- Stocks enter the Thanksgiving holiday-shortened trading week on a three-week winning streak.
- Sam Altman, who was fired by OpenAI on Friday, will join Microsoft to lead its advanced AI team.
- Black Friday deals started earlier this year than in recent years.
Here are the most important news investors need to start their trading day:
Stocks enter the holiday-shortened trading week on a high note. All major US indexes posted a three-week winning streak for the first time since the summer. Last week, the Dow Jones Industrial Average rose 1.9%, while the S&P 500 and Nasdaq Composite rose 2.2% and 2.4%, respectively. Stocks received a boost after inflation came in lower than expected in October, raising hopes that the Federal Reserve may not need to raise interest rates further to tame stubbornly high prices. The stock market will be closed on Thursday for the Thanksgiving holiday, then close early at 1pm EST on Friday. Follow live market updates here.
Two days after OpenAI surprised the tech world by firing CEO Sam Altman, the human face of the AI boom has a new home. The tech giant’s CEO Satya Nadella announced on social media platform X that Altman will lead an advanced artificial intelligence team at Microsoft. Meanwhile, OpenAI said it has hired former Twitch CEO Emmett Shear to run the company on an interim basis. The news capped a chaotic phase during which OpenAI investors pushed the company to rehire Altman. Now he’s arrived at Microsoft, where Nadella said the company will provide Altman, former OpenAI CEO Greg Brockman and other new hires “with the resources needed for their success.” Altman confirmed the move in a post on X, writing: “The mission continues.”
Nearly all of the S&P 500 companies reported third-quarter earnings, but a handful of companies scheduled to report this week will have a lot to say about the state of the economy and American consumers. Nvidia, which has been closely watched this year as its shares rise on the back of the artificial intelligence boom, will have more attention on its results on Tuesday after the bell in the wake of Altman’s ouster. Major retailers such as Lowe’s, Best Buy and Abercrombie & Fitch will collect their earnings on Tuesday morning and may provide commentary on how the companies performed during the critical holiday quarter. S&P Companies’ third-quarter earnings were up 6.6% from the same quarter a year ago as of Friday, but revenue increased just 1.4%. Here are the key corporate reports this week:
The Friday after Thanksgiving always offers discounts for savvy holiday shoppers. But that history means a little less than it used to for consumers looking for deals. Retailers offered more early Black Friday promotions this October than in previous years, according to Adobe Analytics data. Discounts on categories such as clothing, appliances, computers, furniture and televisions were higher in October than in 2022 and 2021, while discounts on electronics and toys were lower. Previous promotions could indicate that retailers have concerns about demand this holiday season, in part because inflation-weary shoppers have become accustomed to the deals.
The CEO of Cruise, a taxi company owned by General Motors, has resigned. Kyle Vogt did not give a reason for stepping down, but said he expected to “spend some time with him.” [his] Family and exploring some new ideas.” His resignation came on the heels of a turbulent period for the company. It issued a voluntary recall of nearly 1,000 vehicles and was forced to suspend operations on public roads. Incidents including a Cruze hitting a pedestrian have drawn more regulatory scrutiny from the company.
CNBC’s Pia Singh, Matt Clinch, Jordan Novitt, Sophie Kederlein, Robert Hom, Gabrielle Vonrug, Laura Kolodny and Michael Wayland contributed to this report.
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