US Stock News

Latest Finance and Market News

• Nelson Peltz, a hedge fund manager who supported President-elect Donald Trump, warns that the current stock market rally may not continue uninterrupted, emphasizing, "Trees don’t grow to the sky."


• Federal Reserve Chair Jerome Powell stated that strong U.S. economic growth allows for a careful approach in deciding rate cuts, noting, "The economy is not sending any signals that we need to be in a hurry."


• Tesla stock fell as investors worry that Trump’s administration might end electric vehicle tax credits. Tesla shares dropped 5.8% to $311.18, with Rivian and other automakers also affected.


• Palantir Technologies Inc. announced the transfer of its Class A Common Stock listing from NYSE to Nasdaq for increased visibility and growth potential.


• Trump selects Robert F. Kennedy Jr. as Secretary of Health and Human Services, a choice seen as controversial and likely to test Senate Republicans' loyalty.


• Hims & Hers Health stock declined over 21% after Amazon announced an update to its similar service for Prime members.


• The Onion won the bid for Alex Jones’ Infowars in a bankruptcy auction, supported by Sandy Hook victims’ families.


• BlackSky continues to expand its Spectra AI platform, crucial for monitoring key economic and strategic locations with on-demand high-frequency imagery.


• Fed Chair Powell reaffirmed that the strong economy supports a gradual approach to rate cuts, stressing caution in decision-making.


• October inflation data showed little progress toward the Fed’s 2% target, with the Consumer Price Index (CPI) at 3.3% and Producer Price Index (PPI) up to 3.1%, exceeding expectations.


• Jay Powell clarified the Federal Reserve’s stance on rate cuts, emphasizing they are "not in a hurry."


• Government contractors’ shares dropped on speculation about Trump’s new DOGE (Department of Government Efficiency) reducing government spending.


• Mortgage rates stabilized at 6.78% as markets adjust to a potential second Trump presidency.


• Government contractors drifted lower amid DOGE budget cut rumors, with Musk and Ramaswamy’s department overseeing efficiency initiatives.


• U.S. household debt reached an all-time high as credit card and loan balances increased, per the Federal Reserve Bank of New York.


• Disney’s Q4 earnings surpassed expectations, with $1.14 per share, marking significant direct-to-consumer business growth.


• AMD plans to cut 4% of its workforce as it shifts focus to AI chip development to rival Nvidia.


• Rivian’s shares plunged 12% over concerns of EV tax credit cuts under the new administration.


• China nears a record $1 trillion trade surplus as Trump’s return influences markets.


• Deepak Nitrite shares surged over 6% with approval for a greenfield capex project valued at Rs 5,000 cr.


• India’s October trade deficit widened to $27.14 billion with exports up 17.3% and imports rising 3.9%.


• Mutual Funds invested Rs 90,771 cr in Indian stocks during the October market downturn.


• Zomato plans a December launch for its $1 billion QIP, with Morgan Stanley as an advisor.


• Ola Electric claims 99.1% complaint resolution rate, but CCPA orders a probe.


• Agro Tech Foods will acquire Del Monte Foods for Rs 11,300 cr in a share swap deal.


• Bharat Forge’s Q2 results show net profit up 13.5%, though revenue dropped 2.3%.

Latest Finance and Market News

• SoftBank Group will be the first to build a supercomputer with chips using Nvidia’s new Blackwell design, aiming to catch up on AI capabilities.


• President-elect Donald Trump announced his nomination of Republican Rep. Matt Gaetz as the next U.S. Attorney General.


• Spirit Airlines (SAVE) stock plunged 59% as the airline explores a debt restructuring deal amid a potential bankruptcy after its merger talks with Frontier (ULCC) fell through.


• FBI agents raided the Manhattan apartment of Polymarket CEO Shayne Coplan early Wednesday, shortly after the platform's prediction of Donald Trump’s election win.


• President-elect Donald Trump has nominated former Democratic congresswoman Tulsi Gabbard as Director of National Intelligence.


• Homerun Resources Inc. signed a non-binding Letter of Intent with Veracel Celulose to explore logistics and community relations for Belmonte Silica District projects.


• US stocks rose on fresh inflation data. Consumer prices grew 0.2% in October and 2.6% year-over-year, aligning with expectations, supporting potential Federal Reserve interest rate cuts in December.


• Rocket Lab USA (RKLB) shares jumped 36% following strong Q3 revenue growth and the announcement of a customer for its newest rocket.


• President-elect Donald Trump tapped Elon Musk and Vivek Ramaswamy to lead a new efficiency group beginning in January.


• Palantir achieved a $137.17 billion market value, surpassing Lockheed Martin as its stock hit an all-time high.


• Tyson Foods, Inc. (NYSE: TSN) reported Q4 sales of $13.565 billion, up 1.6% from the previous year, and a significant increase in adjusted operating income by 117%.


• US inflation report showed the shelter index rose by 4.9%, contributing over 50% of the monthly inflation increase.


• Bitcoin (BTC-USD) hit a record high above $93,400, continuing a rally post-election as it gains over 30% since Election Day.


• The Consumer Price Index (CPI) for October highlighted rising housing costs as a major inflation factor.


• Amazon.com launched a budget-friendly ecommerce service called Amazon Haul to rival Shein and Temu with products priced under $20.


• Core inflation remains above the Federal Reserve's 2% target, with shelter costs continuing to rise.


• Indian News Highlights:
  • The Nifty50 index is down 10% from its all-time high.
  • New additions to the NSE F&O list include Zomato, Paytm, and Adani Energy.
  • Sterlite Technologies secured a contract for the Bharat Net 3 project worth Rs. 2,600 crore in partnership with Dilip Buildcon.
  • Reliance Industries to acquire TagZ Foods for INR 26 crore and invest Rs 65,000 crore in compressed biogas projects in Andhra Pradesh.
  • Tata Chemicals announced an investment of Rs 655 crore in a new pharmaceutical plant in the UK.
  • Deepak Nitrite reported a 5% drop in Q2 profits, missing estimates.
  • Garden Reach Shipbuilders Q2 profits rose 21%, beating estimates.
  • PI Industries Q2 profit increased by 6%, exceeding projections.
  • Macquarie’s Sandeep Bhatia predicts the Nifty may fall another 10% in the next 3-6 months, with FIIs selling Rs 2,502.58 crore while DIIs purchased Rs 6,145.24 crore.

• Super Micro Computer shares dropped by 49% in the last 30 days after auditor Ernst & Young resigned, citing concerns over accounting irregularities and sanctions evasion.
• ValueAct Capital acquired a $1 billion passive stake in Meta Platforms Inc., with no plans for an activist campaign.
• Elliott Investment Management pushes for a split at Honeywell, advocating for separate aerospace and automation-focused companies.
• Comcast considers separating major cable networks such as MSNBC and CNBC, stirring media industry speculation.
• CNN to lay off high-paid staff following poor election ratings, per a recent report.
• Schrodinger, Inc. posts a quarterly loss of $0.52 per share, falling short of expectations with a -30% earnings surprise.
• The US dollar continues to rally, reaching its highest point since November 2022, pressuring other currencies like the euro and yen.
• U.S. markets remain steady; Dow Jones declines by 272 points as Wall Street shifts focus to upcoming economic data.
• AbbVie shares decline after its schizophrenia drug Emraclidine missed primary targets in Phase 2 trials.
• 23andMe cuts 40% of its workforce and shuts down its therapeutics division in cost-cutting efforts.
• Boeing reports October deliveries at half of the previous year’s numbers due to a recent strike; all West Coast workers now back on duty.
• Apollo Global CEO optimistic about the Trump administration’s potential impact on business-friendly policies.
• India News: Mutual fund SIP accounts reach 10.12 crore, with Rs 25,323 crore collected in October. India’s CPI inflation spikes to a 14-month high of 6.2% in October. UNO Minda Q2 net profit rises by 115% to Rs 266 crore, Ebitda up by 20%. LIC sells 2.02% stake in Tata Power for Rs 2,888 crore.

• The US Federal Reserve has cut interest rates by 25 basis points, aiming to support economic growth. This move has impacted global financial markets.

• Oil markets saw fluctuations due to a stronger dollar, which has increased costs for buyers using other currencies.

• The Bank of England also cut rates by 25 basis points in an effort to combat economic challenges, a decision that has implications for international trade and investment flows.

• The Indian rupee has hit a new low, pressured by various domestic and international factors.

• China reported a record high in exports over the past 19 months, signaling recovery in certain sectors; however, imports declined more than expected, raising concerns about domestic demand.

• Former President Donald Trump's potential return to US politics could prompt China to introduce a larger economic stimulus amid rising trade tensions.

• Indian Stock Market News: Adani Energy shares dropped by 10% after MSCI decided not to include the stock in its Global Standard Index. This decision follows a prior show-cause notice from SEBI related to allegations made by Hindenburg Research.

• Foreign Institutional Investors (FIIs) net sold ₹4,888.77 crore, while Domestic Institutional Investors (DIIs) bought ₹1,786.70 crore in Indian markets.

• Mahindra & Mahindra (M&M) reported strong Q2 results, with Profit After Tax (PAT) increasing 135% year-on-year to ₹3,841 crore, surpassing market expectations.

• US Stock Market News: Under Armour’s stock surged 27% as founder Kevin Plank leads a turnaround effort, generating positive investor sentiment.

• LYFT shares rose significantly, driven by record-high rides and earnings that exceeded analysts' forecasts.

• Mortgage rates in the US increased for the sixth consecutive week, impacting the housing market and buyer affordability.

• Super Micro Computer stock dropped sharply after the company announced a delay in its annual financial update.

Nifty50 & Sensex Movement:

Nifty50 fell below 24,000 levels, and the Sensex dropped over 1,000 points, led by declines in Reliance Industries, Bajaj Auto, and Hero MotoCorp.

Reasons for the Drop:

1. US Presidential Election Volatility: Market uncertainty grows as investors await the election results.

2. US Federal Reserve Meeting on November 7: Caution among investors ahead of potential policy changes from the Fed.

3. Weak Q2 Corporate Results: Underwhelming earnings reports have weighed on market sentiment.

4. Anticipated China Stimulus Package: Markets are watching closely for any potential economic boost from China.

5. Continued FII Selling: Foreign Institutional Investors (FIIs) sold over ₹114,445.89 crore, leading to further declines.

RBI Intervention: The Reserve Bank of India is reportedly selling dollars to support the rupee amid ongoing equity outflows.

Investor Outlook: Investor Vijay Kedia remains bullish on Chinese shares, calling it “the new story.” He has already allocated 2-3% of his capital to Chinese stocks.

Q2 Results Highlights:

Amara Raja: Net profit rises 6.6% to ₹241 crore; company declares ₹5.3 per share dividend.

Bata India: Q2 profit up 53% to ₹52 crore; revenue rises to ₹837 crore.

Tata Power: Plans to double capex to ₹22,000 crore in FY25, says Praveer Sinha, MD & CEO.

NSE: Profit jumps 57% YoY to ₹137 crore; revenue rises 24% YoY.

SEBI Update: SEBI permits mutual funds to invest in overseas funds with limited exposure to Indian securities.

US Stock Market News:

Berkshire Hathaway: Cash reserves soar to $325 billion as Warren Buffett sells Apple and Bank of America shares.

Dow Jones: Closes down over 200 points ahead of the US Presidential Election.

Palantir: Stock surges as AI drives acceleration in growth.

Facebook and Nvidia: Appeal to the US Supreme Court to dismiss securities fraud suits.

Gold: Prices edge up amid election jitters and upcoming Federal Reserve meeting.

MicroStrategy: Plans to buy $42 billion in Bitcoin over three years, partially funded through new share sales.

NVIDIA: Set to replace Intel on the Dow Jones Industrial Average index.

Economic Data & Events:

November 5: US Election Day, US Trade Deficit data release.

November 6: S&P Services PMI data.

November 7: Federal Reserve decision, consumer credit, inventories, and jobless claims data.

November 8: US consumer sentiment and monthly Federal budget report.

U.S. Markets

Meta Platforms: Meta has projected a significant rise in costs for its artificial intelligence (AI) initiatives. Despite this, its recent quarterly earnings outperformed Wall Street expectations, showcasing strong growth.

Microsoft Corp (MSFT): Microsoft reported its best-ever quarterly earnings, marking the most robust performance in its 50-year history. The tech giant’s success underscores its strong market presence.

Peloton Interactive Inc (PTON): Shares of Peloton surged 22% in premarket trading after its first-quarter earnings exceeded analysts' expectations. The fitness company appointed Peter Stern, former executive chairman, as its new CEO and president, signaling new leadership in its growth strategy.

Alphabet's Waymo: Alphabet's self-driving unit, Waymo, has now been valued at over $45 billion following substantial funding, reinforcing confidence in autonomous vehicle technology.

Intel: Despite a Q3 net loss, Intel’s stock jumped on a positive outlook, indicating optimism about its future direction and potential for recovery.

Carvana Co (CVNA): Carvana, well-known for its car tower vending machines, was nearing bankruptcy in December 2022 but has since made a massive comeback, with its stock skyrocketing over 7,000% to a market valuation of $52 billion.

Amazon: Amazon shares rose following a Q3 earnings beat, reflecting strong e-commerce and cloud services performance.

Apple (AAPL): Apple’s fiscal Q4 results showed mixed performance, highlighting areas of growth alongside challenges.

Kalshi: Betting exchange platform Kalshi has secured tens of millions in venture capital loans, aiming to exceed $50 million as interest in election betting surges in the U.S.

Ford: Ford announced a six-week production halt for its F-150 Lightning electric pickup trucks as it reassesses its EV production strategy.

OpenAI: OpenAI has unveiled a new search function for ChatGPT, adding to its suite of AI tools and expanding user capabilities.

Mortgage Rates: Mortgage rates rose for the fifth consecutive week, reaching their highest level since August amid pre-election market volatility.

Chinese Markets

BYD: Chinese automaker BYD surpassed Tesla in quarterly revenue for the first time, marking a significant achievement in the EV sector.

Indian Markets

Larsen & Toubro (L&T): L&T shares rose over 6% after surprise Q2 results, with several brokerages rating the stock as an 'outperformer.'

Nifty: The Nifty index plummeted 6.2% in October 2024, recording its most significant monthly decline since March 2020, due to various economic pressures.

Comments

"It is clear we need to fundamentally change our strategy to win back customers," says Starbucks CEO Brian Nichol. Economist David Rosenberg advises investors to favor the TSX over the S&P 500 amid current market conditions.

🚀 Exciting News Update! 📈

🌍 Global News

🌐 BRICS+ Expansion: BRICS+ has recently welcomed 13 new partners, though Saudi Arabia is still evaluating the invitation and has yet to accept.

📉 Global Indices Down:

• Dow Jones fell by 2.56% in the last 5 days.
• Sensex dropped by 2.01% in the same period.
• Nikkei 225 declined by 2.69% over the past 5 days.

💸 Global Debt Surges: The world’s total debt is projected to reach a staggering $100 trillion by the end of the year, with 20% of this amount accounted for by the USA and China alone.

📈 Stock-Specific News

🚗 Tesla's Big Year: Tesla stock recorded its most significant surge in over a decade, climbing 22% over the past year. This increase boosted Elon Musk’s net worth by a remarkable $26 billion.

🏆 NVIDIA's Rise: NVIDIA has overtaken Apple and is now the world's largest company by market cap!

🚀 Exciting News Update! 📈

🔍 Hyundai reportedly picks JPMorgan and Citi to accelerate its $3 billion IPO in India. 🇮🇳

💼 Mamaearth's Q3 results show an impressive 265% year-on-year profit surge to Rs 26 crore, with revenue jumping by 28%. 💰

✈️ Easemytrip's Q3 results reveal a 9.5% increase in net profit to Rs 45.7 crore, with EBITDA growing to Rs 654 crore. 💼

💹 Indian markets surge with a trading volume of $16.5 billion per day, outpacing Hong Kong. 📈

📉 KSE 100 index plunges by 1200 points amidst political uncertainty. 🇵🇰

🚆 RVNL's Q3 results show a 6% decline in net profit to Rs 358 crore, with revenue dropping by 6% year-on-year. 📉

🏏 ICC Cricket World Cup leads to a $135 million loss for Disney Star. 🌟

🏥 Tata Trusts to launch India's first small animal hospital in Mumbai. 🐾

📉 Aarti Industries' consolidated net profit declines by 9.18% in the December 2023 quarter. 💼

💼 LIC's Q3 results see a 49% jump in net profit to Rs 9441 crore. 💰

📈 Zomato shares rally 3% as Q3 profit reaches Rs 138 crore, beating street estimates. 🍽️

🇺🇸 US weekly jobless claims fall slightly more than expected. 📉