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Tech giants drive AI investments, auto industry faces labor issues

EditorPollock Mondal
Published 2023-10-30, 05:24 a/m
© Reuters.

Wall Street is bracing for a busy week filled with key events such as the Federal Reserve's interest rate decision, the U.S. jobs report, and earnings reports from a range of corporations including Apple (NASDAQ:AAPL), Eli Lilly (NYSE:LLY), Pfizer (NYSE:PFE), Advanced Micro Devices (NASDAQ:AMD), Qualcomm (NASDAQ:QCOM), CVS Health (NYSE:CVS), and Moderna (NASDAQ:MRNA). The stock market is showing signs of recovery following last week's correction in the S&P 500 with stock futures on the rise.

The auto industry is currently grappling with labor issues. General Motors (NYSE:GM) is dealing with a strike at one of its plants following a tentative agreement reached between the United Auto Workers union and Jeep maker Stellantis (NYSE:STLA). This development has led to a 0.8% rise in GM shares. Concurrently, Stellantis is facing a strike by labor union Unifor in Canada, resulting in a 1.6% increase in its shares.

In other corporate news, Isaac “Ike” Perlmutter has entrusted his Walt Disney (NYSE:DIS) stake to Trian Fund Management. The latter plans to secure additional board seats and has raised its stake in Disney to over $2.5 billion, leading to a 0.5% rise in Disney shares.

Tech giants Google (NASDAQ:GOOGL) and Amazon.com (NASDAQ:AMZN) are making significant strides in their investment strategies. They have invested $2 billion and $4 billion respectively into artificial intelligence company Anthropic.

Alongside these developments, several companies including McDonald's (NYSE:MCD), Arista Networks (NYSE:ANET), ON Semiconductor (NASDAQ:ON), Pinterest (NYSE:PINS), Western Digital (NASDAQ:WDC), VF Corp (NYSE:VFC)., and SoFi Technologies (NASDAQ:SOFI) are expected to release their earnings reports this week.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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