Monday, November 4, 2024
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Friday Before the Stock Market Starts

To begin their trading day, investors should be aware of the following key news items:

1. Waddling home

As we approach Friday, stocks are headed for a down week. The Dow dropped 250 points, the Nasdaq and S&P 500 both lost more than 1%, and the three main U.S. indices are all coming off of a very difficult day on Thursday.

2. Ford’s rough

Ford has been a busy week. After over six weeks of labour unrest that cost the corporation $1.3 billion, the company—the first of the Detroit Three automakers—reached an agreement with the United Auto Workers Union. (Leadership and Stellantis are still in negotiations with the UAW.) Ford’s profits followed.

3. Leading margins

These days, Amazon has a little wider operating margin. The cloud computing and e-commerce behemoth claimed to have reached a 7.8% margin in the third quarter, which is the highest result since it reported an 8.2% margin in the first quarter of 2021. A large portion of this is due to CEO Andy Jassy’s cost-cutting efforts, which he is still doing despite Amazon slightly slowing down the hiring of new employees. It seems that the market is pleased with Jassy’s performance as well. During after-hours trade, Amazon shares surged.

4. High oil revenues

Before the bell on Friday, Exxon Mobil and Chevron released their quarterly financial results. Even though oil prices were higher, each of the major oil companies reported a substantial drop in profit from the same quarter last year. Exxon’s performance suffered due to increased expenses in its chemicals division, while Chevron reported a roughly 40% decline in earnings for its upstream division during the quarter.

5. The Syrian airstrikes

The Revolutionary Guard of Iran was allegedly using the sites that US forces targeted during their airstrikes in Syria. As a form of self-defense in response to attacks on American personnel in the area, U.S. Defence Secretary Lloyd Austin announced that the “narrowly targeted” attacks were launched. This action is taken when tensions in the Middle East are about to explode.

Source (CNBC)

SourceCNBC
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