The Chairman of the Federal Reserve, Jerome Powell, is scheduled to deliver what could be a pivotal policy address. The financial markets are getting ready for the possibility that the head of the central bank will continue to be tough on inflation. The increase in yields may be a hint that investors believe Powell would promote the higher-for-longer strategy regarding interest rates, which has been supported recently by a number of other Fed members.
In the second round of voting that took place yesterday, Republican Jim Jordan did not receive enough votes to secure the top job in the House. The Republican party is still divided about what actions to take next, and the body is still paralyzed without a leader.
During his visit, Biden reiterated his commitment to supporting Israel. The President of the United States stated, as he was wrapping up his visit to Israel, that the intelligence gathered by the United States corroborated Israel’s assertion that the Palestinian Islamic Jihad was responsible for the bombing of a hospital in Gaza, which sparked anti-Israel rallies throughout the region.
At the Google for India annual tech event, the business revealed that Alphabet Inc. will begin production in India of its Pixel 8 smartphones in time for sales in 2024. The announcement was made by the firm.
Today, the Attorney General of the state of New York, Letitia James, filed a comprehensive lawsuit against cryptocurrency companies Gemini Trust Company (Gemini), Genesis Global Capital, LLC and its affiliates (Genesis), and Digital Currency Group, Inc. (DCG) for allegedly defrauding more than 230,000 investors, including at least 29,000 residents of the state of New York, out of more than $1 billion.
After leading Costco through a period of rapid expansion that was spurred by both pandemics and inflation, veteran CEO Craig Jelinek has decided to step down from his position with the firm. According to a statement released by the company on Wednesday, Ron Vachris, who now serves as the company’s chief operational officer, will take over for him. The new policy will be implemented on January 1st.
According to an announcement made today by the three firms, General Motors, through its self-driving car subsidiary Cruise, and Honda intend to establish a robotaxi service in Japan as part of a new joint venture. The businesses hope to introduce the service, which will utilize the bespoke Cruise Origin vehicles, in the core of Tokyo at some point in the early year 2026.
According to a statement released by the company on Thursday, Nokia plans to reduce its workforce by as many as 14,000 positions as part of a significant initiative to cut costs and combat a “weaker” market climate. The decision was revealed as part of a bigger restructuring that will reduce the number of employees at the Finnish telecom giant to between 72,000 and 77,000. The company is a key provider of 5G equipment and now has 86,000 workers on its payroll.
According to a report from Bloomberg, HSBC is in the process of deactivating texting on its workers’ work phones. This comes after the company previously prevented its staff from using WhatsApp for messaging. The staff of financial institutions are expected to have their information recorded.
P&G, the company that owns both Tide and Gillette, surpassed the profit projections of Wall Street. The decrease in sales volume was attributed to rising pricing, with the explanation being that customers paid more money for items of higher value.
The price cutbacks that Tesla implemented reduced their profitability. After implementing a number of price cuts in an effort to boost sales during the most recent quarter, the manufacturer of electric vehicles saw a decrease of 44% in its profits. The company reported that its operating margin for the quarter was 7.6%, which is comparable to that of a conventional automobile manufacturer but is a significant decrease from the 17.2% margin it had the previous year.
Pfizer, a pharmaceutical company, announced on Wednesday that the price of the antiviral medication Paxlovid, which is used to treat the lifesaving Covid-19 virus, will more than quadruple as the United States moves out of the emergency phase of the pandemic.
In an effort to reduce the amount of microplastics in the environment, the EU has prohibited the sale of loose glitter. individuals in Germany stocked up on the glossy craft item before the ban took effect this week because TV personalities and other influential individuals were concerned about losing access to it.
According to CNBC, Walmart is working to strengthen its third-party marketplace. In an effort to compete with Amazon in the realm of online retailing, the largest retailer in North America is beefing up its third-party online marketplace in time for the holiday shopping season. This year will be crucial for the company as it seeks to reverse the industry trend of declining online sales as a result of consumers cutting down on their discretionary spending. The company has placed a large bet on hundreds of thousands of independent sellers.
Foxconn and Nvidia have formed a partnership to construct “AI factories.” The manufacturing and technology giant will construct a new category of data centers, each of which will have the potential to deliver supercomputing power. This will allow the company to speed up the development of autonomous vehicles, machines, and industrial robots.
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)
