The S&P 500 is set for a lower open on Wednesday. If the decline continues, it will be the third down session in a row. Stocks are under pressure from rising bond yields.
Hedge funds/large speculators back slightly into net long territory for S&P 500 futures pic.twitter.com/kwS9bazc6l
— Liz Ann Sonders (@LizAnnSonders) October 22, 2024
Starbucks has withdrawn its guidance before its earnings report next week. The new CEO Brian Niccol is making big changes. He is working on plans focused on the community coffee house model.
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— ET NOW (@ETNOWlive) October 24, 2024
GE Vernova’s orders are very high. This is driven by natural gas power and electrification. The company is stopping off-shore wind operations.
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— ET NOW (@ETNOWlive) October 24, 2024
On-shore wind had its best quarter. GE Vernova is very involved in the growth of the grid and data centers. McDonald’s shares fell over 6% after an E.
coli outbreak. It was linked to the company’s Quarter Pounders. The CDC says there are 49 cases in 10 states.
One person died. The issue seems to be from onions from a single source. AT&T beat expectations with over 400,000 net wireless subscriber adds in Q3.
S&P pressured by rising bond yields
Higher-tier unlimited plans drove this. The company beat on earnings per share but missed on revenue.
Boeing reported a loss of more than $6 billion for Q3. This is the biggest loss since 2020. The new CEO Kelly Ortberg is making changes.
The company is dealing with issues from past crashes and the pandemic. Coca-Cola beat quarterly earnings per share and revenue expectations. Higher prices made up for lower demand.
The company did not see a big impact from weight-loss and diabetes drugs. Arm has given notice to cancel a key license agreement with Qualcomm. This sent shares of both companies lower.
In other chip news, Nvidia’s CEO launched Denmark’s largest AI supercomputer. Amazon added discounted gas to its Prime membership perks. Prime members can now get 10 cents off per gallon at about 7,000 U.S. gas stations.
An electric vehicle charging discount is planned for next year. Analysts are split on Danaher. But the company’s growing orders in bioprocessing were noted in its quarterly results.
Danaher has raised its price target to $305 per share from $295.
