The Rundown Meta Spooks Investors with User Growth Miss, Uber Plunges as Bookings Fall Short
Oct 31, 2024
Dive into the latest financial frenzy as major players like Meta and Uber face disappointing earnings, sending shockwaves through the stock market. Explore the impact of these reports on investor sentiments and future trends. Discover intriguing statistics about U.S. GDP growth, inflation, and job numbers. Finally, get a glimpse of how Halloween spending might play a role in market dynamics. It's a rollercoaster of insights for investors and casual listeners alike!
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Supermicro's Impact
- Supermicro's stock plummeted 33% after their accounting firm quit, impacting the S&P 500 and NASDAQ.
- Their inclusion in these indices, despite being under DOJ investigation, raises questions about index construction.
Positive Macroeconomic Indicators
- Q3 GDP growth was 2.8%, slightly lower than Q2 but with strong consumer spending at 3.7%.
- Private companies added 233,000 jobs in October, exceeding expectations, while PCE inflation matched estimates at 2.1%.
Meta's Mixed Results
- Meta's Q3 earnings showed revenue up 19% and net income up 35%, exceeding expectations.
- However, user growth missed projections, and concerns remain about substantial AI and Reality Labs investments.