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Today in the Market (10/19/2022)

Good Evening. Despite better-than-expected earnings reports, U.S. equities ended Wednesday’s volatile session with a loss, snapping a winning run in the process.

The S&P 500 declined 0.67% after gaining more than 4% over the previous two trading days, while the Dow Jones lost 0.33%. The Nasdaq Composite Index fell 0.85%.

EARNINGS

Wednesday after the closing bell, electric vehicle manufacturer Tesla (TSLA) revealed its third-quarter profits, falling short of analyst projections on sales but slightly exceeding on profitability. Here are the most crucial statistics from the statement.

  • Revenue: $21.45 Billion vs. $22.09 billion expected

  • Earning Per Share: $1.05 vs. $1.01 expected

The corporation still anticipates an average annual growth rate of 50% for car deliveries this year. The manufacturer also said that it feels it has sufficient money to continue developing its strategy.

However… the rising cost of raw materials and inefficiencies at its Gigafactory Berlin are creating headwinds year-over-year. Additionally, a stronger currency has an effect on Tesla’s international sales, reducing profitability.

RATS INCOMING

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Officials in New York City have chosen to declare war on rats. In an attempt to repel rats and improve the appearance of the city, Mayor Eric Adams said on Monday that families and businesses would no longer be permitted to leave garbage out for street collection until 8 p.m., which used to be 4 p.m. This is because the rat issue in New York City is out of control: Since 2020, sightings have climbed by 71%.

The city hopes that reducing the length of time garbage bags are allowed to accumulate on every sidewalk would aid in containing both issues. The current curb service start time of 4 p.m. is among the earliest in the globe for large cities.

Did you know? Despite the rat invasion, New York City is not the nation’s leader in the sector. Monday was the seventh consecutive year that Chicago has been recognized as the most unsettling city in the United States.

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