Daily Shocker Recap of Today Business News October 30, 2023

Daily Shocker Recap of Today Business News October 30, 2023

U.S. stocks rose on Monday as traders anticipated a busy week that would include a Federal Reserve rate decision, a jobs report, and Apple’s earnings report. McDonald’s reported results that were beyond analyst projections, leading to a 2% premarket surge. This was due in part to price hikes that helped raise U.S. same-store sales in the third quarter.

Gold and silver prices are up in early U.S. trade on Monday as investors seek shelter from the ongoing hostilities between Israel and Hamas and the risk of a bigger crisis in the Middle East. Gold for December delivery is up $5.60, to $2,004.10. In December, silver cost $23.31, an increase of $0.423. Overnight, there was a lack of consistency between Asian and European stock markets. Forecasts call for a positive start for U.S. equity markets.

While reporting quarterly earnings in recent days, both McDonald’s and Chipotle Mexican Grill announced plans to boost menu prices in California next year to compensate for the state’s minimum wage increase for fast-food workers.

Thousands of Gazans stormed into UN warehouses on Sunday, according to the UN’s Palestinian refugee agency, in an attempt to grab flour and other “basic survival items,” highlighting the dire humanitarian situation in the heavily pummeled area. Nearly 8,000 Palestinians, largely women and children, have been killed in Israel’s retaliatory bombing of Gaza over the last weeks, according to the Gaza Health Ministry. Despite claims to the contrary from international humanitarian organizations, the Biden administration has “no confidence” in casualty estimates published by the Hamas-led organization.

Friends star Matthew Perry has died at the age of 54. A hot tub was found with actor Matthew Perry’s body inside on Saturday in the Los Angeles area. The Emmy-nominated actor shot to fame portraying the witty Chandler Bing on Friends from 1994 to 2004.

Krispy Kreme Inc. may still be a favorite among doughnut fans, but one Wall Street firm is telling investors to steer clear of the company’s stock because of the surge in the popularity of weight-loss medicines like Ozempic and Wegovy.

In an effort to improve working conditions, employees at CVS and Walgreens, two of the largest pharmacy chains in the country, will “walkout” again begin on Monday.

The Biden administration is widely anticipated to announce an AI executive order today. The policy’s goal is to take advantage of the government’s standing as a leading purchaser of technology by requiring reviews of cutting-edge AI models before they can be used by federal employees.

Information on the online-only launch of new Apple products on October 30. Many anticipate that the business will reveal the new M3 processors for its updated Macs at the “Scary Fast” presentation, but Apple has other surprises in store for the public. It has finished shipping its M2 chips and is now shifting its focus to its reportedly faster and more efficient M3 chips, which are built using TSMC’s 3nm technology.

The deadline for achieving an agreement to reduce production of carbon-heavy steel and aluminum was extended by the United States and the European Union. Failing to achieve an agreement might result in the reimposition of tariffs on at least $3 billion in EU goods dating back to the Trump administration.

X intends to offer rival newswire services. As Instagram Threads and other social media sites shy away from the news, an internal all-hands meeting at X shows Elon Musk’s business plans to double on with a new wire service named XWire. The product would go up against others in the market, such as PR Newswire from Cison.

Due to an infection risk that might lead to irreversible vision loss or blindness, the FDA has issued a warning against using several brands of over-the-counter eye drops. The government’s Friday alert includes eye care products from CVS Health, Leader (Cardinal Health), Rugby (Cardinal Health), Rite Aid, Target Up&Up, and Velocity Pharma.

Lululemon’s founder has muscular dystrophy and has donated $100 million to help find a cure. The goal is to get past the financial “Valley of Death” that many pharmaceutical research ventures face.

Thanks to the popularity of its new products and the sustained demand for its cheaper burgers and fries from consumers who are still struggling with rising food costs, McDonald’s (MCD.N) revealed on Monday that its profit and sales for the third quarter had surpassed Wall Street’s forecasts.

Ad-free Today, Meta introduced a new premium subscription service that gives users access to Facebook and Instagram. Due to the increased costs connected with iOS and Android, the monthly fee for the service is €12.99, while the online version costs €9.99.

On Monday, major companies like Denny’s, HSBC, McDonald’s, Pinterest, and SoFi will reveal their financial results.

It’s Halloween tonight. Earnings announcements are expected from AB InBev, BP, Caesars Entertainment, Caterpillar, JetBlue, Match, Pfizer, Shutterstock, and Sonoco.

This Wednesday marks the beginning of Native American Heritage Month. The Federal Reserve’s policy decision. Positions open in September. The following companies are expected to release financial results: Airbnb, Allstate, Avis, Cheesecake Factory, Coca-Cola, CVS, DoorDash, Electronic Arts, E.l.f., Estée Lauder, Eventbrite, Garmin, Kraft, MetLife, Mondelez, PayPal, Qualcomm, Roku, Toyota, Wayfair, Wingstop, Yum Brands, and Zillow.

The following companies are expected to report quarterly results on Thursday: Apple, Block, Cigna, Cloudflare, Coinbase, ConocoPhillips, Crocs, DraftKings, Expedia, Ferrari, Gannett, Hyatt, Live Nation, Marriott International, Moderna, Molson Coors, Palantir, Papa John’s, Redfin, Shake Shack, Shell, Shopify, Starbucks, Subaru, Sweetgreen, Wendy’s, and Yelp.

Friday will bring us the unemployment rate for the month of October. BMW and Cinemark are expected to be profitable.

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), Carnival Corporation (CCL), PepsiCo (PEP), Wells Fargo (WFC), Johnson & Johnson (JNJ), Philip Morris International (PM)SNAP INC (SNAP), Exxon Mobil (XOM), Chevron (CVX)

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Daily Shocker Recap of Today Business News October 26, 2023

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