Stocks look to close out big month, Salesforce jumps on earnings:
Stocks are on track to close out a strong month of November, with the S&P 500 up nearly 5%. Salesforce (CRM) is a big winner today, jumping more than 10% after reporting strong earnings.
Fed’s preferred inflation gauge hits lowest level since 2021:
The Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred measure of inflation, rose 0.4% in October, down from a 0.6% increase in September. The year-over-year PCE price index rose 5.0%, down from 5.3% in September.
Dow pops as Fed’s favorite inflation gauge cools:
The Dow Jones Industrial Average rose nearly 300 points today, led by gains in bank stocks. Investors were cheered by the news that the PCE price index cooled in October.
Pending home sales drop to 20-year lows:
Pending home sales fell 7.7% in October, the largest monthly decline since January 2016. The decline reflects the impact of rising mortgage rates on housing affordability.
Salesforce jumps to near two-year high after strong earnings:
Salesforce (CRM) rose more than 10% today after reporting better-than-expected earnings. The company also raised its full-year revenue forecast.
Fed officials not yet ready to declare inflation victory:
Federal Reserve officials said today that they are not yet ready to declare victory over inflation. They said that they will need to see more evidence of sustained declines in inflation before they can ease their tightening monetary policy.
OPEC+ agrees to more significant cuts:
OPEC and its allies agreed to cut oil production by 2 million barrels per day starting in December. The cuts are larger than originally expected and could further boost oil prices.
Activist Peltz reportedly seeks 2 seats on Disney board:
Activist investor Nelson Peltz is reportedly seeking two seats on the board of directors of Walt Disney (DIS). Peltz has been critical of Disney’s management and believes that the company needs to make changes to improve its shareholder value.
Musk slings expletives at advertisers fleeing Twitter:
Elon Musk has been attacking advertisers who have pulled their ads from Twitter. Musk has accused the advertisers of censorship and said that they are trying to silence him.
4 reasons Tesla’s Cybertruck already lost its advantage:
Tesla’s Cybertruck has been delayed for several years, and it’s unclear when it will finally be released. In the meantime, other electric truck makers have emerged, and Tesla’s Cybertruck may no longer have the same competitive advantage it once did.
Short sellers are endangered:
Short sellers are facing difficult market conditions, with the S&P 500 up nearly 5% this month. Short sellers bet that a stock will decline in price, and they can suffer significant losses if the stock price rises instead.
Amkor to build $2B Arizona plant to test Apple chips:
Amkor Technology (AMKR) is building a new $2 billion plant in Arizona to test Apple (AAPL) chips. The plant is expected to create 2,000 jobs.
