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Today in the Market (11/1/2022)

Good Evening. As fresh earnings and economic data points were released as investors anticipated the outcome of the Federal Reserve’s policy meeting, stocks declined on Tuesday.

The S&P 500 declined by 0.41% during the trading day, while the Dow Jones declined by 0.24%. The technology-focused Nasdaq Composite declined 0.89%. Before heading downward, all three indices had climbed to start the session.

SIGNIFICANT INCREASE IN REVENUE!

Uber (UBER) published its Q3 earnings before the opening bell on Tuesday, missing Wall Street’s estimates for gross bookings and reporting bigger losses per share. However, revenue increased 72% year-over-year

  • Revenue: $8.34 Billion vs. $8.13 Billion expected
  • Earnings Per Share: $(0.61) vs. $(0.17) expected

The allegation by Uber follows the company’s admission that it no longer faces driver shortages. In October, Uber’s head of mobility, Andrew Macdonald, told the Financial Times that the global driver supply has increased by 70% year-over-year.

However… Uber and its peers in the gig economy face the possibility that their workers will be categorized as employees (Read all about it here!). The Department of Labor proposed a regulation change last month that would make Uber drivers eligible for minimum wage and other benefits as employees.

MUSK IS MAKING CHANGES

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Elon Musk has only been in office for one week, yet he’s already making significant changes. Like dissolving Twitter’s board and becoming the sole director of the company (which he said was a temporary move) and now… searching for new methods to make money quickly. According to The Verge, Twitter’s new owner intends to begin charging users $8 a month to keep their “verified” badge.

Musk intends to make subscribing to Twitter Blue — the company’s paid tier, which is presently only available in the United States, Canada, New Zealand, and Australia — the sole method to be verified on the website. 

Critics pointed out that this move could undermine the present purpose of verification, which is to demonstrate that an account belongs to the company, celebrity, or dashing newsletter author it claims to be. The Verge wrote that employees were instructed to make this change by November 7 or be terminated.

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