Wall Street remains uncertain before market this Monday, with the S&P 500 and the Dow Jones remaining close to stability. The Nasdaq is up a few points. The Microsoft file is closely watched, currently expected to increase, while the management of the software group seems to have laboriously stabilized the situation on the side of OpenAI, following the unexpected ousting of CEO Sam Altman. The latter will take the head of a new team at Microsoft…
On the Nymex, a barrel of WTI crude rose 2.4% to $77.8. An ounce of gold lost 0.7% to $1,970. The dollar index lost 0.3% against a basket of reference currencies. On the bond markets, the yield on the 2-year T-Bond stands at 4.9%, compared to 4.47% for the 10-year and 4.62% for the 30-year.
On the economic front this Monday on Wall Street, operators will monitor the Conference Board leading indicators index for the month of October 2023 (4 p.m., consensus -0.6% compared to the previous month).
Tomorrow Tuesday, the Chicago Fed’s national activity index, resales of existing homes and the Minutes of the last monetary meeting of the Fed will be to follow. On Wednesday, investors will be watching for durable goods orders, weekly jobless claims, as well as the University of Michigan Consumer Sentiment Index and the weekly report on U.S. domestic oil stocks. On Thursday, Wall Street will be closed for Thanksgiving. The American stock market will only resume for a shortened session closing at 7 p.m. French time on Friday – with the publication of the American composite flash PMI index.
US Treasury Secretary Janet Yellen told CNBC that Biden’s meeting with Xi Jinping last week deepened communication between the two sides, with Washington and Beijing recognizing the possibility of working together. The United States, however, has concerns about privacy and social media, with issues involving TikTok and its parent company ByteDance remaining unresolved. “This was not an issue explicitly discussed” between Biden and Xi, according to Yellen, who for her part discussed Chinese investments in the USA with her local counterpart, as well as the role of CFIUS, the American committee studying investments foreigners in the United States and national security issues.
On the business side, the week will be especially marked by the quarterly publication of the essential AI “star” Nvidia on Tuesday evening, after market… In the meantime, Agilent, Keysight, Symbotic and Zoom Video Communications are publishing after market this Monday. Trip.com announces before opening. Lowe’s, Medtronic, Analog Devices, Baidu, Best Buy, Abercrombie & Fitch and American Eagle outfitters will reveal their accounts before the opening on Tuesday, while Nvidia, Autodesk, Urban Outfitters and Nordstrom will be in the party after market. Deere will release before opening Wednesday.
Values
Microsoft is floating in the green before the stock market on Wall Street, in the midst of a governance crisis at OpenAI. Sam Altman and Greg Brockman, respectively former CEO and Chairman of the Board of Directors of OpenAI, who have just left their positions, will join Microsoft! Thus, Satya Nadella, general manager of the Redmond software giant, announced that the two men would lead a new Microsoft research team on advanced AI. Nadella also confirmed the appointment of former Twitch boss Emmett Shear to head OpenAI, creator of ChatGPT. These decisions therefore seem to stabilize the situation, whereas since Friday evening and the announcement by the OpenAI board of directors of the abrupt ousting of Altman, the twists and turns have been incessant on this issue.
“We remain committed to our partnership with OpenAI and are confident in our product roadmap, our ability to continue to innovate with everything we announced at Microsoft Ignite, and to continue supporting our customers and partners. We look forward to to get to know and work with Emmett Shear and the new OAI leadership team. And we are extremely excited to announce that Sam Altman and Greg Brockman, along with their colleagues, will join Microsoft to lead a new research team on advanced AI. We look forward to acting quickly to provide them with the resources they need to succeed,” Satya Nadella said on social network X.
“I’m very excited to have you join us as CEO of this new group that is setting a new pace for innovation, Sam. We have learned a lot over the years about how to give founders and innovators a space to build independent identities and cultures across Microsoft, including GitHub, Mojang Studios, and LinkedIn, and I can’t wait for you to do the same,” Nadella added, speaking to Sam Altman on X. Altman had “tweeted ” previously: “The mission continues”.
General Motors. Kyle Vogt, head of GM’s Cruise self-driving car division, has resigned amid concerns about the safety of robotaxi operations, following an accident in early October that led to the suspension of Cruise’s license in the field of autonomous taxis in California. “Cruise is in its early stages and I believe it has a bright future ahead of it. The people at Cruise are bright, driven and resilient. They are executing on a strong, multi-year roadmap and exciting product vision. I can’t wait to see what Cruise has in store for us next,” the outgoing leader said in a message on X, ex-Twitter.
Bristol-Myers Squibb stumbles before the market on Wall Street in the wake of Bayer, which has just abandoned a large-scale trial on Asundexian, an anticoagulant treatment, due to a lack of effectiveness. Bristol-Myers is working with Johnson & Johnson on a comparable treatment, Milvexian.
