Here are the most important news, trends and analysis that investors need to start their trading day:
1. Inventories will grow as buyers will not be deterred by rising prices.
Traders work on the New York Stock Exchange (NYSE) on November 15, 2021 in New York.
Spencer Platt | Getty Images
Walmart and Home Depot
Kena Bettencourt | BROWSEpress | Getty Images; Scott Mlyn | CNBC
Walmart initially rose 1%, but declined slightly premarket after the retail giant reported adjusted third-quarter earnings and revenues on Tuesday. to exceed expectations. Walmart has brought shoppers back to grocery stores as it has used its size to help deal with tangled supply chains and price pressures. Walmart’s U.S. e-commerce sales were up 8% year-over-year, or 87% in two years. The company raised its profit forecast for the year.
Home Depot rose 1% premarket after the company released revised third-quarter earnings and revenues on Tuesday that exceeded expectations. Same-store sales rose 6.1% for the quarter, well above the 2.2% forecast growth as consumers continue to renovate their homes during the Covid, albeit at a slower pace than a year ago. In the third quarter of 2020, sales in the same stores grew by almost 25%.
3. Bitcoin fell to $ 60,000 due to the fall of major cryptocurrencies.
Bitcoin and other digital currencies fell sharply on Tuesday, retreating from near-record highs. The world’s largest digital coin has dropped to $ 60,000 as China’s state planner said it will continue to clean up crypto mining in the country. Earlier this year, Beijing took harsh measures against bitcoin mining, leading to an exodus of miners. China, which is facing an energy crisis, is concerned about the amount of energy it takes to conduct mining operations that create new coins and keep a log of transactions. Miners get bitcoins for their problems.
4. Taxes are not the only reason Elon Musk sells Tesla shares.
Maya Hitage | Getty Images News | Getty Images
Tesla CEO Elon Musk is facing a potential tax bill of more than $ 10 billion on stock options that were granted to him in 2012. On Monday, Musk sold an additional $ 930 million in shares to pay taxes on options he exercised on 2.1 million shares. Thus, the total value of his options since November 8 was about $ 4.6 billion. The shares he sold to meet tax-withholding obligations reached $ 2 billion. Most of the $ 5.7 billion in stock sales last week came from pre-existing Musk shares.
5. Bankers and traders are set for the biggest bonuses since the Great Recession.
Wall Street road sign in New York’s financial district on November 8, 2021.
Brendan McDermid | Reuters
Wall street set to see the highest bonuses since the Great Recession after a busy and lucrative 2021, according to a report from a pay advisory agency. Overall bonuses for investment banking underwriters are projected to rise 30–35% yoy, while investment banking advisors and traders can expect bonuses to increase 20–25% yoy. Companies are paying in a competitive job market to retain top talent and hire new hires to tackle the unprecedented workloads of business recovery.
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