Stocks are red today on mixed signals, but the overall take is bullish for the market, bearish for the labor market longer-term.

• Growth beat expectations, but people's spending is not keeping up with their income, a warning sign that could eventually hit jobs after waves of layoffs at companies like Microsoft.
• Fear in the market, measured by risk insurance costs on companies like Oracle and CoreWeave, is already cooling off even though headlines are still freaking out about it.
• The Fed sounded much less likely to keep raising rates after its meeting, which is good for stocks and borrowers, though rising inflation expectations suggest that call could be wrong.
• Google's search business and Service Now's rising costs are seen as problems specific to those companies, not a sign the AI trade is breaking down.
• Healthcare and Apple are holding up well while hardware and AI stocks wobble, and oil prices tied to the unresolved Iran conflict are an added risk to watch.

Outlook: Expect continued choppy trading until the Fed and more earnings clear, with a call for stocks to hit new highs by Black Friday and beyond.