Elon Musk launches AI to rival ChatGPT

Upcoming Week:

• Tuesday: The Federal Reserve Bank of New York will issue its quarterly report on household debt and credit, gauging the financial condition of U.S. households in Q3.

• Friday: The University of Michigan will issue the preliminary November update to its Consumer Sentiment Index (MCSI), a sentiment gauge that tracks consumer’s perceptions about their own finances and the broader economy, along with expectations for the future.

Notable Earnings:

• Monday: Ryanair (RYAAY), Vertex Pharmaceuticals (VRTX), NXP Semiconductors (NXPI), Realty Income (O), Diamondback Energy (FANG), BioNTech (BNTX), & Coterra Energy (CTRA)

• Tuesday: Gilead Sciences (GILD), Uber (UBER), UBS (UBS), Air Products and Chemicals (APD), Occidental Petroleum (OXY), Emerson Electric (EMR), KKR (KKR), D.R. Horton (DHI), & Rivian Automotive (RIVN)

• Wednesday: Disney (DIS), TC Energy (TRP), Biogen (BIIB), Corteva (CTVA), Manulife (MFC), Warner Bros. Discovery (WBD), Franco-Nevada (FNV), Take-Two Interactive Software (TTWO), & Roblox (RBLX)

• Thursday: Honda (HMC), Sony (SONY), AstraZeneca (AZN), Becton, Dickinson (BDX), Brookfield (BN), Transdigm (TDG), Illumnina (ILMN), & News Corp (NWS)

• Cooling job market: Employers added 150,000 jobs in October, half as many as they did a month before. Meanwhile, wage growth slowed and the unemployment rate rose to 3.9%. This counted as yet another piece of evidence that the Fed is done raising rates this year (WSJ)
  

• Stranger in a strange land: Elon Musk revealed his own AI bot, dubbed Grok, to challenge ChatGPT, claiming the prototype is already superior to ChatGPT 3.5 across several benchmarks. (Time)
  

• Holiday headwinds: Retailers anticipate a slowdown in holiday shopping growth, with the National Retail Federation projecting a potential 4% increase, down from last year's 5.4% (CNN)
  

• Walgreens in trouble: As financial pressures mount on Walgreens, the nation’s largest drugstore chain, the company said it will cancel bonuses this year for its corporate staff and slash bonuses sharply for its store and pharmacy managers (CNN)
  

• Investors are betting on value: Shares of Walmart (WMT) touched an all-time high Friday, as investors bet that the discounter will outmatch retail rivals and draw shoppers throughout the holiday season because of its reputation for value (CNBC)
  

• Maersk job cuts: A.P. Moller-Maersk A/S, a bellwether for global trade, fell more than 18% Friday after saying it’s cutting at least 10,000 jobs to shield its profitability in a shipping market that is set to remain weak until about 2026 (Bloomberg)
  

• Go paperless or else: Some Citigroup (C) credit-card customers are getting a stark warning from the bank: Go paperless or lose access to your online account (WSJ)
  

• Housing market inventory is so far below pre-pandemic levels that October's big jump is still just a drop in the bucket (ResiClub)

• Home schooling’s rise from fringe to fastest-growing form of education (Washington Post)

• Charts to chew on (Q3) (Conscious Consumer)

• Medicine's endgame (Packy McCormick)

• All is not well in the economy (TFTC)

• Bring back Corporate Pension Plans. Seriously (WSJ)

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