Big tech profits are weighing on major indexes. Members of the Microsoft “Magnificent Seven” (MSFT) and metaplatforms (META) both reported better-than-expected quarterly profits, but the amount these companies are spending to develop their AI offerings is making some investors nervous. One stock that fell early in the session was Uber Technologies (UBER). Its third-quarter revenue topped Wall Street expectations, but gross bookings were lower. Wall Street is also scrutinizing the September Personal Consumption Expenditures Price Index report for clues on what the Federal Reserve’s next move might be. Trending tickers on Yahoo Finance include Super Micro Computer (SMCI), Palantir Technologies (PLTR), and Carvana (CVNA).
Key guests include:
9:05 a.m. ET – Brent Bracelin, Piper Sandler Equity Research Analyst
9:40 a.m. ET – Rohit Kulkarni, Managing Director of Roth Capital Partners
10:05 a.m. ET – Thomas Simons, Jefferies U.S. Senior Economist
10:35 a.m. ET – Rob Lynch, CEO of Shake Shack
10:40 a.m. ET – Richard Gelfond, CEO of IMAX
11:10 a.m. ET – Daniel Schreiber, CEO of Lemonade