Stock futures are lower as Wall Street digests a mixed week of earnings and inflation data. Futures for the Dow, S&P 500, and Nasdaq are down, with major tech companies like Amazon and Apple set to report earnings today. The September personal consumption expenditures price index will be released at 8:30 a.m. ET.
Starbucks Earnings Underwhelming
Starbucks CEO Brian Niccol announced plans to "fundamentally change" the company's strategy after earnings missed expectations. Net sales fell 3% to $9.07 billion, driven by weakened demand in the U.S. and China, including a significant decline in U.S. store traffic.
U.S. Economic Growth Slower
The U.S. economy grew at an annualized rate of 2.8% in Q3, driven by strong consumer spending but falling short of analysts' expectations of 3.1%. Consumer spending rose by 3.7%, the highest rate since Q1 2023.
Mixed Results from Tech Giants
Microsoft and Meta reported mixed results, with Microsoft’s guidance falling short of expectations and its stock declining by over 3%. Meta raised its guidance but reported disappointing user growth and increased AI spending.
Sentencing in FTX Case
Former FTX executive Nishad Singh received three years of supervised release without jail time for his involvement in the fraud. This marks the fourth former employee to be sentenced, highlighting varying degrees of culpability in the case.
For further details and live updates, stay tuned to market coverage throughout the day.
Starbucks Earnings Underwhelming
Starbucks CEO Brian Niccol announced plans to "fundamentally change" the company's strategy after earnings missed expectations. Net sales fell 3% to $9.07 billion, driven by weakened demand in the U.S. and China, including a significant decline in U.S. store traffic.
U.S. Economic Growth Slower
The U.S. economy grew at an annualized rate of 2.8% in Q3, driven by strong consumer spending but falling short of analysts' expectations of 3.1%. Consumer spending rose by 3.7%, the highest rate since Q1 2023.
Mixed Results from Tech Giants
Microsoft and Meta reported mixed results, with Microsoft’s guidance falling short of expectations and its stock declining by over 3%. Meta raised its guidance but reported disappointing user growth and increased AI spending.
Sentencing in FTX Case
Former FTX executive Nishad Singh received three years of supervised release without jail time for his involvement in the fraud. This marks the fourth former employee to be sentenced, highlighting varying degrees of culpability in the case.
For further details and live updates, stay tuned to market coverage throughout the day.