Here are the most important news items that investors need to start their trading day:
1. Moving on up
Stocks got off on the right foot this week, with each of the three main U.S. indices closing in positive territory Monday. Early earnings returns are solid so far, and more big ones are due this week. Goldman Sachs, Bank of America, Johnson & Johnson and United Airlines are all reporting Tuesday, for that matter. There’s plenty of economic data on the schedule for Tuesday, as well. Industrial production figures and retail sales for September are expected before the bell. Follow live market updates.
2. More big banks report
David Solomon, Goldman Sachs interview with David Faber, September 7, 2023.
CNBC
Bank of America and Goldman Sachs continue the big bank momentum from late last week, when JPMorgan, Wells Fargo and Citigroup all reported. BofA went first Tuesday, with Goldman due later in the morning. The second-biggest U.S. bank by assets posted better-than-expected profit and revenue as its net interest income for the third quarter surpassed estimates. Morgan Stanley is set to report Wednesday.
3. Biden to Israel
U.S. President Joe Biden holds a bilateral meeting with Israeli Prime Minister Benjamin Netanyahu on the sidelines of the 78th U.N. General Assembly in New York City, September 20, 2023.
Kevin Lamarque | Reuters
President Joe Biden is planning to visit Israel on Wednesday, as the Israeli military hammers the Gaza Strip from the air and thousands of Palestinians flee. The trip’s purpose is to “stand in solidarity in the face of Hamas’s brutal terrorist attack,” he said. Biden will also travel to Jordan to discuss the humanitarian crisis among Palestinians. It’s been more than a week since Hamas terrorists staged shocking raids in Israel, killing more than 1,400 people and taking dozens more hostage. Israeli forces are massed at the Gaza border for a potential ground invasion. Follow live war updates.
4. LinkedIn layoffs
Aytac Unal | Anadolu Agency | Getty Images
The slowdown in revenue growth at Microsoft-owned LinkedIn is showing up in job cuts. The business-focused social network told staff Monday that it terminated nearly 700 employees, according to CNBC’s Jordan Novet. The sales slowdown and job cuts are happening even as membership growth at LinkedIn has sped up in recent years. Overall, Microsoft has been slashing headcount in a bid to put a tighter clamp on costs.
5. iPhone charm offensive
Apple CEO Tim Cook unveils the iPhone 15.
Courtesy: Apple Inc.
Apple CEO Tim Cook hit the road to make a surprise visit to China as the tech giant contends with a tepid reception for its latest iPhone. Fresh data show that iPhone 15 sales in its first 17 days in China were down 4.5% compared with the iPhone 14. Meanwhile, Chinese tech giant Huawei, which recently launched a new high-end phone, has rebounded to re-take the top spot among smartphone makers in China, according to Jefferies analysts.
– CNBC’s Hakyung Kim, Ruxanra Iordache, Natasha Turak, Hugh Son, Jordan Novet and Arjun Kharpal contributed to this report.
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