To begin their trading day, investors should be aware of the following key news items:
1. The rally halted
Tuesday’s closing prices for all three main indexes were lower, ending the S&P 500 and Nasdaq Composite’s five-day winning streak. The day of decline coincided with the release on Tuesday of Federal Reserve meeting minutes, which showed that the Fed will need to maintain “restrictive” policy going forward due to concerns about persistent or slightly higher inflation.
2. Who is back again?
After being sacked less than a week ago, Sam Altman is back at OpenAI as CEO. The AI startup stated on X that in addition to his return, there will be some board changes. Employees and investors were incensed when Altman was abruptly fired on Friday afternoon. A letter seeking the resignation of the board and Altman’s reinstatement was signed by hundreds of workers. If he didn’t come back to the Microsoft-backed business, they also threatened to transfer to Microsoft with him.
3. CZ arrives, CZ departs
Changpeng Zhao, the founder and CEO of Binance, resigned from his position on Tuesday after entering a guilty plea to federal criminal charges related to breaking the Bank Secrecy Act and inciting a financial institution to do so. The U.S. Department of Justice claims that Zhao’s bitcoin exchange was also the target of many accusations and that it agreed to pay $4.3 billion in fines and forfeiture.
4. Hostage exchange
An agreement has been reached between Israel and Hamas over the hostages and a minimum four-day humanitarian stoppage in Gaza. More relief supplies, especially much-needed gasoline, will be able to reach Gaza during the pause. 50 civilian women and children who are being kept as hostages in the Palestinian enclave will be freed as part of the agreement. Israel will free several Palestinian women and children who are detainees in return.
5. Nvidia’s revenue
When it came to its third-quarter profits, Nvidia exceeded Wall Street’s expectations. The chip manufacturer did, however, caution that export limitations that impact sales in China and other nations may negatively impact its upcoming quarter. However, Nvidia is still very popular. For the quarter concluded in October, its revenue increased by 206% year over year.
Source (CNBC)
