A Tale of Two Retailers: Walmart and Macy's Report Earnings
Nov 16, 2023
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Bloomberg Intelligence Senior Retail Analysts discuss Walmart and Macy's earnings. Businessweek Magazine covers a secretive shipwreck hunter. President Biden's meeting with President Xi of China is analyzed. Hilton's Chief HR Officer explains workplace culture. The correlation between water use and greenhouse gases is explored. Market sentiment shift and a holiday message.
Hilton's positive work culture and diverse portfolio of brands have contributed to its ranking as the number one company on Fortune's World's Best Workplaces list.
The significant cash holdings in money market funds indicate potential market growth as investors feel more comfortable reentering the financial markets.
Deep dives
Hilton Tops Fortune's World's Best Workplaces List
Hilton has been ranked as the number one company on Fortune's World's Best Workplaces list, based on surveys from over 6 million employees at certified organizations. The recognition is expected to attract top talent and enhance the company's hiring capabilities. Hilton's diverse portfolio of brands and its focus on creating opportunities for career growth and movement within the company have contributed to its positive work culture and employee satisfaction.
Market Tone Shifts Since October Lows
The tone of the market has changed since the lows of October 27, with a more positive sentiment prevailing. Factors such as better-than-expected inflation data, a more favorable outlook on interest rate increases from the Federal Reserve, and positive earnings expectations have influenced the shift. Despite minor fluctuations, the overall trend is expected to remain positive, with November and December historically being favorable months for equities.
Money Market Funds Reach Record High
Money market fund assets have reached a record $5.73 trillion, indicating significant cash holdings on the sidelines. This dry powder in money market funds can potentially be invested in equity markets, attracting more investors and potentially driving markets higher. Historically, money market funds have peaked when short-term rates have peaked, indicating a potential and significant market impact once investors feel more comfortable reentering the financial markets.
Bloomberg Intelligence Senior Retail Analysts Jennifer Bartashus and Mary Ross Gilbert discuss earnings and outlook from Walmart and Macy’s. Bloomberg Businessweek Editor Joel Weber and Bloomberg News Senior Writer Kit Chellel talk about the Businessweek Magazine cover story A Secretive Hedge Fund Executive Is the World’s Greatest Shipwreck Hunter. David Riedel, President of Riedel Research, shares his thoughts on President Biden’s meeting with President Xi Jinping of China. Laura Fuentes, Chief Human Resources Officer at Hilton Hotels, explains how workplace culture and inclusion make Hilton the number one place to work. And we Drive to the Close with Michael Sheldon, Chief Investment Officer at Hightower RDM. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.