AXL Capital Management, as a summary of the events that occurred in week 39 of October 2021, we have:
MONDAY
Tesla opens at all-time high thanks to Hertz order, PT hike
PayPal jumps following reports of Pinterest acquisition
Facebook set to kick off results for large-cap tech companies
Tesla Inc. rose to an all-time high after car-rental company Hertz placed an order for 100,000 Tesla cars, while Morgan Stanley raised its price target for the electric-car maker's shares.
Its shares provided the biggest boost to the S&P 500 and Nasdaq, followed by PayPal Inc, which added 4.9% after the payments company scrapped plans to buy digital board site Pinterest Inc for as much as $45 billion. Pinterest shares plunged 13.6%.
Facebook Inc, which will kick off quarterly results for large-cap tech giants after markets close on Monday, fell 0.3%. Investors fear its advertising revenue will be hurt by Apple's iPhone privacy changes, which also hit Snap Inc.'s third-quarter revenue.
Analysts expect S&P 500 earnings to grow 34.8% year-over-year in the third quarter, according to data from Refinitiv.
Kimberley-Clark shares fell 3.3% after diaper maker Huggies cut its 2021 profit outlook due to higher input cost inflation.
TUESDAY
GE rises as it raises its 2021 profit forecast.
UPS tops S&P 500 as it beats earnings thanks to e-commerce demand
Facebook Inc shares, down 5.01%, were the biggest drag on the S&P 500 and Nasdaq after the company warned that Apple Inc's new privacy changes will weigh on its digital business.
However, the benchmark S&P index set a new high, boosted by names with large market capitalizations. Nvidia Corp rose 7.20% after hitting an all-time high; Amazon.com Inc climbed 1.88%, and Apple added 0.52%.
Support also came from a 7.09% gain in United Parcel Service Inc and a 2.28% rise in General Electric Co following its quarterly results.
Shares of Hasbro Inc rose 3.56% after the toymaker posted an upbeat third-quarter profit, although it warned that holiday sales would be hurt by supply chain actions.
WEDNESDAY
Coca-Cola soars as soft drink demand boosts profit outlook
Texas Instruments falls as supply chain problems hit fourth-quarter earnings
Visa falls after "conservative" 2022 forecast
Concerns about rising prices, potential corporate tax hikes, and the Federal Reserve's tapering plans had rattled markets last month, but upbeat earnings reports have bolstered sentiment in October, helping to drive the S&P 500 and Dow to record highs this week.
Major lenders, such as Bank of America Corp and JPMorgan, fell on the flattening U.S. yield curve.
Top Senate Democrat Ron Wyden proposed a so-called billionaire tax that would require U.S. billionaires to pay taxes on unrealized gains on their assets.
Robinhood Markets Inc plunged 9.7% after the retail broker reported weak third-quarter earnings as trading levels of cryptocurrencies, including dogecoin, declined.
THURSDAY
U.S. economy grew in the third quarter at the slowest pace in more than a year
Caterpillar and Merck rise after posting higher profits.
The Commerce Department report showed the U.S. economy grew at a 2% annualized rate last quarter as COVID-19 infections flared, disrupting global supply chains and fueling labor and goods shortages.
U.S. labor market conditions continued to improve, with the number of Americans filing new claims for unemployment benefits falling to a new 19-month low last week.
Attention will also turn to earnings reports from Apple Inc. and e-commerce giant Amazon.com after the market closes on Thursday, capping a largely upbeat reporting season for large-cap tech stocks.
Ahead of the Federal Reserve's monetary policy meeting next week, market attention has also shifted beyond assessing the likely tapering of asset purchases this year and focused on the timing of an interest rate hike next year.
Also on the radar, U.S. President Joe Biden will urge Democrats in Congress to back a new $1.75 trillion framework for economic spending and climate change.
FRIDAY
The S&P 500 and Nasdaq indexes appeared poised to fall from all-time highs on Friday as results from large-cap companies Apple and Amazon.com reignited concerns about labor and supply shortages that have been at the center of this quarterly earnings season.
Apple fell 3.7% in premarket trading after the iPhone maker warned that the impact of supply chain disruptions will be even worse during the current holiday sales quarter.
Amazon.com Inc. fell 4.4% as it forecast lackluster holiday quarter sales amid labor shortages.
Starbucks Corp fell 6.0% after the coffee chain forecast fiscal 2022 operating margin below its long-term target due to inflation and investments.
Data showed U.S. consumer spending rose solidly in September but was partially flattened by rising prices as inflation remained hot.
Meanwhile, U.S. President Joe Biden suffered a setback on Thursday as the House of Representatives abandoned plans to vote on an infrastructure bill, with progressives seeking more time to consider his request for a separate $1.75 trillion plan for social initiatives.
