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Bread and Circuses
Sean H. & Jocelin A.
November 05, 2024 • Estimated Reading Time: 10 minutes
TLDR
MARKET RECAP → The S&P 500 (VOO) climbed steadily on Tuesday as traders anticipated the results of a high-stakes U.S. presidential election.
PALANTIR “EVISCERATES” EARNINGS →📈 Palantir (PLTR) shares jumped 23% to a record high after better-than-expected earnings, driven by soaring demand for its AI products and strong U.S. government sales.
META EXTENDS BAN ON NEW POLITICAL ADS→ Meta (META) will extend its ban on new U.S. political ads past Election Day, aiming to prevent unverified claims, with Alphabet (GOOG) enacting similar post-poll restrictions. 📢
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TODAY’S TOP NEWS
“We Absolutely Eviscerated This Quarter”
Earnings Beat Expectations: Palantir Technologies (PLTR) reported third-quarter earnings that surpassed analyst predictions, driven by a 30% revenue increase to $725.5 million, with U.S. government sales rising 33%.
Stock Hits Record High: Following the earnings announcement, Palantir's stock soared 23% to a new all-time high, marking a 196% increase year-to-date and making it the top performer in the S&P 500.
AI Demand Fuels Growth: The company's success is attributed to strong demand for its artificial intelligence products, with CEO Alex Karp stating, "We absolutely eviscerated this quarter, driven by unrelenting AI demand that won't slow down."
TODAY’S TOP NEWS
Meta Extends Ban On New Political Ads
📢 Meta extended its ban on new political ads for Facebook and Instagram beyond Election Day, saying the restriction will remain in place until “later this week.”
🛑 The policy, initially ending on Election Day, limits new ads to prevent spreading unchallenged claims during the sensitive post-election period, mirroring measures taken in 2020.
💰 Nearly $1 billion has poured into political ads, especially in down-ballot races. Alphabet also introduced similar ad restrictions, blocking election-related ads after polls close.
BULL VS. BEAR
NOTABLE POSTS
But I am literally him
— Overheard on Wall Street (@OHWallStreet)
8:18 PM • Nov 4, 2024
No president next term. America needs to be single for a while to focus on herself.
— Douglas A. Boneparth (@dougboneparth)
1:20 PM • Nov 5, 2024
KEEP READING
Stocks, Treasury yields gain as markets brace for US vote (Reuters)
Nintendo profit plunges 69% as it cuts forecast for sales of ageing Switch console (CNBC)
Burger King parent Restaurant Brands falls short of third-quarter expectations (CNBC)
Tropical Storm Rafael spins toward the Cayman Islands as Cuba prepares for hurricane hit (CNBC)
Ferrari’s core profit rises 7%, helped by product mix, personal touches (CNBC)
US government’s proposal to boost EV sales is challenging but not impossible (CNN)
20 Election Day Freebies and Deals to Reward You for Voting Today (ML)
How to Not Go Broke This Holiday Season: 5 Tips (ML)
How to Transfer Money From Prepaid Card to Bank Account: 6 Steps (ML)
WHAT WE’RE WATCHING
OUR FAVORITE TOOLS & RESOURCES
OpenBB — AI-powered research and analytics workspace
Earnings Hub — Earnings calendar
Quiver Quantitative — Quiver allows retail investors to tap into the power of big data with insights into things like congressional trades as they are disclosed
Perplexity — Perplexity AI is an AI-chatbot-powered research and conversational search engine
The Market Ear — Live news, analysis and commentary on what moves markets and trading
Coinmarketcap.com — Crypto market data
Finviz — Financial visualizations
Trading Economics — Economic calendar
CME FedWatch Tool — Market-implied probabilities of future levels of interest rates
Dataroma — Track stock picks and portfolios of legendary value investors such as Warren Buffett
ChatGPT — Large language model-based chatbot powered by generative AI
Vimcal — Lightning-fast calendar and AI scheduling assistant
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