Business and Finance News - 11.1.24

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Google's parent company, Alphabet, reported a 34% year-over-year increase in quarterly profit to $26.3 billion, driven by strong ad revenue from its search engine and growth in its cloud division. Despite regulatory challenges and antitrust cases in the U.S., Alphabet continues to invest heavily in AI, with capital expenditures rising 62% to $13.1 billion. (AP News)

*Alphabet (GOOGL)- Alphabet Inc. is a multinational conglomerate and the parent company of Google. It operates through various subsidiaries, primarily focusing on technology and internet-related services and products.

The personal consumption expenditures price index rose 0.2% in September, bringing the annual inflation rate to 2.1%, with core inflation at 2.7%. Additionally, initial unemployment claims dropped to 216,000, indicating a strong labor market, while personal income and spending both increased in September. (CNBC)

*Personal Consumer Expenditures (PCE) - Personal Consumer Expenditures (PCE) refer to the measure of the value of goods and services purchased by households. PCE is an important indicator of consumer spending and overall economic health, often used to assess inflation and guide monetary policy.

OpenAI has launched a real-time search feature within ChatGPT, allowing users to access current sports scores, stock data, weather, and news through partnerships with news and data providers. This development positions OpenAI as a competitor to search engines like Google and Microsoft Bing, while the company’s recent $157 billion valuation and $4 billion credit line highlight its growth. (CNBC)

*OpenAI - OpenAI is an artificial intelligence research organization and company with a mission to ensure that artificial general intelligence (AGI) benefits all of humanity.

Ford executive Peter Stern will become Peloton’s CEO and President on January 1, bringing experience from Apple and Time Warner Cable. Peloton reported quarterly revenue of $586 million, beating estimates, and raised its full-year revenue forecast by $40 million, leading to a 22% stock surge. (The Verge)

*Peloton (PTON) - Peloton is a fitness company known for its interactive exercise equipment, including stationary bikes and treadmills, which are equipped with screens for streaming live and on-demand fitness classes.

Uber’s third-quarter revenue rose 20% to $11.19 billion, beating analysts’ expectations, though gross bookings fell slightly short. Net income reached $2.6 billion, with notable growth in mobility and delivery segments, while Uber forecasted fourth-quarter gross bookings of $42.75 billion to $44.25 billion. (CNBC)

*Uber (UBER) - Uber is a technology company that provides ride-hailing services through its mobile app, allowing users to book rides with drivers who use their own vehicles.

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Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 41,763.46 -378.08 (-0.90%)

• S&P 500: 5,705.45 -108.22 (-1.86%)

• Nasdaq Composite: 18,095.15 -512.78 (-2.76%)

• Russell 2000: 2,196.65 -36.38 (-1.63%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 568.64 -11.37 (-1.96%)

• iShares Core S&P 500 ETF (IVV): 571.24 -11.43 (-1.96%)

• Invesco QQQ Trust (QQQ): 483.85 -12.53 (-2.52%)

• Vanguard S&P 500 ETF (VOO): 522.67 -10.49 (-1.97%)

• Vanguard Total Stock Market ETF (VTI): 281.03 -5.34 (-1.86%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.435T]: 225.91 -4.19 (-1.82%)

• Nvidia (NVDA) [3.257T]: 132.76 -6.58 (-4.72%)

• Microsoft (MSFT) [3.021T]: 406.35 -26.18 (-6.05%)

• Alphabet (GOOGL) [2.106T]: 171.11 -3.35 (-1.92%)

• Amazon (AMZN) [1.956T]: 186.40 -6.33 (-3.28%)

• Meta Platforms (META) [1.436T]: 567.58 -24.22 (-4.09%)

• Tesla (TSLA) [802.03B]: 249.85 -7.70 (-2.99%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $70,097.09 (6:00PM PST on 10/31/24)

• Ethereum (ETH): $2,521.67 (6:00PM PST on 10/31/24)

• Solano (SOL): $168.86 (6:00PM PST on 10/31/24)