The financial markets are in a state of flux with the recent drop in Bitcoin price. UBS is predicting that Bitcoin will have an average price range of $2300-$2800 by the end of 2018 due to scaling issues and regulatory uncertainty.
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Stocks that undergo high volatility as a consequence of social media attention, known as meme stocks, have not yet undermined wider financial stability, but they might expose weaknesses, according to a paper released by the Federal Reserve on Monday.
A particular section on the meme stock phenomena was included in the Fed’s twice-yearly assessment on America’s financial system. It linked the trend, in which attention on Twitter, Reddit, and other platforms spurs quick inflows into or out of hot stocks, to new trading technology such as mobile applications, as well as shifting demographics as more young individuals join the retail trading sector.
“Over the last decade, access to retail stock trading options has risen along with the growth in risk appetite and the rising number of younger retail investors,” according to the research.
Social media may increase stock market interest while also creating an echo chamber in which “investors find themselves engaging most often with those who have similar interests and perspectives, so reinforcing their views, even if these views are speculative or prejudiced.”
Nonetheless, internet-inspired pile-ons do not always produce circumstances conducive to a widespread market fall, according to the Fed’s analysis.
“Changes in retail stock investor characteristics and practices have had little broad financial stability consequences to date,” the Fed noted. The central bank looked at what occurred to shares of AMC Entertainment and GameStop in January, observing that heavy activity on Twitter coincided with significant activity in both equities.
While the Fed decided that “recent instances of meme stock volatility did not leave a permanent impact on wider markets,” a few tendencies “should be observed,” according to the study.
Young and debt-ridden investors, according to the paper, may be more exposed to stock market fluctuations, particularly since they are increasingly employing “options,” which enable traders to gamble on whether prices will grow or decrease and may compound leverage and possible losses.
The Federal Reserve also cautioned that “episodes of heightened risk appetite may continue to evolve with the interaction between social media and retail investors and may be difficult to predict,” and that financial firms may not have calibrated their risk-management systems to reflect the volatility and losses that meme stock episodes might cause.
“More frequent instances of increased volatility may need further efforts to safeguard the financial system’s resilience,” it stated.
The Fed’s financial stability review, which looked at a larger variety of asset classes and recent trading activity, found that vulnerabilities had lessened compared to earlier in the epidemic, although it did point to elevated asset prices and a number of persisting concerns.
Stock prices have risen “significantly,” according to the study, and the price-to-earnings ratio has remained at record highs. It stated that although home prices have risen, mortgage lending criteria have not worsened much. When lenders begin to relax their rules, the market becomes more susceptible.
“Corporate bond issuance remained strong, underpinned by low interest rates,” the Fed said, adding that “the mix of newly issued corporate bonds has increased riskier throughout the ratings spectrum.”
While several markets are showing indications of investor confidence, the pandemic shock has left some financial constraints.
Because “office vacancies are high and hotel occupancy rates remain weak,” several commercial real estate sectors continue to encounter issues, according to the research. Furthermore, “structural vulnerabilities exist in particular kinds of money market funds,” which might compound the effects of a future systemic shock.
For the second time in a dozen years, money market mutual funds melted down during the epidemic, necessitating a Fed rescue, and authorities are now looking at ways to make them more durable.
Life insurers may struggle to raise capital in a crisis, according to the analysis.
It also looked at the dangers posed by climate change. The central bank is one of the authorities now attempting to determine what risks climate change may pose to banks, insurers, and the financial system as a whole.
The study said, “The Federal Reserve is undertaking a program of climate-related scenario analysis.” “An effective scenario analysis program, which is supposed to be forward-looking over a period of years or decades, is independent from the Federal Reserve’s present regulatory stress-testing framework,” says the Fed.
Until this month, Randal K. Quarles was the Federal Reserve’s vice chair for supervision. Credit… Reuters/Aaron P. Bernstein
Randal K. Quarles, a Federal Reserve governor who oversaw bank supervision for four years, will resign in December, freeing up another seat for the Biden administration to alter the central bank’s leadership.
Mr. Quarles’ tenure as vice chair for oversight ended in October, although his governorship was intended to last until early 2032. The Trump appointment was largely anticipated to continue on until December, when his term as chairman of the Financial Stability Board, a worldwide monitoring and standard-setting organization, expired. After then, it was unclear if he would remain.
Mr. Quarles wrote to the White House on Monday, saying, “I expect to retire my position as a governor of the Federal Reserve during or around the final week of December this year.”
Democrats, many of whom have been skeptical of Mr. Quarles’ drive to loosen certain post-crisis banking restrictions, are expected to applaud his decision to step aside. Many Democrats have urged the government to choose a diverse group of leaders to the Federal Reserve Board of Governors.
President Biden already has one vacancy on the Federal Reserve’s seven-member Board of Governors to fill, and will have another when Fed Vice Chair Richard H. Clarida’s tenure as governor expires early next year. The administration will have at least three available positions as a result of this.
Jerome H. Powell’s time as chairman of the Federal Reserve is set to end early next year, but his term as governor is set to end in early 2028. If they are not reappointed to their leadership responsibilities, Fed chairmen normally leave their unexpired governor seats, however this has not always been the case.
Mr. Biden has yet to disclose his central bank choices, including whether or not he intends to re-appoint Mr. Powell. Last week, he predicted the decision will be made “pretty fast.” Last week, both Mr. Powell and Lael Brainard, a Fed governor largely seen as the other front-runner for the job, were spotted leaving the White House.
President Barack Obama appointed Mr. Powell as a Fed governor, but President Donald J. Trump promoted him to chair.
While he has been praised for voting for Mr. Quarles’ regulatory choices, which in many instances made bank monitoring less onerous, he has been chastised for voting for Mr. Quarles’ regulatory decisions, which in many cases made bank oversight less onerous. Ms. Brainard often cast opposing votes and made remarks warning of the dangers of loosening restrictions that drove banks to be more cautious.
Mr. Powell has said that he defers to the vice chair for supervision, who has been confirmed by Congress to supervise banking problems. The White House nominates Fed governors, who are subsequently approved by the Senate.
In September, he said, “The vice chair for oversight is entrusted with shaping the regulatory agenda.” “I admire that position of power.” I appreciate the fact that she will be the one to establish the regulatory agenda in the future.”
However, Mr. Quarles’ resignation may assist debunk another argument used by some progressive organizations in opposition to Mr. Powell’s retention as chair: that with Mr. Quarles in place, governors nominated or promoted by Mr. Trump continued to control the board.
Mr. Quarles, Governors Christopher Waller and Michelle Bowman, and Mr. Powell were thought to be able to block more forceful action on bank regulation, climate change, and other concerns by working together.
Because of the three available posts and the fact that Ms. Brainard, an Obama appointee, is already on the board, the cards are now stacked in favor of Democrats.
“I’ll confess that I’m startled,” said Jeff Hauser, head of the monitoring organization Revolving Door Project and a critic of Mr. Powell’s retention. Later, he said, “it clearly takes away one of the major grounds” against Mr. Powell’s reappointment.
The Fed’s 12 regional branch presidents, five of whom vote on monetary policy at any one time, work with the Board of Governors to regulate major banks and establish interest rate policy. Regional bank presidents rotate through their voting seats, with the exception of the New York Fed, which has a permanent seat. Governors are required to vote on a regular basis.
Large-Corporation Vaccination Rules to be Defended by the White House
Following a temporary halt by a federal appeals court, Karine Jean-Pierre, the White House’s senior deputy press secretary, advised companies to continue ahead with preparations to execute the administration’s Covid-19 vaccine or weekly testing requirements.
“Defending a policy is not a novel thing for an administration to do, whether it’s a Republican or Democrat government. It occurs all the time.” The government has clearly said that it has the right to safeguard employees, and the president’s measures are intended to save lives and halt the spread of Covid-19. And, as the Department of Justice has said, they will be defending these claims. But I’d want to take a step back for a moment because this is a precedent. The Department of Labor has the legal power and obligation to keep employees safe. Workers in severe danger are determined by the secretary of labor, who is also the secretary of the Department of Labor. And if you look around, more than 750,000 individuals have perished from Covid in the last year alone. You have more — roughly 1,300 individuals each day, as I said, who continue to die from Covid. If it isn’t a serious threat, I don’t know what is.” Reporter: “Should they start vaccinating their personnel now or wait a few more months?” “No, that’s a fantastic query. I’m grateful for the inquiry. People should not wait, in our opinion. We recommend that you act immediately to ensure the safety of your workplace. It is crucial to do so, because delaying to vaccinate more individuals would result in additional outbreaks and illness.”
Following a temporary halt by a federal appeals court, Karine Jean-Pierre, the White House’s principal deputy press secretary, advised businesses to move forward with plans to implement the administration’s Covid-19 vaccination or weekly testing requirements.CreditCredit…Sarah Silbiger for The New York Times
Last week, the Biden administration set Jan. 4 as the deadline for organizations with 100 or more employees to require Covid vaccines or implement weekly worker testing. The requirement, which has been in the works for some time, was soon met with legal objections, and a federal appeals tribunal temporarily stopped it on Saturday.
In a two-page judgment, the court ordered the Biden administration to reply to a request for a permanent injunction by 5 p.m. Monday.
Dr. Vivek Murthy, the surgeon general, said on Sunday that the government is “prepared to defend” the guidelines. “If the president and the administration didn’t believe these standards were reasonable and essential, they wouldn’t have put them in place,” Dr. Murthy said on ABC’s “This Week.”
Dr. Murthy cited a precedent in American history: in 1777, George Washington ordered that soldiers be immunized against smallpox. Medical or religious exemptions would be possible under the law, and corporations that refuse to comply might face fines.
On Friday, a consortium of companies, religious organizations, advocacy groups, and several states filed a petition with the United States Court of Appeals for the Fifth Circuit in Louisiana, claiming that the administration had overstepped its power.
A panel of the court temporarily barred the new requirement on Saturday, noting that “the petitions offer grounds to suspect that the mandate has substantial legislative and constitutional difficulties.”
At a news conference on Monday, Karine Jean-Pierre, the White House’s senior deputy press secretary, said the administration was advising companies to proceed through with vaccination and testing programs, regardless of any potential delays in federal enforcement as a result of the court’s decision.
Ms. Jean-Pierre said, “Do not wait to take initiatives that will keep your workplace secure.”
Because the first big deadline for compliance with the regulation does not come until Dec. 5, when enterprises with at least 100 workers must force unvaccinated staff to wear masks inside, the delay has no immediate effect.
When asked why the mandate’s wide criteria were needed today, Ms. Jean-Pierre referenced the recent high number of individuals who have died from the coronavirus — an average of 1,217 fatalities per day as of Sunday, according to a New York Times database.
Ms. Jean-Pierre said, “That should not be the figure we’re looking at.” “We feel that more individuals need to get vaccinated in order to put this epidemic behind us.”
Union members at Wirecutter, a product review website owned by The New York Times Company, stated on Monday that if a contract could not be agreed, they were prepared to quit working during the crucial shopping season around Black Friday.
Wirecutter employees voted to become a union in 2019, and the Times Company voluntarily recognized the union. The union has been negotiating a collective bargaining agreement with the corporation for the last two years.
The Wirecutter union has said that it is demanding increased minimum wage levels and guaranteed rises.
In an interview, Nick Guy, the union’s head, remarked, “The company has developed fairly considerably throughout the epidemic.” “We’re now on the main page of the New York Times website every day, and we haven’t seen major salary increases throughout.”
Mr. Guy said the union is demanding a minimum wage of $58,000 and guaranteed yearly raises of at least 3%. He claims the corporation has promised yearly hikes of 0.5 percent.
Mr. Guy stated that more than 90 percent of the union’s around 70 remote workers have promised not to work during the Christmas shopping season following Thanksgiving if an agreement is not struck by Black Friday, Nov. 26. The union, which did not specify how long the strike will go, would also encourage supporters to refrain from shopping on the site between Black Friday and Cyber Monday, Nov. 29, when the strike is scheduled to end.
“It’s simply gone on for so long, and the progress we’ve seen has slowed,” Mr. Guy said of the talks, adding, “I don’t believe we’ll be able to get a deal we’ll be pleased with without action like this.”
“We look forward to continuing to work toward an agreement with the Wirecutter union in our usual procedure at the negotiation table,” a Times Company representative said.
“Our pay plan is more generous than what they’ve outlined,” she said, “and tries to preserve a comparable compensation system for Wirecutter workers while also implementing programs for others within the Times Company.”
On two other fronts, the Times is in a labor dispute. The establishment of a union by a group of IT employees, including software developers and product managers, was announced in April. After The New York Times refused to voluntarily recognize the union, it filed for an election with the National Labor Relations Board. The Times Guild, which has represented around 1,300 reporters and editors at The New York Times since 1940, is now negotiating a new contract. The NewsGuild of New York has affiliates that represent technology workers, Times journalists, and Wirecutter staff.
At General Catalyst, Deep Nishar will concentrate on large, broad concepts that span across sectors. Credit… Associated Press/Jan Haas/Picture-Alliance/DPA
Deep Nishar, a former senior investor at SoftBank’s $100 billion Vision Fund, has joined General Catalyst, a Silicon Valley venture capital company recognized for winning investments on startups such as Airbnb and Snap.
Mr. Nishar said last month that he will quit SoftBank by the end of 2021, marking the end of a six-year tenure with the Japanese tech giant. He is the most recent top executive to quit the Vision Fund, which has suffered as a result of poor bets on WeWork and other businesses; at least four others have gone in the last two years.
Mr. Nishar was recruited by SoftBank’s founder and CEO, Masayoshi Son, to help the company restore its footprint in the United States after the dot-com bubble burst in 2000. Mr. Nishar, who formerly worked at Google and LinkedIn, has made successful investments in firms like Guardant Health, which utilizes big data to diagnose and cure cancer at an early stage. Guardant’s stock, which went public in 2018, is now worth more than five times what it was when company first went public.
Mr. Nishar, 52, said he was pleased of what he had helped develop at the SoftBank fund in an interview. “No one imagined you could develop a $100 billion investment platform four years ago,” he remarked. Mr. Nishar and Mr. Son are still close, he said, adding that the two men “speak every day.”
Mr. Nishar will both invest in start-ups and assist General Catalyst grow its own firms at the company, which was formed in Massachusetts and has been expanding its Silicon Valley footprint. General Catalyst was an early investor in Warby Parker and helped establish the travel search engine Kayak, in addition to Airbnb. Stripe, the financial technology company that obtained private capital this year at a $95 billion value, was also one of the firm’s early investors. Stripe’s first public offering is projected to be one of the biggest in history.
Mr. Nishar was recruited by General Catalyst in 2015, before he joined SoftBank, according to Hemant Taneja, the firm’s managing partner in San Francisco. Mr. Taneja said that he wanted Mr. Nishar to join the business to help it pursue large, broad concepts that span across areas, such as those at the convergence of technology, health care, and life sciences.
Mr. Taneja ultimately wooed Mr. Nishar, who will start his new position in January, after years of lengthy walks about Silicon Valley.
Paytm, a cellphone-based digital payments company, is advertised on a billboard in Mumbai, India. Credit… Getty Images/Punit Paranjpe/Agence France-Presse
With Indian equities surging, the parent firm of Paytm, a popular digital payment service, went public on Monday with the hopes of becoming the country’s biggest IPO.
One97 Communications is attempting to fund $2.5 billion in a three-day offering that will expire on Wednesday. It has already attracted major institutional investors such as Abu Dhabi’s sovereign wealth fund, the Texas teachers’ pension fund, and the University of Cambridge, which have together invested over $1 billion.
Paytm began as a payments transfer company in 2010. Users may now transfer money to pals, buy little products like coffee or apparel, and even finance large purchases like vehicles.
Paytm, which is almost omnipresent in India’s major cities, controls more than 40% of the country’s digital payments industry. Although the firm has yet to make a profit, it is benefitting from a rise in interest from international and Indian investors seeking a piece of India’s booming digital economy. The initial public offering (IPO) might be worth $20 billion.
“Paytm is turning into its own marketplace,” said Amit Khurana, a Mumbai-based analyst with Dolat Capital. “There is a lot of interest in allocating funds to this kind of model since it is considered as the future of business.”
Investors have been more optimistic about the Indian economy’s comeback from the epidemic and a series of associated lockdowns that severely slowed industrial output and decreased consumer spending.
The Reserve Bank of India, India’s central bank, has consistently slashed interest rates, encouraging banks to lend more and customers to spend more, especially young, knowledgeable internet buyers.
“We are currently at a good place,” said Madhavan Narayanan, an Indian economist, “where the bank recovery is happening with the demographic change, which is coinciding with the digital revolution.” “All three of them are causing the sun, moon, and stars to align for young India.”
With coronavirus infections in India at an all-time low and foot traffic returning to brick-and-mortar establishments, newly sanitation-aware customers may opt to scan QR codes instead of handling cash.
The epidemic has aided India’s move toward a cashless economy, which started with Prime Minister Narendra Modi’s government’s abrupt demonetization in 2016. The policy, intended to combat money laundering, outlawed the most extensively used currency notes, wiping away people’ savings and forcing companies to close their doors overnight. However, five years later, it looks to have produced some winners, including digital payment startups such as Paytm.
The competition is becoming more fierce. Google Pay is a service provided by Google. Last year, India’s wealthiest man, Mukesh Ambani, formed a joint venture with Facebook to enable digital payments via WhatsApp, the country’s most popular messaging app.
Paytm’s IPO is the latest in a string of oversubscribed initial public offerings (IPOs) in recent months among a slew of so-called unicorns backed by e-commerce behemoths like Alibaba and its financial partner, Ant Financial.
Institutional and global investors rushed to India’s food delivery service Zomato’s first public offering in July, which was oversubscribed by 38 times the available shares.
In a research published in August, the Reserve Bank of India forecasted that 2021 “may well turn out to be India’s year of the initial public offering.”
Paytm’s bid to become India’s largest initial public offering (IPO) has eclipsed another significant IPO. On Monday, the parent company of Nykaa, an online cosmetic goods shop, went public with a $7.4 billion value.
Sameer Yasir contributed to this story.
At the airport in Miami, a baby greeted his Brazilian grandmother. A wheelchair-bound lady came in San Diego from Mexico for a medical checkup. A retired couple from Canada was planning to spend the winter in Arizona, enjoying in the desert heat.
On Monday, the United States reopened its borders to fully vaccinated visitors from dozens of countries, putting an end to more than 18 months of travel restrictions that divided families and lost the global travel industry hundreds of billions of dollars in sales.
Fully vaccinated passengers who can demonstrate evidence of vaccination and a negative coronavirus test performed within three calendar days of travel will be permitted to enter the United States under the new guidelines. Unvaccinated Americans and children under the age of 18 are exempt, but must undergo a test within one day after departure.
The change has occurred just in time for the Christmas season, when the tourist sector is hoping for an influx of overseas visitors, particularly in famous big-city locations such as New York, Los Angeles, and Miami. According to the US Travel Association, the prolonged prohibition on travel from 33 countries — including European Union members, China, India, and Iran — wreaked havoc on the industry, costing roughly $300 billion in tourist spending and affecting more than one million American jobs.
Natalia Vitorini, a 28-year-old student residing in Miami, waited for her parents to arrive with her 3-week-old baby from So Paulo, Brazil, at Miami International Airport, a key hub for travel to and from South and Central America.
Debora Vitorini and Sergio Vitorini, her mother, arrived shortly after 6 a.m. They have not seen one other since March of 2020. Natalia Vitorini stated, “I was waiting for the border to open so my mother could meet my kid.”
Yadira Perdomo and her sister Hannah Perdomo were in line to enter the United States at 3 a.m. on Monday in San Ysidro, Calif. The Colombian twins relocated to Baja California two months ago to await the opening of the border to visitors.
Yadira Perdomo, who was being pushed in a wheelchair by Hannah and seeking medical care, stated, “I feel extremely delighted to be able to go ahead with my life.”
It was a tearful reunion for the Calva family at John F. Kennedy International Airport. Dayanna Patino Calva of Danbury, Connecticut, kissed her sister’s 8-month-old infant who was being carried in a stroller.
“It had simply been too long,” Ms. Calva’s sister, Belinda Calva, said in Spanish why she and her son flew here from Brussels on the first day.
Thousands of Canadians, known as “snowbirds,” are already on their way to sunny places such as Florida, Arizona, and California, with tents and boats in tow.
“We’re eager to experience all the United States has to offer,” said Wayne Peters of Kelowna, British Columbia, who is set to go 1,520 miles south with his wife to Yuma, Arizona, for five months of hiking, golfing, and pickle ball.
For foreign travel, airlines witnessed a significant increase in internet searches and ticket reservations. Many of Delta Air Lines’ overseas flights on Monday were completely booked, according to the airline. The carrier’s first flight into the United States under the new limitations, DL106, landed in Atlanta just before 10 a.m. Eastern time on Monday. Delta aims to fly 139 mainly full aircraft into the United States by the end of Monday.
However, the new regulations have caused considerable misunderstanding. Travelers from Colombia had previously been exempt from limitations, but from Monday, they must be fully vaccinated as well. Juan David Peláez, 43, the owner of a Bogotá insurance firm, was scheduled to come on Monday with his wife and kid, his parents, and his brother and sister-in-law.
Mr. Peláez, on the other hand, stated that despite getting vaccinated with Moderna, he has yet to acquire an official government vaccination certificate and is concerned about being able to give evidence. He changed his ticket, as well as the tickets of his wife, who is also vaccinated, and their little kid, so that they would arrive on Sunday, a day before the rest of the party.
The reopening news had an effect on hotels around the nation, especially in cities, with increased reservations and interest over the holiday season. The hotel company Hyatt claimed that around half of its worldwide reservations for the week of November 8 came after the date was revealed in mid-October, with people rushing to major cities.
Customers from other countries have already begun to phone for appointments or sign up for a waiting list, according to chef Daniel Boulud, who runs many restaurants in New York City.
The United States Travel Association estimates that international inbound travel will not return to 2019 levels until at least 2024, due to the danger of new coronavirus strains and uncertainty about the pandemic’s path.
In September, health care personnel on Gaya Island, Sabah, Malaysia, prepare to deliver a CanSino immunization to a resident. Credit… Getty Images/Annice Lyn
Following Pfizer’s revelation that their antiviral medicine was particularly successful in treating Covid-19, shares of numerous Asian pharma companies plummeted substantially on Monday.
CanSino Biologics, a Chinese company that makes the Covid-19 vaccine, had its stock plummet 17% in Hong Kong trade. Shanghai Fosun, which holds marketing rights for the coronavirus vaccine produced by Pfizer and BioNTech in Greater China, saw its Hong Kong shares plummet by 7% before recovering somewhat to close the day 2% down.
WuXi Biologics, a Chinese company that develops Covid vaccines and antibodies, had its stock drop by 9% in Hong Kong. In Tokyo, shares of Shionogi & Co., a Japanese pharmaceutical company that is also developing a Covid therapy medicine, fell 6%.
Hospitalizations and fatalities were decreased by 89 percent when Pfizer’s new tablet was administered within three days after the onset of Covid symptoms, according to Pfizer. The business said that it intended to submit the medicine to the FDA for approval as soon as feasible. According to the corporation, a team of specialists advised that no additional applicants be included in the experiment since it had already shown its usefulness.
Maine’s South Portland. This winter, heating expenditures in the Northeast, in particular, may be exorbitant. Credit… The New York Times’ Tristan Spinski
Last winter was milder than usual, resulting in lower domestic energy expenses. Even if the next winter is mild, heating expenses are likely to soar to levels not seen in a decade.
Lower global fuel stockpiles, producer incentives to allow prices to increase, and a mismatch between supply and demand as economies recover from the epidemic may all contribute to higher bills, according to Talmon Joseph Smith of The New York Times.
Energy costs have started rising after plummeting during the epidemic as the global economy slowed. Natural gas, which is used to heat almost half of all American homes, has approximately doubled in price since last year. The price of crude oil has risen to such dizzying heights, affecting the 10% of homes who depend on heating oil and propane throughout the winter.
These expenses are promptly passed on to consumers, who have become used to lower energy prices in previous years and are becoming more concerned about inflation this year.
On Wednesday, the Walt Disney Firm, the world’s biggest entertainment company, will release its fiscal full-year and fourth-quarter results. Credit… Associated Press/Joe Burbank/Orlando Sentinel
Former Facebook product manager Frances Haugen, a Facebook whistleblower, will speak at a European Parliament session. Haugen has previously campaigned for tougher controls for Facebook, which just rebranded itself Meta, in appearances before American and British politicians.
Roblox earnings: Roblox, the famous online gaming company that went public in March, recently had a multi-day outage.
AMC earnings: As Americans return to prepandemic life, the world’s biggest movie theater company might be the next to announce growing fortunes. The sci-fi thriller “Dune” just reached $300 million in international box office, indicating that cinema theaters may be on the mend.
Rivian I.P.O. pricing: The electric vehicle startup backed by Amazon and Ford Motor is getting closer to announcing an IPO that could be worth more than $60 billion. Rivian’s initial public offering (I.P.O.) will be priced on Tuesday and will begin trading on Wednesday.
The Consumer Price Index (CPI) will be released by the Labor Department for October. Prices for everything from food to furniture have been rapidly rising as a result of strong demand and supply chain bottlenecks.
Disney results: After the market closes, the Walt Disney Firm, the world’s biggest entertainment company, will release its fiscal full year and fourth quarter profits.
Singles Day begins, an online shopping event organized by Alibaba, the e-commerce behemoth. China’s economy grew at a slower pace last month, however retail sales were a bright light.
Warby Parker results: The direct-to-consumer eyeglasses firm will post third-quarter earnings for the first time after going public in September.
SoftBank posted a $3.5 billion net loss for the third quarter on Monday, owing to the effect of China’s regulatory crackdown on its assets. The Vision Fund of the Japanese tech company took a $10 billion setback as the share prices of its portfolio businesses fell.
Over the weekend, Elon Musk surveyed his Twitter followers on whether he should sell 10% of his stock in Tesla, his electric vehicle firm, and the majority said “yes.” Mr. Musk may already have been forced to sell a significant amount of his Tesla stock: He is the owner of over 23 million stock options that were granted in 2012 and have subsequently vested but will expire in August. And it’s probable that many of his 2012 options will not be eligible for tax breaks. In premarket trade on Monday, Tesla shares were down around 4%.
Berkshire Hathaway, Warren Buffett’s conglomerate, revealed a steep drop in third-quarter profits on Saturday, reflecting the instability in financial markets and the wider downturn in US economic development. Profits decreased by two-thirds to $10 billion in the first three months of 2020, compared to $30 billion in the same period the previous year, when the economy was still recovering from pandemic shutdowns.
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