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☆ The Pre-Market Rundown 2: October 31, 2024
▼ + stars: | 2024-10-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Pre-Market Rundown 2CNBC brings you fast, accurate, and actionable business news and market updates.

Organizations: CNBC

Over eight years after a Florida woman and her 8-year-old daughter went missing, the FBI has arrested the young girl's father in connection with their disappearance. Gustavo Castaño Restrepo, 55, was indicted for kidnapping resulting in death for the disappearance of his ex, Liliana Moreno, and the pair's daughter, Daniela, according to authorities. According to the FBI, Moreno and her daughter were last seen on May 30, 2016, in or near the Home Depot on Okeechobee Road in Hialeah. Detectives told NBC affiliate NBC6 that the day they went missing, Restrepo went to pick up Moreno and her daughter, and the couple got into an argument. Restrepo told detectives he then dropped the two off on Turnpike Avenue.

Persons: Gustavo Castaño Restrepo, Liliana Moreno, Daniela, Restrepo, Moreno, haven’t, NBC6, tased Organizations: FBI, Attorney’s, Southern, Southern District of, NBC, NBC6 Locations: Florida, Miami, U.S, Southern District, Southern District of Florida, Hialeah, Doral

In 2020, election week replaced election night: Joe Biden wasn’t declared the winner until Saturday. The truth is the Decision Desk cannot know until election night which scenario will unfold, regardless of how carefully we have analyzed the polls, early vote, and other election-related data. One thing is clear: The days of projecting a winner on election night itself are almost certainly over. North Carolina has a similar pattern in how it reports out the vote, with 99% of the vote counted by midnight in past elections. And unlike some other close states, it wasn’t just because the margin was so thin.

Persons: It's, Joe Biden wasn’t, Joe Biden’s, let’s, John Fetterman, —, Stephen Pettigrew Organizations: NBC, Electoral College, Wednesday, Philadelphia, Senate, Congressional, NBC News Locations: Pennsylvania, Georgia, Arizona, Michigan, Wisconsin, Allegheny, Pittsburgh, North Carolina, Nebraska’s, Nebraska, Nevada

For many families, child care is often the biggest. Thanks to a state program launched during the recovery from the pandemic, they pay nothing for child care. Vice President Kamala Harris proposes capping child care costs at 7% of working families’ incomes, along with an up-to-$6,000 expanded child tax credit for those with newborns. The permanent fund now funnels more than $150 million from fossil fuel producers into child care subsidies, state officials estimate. As elder care costs continue to outpace inflation, the Democratic ticket sees that constituency as key to victory.

Persons: Maggie Wright, JJ Oviedo, Patricio, Uriel, ”, Wright, JJ, “, ” Maggie Wright, Oviedo, Michelle Lujan Grisham, Kamala Harris, Donald Trump hasn’t, —, Elizabeth Groginsky, Lujan Grisham, family’s, they’ve, she’s, Harris, ” Wright, ’ ”, Taryn Morrissey, ” Morrissey, Deyanira Contreras, Randy Orona, Torres, Contreras, ” Orona Organizations: SANTA FE, Democratic Gov, Fund, Childhood, Care Department, U.S, Labor Department, Wright, Democratic, American University’s School of Public Affairs, ”, Kids, Kids Campus Locations: SANTA, Oviedo, Santa Fe, —, New Mexico, Fe, McDonald’s

☆ The Pre-Market Rundown 2: October 30, 2024
▼ + stars: | 2024-10-30 | by ( ) www.cnbc.com time to read: 1 min

Organizations: CNBC

☆ One week out from the election, Jared Kushner and Ivanka Trump still say they're set on moving on from Trumpworld
▼ + stars: | 2024-10-30 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

Jared Kushner and Ivanka Trump were advisors to Donald Trump when he was in office. Her husband, Jared Kushner, says they're "rooting for" Trump but will not return to politics if he wins. Kushner told The Times that if Trump is elected, he does not expect "a major shift in terms of what we prioritize." I do not plan to be involved in politics," Ivanka told Fox News Digital after she skipped Trump's 2024 campaign launch. I think you have to either be all in or all out," Ivanka told the podcaster Lex Fridman in an episode that aired in July.

Persons: Jared Kushner, Ivanka Trump, Donald Trump, Ivanka, Trump, —, Kushner, Ambani, Arabella Rose Kushner, Carbone, Lex Fridman, it's Organizations: Service, The New York Times, The Times, Times, Fox News Digital, Business Insider, Republican National Convention, Miami Grand Prix, Affinity Partners Locations: Washington, India, Saudi Arabia

☆ Reddit just won earnings season with huge pop. What analysts see from here
▼ + stars: | 2024-10-30 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Additionally, Reddit guided for fourth-quarter revenue of between $385 million and $400 million, while analysts had estimated an average of $357.9 million. Josey wrote that Reddit's continued user growth and engagement gains have boosted the company — and should continue to do so. JPMorgan analyst Doug Anmuth raised his price target to $110 from $77, while Bank of America analyst Justin Post lifted his target price to $99 from $84. These updated objectives respectively imply that Reddit stock could rise 35% and 21% from its Tuesday close. Shmulik's $85 price target, raised from $65, is just 4% higher than the stock's Tuesday closing price.

Persons: Reddit, LSEG, Ronald Josey, Josey, Reddit's, Morgan Stanley, Doug Anmuth, Justin Post, Brian Nowak's, Bernstein, Mark Shmulik, Shmulik, Jekyll, Hyde, that's Organizations: Citi, Bank of America, JPMorgan Locations: Reddit, Tuesday's

☆ Pre-election economic report card on the way: Here's what to expect
▼ + stars: | 2024-10-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPre-election economic report card on the way: Here's what to expectThree big numbers on the way in the next three days in a final economic report card for the Biden-Harris administration before the election. CNBC's Steve Liesman joins 'Squawk Box' with a preview of what to expect.

Persons: Harris, CNBC's Steve Liesman Organizations: Biden

☆ What investors should look for as Meta, Microsoft report earnings Wednesday
▼ + stars: | 2024-10-30 | by ( Samantha Subin | ) www.cnbc.com time to read: +5 min

Another busy day of megacap technology earnings kicks off Wednesday with results from Meta Platforms and Microsoft after the bell. Wall Street expects Meta Platforms to post third-quarter earnings of $5.25 per share, up from $4.39 a year ago, per LSEG. For Microsoft, EPS and revenue are expected to reach $3.10 and $64.51 billion, respectively, for the fiscal first quarter . Meta Platforms For Meta Platforms, analysts are hunting for signs that AI is continuing to boost the company's core product and advertising spending. Microsoft Microsoft faces a tougher bar headed into the print, with many analysts leaning toward caution as the company lags some of its megacap peers and underperforms the Nasdaq Composite.

Persons: haven't, Davidson, Gil Luria, Citi's Ronald Josey, Citi's Josey, Mark Mahaney, Barton Crockett, Mark Shmulik, Bank of America's Justin Post, Keith Bachman, Citi's Tyler Radke, Morgan Stanley's Keith Weiss, Weiss, Goldman Sachs, Kash Rangan, Azure's Organizations: Meta, Microsoft, D.A, Revenue, Google, Bank of America's, Microsoft Microsoft, Nasdaq, BMO Capital Markets, BMO

After months of incremental measures, Chinese President Xi Jinping in late September led a top-level meeting that vowed to "halt the real estate market decline." Earlier this month, the Finance Ministry introduced more measures aimed at stabilizing the real estate sector. Property sales and new home construction are unlikely to stabilize until 2027, Goldman forecast. watch nowS&P Global Ratings and Morgan Stanley this month also published reports forecasting China's real estate market will bottom in the second half of 2025. China's latest efforts to bolster confidence have given the real estate market a lift.

Persons: Xi Jinping, Goldman Sachs, Goldman, Morgan Stanley, Edward Chan, Nomura Organizations: China Vanke Co, Bloomberg, Getty, Finance Ministry, Goldman, China Index Academy, P Global, National Bureau of Statistics Locations: China, Hefei, Beijing

☆ The Pre-Market Rundown: October 30, 2024
▼ + stars: | 2024-10-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNews Update – Pre-MarketsCNBC brings you fast, accurate, and actionable business news and market updates.

Organizations: CNBC

☆ For Nigerian artist Nengi Omuku every painting has two sides
▼ + stars: | 2024-10-30 | by ( Precious Adesina | ) edition.cnn.com time to read: +6 min

London CNN —At Frieze London this year, three large artworks by the artist Nengi Omuku were hung away from the walls so viewers could walk around them. The other presented strips of sanyan, a thick traditional Nigerian fabric that Omuku uses to replace the usual canvas fabric painters often use as their base. “The fact I’m painting on a vintage surface gives soul to my work,” Omuku said over Zoom two days before the fair opens. Omuku's work is painted directly onto strips of sanyan, a thick traditional Nigerian fabric. “I’d never seen a pre-colonial Nigerian textile before, and it looked quite similar to linen.”The artist has exhibited in Paris, New York, Bangkok and London.

Persons: CNN Style’s, Alayo, Nengi Omuku, ” Omuku, it’s, Yinka Shonibare, Omuku, Todd White, Loewe, Kristin Hjellegjerde, Keir Starmer, sanyan, “, ”, “ I’d, Rees, I’ve, there’s, “ I’m Organizations: CNN, London CNN, London, ”, Frieze’s, Slade School of Fine Art, Baltimore Museum of Art, Institute of Contemporary Art, ICA Miami, British, Downing, Co, Slade Locations: London, Nigeria, Lagos, Paris, Bangkok, New York, Miami, Paris , New York, Dakar, Senegal, Nigerian

☆ ‘Halloween comet’ did not survive its flyby of the sun, NASA says
▼ + stars: | 2024-10-30 | by ( Taylor Nicioli | ) edition.cnn.com time to read: +5 min

C/2024 S1 was a sungrazer, a comet that passes within a distance of about 850,000 miles (1,367,942 kilometers) from the sun. “Comets are really hard to predict, and sungrazing comets like this are even harder than most. NASA“Statistically, it’s extremely rare for sungrazing comets to survive (as they fly) past the Sun,” Battams told CNN in an email. A handful of larger sungrazing comets have been observed surviving their close pass by the sun, such as comet C/2011 W3 Lovejoy in 2011. However, any debris from C/2023 Tsuchinshan–ATLAS or C/2024 S1 will not pass near enough to Earth to produce a meteor shower, Cooke said.

Persons: ”, Karl Battams, NASA “, ” Battams, Lovejoy, William Cooke, Battams, Cooke, “ I’m Organizations: CNN, European Space Agency, NASA, Comets, Naval Research Laboratory, Lovejoy, Astronomers Locations: Hawaii, Washington ,, Meteoroid

☆ US economic growth came in slightly under expectations but consumer spending remains strong
▼ + stars: | 2024-10-30 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

AdvertisementIn the third quarter, US economic growth fell short of expectations but remained strong. "The increase in real GDP primarily reflected increases in consumer spending, exports, and federal government spending," the news release said. Consumer spending was a particular highlight, with personal consumption expenditures growing at a strong 3.7% annualized rate. AdvertisementThe weaker-than-expected GDP growth doesn't necessarily mean the US is heading toward a recession. Investment in nonresidential equipment had another strong quarter, surging at an annualized rate of 11.1%.

Persons: —, David Kelly, Hurricane Helene, Hurricane Milton, Mark Hamrick Organizations: Federal Reserve, Service, Investment, Fed, Morgan Asset Management, Commerce Department, Hurricane Locations: Hurricane

☆ More than 250,000 Washington Post readers cancel subscriptions in revolt over non-endorsement
▼ + stars: | 2024-10-30 | by ( Liam Reilly | ) edition.cnn.com time to read: +3 min

New York CNN —More than 250,000 Washington Post readers have canceled their subscriptions since the newspaper announced last week it would not make an endorsement in the presidential race, leading to a “huge spike” in cancelations, the Post reported late Tuesday. The number did not take into account any new subscribers the Post may have added since Friday or any subscribers who have since re-subscribed, the paper reported. The Post reported it began seeing a surge in cancelations within hours of the announcement. “I wish we had made the change earlier than we did, in a moment further from the election and the emotions around it,” Bezos wrote. Instead, Bezos framed his decision to end presidential endorsements as one designed to regain the trust of readers.

Persons: Will Lewis, Lewis, Marty Baron, “ craven, Jeff Bezos, Trump, Harris, Bezos, — Bezos, Donald Trump, “, ” Bezos, ” Organizations: New, New York CNN, Washington Post, Post, NPR, CNN, Blue Origin Locations: New York, cancelations, ”, Texas

☆ Johnson vows health care overhaul if Republicans win: ‘No Obamacare’
▼ + stars: | 2024-10-30 | by ( Sarah Ferris | ) edition.cnn.com time to read: +4 min

And it’s particularly notable after the Republican party’s high-profile failure to repeal key parts of the health care law during Trump’s first term in office. “Health care reform is going to be a big part of the agenda,” Johnson said at the event. And he said it wouldn’t just be health care getting a massive “free market” overhaul. “We know they’ll do it because I’m convinced that if Roe v. Wade can fall, then anything can fall.”The once-contentious health care law has not been a major theme of the 2024 campaign. Taking a different tact than his previous campaigns, Trump himself has stressed to voters that he wouldn’t eliminate the health care law.

Persons: Mike Johnson, Donald Trump, Johnson, Vance, ”, Trump’s, ” Johnson, Ryan Mackenzie, Susan Wild, Sen, John McCain, Hakeem Jeffries, “, ” Jeffries, I’m, Roe, Wade, There’s, Trump, Kamala Harris, Johnson’s Organizations: CNN —, Affordable, White, CNN, GOP, Republican, Democratic, Republicans, GOP Doctors Caucus, House Democrat, Congress, Trump, NBC News Locations: Pennsylvania, Bethlehem , Pennsylvania, Lehigh, Washington, Michigan, Lansing , Michigan

☆ Why experts are skeptical of Elon Musk’s lofty pro-Trump predictions based on early vote data
▼ + stars: | 2024-10-30 | by ( Marshall Cohen | Ethan Cohen | ) edition.cnn.com time to read: +6 min

Partisans from both sides routinely cite early voting data to promote their candidates and express optimism or try to juice turnout based on supposedly weak numbers. Like many political observers, including at CNN, Musk has noticed the better-than-2020 GOP performance in early voting in North Carolina, Nevada and other key states. Registered Republicans make up about 32% of the early vote in Pennsylvania so far, up from 21% at this point in 2020. The improved GOP position in early voting that Musk highlighted is happening in other states as well. Not all registered Republicans will vote for Trump, and not all registered Democrats will back Harris.

Persons: Elon Musk, Donald Trump, Kamala Harris, ”, won’t, David Becker, Trump, Musk, ” Becker, would’ve, isn’t, Ben Ginsberg, “, ” Ginsberg, Harris, ” Isaac Saul Organizations: CNN — Tech, –, Election Innovation, Research, Trump, ” Trump, CNN, Musk’s, Pennsylvania, Republican National Committee Locations: Pennsylvania, Virginia, Pennsylvania –, North Carolina , Nevada, New Jersey, Catalist, North Carolina, Arizona

AdvertisementFor more than a decade, Big Tech companies doled out lavish perks to hire and retain a limited supply of technical talent — and some workers pushed the limits of these benefits. AdvertisementBusiness Insider interviewed tech workers and industry experts about Grubgate and the evolving relationship between Big Tech companies and staff. They also described how layoffs, efficiency drives, and tougher policy enforcement have shifted the culture at once easygoing tech companies. According to job marketplace Trueup, at least 650,000 tech workers have been cut since the start of 2023. Alongside industrywide layoffs that began in 2022, many tech companies also trimmed back the benefits on offer.

Persons: —, Meta, grifting, that's, Allison Shrivastava, it's, Googler, Mark Zuckerberg, Zuck, Patrick Mork, Wall, Mork, Dilip Rao, he's, Bruce Daisley, Daisley Organizations: Big Tech, Service, Google, Meta, US Meta, Snap, Nintendo, Twitter, YouTube Locations: Silicon Valley, Mountain View, Tupperware, US, Meta

☆ The Trump-linked stocks set to make wild moves as election approaches
▼ + stars: | 2024-10-30 | by ( Alex Harring | ) www.cnbc.com time to read: +6 min

Retail investors have increasingly focused in on Trump Media & Technology , Rumble and Phunware as stocks that can benefit if the Republican presidential nominee for president prevails. Trump Media & Technology, which owns the alternative social media platform TruthSocial, trades under a ticker — DJT — that's also the initials for the business mogul-turned-politician. On Tuesday alone, retail traders were net buyers of Trump Media to the tune of $14.4 million. Schwarz said there's no reason for Trump Media to even be publicly traded given its business fundamentals and high price-to-sales ratio. "Trump Media has no fundamental value — it's worthless," he said.

Persons: Donald Trump, That's, that's, Phunware, Kamala Harris, Christopher Schwarz, It's, Trump, There's, Irvine's Schwarz, Schwarz, there's, LSEG, hasn't, Peter Thiel, — CNBC's Robert Frank, Fred Imbert Organizations: Trump Media & Technology, Republican, Trump Media, NBC, University of California Irvine, CNBC, Vanda Research, U.S, Trump, Marriott, Mayo Clinic, PayPal Locations: United States, Atlantis

☆ Private sector added twice as many jobs as expected in October
▼ + stars: | 2024-10-30 | by ( Alicia Wallace | ) edition.cnn.com time to read: +4 min

CNN —Private sector hiring blew past expectations in October, another sign that the US labor market remains on solid footing, payroll processor ADP reported Wednesday. Non-governmental employers added 233,000 jobs in October, a sharp acceleration from the 159,000 net increase reported for September, according to ADP’s latest National Employment Report. Wednesday’s gains throttled economists’ expectations for job growth to slow to a mere 108,000 jobs from the initial estimate of 143,000, FactSet estimates show. Pantheon Macroeconomics is sticking with its forecast of 100,000 payroll gains, according to an investors note sent Wednesday. And while a resurgence in the labor market could raise concerns about a reacceleration in inflation, October’s ADP data showed otherwise, Richardson said.

Persons: Nela Richardson, Hurricane Helene, ADP’s tabulations, ” Richardson, Richardson, “, Irma, ” Samuel Tombs, Milton …, Wednesday’s, ” Organizations: CNN, ADP, Boeing, Labor Department, of Labor Statistics, Pantheon, Companies, Federal Reserve Locations: Hurricane Milton, Carolina, Florida, Milton, South Atlantic

☆ Standard Chartered lifts income guidance again after beating third-quarter profit forecasts
▼ + stars: | 2024-10-30 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

Standard Chartered on Wednesday upgraded its 2024 income guidance as it posted profits in the third quarter that beat expectations, driven by record performance in its wealth management business. After its second quarter earnings report, Standard Chartered in July announced its largest-ever share buyback of $1.5 billion. Standard Chartered said its operating expenses rose 3% to $2.9 billion caused by inflation and business expansion efforts, although efficiency savings did offset some costs. The London-headquartered bank also lifted its 2024 income guidance on Wednesday with operating income to increase towards 10% in 2024. In July, the bank had upgraded the operating income projection to more than 7%, from 5% to 7%.

Persons: LSEG, Bill Winters, that's Organizations: Chartered, HSBC Locations: Asia, London

Kelley was originally freed pending trial on his Jan. 6 charges but was then re-arrested in an alleged murder plot in December 2022. His defense team did not put forth any witnesses during his trial, and Kelley himself declined to testify. Online, Kelley used an encrypted email with the handle "chaos_continues" to make some of his purchases, Mann testified. Kelley, in a gas mask, at the Capitol on Jan. 6, 2021, according to the FBI. More than 1,500 people have been charged in connection with the Jan. 6 attack on the Capitol, and prosecutors have secured more than 1,100 convictions.

Persons: WASHINGTON, Donald Trump, Edward Kelley, Kelley, Austin Carter, “, Carter, Trump, —, Trump rioter, John Emanuel Banuelos, Jessi Mann, Kelley's sweatshirt, Mann, Colleen Kollar, Eugene Goodman, Goodman, Mike Pence, Patrick C, Holvey Organizations: U.S . Capitol, Federal Bureau of, Planned, Capitol, FBI, Prosecutors, Conservative, ., NBC, USDCDC Prosecutors, U.S, Capitol Police, Electoral Locations: Tennessee, Washington, Kelley's, British

WASHINGTON — House Speaker Mike Johnson took a dig at Obamacare during an event in Pennsylvania on Monday, telling a crowd there will be “massive” health care changes in America if Donald Trump wins the election. “No Obamacare,” Johnson responded, rolling his eyes. And so health care is one of the sectors and we need this across the board,” Johnson said. Johnson, who has crisscrossed the country to campaign for GOP House candidates, spoke only in broad terms at his Monday event. “If you take government bureaucrats out of the health care equation and you have doctor-patient relationships, it’s better for everybody.

Persons: Mike Johnson, Donald Trump, ” Johnson, Ryan Mackenzie, Johnson, Kamala Harris, ” Harris, he’s, Harris, ” Sen, Tom Cotton, Sen, Mitch McConnell, It’s, ”, “ Organizations: WASHINGTON, GOP, NBC News, Affordable, Trump, Republican, ACA, GOP House Locations: Pennsylvania, America, Bethlehem, U.S, Obamacare, Ky

HONG KONG — A key piece of a little-told chapter of World War II history almost ended up in a landfill. That diary is now believed to be the only known primary source documenting the involvement of Chinese naval officers in the D-Day landings at Normandy. The 24 British-trained Chinese naval officers were forced to choose between the two sides, with many of them going on to have distinguished careers in the Chinese or Taiwanese militaries. Instead he settled down in Hong Kong, a British colony at the time, where he worked as a merchant seaman until the late 1960s. A page from Lam’s journal on display at the Fringe Club in Hong Kong last month.

Persons: Lam Ping, Chiang Kai, Lam, “, ”, ” Lam, John Mak, Chiang, Mao Zedong’s, Peter Parks, Mak, Angus Hui, crackdowns, Lau Suk Yin, ” Hui, ” Mak Organizations: Pacific, U.S, Royal Naval College, Allied, Fringe Club, Getty Locations: HONG KONG, Hong Kong, Normandy, Indonesia, China, United States, Britain, France, Norwegian, Germany, Japan, Mao Zedong’s Communist, Republic of China, Taiwan, British, Brazil, AFP, Greater China

☆ Japan’s iconic Mount Fuji has yet to see snow this winter, breaking a 130-year record
▼ + stars: | 2024-10-29 | by ( Helen Regan | ) edition.cnn.com time to read: +4 min

CNN —November is just a few days away, but Japan’s iconic Mount Fuji remains snowless, marking the latest date without a snowcap since records began 130 years ago. The lack of snow as of October 29, beats the previous record of October 26, set in 1955 and 2016, he said. This aerial view shows climbers lining up to take a photo on the Kengamine summit of Mount Fuji on August 10, 2024. The unusual October heat Japan experienced was made three times more likely because of the climate crisis, Climate Central found. Straddling Japan’s Yamanashi and Shizuoka prefectures, the 3,776-meter Mount Fuji is a UNESCO World Heritage site and an icon of Japan.

Persons: Snowcaps, Shinichi Yanagi, Stringer Organizations: CNN, Mount, Fuji, NHK, Meteorological Office, Meteorological Agency, Mount Fuji, Kyodo, Climate, Northern, UNESCO Locations: Kofu, Japan, Mount, Central, Yamanashi, Shizuoka, overtourism

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