Budget deficit up 23%

Upcoming Week:

• Thursday: The Bureau of Economic Analysis (BEA) will issue the advance estimate for third-quarter U.S. gross domestic product (GDP)

• Friday: The Bureau of Economic Analysis (BEA) will release the Personal Consumption Expenditures (PCE) Price Index for September, the Fed’s preferred inflation gauge

Notable Earnings:

• Monday: Brown & Brown (BRO), WR Berkley (WRB), & Logitech (LOGI)

• Tuesday: Microsoft (MSFT), Alphabet (GOOG), Visa (V), Coca Cola (KO), Novartis (NVS), Danaher (DHR), Texas Instruments (TXN), Verizon (VZ), GE (GE), RTX (RTX), NextEra Energy (NEE), Chubb (CB), 3M Company (MMM), General Motors (GM), & Spotify (SPOT)

• Wednesday: Meta (META), IBM (IBM), & Boeing (BA)

• Thursday: Amazon (AMZN), Mastercard (MA), Intel (INTC), Altria (MO), Chipotle (CMG), Ford (F), Keurig Dr Pepper (KDP), & Hershey (HSY)

• Friday: Exxon Mobil (XOM), Chevron (CVX), & Abbvie (ABBV)

• Solar stocks hit 3 year low: Solar stocks tumbled on Friday after solar product manufacturer Solaredge (SEDG) warned that demand in Europe has significantly weakened and the stock dropped ~28%. (CNBC)
  

• Budget deficit up 23%: The U.S. government on Friday posted a $1.695 trillion budget deficit in fiscal 2023, a 23% jump from the prior year as revenues fell and outlays for Social Security, Medicare and record-high interest costs on the federal debt rose. (Reuters)
  

• Insect protein: Tyson Foods (TSN), a prominent U.S. meat producer, has made an undisclosed investment in Dutch insect ingredient manufacturer Protix, which is building an "insect ingredient facility" in the U.S. (CNN)
  

• Big shipping-container firm nears sale: Infrastructure investor Stonepeak is close to a deal to purchase shipping-container lessor Textainer (TGH) for more than $2 billion. (WSJ)
  

• Ozempic for kids? Pharmaceutical companies are looking to get buzzy weight-loss shots approved for younger and younger patients. (Bloomberg)
  

• Amex increases provisions: American Express (AXP) was the worst-performing stock in the Dow Friday as shares fell over 5% after the credit card provider boosted the money it put aside to cover for customers defaulting on their payments. (Investopedia)

• Fish skin can heal other animals’ eye injuries (Scientific American)

• The rise and fall of the bank robbery capital of the world (Crime Reads)

• The Army is planning for a conflict with China—including shoring up blood supply (Defense One)

• The great cash-for-carbon hustle (New Yorker)

• For these 3 countries, the pendulum swings (Cody Shirk)

• If the NFL feels different this year that’s because it is (Sharp)

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