The following are the key news stories that investors should be aware of before beginning their trading day:
1. Strategies for success
Following the greatest week of the year for the three major U.S. averages, investors are hoping that stocks can begin a winning run. Last week, the S&P 500 increased 5.9%, the Nasdaq Composite gained 6.6%, and the Dow Jones Industrial Average increased by almost 5%. The S&P entered correction territory during a difficult period that was followed by the gains. Bond yields fell in October due to lower-than-expected job creation, which also boosted stocks on Friday.
2. The machine and Musk
Elon Musk has made a significant initial move into the AI field. Grok, a chatbot developed by the billionaire’s new company, xAI, was introduced. xAI stated that the bot will have access to data from Musk’s social platform X, and he wants it to be more satirical than well-known competitors like OpenAI’s ChatGPT. At the moment, Grok is in beta testing. Musk eventually plans to include it in the $16 monthly Premium+ X, formerly known as Twitter, membership.
3. The cash boost for Buffett
The weekend saw a solid quarter report from Berkshire Hathaway, owned by Warren Buffett. Over 40% more money was made by the company ($10.76 billion) in operating earnings. Before the end of September, Berkshire’s cash reserves reached a record high of over $157 billion. This year, the conglomerate’s Class A shares have increased by around 14%.
4. An income stream
The plethora of earnings that have been flooding the market in recent weeks is less of a slate for the days ahead. But this week, well-known companies including MGM Resorts, Biogen, Warner Bros. Discovery, Uber, and Walt Disney will provide investors with updates on their financial situation. Investors have been pleasantly surprised by the earnings season thus far. According to LSEG, previously Refinitiv, with over 400 S&P 500 businesses filing as of Friday, earnings increased 5.7% over the same period last year. At 1.2%, revenue growth was less than expected. The main reports for this week are as follows:
Tuesday: Before the bell, Uber; after the bell, Lucid, Rivian
Wednesday: Walt Disney, Lyft, Warner Bros. Discovery, Biogen, and Under Armour (before the bell);
5. When he testifies
In just one of the legal processes looming over the 2024 Republican presidential front-runner as he launches a third campaign for the presidency, former President Donald Trump is scheduled to testify on Monday in a civil fraud trial in New York. Trump and his two adult sons are accused by New York Attorney General Letitia James of inflating the worth of significant assets in order to receive financial benefits.