Daily Shocker Recap of Today Business News October 18, 2023

Daily Shocker Recap of Today Business News October 18, 2023

As a result of the Commerce Department’s news that retail sales were stronger than predicted, bond yields increased to their highest level in the past 10 days, but stock prices were virtually unchanged. The stock price of Nvidia fell after the announcement by the Biden administration that it intends to raise barriers to Chinese imports of semiconductors.

Around 4,350 was where the S&P 500 was trading. As a consequence of declining profits, Morgan Stanley experienced a decline of around 6 percent. The stock of United Airlines Holdings Inc. dropped as the company forecast fewer profitability as a result of the cancellation of flights to Tel Aviv and higher prices for jet fuel. As a result of Procter & Gamble Company’s quarterly sales exceeding estimates, the company’s stock price went up. Both Tesla Inc. and Netflix Inc. will make their quarterly reports available after the stock market has closed for the day.

Goldman Sachs (GS) suffered a decrease in profitability during the third quarter as the financial services business worked to reverse a persistent reduction in dealmaking and reverse the company’s costly exit from consumer banking. Both of these factors contributed to the loss in dealmaking and to the company’s withdrawal from consumer banking. Although it, along with JPMorgan (JPM), Bank of America (BAC), Citigroup (C), and Wells Fargo (WFC), all reported year-over-year gains in earnings, the company’s performance during the quarter was significantly lower than that of its competitors.

As a result of the rise in mortgage rates over the past six weeks in a row, the number of people applying for home loans has fallen to its lowest level since 1995. The seasonally adjusted index that was compiled by the Mortgage Bankers Association revealed a drop in application volume of 6.9% from the previous week to the current week.

According to sources in the United States, the primary priority of President Biden is to stop the bloodshed in the region from getting any worse and to persuade Israel to finish implementing a humanitarian plan for Gaza before beginning ground operations. The primary objective for Biden will be to persuade Netanyahu to open the border with Egypt so that inhabitants of Gaza will be able to leave and humanitarian aid would be able to enter.

On the first ballot, Jim Jordan did not win the position of Speaker of the House. The Republican party’s circus to select a new Speaker of the House will continue for at least one more day after Ohio congressman Jim Jordan was unable to win the 218 votes necessary to become Speaker of the House.

In the event that FTX files for bankruptcy, the plan calls for the company’s customers to receive up to ninety percent of any funds recovered. Shortly after the first collapse of the Bitcoin exchange, authorities stated that approximately $9 billion worth of user cash had vanished without a trace.

Baidu, a search engine based in China, believes its latest artificial intelligence iteration of Ernie can compete with Google’s GPT-4. A new artificial intelligence model has been released by the business, which claims it can compete favourably with OpenAI’s GPT-4 model.

X, which was once known as Twitter, has just implemented a one-dollar sign-up fee for users in certain countries. According to Fortune, users in New Zealand and the Philippines can now be prevented from registering new, unverified accounts and posting on the web version of X unless they pay a yearly cost of $1. These users will be exempt from the payment requirement if they have already paid the fee. Elon Musk’s social networking platform has reassured its existing members that their experience on the platform would not be altered in any way.

Economy class passengers who have reserved window seats on United Airlines flights will be boarded first, ahead of those who have reserved seats on the aisle or the middle of the cabin. According to an internal document that was made available to The New York Times, the modification, which is scheduled to take effect on the 26th of October, has the potential to reduce the amount of time required for boarding each trip by up to two minutes.

On Tuesday, rival hotel operator Wyndham Hotels & Resorts was made aware of a takeover approach by Choice Hotels International, which placed a value of approximately $8 billion on the business. The hotel operator located in Maryland announced the contents of its offer after claiming that Wyndham had walked away from almost six months of merger discussions.

As a result of the ongoing strike by the United Auto Workers (UAW), there is still a substantial impact being felt on operations at the Big Three automakers. According to the information provided by the firm, the production of fully electric vehicles at the GM factory in Michigan would be halted until the late year of 2025.

Foxconn of Taiwan has announced intentions to develop artificial intelligence (AI) data factories utilizing technology from American chip giant Nvidia in an effort to become a significant worldwide participant in the electric car production industry. This move is part of Foxconn’s drive to become a global supplier of electric vehicles.

Philip Morris International (PM), Union Pacific (UNP), AT&T (T), CSX (CSX), Taiwan Semiconductor Manufacturing (TSM), and American Airlines Group (AAL) will all report earnings on Thursday, October 19.

American Express (AXP) and Schlumberger (SLB) are in the spotlight for their earnings reports on Friday, October 20.

Stocks to watch with positive momentum and Buy Rating:

SNDL Group (SNDL), Groupon (GRPN), Chase Bank (JPM), Microsoft (MSFT)GOOGL, Apple (AAPL), Pay Pal (PYPL), Walmart (WMT), Amazon (AMZN), Facebook (META), Tesla (TSLA), Carnival Corporation (CCL), PepsiCo (PEP), Wells Fargo (WFC), Johnson & Johnson (JNJ), Philip Morris International (PM)

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