Last week saw the largest one-week decline in mortgage rates in more than a year, which led to the first uptick in mortgage demand in a month. In comparison to the prior week, the total number of mortgage applications increased by 2.5% last week, as per the seasonally adjusted index released by the Mortgage Bankers Association.
Abortion rights campaigning was a wonderful night for Democrats. By a double-digit margin, Ohioans chose to include abortion rights in the state constitution. Andy Beshear, the Democratic governor of Kentucky, was re-elected. Democrats also managed to flip the state House and maintain their majority in the state Senate of Virginia.
King Charles III of England announced at the state inauguration of the Parliament that the administration would be introducing laws to raise the smoking age annually. The significant crackdown that Prime Minister Rishi Sunak suggested last month would essentially usher in the United Kingdom’s first generation of smoke-free people.
Walmart declared on Tuesday that it is implementing measures to establish a more serene shopping environment in all of its US locations, at least for a few hours each day.
The adjustments, which are scheduled to take effect on November 10, include dimming the store lights, turning off the radio, and switching the in-store TV walls to a static display.
Days before WeWork declared bankruptcy, SoftBank was compelled to send $1.5 billion to Goldman Sachs and other lenders as the Japanese company’s losses from one of the worst venture capital investments in history grew, according to FT.
Shein desires a $90 billion valuation. People with knowledge of the situation told Bloomberg that the Chinese fast-fashion retailer informed prospective investors that it hopes to list at that price when it does an initial public offering in the US. Even still, with a $90 billion valuation, Shein is among the most valuable startups in the world.
According to the Federal Reserve Bank of New York, Americans’ credit card debt increased by $154 billion year over year to a record $1.08 trillion in Q3, marking the biggest growth since the bank started tracking household debt in 1999. Fascinatingly, credit card delinquencies were highest among millennials.
Shares of Robinhood fell 12% following reports of lower revenue and trading volume. Revenue for the third quarter increased 29% to $467 million, however it was less than the experts’ projection of $480 million. Its net loss exceeded Wall Street’s projections, narrowing to $85 million, or 9 cents per share.
Nestle invests $100 million in a food delivery firm. Wonder Group and Nestle have teamed together to prepare ingredients and sell state-of-the-art cooking equipment to establishments such as hotels, hospitals, sports arenas, and more. It happens soon after Wonder paid $103 million to acquire the faltering meal kit brand Blue Apron.
Baidu ordered AI chips from Huawei rather than Nvidia. It has been reported that the massive Chinese technology company, in an attempt to diversify away from Nvidia and other Western manufacturers, ordered artificial intelligence (AI) components from Huawei.
More than $800 million in overdue taxes from Airbnb being sought after by Italy. As the investigation into short-term rentals intensifies in both American and European cities, the tax authorities of the European nation claim that landlords who use the platform have neglected to pay taxes. Between 2017 and 2021, its European branch, domiciled in Ireland, earned around $4 billion in rental income from Italy; yet, it failed to pay the required 21% of taxes.
Under CEO David Zaslav’s direction, Warner Bros. Discovery reduced its total losses on increased revenues as the major studio was affected by both the concurrent Hollywood strikes and a weakening U.S. ad market. Just shy of an estimated $10 billion in revenue, overall revenues increased by 2% to $9.97 billion.
AMC, Beyond Meat, Biogen, Disney, Lyft, MGM Resorts, Roblox, Take-Two, Under Armour, Warner Bros. Discovery, and Wynn Resorts are expected to report earnings on Wednesday.
Thursday: First claims of unemployment. Expected profits for Yeti, Oatly, Canopy Growth, and Aurora Cannabis
US nonfarm payrolls and the unemployment rate on Friday. Expected earnings from Tyson Foods
Stocks to watch with positive momentum and Buy Rating:
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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