- General Motors’ second-quarter profit far exceeded Wall Street expectations.
- Vice President Kamala Harris raised a record amount of campaign funds on Monday.
- Wiz has withdrawn from a $23 billion acquisition deal with Google.
Here are five important things investors should know before starting the trading day.
of S&P 500 It rose 1.08% on Monday to its highest close since early June as tech stocks rebounded. Nasdaq Composite IndexMeanwhile, it rose 1.58%; Dow Jones Industrial Average It rose 127.91 points, or 0.32%. Returning to mega-cap tech stocks, NVIDIA It rose 4.8%, recouping last week’s losses, Meta and alphabet Both rose more than 2%. CrowdstrikeThe effects of last week’s global IT outage are still being felt. 13.5% decrease It was the worst-performing stock in the S&P 500 index after dropping nearly 18% last week. Live Market Updates.
A brand new GMC truck is on display at the Hanlees Hilltop GMC dealership on July 2, 2024 in Richmond, California.
Justin Sullivan | Getty Images
General Motors simply Beats Wall Street profit expectations GM reported its second-quarter results on Monday. The company also raised some of its key financial targets for the current fiscal year. The company now expects full-year adjusted earnings before interest and taxes of $13 billion to $15 billion, or $9.50 to $10.50 a share, up from its previous outlook of $12.5 billion to $14.5 billion, or $9 to $10 a share. GM’s North American operations were the main driver of the strong quarter, driven by truck sales. However, the company’s sales in China, which saw a significant decline, did not achieve the expected recovery in profitability. GM’s electric vehicle shipments increased 40% compared to the same period last year, but still accounted for only 3.2% of sales in the period. Production postponed indefinitely Origin’s autonomous vehicles.
US Vice President Kamala Harris smiles as she speaks to the women’s and men’s NCAA championship teams during her first public appearance since President Joe Biden withdrew from the 2024 presidential race on the South Lawn of the White House in Washington, DC, on July 22, 2024.
Nathan Howard | Reuters
vice president Kamala Harris Drawn in Record-breaking campaign contributions Harris won the race for the Democratic nomination on Monday, the day after President Joe Biden withdrew from the 2024 presidential race and endorsed Harris. Since Sunday afternoon, Harris and the Democratic Party have raised roughly $250 million in online donations and pledges from major donors, and her campaign noted that “more than 888,000 grassroots donors have donated in the past 24 hours, 60% of whom are making their first donations in the 2024 election cycle.” In her first public comments since the weekend’s events, Harris praised Biden’s “legacy of work,” and also received key endorsements from House Speaker Nancy Pelosi, senators, governors and labor unions. In a sign of growing support, NBC News projected late Monday that Harris had received the support of a majority of the Democratic convention’s pledged delegates, a number she needs to become the party’s nominee. Read more about the latest political developments here.
A view of Google’s headquarters in Mountain View, California, on April 16, 2024.
Teyfan Coskun | Anadolu | Getty Images
No deal. Cybersecurity firm Wis Walks away from $23 billion deal To be acquired Google It plans to pursue an IPO instead, which would have been Google’s biggest acquisition ever. Antitrust and investor concerns are part of what led Wizz to abandon the deal, people familiar with the matter told CNBC. The search giant faces pressure to continue winning business amid an AI boom, and Wizz’s cloud security products would have helped it compete with Microsoft, which also sells security software. The news comes as Google parent Alphabet is set to report earnings after the close on Tuesday.
Visitors to the Top of the Rock Observation Deck behind the Comcast corporate logo at the top of 30 Rock in Rockefeller Center as seen from the Empire State Building on May 8, 2023 in New York City.
Gary Hirschhorn | Corbis News | Getty Images
Comcast report Revenue results are mixed The company reported Tuesday that sales beat expectations but earnings fell short of expectations as its movie studios and theme parks face tough year-over-year comparisons. Revenue fell about 3% year-over-year to $29.69 billion, with its Universal Pictures Studios division’s revenue down 27% year-over-year. Comcast had its best theatrical quarter ever, with “Super Mario Bros.” and “The Fast and the Furious” coming into 2023. Meanwhile, NBCUniversal’s streaming service Peacock continues to thrive, with paid subscribers up 38% year-over-year and its TV business up 2% year-over-year to $6.32 billion in revenue. (Disclosure: Comcast owns NBCUniversal, CNBC’s parent company.)
—CNBC’s Samantha Sabin, Michael Weiland, Brian Schwartz, Josephine Rozelle, Dan Mangan, Rebecca Picciotto, Ruxandra Iordace, Isabel Engel, Rohan Goswami, Jennifer Elias, Jordan Novett and Lillian Rizzo contributed to this report.
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