Hey there, readers!
Today, let's dive into the latest stock market updates and major events that unfolded this week. It was a mixed bag for stocks, with the Dow Jones Industrial Average slipping 367 points, or 1.1%, on Friday. The S&P 500 fell 0.5%, while the Nasdaq managed to rise 0.4%.
One of the standout performers was Amazon.com, whose shares jumped over 8% after the company reported strong third-quarter results. This propelled the tech-heavy Nasdaq, although it still ended the week with the most significant decline among the major indexes.
Investors remain concerned about the Federal Reserve's stance on interest rates. While Treasury yields were relatively stable on Friday, the brief breach of the 5% mark on the 10-year note earlier in the week sent shockwaves through the market.
Furthermore, this week saw a slew of better-than-expected economic data, including reports on GDP, jobless claims, new home sales, manufacturing, service-sector surveys, consumer spending, and durable goods orders. These positive indicators suggest that the Fed is unlikely to cut rates at its upcoming meeting.
Now, let's take a closer look at some of the key stories making headlines:
Amazon Beefs Up Bottom Line as AI Battle Shapes Up
Amazon's third-quarter results exceeded expectations, with total revenue reaching $143.1 billion, a 13% increase from the same period last year. The company's AWS cloud-computing business, which is closely watched due to the growing importance of artificial intelligence, performed well. Read more here.
The Snow Business Won’t Become the No Business
Despite the challenges posed by climate change and warmer winters, the future of the snow business may not be as bleak as it seems. While ski areas and winter recreational equipment manufacturers have been impacted, the impact on the industry may be more nuanced. Learn more here.
In Brief
- Ford Motor reported losses on each electric vehicle sold last quarter, exacerbating the challenges faced by its gas-engine business. Read more here.
- Sanofi's recent update to investors, dubbed the "Play to Win Strategy," had a negative impact on the company's stock. Find out more here.
That's all for this week's market update. Stay tuned for more exciting news and analysis in the coming days!
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