Friday, May 17, 2024
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Tuesday’s Stock Market Opening

For investors to begin their trading day, the following news items are the most crucial:

1. Technical success

Salutations to the Nasdaq. By slightly gaining ground on Monday, the heavily weighted index in the technology sector ended a four-session losing skid. The victory coincided with a slight decline in the 10-year Treasury yield. The other two important indexes, though? The result was a loss. The S&P 500 fell seven points and the Dow lost 190 points.

2. Coke with a little fizz

The profit and sales reported by Coca-Cola on Tuesday morning were more than anticipated. The report is released as the beverage company battles declining stock price and unsettling customer habits. Although Coke increased prices to keep up with inflation, some consumers are now less likely to purchase the company’s goods.

3. The strike element
How much do the targeted United Auto Workers strikes impact the Big Three Detroit automakers’ business? This morning, as it reported its third-quarter earnings and revenue, General Motors surprised investors by removing its full-year guidance. In comparison to rivals Ford and Stellantis, the company has the fewest UAW members on strike, yet it’s still suffering. In pretax results, GM reported that the strikes, which began in mid-September, have cost them more than $800 million.

4. When will we get a speaker?

Here we go once more. Another candidate for speaker of the House will soon be chosen by congressional Republicans. To choose a nominee, they will meet behind closed doors on Tuesday morning. The House floor vote could happen later that day. Finding a candidate who can unite the GOP caucus, which holds a slim majority in the House, may become more difficult given the eight members who are running. Rep. Dan Meuser of Pennsylvania, who had been the ninth contender, withdrew overnight. Moreover, the clock is running.

5. Hezbollah is emphasised

The world is increasingly concerned that a second front could open up in the north, sparking a more serious conflict, while Israel bombs the Gaza Strip in its confrontation with the Palestinian militant group Hamas. Israeli troops and Hezbollah, a Lebanese militant organisation backed by Iran, have exchanged gunfire there. Israel’s president, Isaac Herzog, declared that while his nation does not desire a conflict with the organisation, Hezbollah “is playing with fire.” Hamas released two more Israeli prisoners that it had held since its terrorist operations against Israel on October 7 in other places.

Source (CNBC)

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