MarketMovers

Biden Administration Backs Plan to Convert More Offices to Homes. The initiative provides new financing and technical assistance to developers and local government and highlights grants and tax incentives that can make conversion projects more attractive. inman.com/2023/10/27/bid…

Ford Backs Off Fully Electric Vehicles. The company now says it will throttle back $12 billion in investments in its EV products and instead look to grow sales of hybrid versions of some of its most popular vehicles. fool.com/investing/2023…

X Launches Two New Premium Tiers. On Friday, X began offering a $16 monthly tier called Premium+, which is more expensive than its previously existing option and offers the benefit of not showing the user ads in the For You or Following feeds. wsj.com/tech/x-launche…

GM, UAW Move Closer to a Tentative Labor Contract. The two sides negotiated throughout Thursday night and into Friday morning, and reconvened in the early afternoon in a push to secure a deal. wsj.com/business/autos…

Google to Invest 2 Billion Dollars in Anthropic. The commitment involves a $500 million upfront investment and an additional $1.5 billion to be invested over time. cnbc.com/2023/10/27/goo…

Pending Home Sales Increase 1.1% in September; Down 11% Year-over-year. Despite the slight gain, pending contracts remain at historically low levels due to the highest mortgage rates in 20 years. Furthermore, inventory remains tight, which hinders sales. marketmoversdaily.com/p/october-27-2…

Mortgage Demand Slips Again as Rates Continue Relentless Rise. Loan applications slip to lowest level since 1995 as mortgage rates climb for the 7th week in a row, according to a weekly survey of lenders by the Mortgage Bankers Association. inman.com/2023/10/25/mor…

Amazon’s profit tripled to nearly $10 billion from July to September as strong sales in its cloud-computing, advertising, and retail units helped the company continue its rebound. wsj.com/tech/amazon-am…

Mastercard Reports Higher Consumer Spending With Expenses Rising. Purchase volume on the firm’s cards surpassed analyst forecasts for the third quarter, rising 12% to $1.88 trillion for the three months ended Sept. 30. bloomberg.com/news/articles/…

The U.S. trade deficit in goods widened to $85.8 billion in September. The deficit has been trending lower after hitting $125.3 billion in March 2022. The outlook for global trade is weakening and the trend is expected into 2024. marketwatch.com/story/u-s-trad…

US Economy Surges 4.9 Percent, Fueled by Consumer Spending. The better-than-expected GDP growth rate was fueled by real consumer spending, advancing 4% in the July-to-September period. The consumer contributed 2.69% to the final GDP number. theepochtimes.com/article/us-eco…

New Home Sales increase to 759,000 Annual Rate in September. New-home sales skyrocketed in September, soaring to a 20-month high, according to data issued Wednesday by the US Census Bureau and the Department of Housing and Urban Development. inman.com/2023/10/25/new…

General Motors Halting EV Plans. GM is moderating the acceleration of EV production to protect their pricing, adjust to slower near-term growth in demand, and implement engineering changes that will bolster profits. theepochtimes.com/article/genera…

Shell Will Cut 200 Jobs in Clean Energy Division. The company will switch some of the jobs in question to other divisions within Shell’s more than 90,000 employee workforce, and an additional 130 roles will be put “under review” throughout 2024. cnbc.com/2023/10/25/she…

Apple Raises TV Streaming Price to $9.99. Streaming companies are pushing for more revenue after racking up billions of dollars of losses. The higher costs risk alienating customers who could cancel their subscriptions. wsj.com/tech/apple-rai…

Meta reported better-than-expected results for the third quarter as revenue increased 23%, the fastest rate of growth since 2021. For the fourth quarter, Meta expects revenue of $36.5 billion to $40 billion. bloomberg.com/news/articles/…

Spotify Reported A Surprise Profit For The Third Quarter. The Swedish music streaming giant posted a profit of around $68.9 million, driven by lower marketing spend and lower personnel costs and related costs. cnbc.com/2023/10/24/spo…

Apple Announces ‘Scary Fast’ Oct. 30 Event to Roll Out New Macs. The company announced plans for a presentation next week, dubbing the showcase “Scary Fast.” The presentation is likely to be the company’s last product showcase of the year. bloomberg.com/news/articles/…

UAW Calls Strike on One of GM’s Largest Factories. The United Auto Workers expanded its strike again. About 5,000 unionized workers walked out of GM’s Arlington, Texas, assembly plant Tuesday morning. marketwatch.com/story/uaw-stri…

Snap Returns to Revenue Growth on Improved Ad Business. Sales increased 5.4% to $1.19 billion in the period ended Sept. 30, Snap said Tuesday in a statement. Analysts, on average, projected a revenue decline of 2%. bloomberg.com/news/articles/…