Daily Shocker Recap of Today Business News October 31, 2023

Daily Shocker Recap of Today Business News October 31, 2023

Even though Tuesday’s housing data was greater than expected, investors were anxious about the opening of the Federal Reserve’s two-day meeting and drove the Dow Jones Industrial Average down 125 points. After the electric vehicle giant’s share price went below the 200 marks on Monday, Tesla (TSLA) shares continued to decline with hefty losses.

Vice President Biden has issued an executive order to mitigate the risks posed by artificial intelligence. The ruling calls for new AI safety measures to be developed, equity and civil rights to be protected, and innovation and healthy competition to be fostered. The mandate stipulates, among other things, that those working on AI systems inform the United States government with the conclusions of any safety studies they do.

exposed W. In September, LendingClub published a study finding that 62% of people are living paycheck to paycheck. The figure is unchanged from the previous year.

Prime Minister Benjamin Netanyahu has repeatedly rejected calls for a truce that would help facilitate the release of nearly 200 Israeli hostages held by Hamas and allow greater humanitarian aid to reach Palestinians. “Calls for a cease-fire are calls for Israel to surrender to Hamas,” he contended.

Demand for Pfizer’s COVID drugs fell, and the company posted a substantial charge due in major part to the United States government returning millions of doses of Pfizer’s antiviral therapy Paxlovid. Pfizer reported its first quarterly loss since 2019 on Tuesday.

In the most significant antitrust trial in 25 years, Alphabet CEO Sundar Pichai testified that deals in which Google’s search engine is set as the default on mobile devices and web browsers might be “very valuable.”

It’s hardly shocking that Apple constantly improves its hardware. In keeping with yesterday night’s Halloween-themed presentation, Apple marketed its new series of Mac CPU chips as “scary fast.” The tech giant hopes that integrating these processors in computers will increase sales. Apple is expecting the faster-processing Macs would be snapped up during the holiday season after Mac sales dipped by 7% in the previous quarter. They will be available next week.

Elon Musk paid $44 billion in 2022 to acquire the social media platform X Corp., but the company is now only valued around $19 billion. This is despite Musk’s best efforts to change the app into a hub for a variety of services. Musk has been working to make X become a “everything app,” even joking about using it as a dating site.

The success of Samsung’s smartphones and mobile displays is being credited for the company’s financial turnaround. The company has done better in the last three months than in the previous quarters, and they attribute this to the success of their mobile flagship items and their premium displays.

Despite ongoing negative repercussions from the internet controversy around its Bud Light promotion, the world’s largest brewing business, Anheuser-Busch InBev, revealed on Tuesday that it had outperformed third quarter predictions. The 5% year-over-year revenue gain exceeded the company’s expectation of a 4.7% increase.

On Monday, the Defense Department’s Space Development Agency awarded contracts worth around $1.3 billion to York Space and Northrop Grumman to manufacture communications satellites.

GDP in the Eurozone decreased somewhat from the second to the third quarter and slowed dramatically from the first to the third year, according to a preliminary assessment released on Tuesday.

Bitcoin (BTC) kept trading above $34,000 even after the Bank of Japan (BOJ) relaxed its “yield curve control” (YCC) program to counteract the Federal Reserve’s liquidity tightening.

WeChat and Kaspersky, two popular Chinese and Russian apps, were banned from government-issued mobile devices in Canada on Monday due to concerns over privacy and security.

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

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