Stocks fell on Wednesday after investors processed Microsoft’s (MSFT) and Alphabet’s (GOOG, GOOGL) mixed quarterly earnings reports. More earnings reports are expected to come out later this week. The Nasdaq Composite lost more than 1%, while the S&P 500 dropped 0.6%, and the Dow Jones Industrial Average rose more than 0.2%.
Despite a flood of earnings reports from both the United States and Europe, European markets remained neutral on Wednesday afternoon. Despite a negative start to the day and diverging performance among market sectors, the stock market ended virtually unchanged.
After the failure of three other candidates for House speaker on Tuesday night, the Republican Party nominated Rep. Mike Johnson of Louisiana, a lesser-known lawmaker and member of the GOP leadership team.
After the software giant reported fiscal first-quarter results and quarterly revenue guidance that topped Wall Street estimates, Microsoft shares soared as much as 6% in extended trading on Tuesday. The company also saw a rise in profit as a result of the slowing rate of increase in operational expenses.
Alphabet’s third-quarter revenue increased by 11% year over year, as an advertising recovery drove growth into double digits. As the cloud company fell short of expectations, the stock price fell about 7% in after-hours trading.
On Wednesday, Amazon announced that it would be launching Amazon Web Services (AWS) in Europe as a sovereign cloud for government and companies in highly regulated industries. According to a statement released by Amazon Web Services, data stored in the sovereign cloud would be kept on servers within the European Union, and only AWS staff based in the EU will be in charge of the operations and provide support.
On Tuesday, a group of 42 attorney generals from both political parties stated that they would be filing a lawsuit against Meta over allegations that features on Meta’s Facebook and Instagram are designed to be addictive for young users.
A young scientist from a middle school in the United States has been recognized as “America’s top young scientist” for creating a bar of soap that may be effective in the treatment of melanoma, a kind of skin cancer that affects around 100,000 people annually in the United States and kills about 8,000.
After the market closed on Tuesday, Snap (SNAP) announced its financial results for the third quarter, showing a rise in both revenue and profit.
In a wrongful death case, the parents of a 21-year-old Ivy League student with a cardiac ailment claim their son or daughter died after consuming one of Panera Bread’s highly caffeinated “Charged Lemonade” beverages.
Another roadblock for driverless vehicles is thrown in California by the DMV. Cruise deployment and testing permits for driverless vehicles were halted by the California DMV. The GM-owned startup has been plagued by a string of safety mishaps and complaints since launching its 24-hour robotaxi service in San Francisco in August.
Apple has announced it will support the nationwide “right to repair” movement. Following the passage of California’s strict “right-to-repair” law, the consumer tech giant announced it will make the necessary parts, equipment, and documentation for repairing its products available to independent repair shops and consumers across the country.
The owner of WordPress.com has expanded with the purchase of Texts.com. Automattic, the organization responsible for WordPress and Tumblr, is expanding its holdings. It has just been disclosed that it has paid $50 million to acquire Texts.com, a messaging software that integrates all of a user’s other messaging apps into a single dashboard.
Earnings reports from Meta Platforms (META), T-Mobile US (TMUS), Thermo Fisher Scientific (TMO), Boeing (BA), and General Dynamics (GD) are highlighted for Wednesday, October 25.
Amazon.com (AMZN), Mastercard (MA), Merck & Co. (MRK), Intel (INTC), Altria (MO), Chipotle Mexican Grill (CMG), Northrop Grumman (NOC), and UPS will all report earnings on Thursday, October 26.
Exxon Mobil (XOM), Chevron (CVX), AbbVie (ABBV), and Charter Communications (CHTR) are in the limelight for their earnings reports on Friday, October 27.
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)SNAP INC (SNAP)
CWEB News Summarized Breaking, Business and Stock Newsletter October 19, 2023
