- Microsoft CEO Satya Nadella talks about the OpenAI controversy.
- Retailers like Lowe’s and Best Buy are reporting profits.
- Nvidia is scheduled to report earnings after the closing bell.
Here are the most important news items investors need to start their trading day:
Even in a strong month so far, stocks are still shaky. The Dow Jones Industrial Average closed nearly 200 points higher on Monday, with the S&P 500 and Nasdaq on a five-day winning streak. U.S. Treasury yields have fallen slightly on expectations that the Federal Reserve will ease its policy of raising interest rates to combat inflation. The central bank is scheduled to release the minutes of its last policy meeting, and we will hear more about what the Fed thinks about inflation and economic conditions. Follow live market updates.
Microsoft CEO Satya Nadella wants to transform OpenAI, a high-profile startup thrown into turmoil by the firing of co-founder and CEO Sam Altman over the weekend. . “I think it’s clear at this point that something has to change in terms of governance,” Nadella told CNBC’s John Fort. Microsoft has invested about $13 billion in his OpenAI, which develops his popular ChatGPT app that has changed the course of technology this past year. Microsoft quickly selected Altman to lead his new AI team, but OpenAI’s hundreds of employees will defer to him unless he returns to lead the startup (Microsoft owns 49% of him). I threatened. Nadella said it’s up to them whether to stay or jump. “I’m open to both options,” he said.
LoweÍs store entrance. There is a logo sign above the front door. Located in Spokane Valley, Washington, the company is headquartered in Mooresville, North Carolina, with stores throughout the United States and Canada.
UCG | Universal Images Group | Getty Images
A number of retailers will release their earnings schedules on Tuesday, giving investors a final look at what companies expect for the holiday quarter before Thanksgiving. So far they’ve been ok. The day after Thanksgiving, commonly known as Black Friday, is not what it used to be, with discounts starting early and e-commerce raising more and more dollars. But that’s the beginning of the homestretch. It is hearing input Tuesday morning from Best Buy, Lowe’s, Dick’s Sporting Goods and mall apparel retailers American Eagle Outfitters and Abercrombie & Fitch. Nordstrom will report after the closing bell.
NVIDIA President Jensen Huang holds a Grace hopper superchip CPU used for generative AI during the supermicro keynote at COMPUTEX 2023.
Walid Belazeg | Light Rocket | Getty Images
Tuesday wasn’t just about retail earnings. Her Nvidia, one of the darlings of the artificial intelligence boom, is scheduled to report after the bell. Wall Street is also in an uproar. The company’s stock closed at a record high on Monday ahead of the release of its quarterly report, having soared 245% this year, setting the pace for the S&P 500, and some S&P 500 stocks have since risen as well. Analysts expect the company to post 170% revenue growth. Beyond the numbers, investors will want to know what NVIDIA executives think about the impact on OpenAI following the firing of Sam Altman.
A fuel dispenser nozzle is replaced at a gas station in La Puente, California, on September 7, 2023.
Frederick J. Brown | AFP | Getty Images
Gasoline prices are on track to be the cheapest on Thanksgiving since 2020, when coronavirus restrictions limited travel. In general, gasoline prices at the moment have been falling for more than two months. The average price for a gallon on Monday was $3.31, 25 cents lower than a month ago. According to AAA, it’s less than $3 in 11 states in the South and Midwest. However, the decline may be short-lived. OPEC could cut production at next week’s meeting, which would push oil prices higher.
–CNBC’s Brian Evans, Jordan Nove, Ali Levy and Spencer Kimball contributed to this report.
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