosa said.
 

Plant Investment Details⁽¹⁾

The $13 billion investment plan includes research and development and supplier costs to execute the Company’s full product strategy over the next four years as well as investments in its manufacturing operations. The details of the plant-specific investments follow: 

Illinois

Stellantis intends to invest more than $600 million to reopen the Belvidere Assembly Plant to expand production of the Jeep_® Cherokee and Jeep Compass for the U.S. market. With an initial production launch expected in 2027, these actions are anticipated to create around 3,300 new jobs.

Ohio

With an investment of nearly $400 million, assembly of an all-new midsize truck, previously allocated to the Belvidere plant, plans to move to the Toledo Assembly Complex, where it will join the Jeep Wrangler and Jeep Gladiator. The production shift could create more than 900 jobs. Launch timing is expected in 2028.

The Company also intends to continue with investments in its Toledo operations as previously announced in January. This includes additional technologies and strong product actions for both the Jeep Wrangler and Jeep Gladiator, and more components critical to production at the Toledo Machining Plant.

Michigan

Stellantis plans to develop an all-new range-extended EV and internal combustion engine large SUV that will be produced at the Warren Truck Assembly Plant beginning in 2028. The Company will invest nearly $100 million to retool the facility. It is anticipated that the new program will add more than 900 jobs at the plant, which currently assembles the Jeep Wagoneer and Grand Wagoneer.

The Company also expects to invest $130 million to prepare the Detroit Assembly Complex – Jefferson for production of the next-generation Dodge Durango, reaffirming its commitment from January. Production is anticipated to launch in 2029.

Indiana

The Company confirms its January announcement to make additional investments in several of its Kokomo facilities to produce the all-new four-cylinder engine – the GMET4 EVO – beginning in 2026. The Company plans to invest more than $100 million and to add more than 100 jobs to ensure that the U.S. will be the manufacturing home of this strategic powertrain.

Stellantis’ U.S. footprint includes 34 manufacturing facilities, parts distribution centers and research and development locations across 14 states. These operations support more than 48,000 employees, 2,600 dealers and nearly 2,300 suppliers in thousands of communities across the country. Today’s announcement builds on the previously announced actions in January 2025.

NOTES

 

 

About Stellantis

Stellantis N.V. (NYSE: STLA / Euronext Milan: STLAM / Euronext Paris: STLAP) is a leading global automaker, dedicated to giving its customers the freedom to choose the way they move, embracing the latest technologies and creating value for all its stakeholders. Its unique portfolio of iconic and innovative brands includes Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, FIAT, Jeep_®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. For more information, visit www.stellantis.com.

 

 

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By Bill Peters

Move will help Walmart stand out as retailers try to win over cautious consumers, one analyst says

A new partnership will let consumers buy items sold at Walmart through OpenAI’s ChatGPT and Instant Checkout.

Walmart Inc. was the Dow Jones Industrial Average’s top percentage gainer on Tuesday and closed at a record high, after the big-box chain announced a partnership that will soon allow customers to buy items at the retailer through OpenAI’s artificial-intelligence chatbot ChatGPT.

Shares of Walmart (WMT) finished 4.9% higher on Tuesday.

The partnership between Walmart and OpenAI will let customers and members buy items sold at Walmart through ChatGPT and Instant Checkout, a shopping tool OpenAI introduced late last month.

“For many years now, e-commerce shopping experiences have consisted of a search bar and a long list of item responses,” Walmart Chief Executive Doug McMillon said in a statement. “That is about to change. There is a native AI experience coming that is multimedia, personalized and contextual.”

Walmart made the announcement as shoppers continue to struggle with higher prices – and increasingly turn to mass retailers for relief – and as retailers navigate the U.S.-led trade war. Meanwhile, concerns have grown about the astronomical costs to develop AI, as well as consumers’ willingness to pay for it.

Walmart already uses AI in things like customer service and clothing design. UBS analyst Michael Lasser, in a note on Tuesday, said Walmart’s announcement underscored the retailer’s ability to keep pace with trends in technology and shopping.

“Thus, this should provide incrementality and differentiation vs. the rest of retail,” he said.

D.A. Davidson’s Michael Baker, in a note on Tuesday, was also upbeat about the move.

“This supports our view that Walmart will be a winner among traditional retailers in the agentic commerce race,” he said, referring to the digital AI “agents” designed to help humans with tasks.

When OpenAI announced Instant Checkout last month, it said U.S. ChatGPT users would be able to make in-chat purchases from domestic Etsy Inc. (ETSY) merchants, with products from sellers on Shopify Inc. (SHOP) to be made available later. At the time, it said shoppers could make single-item purchases on Instant Checkout, with multi-item purchases set to follow.

Shares of Walmart are up 18.7% so far this year.

-Bill Peters

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  10-14-25 1700ET
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