Anti-Clickbait News Summaries for October 27, 2024
Five major companies from the "Magnificent 7" will report earnings: Apple, Microsoft, Amazon, Alphabet, and Meta Platforms. These companies have a combined market cap of over $12 trillion.
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Wall Street braces for busy week with key economic data and major earnings reports
Wall Street is preparing for a busy week with important economic data and earnings reports. Key indicators include U.S. Q3 GDP on Wednesday, inflation data on Thursday, and the October jobs report on Friday.
Five major companies from the "Magnificent 7" will report earnings: Apple, Microsoft, Amazon, Alphabet, and Meta Platforms. These companies have a combined market cap of $12 trillion, making up over 23% of the S&P 500.
Other notable earnings include Ford, McDonald's, Pfizer, and Exxon Mobil. Market expectations suggest a 95% chance the Federal Reserve will cut interest rates by 25 basis points in November.
Source: https://seekingalpha.com/article/4729947-wall-street-week-ahead?source=feed_all_articles
Big Tech CEOs reconnect with Trump as election approaches
Top executives from major tech companies, including Apple, Google, and Amazon, are reaching out to Donald Trump as he campaigns for a potential return to the presidency. This marks a shift from their previously strained relationships.
Trump recently shared details of conversations with Apple CEO Tim Cook and Google CEO Sundar Pichai, highlighting their interest in his campaign. Amazon CEO Andy Jassy also contacted Trump, indicating a renewed engagement from the tech sector.
This renewed interest comes amid a tight race between Trump and Vice President Kamala Harris. Executives are reportedly recognizing the possibility of Trump winning and are seeking to rebuild connections with him ahead of Election Day.
Source: https://www.cnn.com/2024/10/27/politics/big-tech-ceos-donald-trump-election/index.html
Nvidia's stock raises concerns over systemic risk in broader market
Nvidia's stock is raising concerns about systemic risk in the broader market. This year, it has contributed to 25% of the gains in the Bloomberg 500 index, which tracks the S&P 500.
Analysts note that Nvidia's performance is disproportionately affecting market trends. It accounts for 75% of the gains in the index, highlighting its significant influence on overall market movements.
This situation marks a shift from previous years, where no single stock had such a dominant impact. Investors are closely monitoring Nvidia's role in the market as it continues to drive substantial gains.
Trump embraces unrestrained campaign style as election nears
Donald Trump is campaigning vigorously as the U.S. presidential election approaches, showcasing a more unrestrained style. At recent rallies, he has made offbeat comments, criticized rival Kamala Harris, and praised foreign leaders, diverging from traditional campaign themes.
His campaign events have become less focused, with Trump often sharing personal anecdotes and tangents rather than sticking to key issues. This approach has drawn criticism from Harris, who labels him as "unstable" and "unhinged," using his remarks to question his fitness for office.
Trump's frenetic schedule includes appearances in key battleground states, where he mixes serious topics like border security with lighthearted stories. His aides allow him to speak freely, believing his unscripted style resonates with his base, despite concerns it may alienate other voters.
Source: https://ca.news.yahoo.com/trump-unbound-us-presidential-race-100517607.html
Trump holds rally at Madison Square Garden to energize supporters
Donald Trump held a rally at Madison Square Garden, marking a significant event in his presidential campaign. This rally is part of his strategy to engage voters in battleground states, despite New York being a predominantly Democratic area.
The event is expected to attract many Republican lawmakers, donors, and celebrities, serving as a major fundraiser for Trump's campaign. Notable speakers include Ohio Senator JD Vance and Elon Musk, among others.
Trump's rally follows a series of visits to blue states, aiming to energize GOP supporters and bolster vulnerable House incumbents. His campaign believes the event will receive extensive media coverage due to its location in New York City.
Source: https://www.cnn.com/2024/10/27/politics/trump-madison-square-garden-rally/index.html
Biden and Obama warn men against voting for Trump in upcoming election
President Joe Biden warned men against voting for Donald Trump, calling it a โmistake.โ His comments came in response to Trumpโs remarks about America being a โgarbage can for the world,โ which he made during a rally in Arizona.
Former First Lady Michelle Obama echoed Biden's concerns, telling male voters in Michigan that supporting Trump could endanger women's lives. She emphasized the potential consequences for women and children if the election does not go well.
These statements highlight a growing focus on gender issues in the upcoming election, as polls show Democratic candidate Kamala Harris leading among young women but struggling with male voters in some areas.
LinkedIn shifts focus to content creators as video engagement surges
LinkedIn is shifting its focus to attract content creators, moving away from its traditional role as a job-seeking platform. The number of "creator mode" accounts has increased from 13 million to 16 million in the past year.
The platform is now allowing users to share short videos and memes while maintaining a professional tone. This change is partly driven by younger users who are familiar with content creation from platforms like TikTok and Instagram.
LinkedIn's video views have grown by 45% in 2024, and the platform is offering tools and training for creators. Companies are also investing more in marketing on LinkedIn, recognizing its potential for B2B connections.
Source: https://english.elpais.com/technology/2024-10-27/linkedin-shoots-for-tiktoks-virality.html
Wealthy business leaders navigate succession planning as retirement approaches
Several of the world's wealthiest individuals are navigating succession planning as they approach retirement. Warren Buffett has named Greg Abel as his successor at Berkshire Hathaway, while Rupert Murdoch's family faces legal disputes over control of their media empire.
Bernard Arnault of LVMH is organizing his succession, involving his children in key roles, but has not yet named a future CEO. Carlos Slim is gradually delegating responsibilities to his children while maintaining control over his vast business interests.
In China, entrepreneurs like Yang Guoqiang and Zong Qinghou are passing leadership to their daughters amid challenging market conditions. Meanwhile, Amancio Ortega has appointed his daughter Marta as chair of Inditex, marking a significant step in his succession plan.
Trump promises Penn State students a strong economy if elected
Former President Donald Trump spoke at Penn State, promising students a "roaring economy" if elected. He emphasized that they would inherit a strong nation under his leadership. Trump also praised the university's wrestling team during his rally.
Earlier, Trump criticized Detroit while campaigning in Michigan, calling it a "developing nation" and suggesting it needs help. His comments drew backlash from Democrats, who highlighted improvements in the city.
Trump is focusing on gaining support from Arab American voters in Michigan, despite his past policies that were seen as hostile. He highlighted local leaders at his rally, aiming to connect with this community ahead of the election.
Businesses embrace small language models for cost-effective AI solutions
Businesses are increasingly turning to small language models for AI applications, as they are more cost-effective and energy-efficient than larger models. These smaller models, with hundreds of millions to under 10 billion parameters, can meet many business needs without the high resource demands of larger models.
Recent developments include NVIDIA's launch of NIM software, which simplifies the deployment of AI models, and IBM's introduction of Granite 3.0 models, which perform well against other small models. Both companies are focusing on creating flexible, open-source options tailored for specific business applications.
The shift towards smaller models addresses concerns about energy consumption and data management. Companies can better handle security and privacy issues with these models, making them a practical choice for enterprises looking to implement AI solutions effectively and sustainably.
Biden issues memo to regulate AI and prohibit its use in nuclear launches
President Joe Biden has issued a new national security memorandum aimed at regulating artificial intelligence (AI) while harnessing its potential. The memo prohibits the use of AI for launching nuclear weapons and limiting free speech, ensuring alignment with democratic values.
Biden's administration emphasizes the need for clear guidelines to encourage responsible AI use amid global competition, particularly with China. The memorandum also directs agencies to protect AI technology from foreign espionage and to advance semiconductor production.
The order includes timelines for agency reviews that extend beyond Biden's presidency. The administration is focused on engaging with China regarding the risks associated with AI technology and promoting a safer technological ecosystem.
Trump proposes ending federal income tax and funding government through tariffs
Former President Donald Trump has proposed eliminating the federal income tax, suggesting a return to funding through tariffs, similar to the late 19th century. He discussed this idea in recent interviews, claiming tariffs could generate significant revenue.
Trump's plan includes broad tariffs, potentially 10% to 20% on imports and over 60% on Chinese goods. However, experts argue that tariffs cannot replace income tax revenue, as they would disproportionately affect working-class taxpayers and may not generate enough funds.
Despite the ambitious proposal, analysts estimate that Trump's economic plan could increase the national debt by $7.5 trillion over ten years, while his tariffs might only raise $2.7 trillion in the same period.
Source: https://www.cnn.com/2024/10/26/politics/trump-income-taxes-tariffs/index.html
Google plans to unveil AI tool Project Jarvis for web automation in December
Google is reportedly developing an AI system called "Project Jarvis," which may be previewed in December. This tool aims to automate tasks in web browsers, such as research, purchases, and flight bookings.
Jarvis is designed to work specifically with Chrome and will use a future version of Googleโs Gemini. It can interpret screenshots and perform actions like clicking buttons or entering text, though it currently takes a few seconds between tasks.
Other major AI companies are also creating similar tools. Microsoftโs Copilot Vision will allow users to interact with webpages, while Apple Intelligence is expected to perform tasks across multiple apps.
Source: https://www.theverge.com/2024/10/26/24280431/google-project-jarvis-ai-system-computer-using-agent
NYSE plans to extend Arca trading hours to 22 per day pending approval
The New York Stock Exchange plans to extend trading hours on its NYSE Arca equities exchange to 22 hours a day, pending regulatory approval. Trading would run from 1:30 a.m. to 11:30 p.m. ET on weekdays, excluding holidays.
Currently, NYSE Arca operates from 4 a.m. to 8 p.m. ET. This change aims to meet growing demand for U.S. securities globally. The NYSE will also seek support from U.S. securities information processors for this initiative.
In 2023, Robinhood began offering 24-hour trading for select stocks and ETFs, highlighting a trend toward extended trading hours in the market.
Dollar General launches holiday sales to compete with Walmart and Amazon
Dollar General is launching holiday sales promotions to attract customers from Walmart and Amazon. The retailer has been losing market share as shoppers seek better value amid rising prices.
Starting on Halloween, Dollar General will hold weekly three-day sales events featuring discounts of 25% and 50%. These events will run every Thursday, Friday, and Saturday until December 21.
Additionally, Dollar General is offering Thanksgiving meal deals and a holiday toy guide with affordable options. This move aims to compete with similar promotions from larger retailers.
Foreign interference in US elections rises as officials act swiftly to counter threats
Foreign interference in the upcoming U.S. election is increasing, with Russia, China, and Iran intensifying their efforts. Recent incidents include a hacked presidential candidate's phone and a fake video showing ballot destruction in Pennsylvania, which officials quickly debunked.
Russia is identified as the primary threat, using disinformation to undermine confidence in the election. Intelligence officials report that Russia is targeting contentious issues and may incite protests after the election. Iran is also involved in hacking and disinformation campaigns, while China is reportedly gathering intelligence on candidates.
U.S. officials are responding more aggressively to these threats compared to previous elections. They aim to expose foreign interference quickly, assuring the public that no foreign nation can alter election results significantly.
Thule Group reports 4% organic growth in Q3 2024 driven by new product launches
Thule Group AB reported a 4% organic growth in Q3 2024, with Europe seeing a 6% increase and the Americas just 1%. The company noted stronger market conditions in Europe compared to North America.
The gross margin for the quarter was nearly 43%, while the EBIT margin reached a record 17.6% for a third quarter, excluding pandemic years. Total EBIT amounted to SEK 413 million.
The growth was driven by new product launches and increased demand for bike-related products, despite ongoing challenges in the consumer market.
Nvidia surpasses Apple to become world's most valuable company
Nvidia has surpassed Apple to become the world's most valuable company, with a market value of $3.53 trillion compared to Apple's $3.52 trillion. This shift follows strong demand for Nvidia's artificial intelligence chips, driving its stock up 0.8%.
Nvidia's stock has risen about 18% in October, boosted by positive news from OpenAI and strong quarterly profits from Western Digital. In contrast, Apple faces declining iPhone sales, particularly in China, and is set to report earnings soon.
Microsoft remains in third place with a market value of $3.18 trillion. The competition among these tech giants continues, with Nvidia benefiting from the growing interest in AI technology.