Daily Newsletter | November 7, 2023

November 7, 2023

TLDR

MARKET RECAP → The S&P 500 (VOO) and the Nasdaq (QQQ) closed higher Tuesday, both reaching their longest winning streaks since November of 2021. Large technology stocks like Amazon (AMZN) and Salesforce (CRM) rose more than 2% as the US Treasury fell 0.09% to 4.57%.

MONEYLION REPORTS EARNINGS –> MoneyLion (ML) reported Q3 2023 earnings results. Check out the one-pager below highlighting ML’s key investor takeaways below! ?

OIL PRICES SLIDE → ?️ Amidst global demand jitters and easing Middle East tensions, U.S. crude oil took a tumble to its lowest since July, despite OPEC’s output cuts.

UBER’S EARNINGS MISS →? Uber (UBER) hits a speed bump with Q3 earnings missing the mark, but rides high on gross bookings and a sharp U-turn from last year’s losses to a $221 million net income.

SANOFI UNDER SCRUTINY → ? Sanofi faces a probe by French prosecutors over alleged market manipulation, staunchly defending its financial disclosures amidst a share price slump.

Sean Horgan

Head of Investor Relations @ MoneyLion

$shorgan

Today’s S&P 500 Heatmap

Source: finviz.com

Check out $ML’s Q3 2023 full earnings presentation ⬇️

Today’s Top News

OIL PRICES SLIDE

? U.S. crude oil prices dipped below $78 a barrel, marking the lowest price since July, amid concerns over global economic health overpowering regional conflict fears.

? Weak economic data from China, showing a significant drop in exports, signaled a potential decrease in global demand, contributing to the oil price slide.

?️ Despite earlier boosts from Saudi and Russian output cuts, oil prices have been on a downward trend since mid-October, as immediate worries about the Israel-Hamas conflict impacting supply have diminished.

Source: shutterstock

UBER’S EARNINGS MISS

? Uber’s (UBER) Q3 earnings fell short of expectations, with revenue of $9.29 billion against the anticipated $9.52 billion, and earnings per share at 10 cents versus the forecasted 12 cents.

? Despite the miss, gross bookings surged past guidance, hitting $35.3 billion—a 21% increase year over year, and the company saw a net income of $221 million compared to last year’s $1.2 billion loss.

? Mobility and delivery segments showed robust growth, with mobility gross bookings up 31% and delivery 18%, while the freight business faced a 27% decline, signaling a bumpy road ahead for that division.