Stock futures are on the rise today following declines last week that pushed the S&P 500 into correction territory. This week, Wall Street is bracing itself for several important events, including a decision on interest rates from the Federal Reserve, the release of the monthly U.S. jobs report, and the eagerly anticipated quarterly earnings report from Apple.
General Motors Plant Strike Ends in Agreement with Union
Late on Saturday, the United Auto Workers union announced that workers would go on strike at yet another General Motors (GM) plant. However, just hours later, the union revealed that a tentative agreement had been reached with Jeep maker Stellantis (STLA). As a result, GM shares are up by 0.8% today.
Stellantis Faces Strike in Canada
In Canada, labor union Unifor has initiated a strike against Stellantis due to a breakdown in talks over a tentative labor contract. The strike began early this morning and is separate from the negotiations between the UAW and Stellantis in the United States. Despite this setback, Stellantis’ stock is up by 1.6%.
Stay tuned for more updates throughout the week as these events unfold in the financial world.
Former Marvel Executive Enlists Trian Fund Management to Gain Board Seats at Disney
Former Marvel executive Isaac “Ike” Perlmutter has handed over his stake in Walt Disney (DIS) to Nelson Peltz’s Trian Fund Management in preparation for a push to secure multiple board seats at the entertainment giant, as reported by The Wall Street Journal. Trian has significantly increased its stake in Disney to over $2.5 billion, according to earlier reports by the Journal. In response to this development, Disney shares experienced a 0.5% boost during premarket trading on Monday.
Google Commits Up to $2 Billion Investment in Anthropic for Artificial Intelligence Advancement
According to insider sources, Alphabet’s (GOOGL) Google has agreed to invest around $2 billion in Anthropic, an artificial intelligence company, as reported by The Wall Street Journal. This investment follows Amazon.com’s (AMZN) announcement back in September, wherein the tech giant committed up to $4 billion towards Anthropic to compete with ChatGPT creator OpenAI.
Anticipated Earnings Reports from Prominent Companies
On Monday, earnings reports are anticipated from the following companies:
- McDonald’s (MCD)
- Arista Networks (ANET)
- ON Semiconductor (ON)
- Pinterest (PINS)
- Check Point Software Technologies (CHKP)
- Western Digital (WDC)
- VF Corp. (VFC)
- SoFi Technologies (SOFI)
Earnings Reports Expectations
Reports are expected later in the week from the following companies:
- Apple (AAPL)
- Eli Lilly (LLY)
- Pfizer (PFE)
- Advanced Micro Devices (AMD)
- Amgen (AMGN)
- Caterpillar (CAT)
- Qualcomm (QCOM)
- CVS Health (CVS)
- Moderna (MRNA)
- Airbnb (ABNB)
- PayPal (PYPL)
- ConocoPhillips (COP)
- Starbucks (SBUX)
- Anheuser-Busch InBev (BUD)
- Electronic Arts (EA)
Stay tuned for updates on these earnings reports.