Welcome Back,

Market Headlines 👀 

• US Q3 Advanced GDP print comes in at 4.9% YoY; est: 4.3%.

• US weekly jobless claims come in at 210k; est: 208k.

• US durable goods orders come in at 4.7% MoM; est: 1.7%.

• US pending home sales come in at +1.1% MoM; est -2%.

• Amazon (AMZN) cloud division misses on top line.

• Meta platforms, Alphabet (META, GOOGL) are looking to apply for e-commerce licenses in Indonesia.

• Uber (UBER) begins offering autonomous rides in Phoenix the company announces.

• European Central Bank (ECB) holds its rates at 4% pausing their rate hiking cycle.

• Ford (F) reaches an agreement with United Auto Workers union.

• Morgan Stanley (MS) announces a new CEO, Ted Pick effective January 2024.

Earnings 💸

• Amazon (AMZN)

  • EPS: $0.93 beats (exp. $0.60)

  • Revenue: $143.1b beats (exp. $141.6b)

• Mastercard (MA)

  • EPS: $3.39 beats (exp. $3.21)

  • Revenue: $6.5b meets (exp. $6.5b)

• Chipotle (CMG)

  • EPS: $11.36

  • Revenue: $2.3b

• Intel (INTC)

  • EPS: $0.41 beats (exp. $0.21)

  • Revenue: $14.2b beats (exp. $13.54b)

• United Postal Service (UPS)

  • EPS: $1.57 beats (exp. $1.52)

  • Revenue: $21.1b misses (exp. $21.5b)

• Southwest Airlines (LUV)

  • EPS: $0.38 misses (exp. $0.39)

  • Revenue: $6.5b misses (exp. $6.6b)

  S&P 500 Heat Map

Recap Around the Street 🧠

AI spend is real and should serve as a secular tailwind for the ecosystem from chips to electrical fans for server farms. What price to pay is largely determined on whether the optionality of future growth potential is realized (and largely unknown).(Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Hard to see an imminent recession with spending (consumer, business) so strong and fiscal tailwinds well into 2024.(Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Market Preview 🎞️

• Friday earnings: Exxon Mobil (XOM) and Chevron (CVX)

• —> Podcast spotlight: Pounding the Table 👊 : listen now; where you will find in-depth analysis around these highlights, read company deep dives, and interviews with public CEO's!

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That’s all for this week, folks! We’ll be back around the same time Monday with a curated list of important news, economic data and market highlights. 

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