Investing.com – Here are 5 big things to know about the financial markets on Monday, November 7:
1.appleissuewarnholiday shopping shipments may decline
Apple confirmed that the outbreak at Foxconn in Zhengzhou had affected operations at the world‘s largest iPhone assembly plant, and it lowered its forecast for shipments for the holiday shopping season.
Apple expects customers may have to wait longer to receive new phones.
On the other hand, in dollar terms, it fell for the first time in more than two years in October, data from China’s General Administration of Customs showed.
2.MetacompanyorWillAnnouncesubstantiallylayoffs
According to media reports, following a number of technology giants, Facebook parent company Meta Platforms will also announce significant layoffs this week.
If true, it would be the first major layoff in Meta’s history, underscoring the company’s executives’ concerns about a sharp slowdown in revenue growth and a surge in operating costs. Previously, the company’s huge investment in the Metaverse had not yielded sufficient returns.
Given that Meta has more than 10 times as many employees as Twitter, the sheer number of layoffs at Meta could dwarf Twitter’s layoffs last week.
However, Meta (NASDAQ: Meta) rose 3% in premarket trading as investors hoped the layoffs would boost Meta’s shrinking profit margins.
3.U.S. stock futures rose
U.S. stock futures rose, extending gains from Friday (4th). Data last week showed wage growth slowed, boosting investor expectations for a slower pace of Fed tightening.
According to the U.S. stock market quotation of Investing.com, as of 20:42 Beijing time (07:42 a.m. EST), blue-chip stocks rose 156.3 points, or 0.48%, or 17.0 points, or about 0.45%, to Tech-heavy stocks rose 39.9 points, or 0.37%.
On the individual stock front, Walgreens Boots Alliance (NASDAQ: ) reportedly plans to acquire Summit Health for about $9 billion.
4.cryptocurrencyFTT plummeted, independence questioned
The native token of digital currency exchange FTX tumbled 15% over the weekend after rival Binance announced it was emptying its holdings. These FTTs come from the compensation received when Binance announced its withdrawal from the FTX exchange last year, when Binance received $2.1 billion in BUSD and FTT.
Changpeng Zhao, founder and CEO of Binance, said that it may take several months to clear FTT, and will try to do it in a way that has the least impact on the market.
Binance’s announcement that it will be emptying FTT may be due to a report published by CoinDesk on the evening of November 2. The report quoted a financial document saying that the main asset of Alameda Research, a sister company of the FTX exchange (both companies are owned by Sam Bankman-Fried), is the FTT token issued by the former. Concerned about the independence and decentralization of both Alameda Research and FTT, people worry that Alameda Research will become the next Three Arrows Capital.
5.oil pricelightdrop slightly,UnitedcombinecountryclimateChangeenlargementmeetingin Sharm El Sheikh, Egyptopenscreen
Oil prices rose briefly in early Asian trading today, with the market betting that anti-epidemic restrictions are expected to ease. But oil markets pared earlier gains after China reported weaker-than-expected import and export data.
As of 20:41 Beijing time (07:41 a.m. EST), Investing.com’s commodity market showed that it fell 1.02% to US$91.67 per barrel; it fell 0.91% to US$97.67 per barrel.
In addition, on the 6th local time, the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27) kicked off in the coastal city of Sharm el Sheikh, Egypt.
According to the conference agenda, COP27 will be held from November 6 to 18. About 40,000 people from more than 190 countries, representatives of regional and international organizations and people from all walks of life will attend the conference.
[This article is from Yingwei Caiqing Investing.com, to read more, please log on to cn.investing.com or download Yingwei Caiqing App]
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Compilation: Liu Chuan