US stocks resume climb amidst downward revenue revisions from flagging economic growth

01 Nov 2021

📈 SPX | 4,605 (+9, +0.2%)
📈 DJIA | 35,820 (+89, +0.2%)
📈 CCMP | 15,498 (+50, +0.3%)

☕️ In a somewhat emerging pattern, Starbucks (-6.3%) beat earnings last week – but failed to meet revenue expectations. The company has been experiencing difficulties from rising commodity prices and issues with hiring labour.

🎉 After hitting a $2 trillion valuation in June, Microsoft (+2.2%) is now the most valuable company in the US stock market again – dethroning Apple (-1.8%), which has been sent lower after missing revenue estimates.

⚡️ Amazon (-2.2%) pared losses after revealing a $3.8 billion stake in electric vehicle manufacturer Rivian, which is itself due to IPO later this year. Rivian is seen by some to be a high-potential competitor to Tesla, and has an order book stretching to the end of the decade – including 100’000 electric vans for Amazon.