An Hour Ago
Government Shutdown Looms as Republican Speaker Search Continues
According to Michael Townsend, managing director of legislative and regulatory affairs at Charles Schwab, there is a possibility of a U.S. federal government shutdown next month. However, he believes that Wall Street would not be significantly impacted if it were to happen, as it has been in prior years. Townsend made these remarks at Schwab’s Impact conference in Philadelphia.
Townsend’s comments came shortly after Rep. Tom Emmer of Minnesota dropped his bid for Speaker of the House. The ongoing search for a Speaker means that Rep. Patrick McHenry of North Carolina could temporarily assume additional powers to ensure the functioning of Congress, according to Townsend.
Furthermore, Townsend highlighted that the federal deficit is increasingly affecting the markets due to higher interest rates. However, he noted that there is currently no sense of urgency in Washington to address the budget shortfall in a significant way, as even the proposed spending changes by Republicans are relatively insignificant in comparison to the larger issues.
— Jesse Pound
An Hour Ago
Stocks Making the Biggest Moves After Hours
Check out the companies making headlines in extended trading.
Microsoft’s shares surged 2.5% following the release of their fiscal first-quarter results that surpassed analysts’ estimates. The company reported earnings per share of $2.99 on $56.52 billion in revenue, while analysts had projected EPS of $2.65 on $54.50 billion in revenue. Microsoft’s profit was driven by slower operating expense growth and better-than-expected revenue from its Azure cloud segment.
On the other hand, Alphabet, the parent company of Google and YouTube, experienced a decline of over 6% despite beating analysts’ estimates for the third quarter. While revenue growth accelerated to 11% from the previous quarter, revenue from Google Cloud fell short of consensus estimates.
Snap, the parent company of Snapchat, saw a slight increase in their stock following the release of their third-quarter results. Snap reported earnings of 2 cents per share on revenue of $1.19 billion, beating analysts’ expectations. CEO Evan Spiegel attributed the growth to a return in sales during the quarter, although some advertisers paused spending due to the Israel-Hamas conflict.
For the full list, click here.
— Hakyung Kim
2 Hours Ago
Stock Futures Open Little Changed Tuesday
U.S. stock futures showed minimal movement on Tuesday night.
Futures tied to the Dow Jones Industrial Average increased by 40 points, or 0.1%.
Meanwhile, S&P 500 and Nasdaq 100 futures slightly declined by 0.1% and 0.2%, respectively.
— Hakyung Kim
