Here are five key things investors need to know to start the trading day:
1. On the lookout
2. Home Depot raises outlook
A Home Depot store in Louisville, Kentucky, US, on Monday, Aug. 14, 2023.
Jon Cherry | Bloomberg | Getty Images
Home Depot beat Wall Street expectations as quarterly sales rose 6% year over year. The retailer also raised its full-year outlook, now expecting a sales increase of about 4% instead of between 2.5% and 3.5% in its previous estimate. While the company’s acquisition of SRS Distribution, hurricane-related repairs and warmer-than-usual weather in much of the U.S. boosted sales for the quarter, the company warned that consumers are putting off home improvement purchases as they wait for lower mortgage rates and borrowing costs.
3. Mattel pulls ‘Wicked’ dolls
Cynthia Erivo and Ariana Grande star as Elphaba and Glinda in Universal’s “Wicked.”
Universal
Mattel has pulled thousands of its “Wicked”-branded fashion dolls after a package misprint listed a link to a pornographic website for a group called Wicked Pictures instead of Universal’s “Wicked” movie. The mishap comes as Universal floods retail shelves with “Wicked”-related products ahead of the film’s Nov. 22 release. The toys were being sold in a plethora of retailers, including Target, Amazon and Walmart, and it is unclear if Mattel will reprint the packages or provide retailers with stickers to cover the incorrect website domain.
4. GM leads automakers
Mary Barra, chair and chief executive officer of General Motors Co., during a news conference at the Hudson’s building in Detroit, Michigan, US, on Monday, April 15, 2024.
Jeff Kowalsky | Bloomberg | Getty Images
General Motors has shown it’s a leader in the automaker industry this year as it continues to beat Wall Street’s earnings expectations and its competitors. The Detroit automaker’s shares rose more than 54% this year, as of the start of the week, beating legacy competitors and even Tesla, which has seen shares surge more than 30% since President-elect Donald Trump’s victory. GM topped Wall Street’s third-quarter expectations with the help of $12.4 billion in stock buybacks since last November, which GM leadership said will continue for the foreseeable future. It is unclear whether GM can continue its streak into next year, but the company said it expects 2025 performance to be in line with this year.
5. Bitcoin’s run continues
A Bitcoin sign is seen at the entrance of a cryptocurrency exchange office on November 08, 2024 in Istanbul, Turkey.
Chris Mcgrath | Getty Images News | Getty Images
Bitcoin has been on a record run since President-elect Donald Trump’s victory last week and is now on its way to reaching $90,000 for the first time. The flagship cryptocurrency hit a high of $89,980 Monday before slightly dropping Tuesday morning, but its price is expected by many investors to climb past $100,000 later this year. Trump has promised to make the regulatory environment more supportive of crypto businesses, which have long been operating in a risky grey area.
— CNBC’s Alex Harring, Melissa Repko, Sarah Whitten, Michael Wayland and Tanaya Macheel contributed to this report.
