Here are the most important news, trends and analysis investors need to start a trading day:
1. After a day of inflation-driven sell-off, Wall Street looks higher
A trader works on the floor of the New York Stock Exchange (NYSE) in New York City on November 5, 2021.
Spencer Pratt | Getty Images
Dow Jones index futures rebounded on Thursday, although Dow Jones index stock Disney fell pre-market due to disappointing quarterly results. Wall Street fell on Wednesday after the consumer price index in October showed the largest annual increase in more than 30 years, causing the 10-year U.S. Treasury bond yield to soar to 1.57%. U.S. bond trading was closed on Thursday for Veterans Day. The Dow Jones Industrial Average and S&P 500 fell less than 1% on Wednesday. In a technology-led sell-off, the Nasdaq index performed much worse, falling 1.7%. All three stock benchmarks have recently set a series of record closing prices, most recently on Monday. Bitcoin hit a new all-time high on Wednesday, close to $69,000, and then rose. On Thursday, it fell but the transaction price was higher than $65,000.
2. Disney loses overall, streaming media growth slows
In this photo illustration, a close-up of the TV remote in one hand is shown in front of the Disney+ logo.
Thiago Prudencio | Soup Pictures | Light Rocket | Getty Images
Disney shares fell 5% before the market on Thursday after the entertainment giant reported its fourth-quarter revenue of $18.53 billion and adjusted earnings per share of 37 cents. Both measures failed to meet expectations. Wall Street is more optimistic about earnings than Disney, and it is expected that the total number of Disney+ users will reach 125.4 million by the end of the fourth quarter. The company’s performance was poor, adding 2.1 million Disney+ subscribers to a total of 118.1 million. Overall, Disney reported that at the end of the fourth quarter, Disney+, ESPN+ and Hulu had 179 million subscribers. This is 50% higher than last year.
3. Elon Musk sold about 5 billion US dollars of Tesla stock, the stock price soared
According to financial documents released on Wednesday night, Elon Musk sold nearly $5 billion in Tesla stock. Tesla’s CEO still holds more than 166 million shares. Part of the reason Musk sold these shares was to fulfill the tax obligations associated with the exercise of stock options.
Before the plan became public, Musk asked whether his 62.5 million Twitter followers should be sold. After Saturday’s Twitter poll, Tesla fell more than 15% for two consecutive trading days, and then rebounded by more than 4% on Wednesday. Tesla is up about 2% in pre-market trading.
4. Rivian’s pre-market earnings make the market value of electric vehicles higher than GM
On Wednesday, November 10, 2021, the Rivian R1T electric pickup truck will be listed off the New York NASDAQ market website.
Soldier | Bloomberg | Getty Images
Rivian Automotive’s stock price rose by 6.5% before the market on Thursday, after rising 29% the day before. The Amazon and Ford-backed electric car startup has a market value of $86 billion after one of the largest IPOs this year. Rivian’s market value is higher than Ford’s-if its earnings before listing remain the same, it will also surpass General Motors. However, the value of Rivian is still small compared to Tesla, a pioneer in electric vehicles with a market value of more than $1 trillion. Amazon’s 20% stake in Rivian is now worth about $17 billion, and Ford’s 12% stake is worth more than $10 billion.
5. Affirm soars after beating revenue and expands Amazon deals
Affirm’s stock price rose nearly 25% in premarket trading on Thursday, the morning after the digital “buy now, pay later” company’s first-quarter revenue exceeded expectations. It also announced the expansion of its partnership with Amazon. As part of the new agreement reached with Amazon, Affirm will be the only third party of the US e-commerce giant to buy immediately, and Amazon will also integrate Affirm into its digital wallet in the United States as an option for payment later. However, credit card companies can still offer the option of buying now and paying later on Amazon.
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