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Stock futures were rising Monday after declines last week dropped the
S&P 500
into correction territory. Wall Street has a lot to contend with this week: a decision on interest rates from the Federal Reserve, the monthly U.S. jobs report, and more corporate earnings with the highlight being
Apple
‘s quarterly numbers.
These stocks were poised to make moves Monday:
The United Auto Workers union announced late Saturday that workers would go on strike at another
General Motors
(GM) plant hours after the union announced it had reached a tentative agreement with Jeep maker
Stellantis
(STLA). GM shares rose 0.7%.
Stellantis,
meanwhile, was hit with a strike in Canada by labor union Unifor after talks over a tentative labor contract stalled. The strike began early Monday. The negotiations in Canada are separate from talks between the UAW and Stellantis in the United States. Stellantis was up 1.7%.
Former Marvel executive Isaac “Ike” Perlmutter has entrusted his stake in
Walt Disney
(DIS) to Nelson Peltz’s Trian Fund Management as it prepares to press the entertainment company for multiple board seats, The Wall Street Journal reported. Trian has raised its stake in Disney to more than $2.5 billion, the Journal reported earlier this month.
Disney
shares were up 0.8% in premarket trading Monday.
Alphabet
‘s (GOOGL) Google agreed to invest up to $2 billion in artificial-intelligence company Anthropic, the Journal reported, citing people familiar with the matter. The investment follows
Amazon.com
‘s (AMZN) announcement in September that it would invest up to $4 billion in Anthropic, a rival to ChatGPT creator OpenAI.
Alphabet
was up 0.9% in premarket trading.
AbbVie
(ABBV) rose 1% to $140.35 after analysts at Barclays upgraded shares of the biopharmaceutical company to Overweight from Equal Weight and raised their target to $170 from $160.
AbbVie
declined 4% on Friday after reporting quarterly earnings that beat analysts’ estimates.
Earnings reports are expected Monday from
McDonald’s
(MCD),
Arista Networks
(ANET),
ON Semiconductor
(ON),
Pinterest
(PINS),
Check Point Software Technologies
(CHKP),
Western Digital
(WDC),
VF Corp.
(VFC), and
SoFi Technologies
(SOFI).
Reports are expected later in the week from
Apple
(AAPL),
Eli Lilly
(LLY),
Pfizer
(PFE), Advanced Micro Devices (AMD),
Amgen
(AMGN),
Caterpillar
(CAT), Qualcomm (QCOM),
CVS Health
(CVS),
Moderna
(MRNA),
Airbnb
(ABNB),
PayPal
(PYPL),
ConocoPhillips
(COP),
Starbucks
(SBUX),
Anheuser-Busch InBev
(BUD), and
Electronic Arts
(EA),
Write to Joe Woelfel at [email protected]
Read the full article here
