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Business and Finance News - 10.30.24

Business and Finance News - 10.30.24

Skool Projekt Staff
October 30, 2024

Good Morning, Students!

The Consumer Price Index (CPI) is a statistical measure that tracks the average change over time in the prices paid by consumers for a basket of goods and services. It reflects price movements for items such as food, housing, transportation, and healthcare, providing a snapshot of inflationary trends. Policymakers, businesses, and individuals use the CPI to assess cost-of-living changes and guide economic decisions.

Track the CPI to stay ahead of inflation and protect your purchasing power.

-Mr. Projekts

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TOP STORIES

Bitcoin has surged past $71,000, nearing its all-time high of $73,737, fueled by market anticipation around the U.S. elections and major tech earnings reports. Investors are also driving up Bitcoin's value through significant inflows into Bitcoin ETFs, contributing to broader gains across the cryptocurrency market. (Quartz)

*Bitcoin (BTC) - Bitcoin is a decentralized digital currency that enables peer-to-peer transactions without the need for an intermediary such as a bank. It uses blockchain technology, which records and verifies all transactions in a public ledger.

Ford’s stock dropped as the company warned that 2024 earnings would hit the low end of its forecast, citing high warranty costs, supplier issues, and the impact of recent hurricanes. Despite reporting $46 billion in third-quarter revenue, Ford’s net income declined, and its electric vehicle division posted a $1.22 billion loss. (Quartz)

*Ford (F) - Ford Motor Company is a global automotive manufacturer that designs, produces, markets, and services a full line of cars, trucks, SUVs, electrified vehicles, and luxury vehicles under the Ford and Lincoln brands.

PayPal shares fell 7% after issuing weaker-than-expected guidance for the fourth quarter, forecasting low single-digit growth compared to analysts' expectation of 5.4%. Despite reporting third-quarter revenue of $7.85 billion and net income of $1.01 billion, both slightly below estimates, PayPal highlighted growth in payment volume and new product launches to drive future profitability. (CNBC)

*PayPal (PYPL) - PayPal is a digital payments company that enables individuals and businesses to send, receive, and manage money online. It offers a secure platform for transactions, supporting payments through credit cards, bank accounts, and stored balances.

Pfizer exceeded third-quarter expectations, reporting $17.7 billion in revenue and boosting its full-year outlook, driven by strong sales of Paxlovid and its Covid vaccine. The company, facing activist pressure from Starboard Value, emphasized cost-cutting efforts and highlighted growth from oncology products, cardiomyopathy treatments, and its new RSV vaccine. (CNBC)

*Pfizer (PFE) - Pfizer is a global pharmaceutical company that develops, manufactures, and markets a wide range of healthcare products, including prescription medicines, vaccines, and over-the-counter treatments, with a focus on advancing health through innovative therapies and solutions.

Volvo and Polestar EV owners will gain access to Tesla’s Supercharger network with NACS adapters, which are now available for order and will ship in mid-November. While new Volvo EX90, EX40, and EC40 buyers will receive adapters for free, existing Volvo and Polestar customers must purchase them separately. (The Verge)

*Polestar (PSNY) - Polestar is a Swedish automotive brand that specializes in manufacturing premium electric vehicles (EVs), focusing on producing sustainable, high-performance EVs, with models like the Polestar 2, an all-electric sedan, and the upcoming Polestar 3 SUV.

*Volvo (VLVOF) - Volvo is a Swedish multinational manufacturing company known for producing cars, trucks, buses, and construction equipment.

THE MARKETS

Here’s how the major indexes did yesterday:

Dow Jones Industrial Average: 42,233.05 -154.52 (-0.36%)
S&P 500: 5,832.92 +9.40 (+0.16%)
Nasdaq Composite: 18,712.75 +145.56 (+0.78%)
Russell 2000: 2,238.09 -5.98 (-0.27%)

Here’s how leading market ETFs did yesterday:

SPDR S&P 500 ETF Trust (SPY): 581.77 +0.94 (+0.16%)
iShares Core S&P 500 ETF (IVV): 584.55 +0.90 (+0.15%)
Invesco QQQ Trust (QQQ): 500.16 +4.76 (+0.96%)
Vanguard S&P 500 ETF (VOO): 534.77 +0.85 (+0.16%)
Vanguard Total Stock Market ETF (VTI): 287.08 +0.38 (+0.13%)

Here’s how The Magnificent Seven did yesterday:

Apple (AAPL) [3.553T]: 233.67 +0.27 (+0.12%)
Nvidia (NVDA) [3.465T]: 141.25 +0.73 (+0.52%)
Microsoft (MSFT) [3.21T]: 431.95 +5.36 (+1.26%)
Alphabet (GOOGL) [2.089T]: 169.68 +2.96 (+1.78%)
Amazon (AMZN) [1.986T]: 190.83 +2.44 (+1.30%)
Meta Platforms (META) [1.505T]: 593.28 +15.12 (+2.62%)
Tesla (TSLA) [827.66B]: 259.52 -2.99 (-1.14%)

Here’s how the major cryptocurrencies did yesterday:

Bitcoin (BTC): $72,384.61 (3:15PM PST on 10/29/24)
Ethereum (ETH): $2,627.97 (3:15PM PST on 10/29/24)
Solano (SOL): $179.27 (3:15PM PST on 10/29/24)

Disclaimer: This content is not intended as financial guidance. The purpose of this newsletter is purely educational, and it should not be interpreted as an encouragement to engage in buying, selling, or making any financial decisions regarding assets. Exercise caution and conduct your own research before making any investment choices.