To begin their trading day, investors should be aware of the following key news items:
1. A winning run into a reduced workweek
Stocks are rising as the business week gets shortened due to holidays. For the first time since the summer, all three of the main U.S. indexes have recorded three-week winning streaks.
2. Altman visitates Microsoft
A new home for the human face of AI has emerged, two days after OpenAI shocked the tech community by dismissing CEO Sam Altman. CEO of Microsoft Satya Nadella said on the social media site X that Altman will head up a team dedicated to advanced AI. OpenAI has announced that Emmett Shear, the former CEO of Twitch, has been appointed to serve as an acting CEO.
3. Diminishing earnings
A few corporations scheduled to report this week will have a lot to say about the status of the economy and American consumers, but nearly all S&P 500 companies have already released their third-quarter earnings. After Altman’s dismissal, Nvidia, whose stock has surged this year because to the AI boom, will be even more intently scrutinised on Tuesday as the company releases its results.
4. The CEO of Cruise steps down
The Chief Executive Officer of General Motors’ robotaxi company, Cruise, has tendered his resignation. Although he gave no explanation for his resignation, Kyle Vogt stated he planned to “spend time with [his] family and explore some new ideas.” The company went through a turbulent era after he resigned. It had to halt operations on public highways and issue a voluntary recall for about 1,000 vehicles. More regulator scrutiny of the corporation was brought forth by incidents such as the collision of a Cruise car with a pedestrian.
5. A long Black Friday
For astute Christmas buyers, bargains are guaranteed on the Friday following Thanksgiving. However, in terms of value, that date has diminished somewhat for shoppers looking for discounts. This October, retailers provided more early Black Friday specials than in previous years, according to data from Adobe Analytics.