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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Gold remained steady near its record high, trading around $2,720 an ounce as traders assessed mixed signals from Federal Reserve officials regarding interest rate strategies. Kansas City Fed President Jeffrey Schmid advocated for a slower pace of rate reductions, while San Francisco Fed President Mary Daly emphasized the necessity for further cuts to protect the labor market.
An analysis of the Open Payments database reveals that while financial relationships between healthcare manufacturers and physicians dipped during the pandemic, they are returning to pre-pandemic levels, though some payments remain lower. Speaking and consulting fees have stabilized below 2019 levels, while research payments have seen a 7% annual increase since 2018, indicating a shift in manufacturers' strategies. The long-term effects of these changes on product development and patient outcomes remain uncertain, warranting further study.
Meta Platforms is set to report its Q3 2024 earnings on October 31, with expectations of a 17.9% YoY revenue growth to $40.3 billion. The company is likely to maintain its lead in the digital ad market, driven by significant AI investments and improved ad performance, despite ongoing losses in its Reality Labs division. Investors will be keen to assess spending levels and the impact of upcoming AI technologies on revenue.
Asia markets mostly declined following a slip in major U.S. indexes, with Hyundai Motor India shares dropping over 5% on their debut after a $3.3 billion IPO. Meanwhile, YG Plus shares surged nearly 30% after a collaboration track by Blackpink's Rosé topped streaming charts. Gold prices hit a record high of $2,700 per ounce, driven by central bank buying and macroeconomic uncertainties, while JPMorgan highlighted potential catalysts for a rally in Xpeng shares.
Meta is reviving its facial recognition technology to combat "celeb bait" scams, enrolling around 50,000 public figures in a trial that will automatically compare their profile photos with images in suspected scam ads. The company plans to roll out this initiative globally in December, while ensuring that any generated face data will be deleted immediately, regardless of the outcome. This move comes amid ongoing scrutiny over privacy practices and a recent $1.4 billion settlement in Texas for illegal biometric data collection.
Federal Reserve Bank of San Francisco President Mary Daly indicated that the central bank is likely to continue cutting interest rates to prevent further deterioration in the labor market. Speaking at the Wall Street Journal’s TechLive conference, she noted that current rates are too tight for an economy trending towards 2% inflation.
Jim Cramer advocates buying American Express shares during their recent dip, highlighting the company's success in attracting younger customers who are likely to remain loyal for decades. Despite a slight revenue miss and a trimmed forecast, American Express reported a significant earnings beat and strong credit quality, suggesting long-term growth potential. Cramer believes the market is undervaluing these strengths, making this pullback an opportune moment for investors.
Jim Cramer reassured investors not to panic over rising bond yields, stating that the stock market has thrived even with yields at 5% and 6%. Despite a slight dip in major indexes, he highlighted that corporate buybacks and index fund inflows could counteract selling pressure, creating a temporary stock shortage.
The US faces a lithium supply challenge, exacerbated by the booming EV market and environmental concerns over mining. Innovative solutions include lithium extraction from geothermal brine and oil drilling waste, with the Smackover Formation in Arkansas showing significant potential, estimated at up to 19 million tons. As companies like ExxonMobil pivot towards lithium production, the focus also shifts to reducing overall lithium demand through sustainable transportation alternatives.
UBS anticipates significant risks to the Federal Reserve's rate cut trajectory in the first quarter of 2024, particularly if inflation concerns resurface. While the firm forecasts 25 basis point cuts in the remaining meetings this year, strong economic data has led to skepticism about immediate cuts. Fed officials, including Minneapolis President Neel Kashkari, advocate for a cautious approach, emphasizing the need to balance rate adjustments with labor market stability.
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