Five things you need to know before the market opens on Tuesday, October 24:
1. — stock market Today: Rally in Treasuries Gives stocks a Boost; Megacap tech Profits Are Underway
Investors are waking up to a big day on Wall Street, with a slew of third-quarter earnings, PMI data, a two-year note auction and mega-cap tech upgrades all on the slate.
2. — Nvidia expands profits amid reports it is competing with Intel in the PC chip market
artificial intelligence leader Nvidia is reportedly looking to leverage Arm Holdings’ technology to make chips for the PC market, in what could be a major challenge for Intel.
3. — Microsoft: Microsoft earnings are on track with ai push and Azure cloud growth in focus
Microsoft, which kicked off the 2023 ai frenzy through its investment in OpenAI, maker of ChatGPT, is still likely to rely on revenue growth from its legacy cloud unit to boost first-quarter earnings.
4. — General Electric rises after beating third-quarter earnings and raising 2023 profit guidance
GE Aviation once again boosted the group’s third-quarter revenue and results, with GE now forecasting full-year free cash floor in excess of $5 billion.
5. — GM profits blow forecasts, but $200 million-a-week strike costs torpedo 2023 outlook
GM said the historic UAW strike is costing it $200 million a week, forcing it to withdraw its 2023 profit guidance even though third-quarter profits were better than expected.
