Daily Shocker Recap of Today Business News October 23, 2023

Daily Shocker Recap of Today Business News October 23, 2023

On Monday morning, as the benchmark 10-year Treasury yield momentarily climbed above 5%, stocks declined as investors adjusted to the idea that interest rates might remain higher for longer. The Dow Jones Industrial Average (DJI), the S&P 500 (GSPC), and the Nasdaq Composite (IXIC) all fell by about 0.5% at Monday’s opening bell.

Important earnings reports from the technology sector will capture investors’ attention next week. The likes of Microsoft (MSFT), Alphabet (GOOGL), Meta (META), and Amazon (AMZN), not to mention Coca-Cola (KO) and Exxon (XOM), will all be releasing their quarterly earnings reports this week.

U.S. deficit spending is at an all-time high, surpassing even the COVID era. The federal deficit in FY2023 was $1.695 trillion, an increase of 23% over FY2022. The decrease in tax revenue, the growth in spending on social welfare programs, and the rise in interest payments on the national debt all contributed to the widening gap.

The Internal Revenue Service is pursuing tax evaders for $160 MILLION: Officials claim that one former CEO tried to claim the construction of his personal tennis court and pool house as a “business expense.”

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Many prominent retail CEOs, including those from Macy’s (M) Jeff Gennette, Prada (RDSY) Andrea Guerra, Abercrombie & Fitch (ANF) Fran Horowitz, Saks (SKS) Marc Metrick, and Neiman Marcus Group (NMR) Geoffroy Van Raemdonck, will be speaking at the Women’s Wear Daily Apparel & Retail CEO Summit.

This week, Tesla’s stock dropped after earnings, going below a significant technical level. Elon Musk, who spearheaded the effort to draw attention to sluggish revenue growth and pressure on profitability, argues that high borrowing rates are restricting affordability for new consumers.

The iPhone maker’s billionaire inventor announced his intention to run for president of Taiwan, prompting months of inquiry by Chinese tax authorities.

Lululemon has risen to the top of the S&P 500 this week, dethroning Activision Blizzard from its previous perch. Although this typically results in an immediate and significant increase in the stock price, studies have shown that the inclusion of a stock in an index has “no permanent effect” on its market value.

Rumour has it that Asia’s richest man, Mukesh Ambani of Reliance Industries Ltd., is buying the Indian operations of the Walt Disney Co.

It was reported on Monday that Swiss pharmaceutical and healthcare giant Roche would acquire Telavant Holdings for $7.1 billion. A “promising new therapy” for people with Crohn’s disease is being developed by Telavant, according to a press release from Roche. Pharmaceuticals for inflammatory and fibrotic diseases are Telavant’s forte.

Markets in Argentina fell on Monday despite Economy Minister Sergio Massa’s better-than-expected performance in the country’s presidential elections on Sunday.

Billionsaire Elon Musk has volunteered to pay $1 billion to have Wikipedia renamed in his honour. Adding, “In the interests of accuracy,” he said, “I will give them a billion dollars if they change their name to Dickipedia.”

An environmental organization has uncovered unlawful trade and use of parts from endangered animals by three large Chinese pharmaceutical businesses backed by significant international banks. Researchers from the Environmental Investigation Agency (EIA) in the United Kingdom claimed on Monday to have found 72 Chinese companies approved by the country’s drug regulator to sell products containing leopard and pangolin parts.

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Hyundai Motor Co. and electric vehicle maker Lucid Motors Inc. have agreed to construct a $500 million car assembly plant in Saudi Arabia with funding from the country’s sovereign wealth fund.

Twitter CEO Elon Musk has introduced two new pricing tiers, with the caveat that ad-free access would be offered at an additional cost. The tech magnate wrote a blog post announcing the imminent launching of two new X Premium pricing tiers. One is more affordable but has commercials, while the other is pricier but does not.

Weekly Earnings:

Financial results for the third quarter will be announced by Packaging Corporation of America (PKG) and Brown & Brown (BRO) on Monday, October 23.

On Tuesday, October 24, earnings reports are scheduled to be released by General Electric (GE), Texas Instruments (TXN), Alphabet (GOOG), Visa (V), Coca-Cola (KO), and Microsoft (MSFT).

On Wednesday, October 25, investors will get to hear from Meta Platforms (META), T-Mobile US (TMUS), Thermo Fisher Scientific (TMO), Boeing (BA), and General Dynamics (GD).

On Thursday, October 26, the following companies will release financial results: Amazon.com (AMZN), Mastercard (MA), Merck & Co. (MRK), Intel (INTC), Altria (MO), Chipotle Mexican Grill (CMG), Northrop Grumman (NOC), and UPS.

There will be a lot of attention paid to the earnings releases of four major companies on Friday, October 27: Exxon Mobil (XOM), Chevron (CVX), AbbVie (ABBV), and Charter Communications (CHTR).

Stocks to watch

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)

Daily Shocker Recap of Today Business News October 20, 2023

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