TLDR

MARKET RECAP → The Nasdaq (QQQ) reached a new record on Tuesday as investors geared up for major corporate earnings, with several key tech giants set to report.

LARRY FINK DOUBTS BIG FED RATE CUTS THIS YEAR → Larry Fink warned that markets may be too optimistic about significant Fed rate cuts, advising a cautious, incremental approach instead.

PFIZER EARNINGS TOP ESTIMATES ON COVID SALES BOOST → 💉 Pfizer exceeded earnings expectations in Q3, fueled by strong demand for Paxlovid and updated Covid vaccines, prompting a full-year guidance raise.

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MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

Larry Fink Doubts Big Fed Rate Cuts This Year

📉 BlackRock CEO Larry Fink suggested the Fed won’t cut rates as steeply as markets anticipate, saying the projected easing seems “excessive.”

🌐 He noted that the economy’s current strength and inflation concerns make a dramatic reduction unlikely, advising the Fed to “test” impacts with smaller, strategic cuts.

🔎 Fink emphasized a conservative outlook, noting that even getting inflation near 2.8% would be a win and reduce systemic risk, a message he shared on the sidelines of Berlin's Global Dialogue 2024.

TODAY’S TOP NEWS

Pfizer Earnings Top Estimates On Covid Sales Boost

💉 Pfizer surpassed third-quarter earnings expectations, with its Covid products, Paxlovid and the updated vaccine, driving a 31% revenue increase to $17.7 billion.

📈 The company raised its full-year guidance, expecting between $61 billion and $64 billion in revenue, citing strong demand for Covid products, even as it faces activist pressure for better financial discipline.

💸 Non-Covid product growth also contributed, with oncology drugs from Seagen and the blood thinner Eliquis adding revenue gains, despite challenges like government negotiations and market scrutiny.

BULL VS. BEAR

NOTABLE POSTS

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WHAT WE’RE WATCHING

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• Coinmarketcap.com — Crypto market data

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• 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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