Here are the top news stories that investors need to know before they begin their trading day:
1. Increasing
All three major U.S. indices closed in positive territory on Monday, giving stocks a strong start to the week. A few major ones are due this week, and the early earnings returns have been strong thus far. In addition, Tuesday is earnings reporting day for Goldman Sachs, Bank of America, Johnson & Johnson, and United Airlines.
2. Biden visits Israel
The Israeli military is bombing the Gaza Strip from the air, and hundreds of Palestinians are running away. On Wednesday, President Joe Biden plans to visit Israel. He stated that the objective of the journey is to “stand in unity against the terrible terrorist attack by Hamas.” The humanitarian catastrophe affecting Palestinians will be discussed when Biden visits Jordan. Over a week has passed since Hamas terrorists carried out devastating raids in Israel that resulted in the deaths of over 1,400 people and the hostage-taking of scores more.
3. The iPhone charm offensive
Tim Cook, the CEO of Apple, travelled to make a surprise trip to China as the tech company struggles with the lacklustre response to its most recent iPhone. According to recent data, the iPhone 15’s sales in China’s first 17 days were 4.5% lower than those of the iPhone 14’s. According to Jefferies analysts, Chinese tech giant Huawei has recovered to retake the top rank among smartphone manufacturers in China after recently releasing a new high-end phone.
4. LinkedIn job losses
Jobs are being slashed at LinkedIn, which is owned by Microsoft, as revenue growth slows. According to CNBC’s Jordan Novet, the business-oriented social network informed colleagues on Monday that it has let go of close to 700 workers. Despite LinkedIn’s membership growth picking up speed in recent years, sales are slowing down and there are job losses. In an effort to tighten the reins on costs, Microsoft has generally reduced headcount.
5. Additional large banks report
The major bank momentum from late last week, when JPMorgan, Wells Fargo, and Citigroup all reported, is continued by Bank of America and Goldman Sachs. Tuesday started with BofA, and Goldman was scheduled for later in the morning. The second-largest U.S. bank by assets reported better-than-anticipated earnings and revenue due to higher-than-anticipated net interest income for the third quarter. On Wednesday, Morgan Stanley is expected to report.
Source (CNBC)
