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TLDR
MARKET RECAP → The S&P 500 (VOO) and Nasdaq (QQQ) logged their worst days in over a month Thursday, led lower by megacap technology names like Microsoft (MSFT) and Meta (META) after disappointing earnings reports.
FED INFLATION RATE EDGES CLOSER TO TARGET→ Inflation hit 2.1% in September, nearing the Fed's 2% goal, as consumer spending stayed strong while jobless claims fell, signaling labor market resilience. That said, inflation excluding food and energy (“core inflation”) rose 2.7%. All said, this wasn’t enough to excite investors about further rate cuts. 📉
COMCAST BEATS EARNINGS ON OLYMPICS BOOST → Comcast’s (CMCSA) Q3 earnings outpaced estimates, with Olympics viewership boosting NBCUniversal’s revenue and adding 3 million new Peacock subscribers. 📈
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TODAY’S TOP NEWS
Fed Inflation Rate Edges Closer to Target
📉 The Fed’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) price index, rose 0.2% in September, bringing the annual rate to 2.1%—almost aligning with the Fed’s 2% target.
💡 Excluding food and energy, core inflation held higher at 2.7%, with services costs up 0.3% and goods prices dropping 0.1%, marking the fourth deflationary month in five for goods.
📈 Personal spending outpaced expectations with a 0.5% increase, while jobless claims fell, indicating sustained labor strength amid easing inflation pressures.
TODAY’S TOP NEWS
Comcast Beats Earnings on Olympics Boost
📈 Comcast’s (CMCSA) Q3 earnings exceeded expectations, with the Summer Olympics driving NBCUniversal’s revenue and adding 3 million Peacock subscribers, pushing streaming revenue up by 82%.
🏅 The Olympics drew in 31 million daily viewers, delivering record ad revenue and increasing content segment growth by 19.3% to $12.6 billion, offsetting high operational costs.
📡 Broadband saw mixed results: revenue grew 2.7%, but overall customer growth lagged due to the end of the Affordable Connectivity Program and increased competition from wireless providers.
NOTABLE POSTS
Watching myself in 2023 be a stupid bear instead of buying Carvana stock
— High Yield Harry (@HighyieldHarry)
11:55 AM • Oct 31, 2024
Has anyone asked either of the candidates how a $10 increase in depreciation affects the three financial statements
— Gordon Gekko (@GordonGekko420)
1:24 PM • Oct 29, 2024
“doing anything fun for halloween?”🎃
— memes.xlsx (@ExcelHumor)
12:42 PM • Oct 31, 2024
A 5-year-old boy from Taipei just nailed Halloween, dressing up as Nvidia's Jensen Huang, complete with the iconic leather jacket and a homemade GPU. Mom’s creative costume choice went viral, capturing attention online and even getting a shoutout from Nvidia! #MoneyLion… x.com/i/web/status/1…
— MoneyLion (@MoneyLion)
3:06 PM • Oct 31, 2024
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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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