 | *past 24-hour performance |
| | Home sales defy rates: Despite the run-up in mortgage rates, new home sales stepped up last month; 759k new homes sold in September, at a seasonally adjusted annual rate, up from 676k in August and far more than the 680k economists expected (Reuters)
New GOP House speaker selected: Rep. Mike Johnson was chosen as the new House speaker after three other GOP candidates failed to garner enough support from ultra-conservative lawmakers. (AP)
Chip exports halted: The US government has instructed Nvidia (NVDA) to immediately halt certain AI chip exports to China, accelerating a previously announced timeline. BBC)
Bud Light enters the octagon: The UFC has named Anheuser-Busch's (BUD) Bud Light as its official beer, ending its previous deal with Modelo. This multiyear contract is part of Bud Light's broader strategy to regain its position as America's top-selling beer. (WSJ)
Alphabet falls 7%: Alphabet (GOOG) reported 11% revenue growth in the Q3, marking the first time it reached double digits in over a year. The shares dropped almost 7% in extended trading as the cloud business missed analysts’ estimates. (CNBC)
Germany surpasses Japan: Germany is reportedly set to overtake Japan as the world’s third-largest economy by the end of 2023. (Japan Times)
Another $1 billion ask: President Joe Biden will ask lawmakers for more than a billion dollars in additional humanitarian aid, amid growing worries over the impact of the wars in Ukraine and the Middle East on global food availability. (Bloomberg)
Ackman’s big bet on bonds: Billionaire hedge fund manager Bill Ackman, who traditionally invests in stocks, earned roughly $200 million from a bet against U.S. 30-year Treasury bonds (Reuters)
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| | The convertible bond market is buzzing: The market for convertible bonds, the interest-paying securities that bondholders can choose to turn into common stock, is stirring again and attracting investors. Read more » | The gems hiding in plain sight in the treasury market: Back in 1994, bonds with fabulous yields were there for the taking. NYT columnists don’t see treasures like that now, but there are solid buys. Read more » |
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| | Best inventions of 2023 (TIME) [Video] Ray Dalio & Bill Belichick: Building great teams (Ray Dalio) Thanks to big data, landlords know how to squeeze the most out of renters (WSJ) Why the US is the only country that ties your health insurance to your job (Vox)
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