- Home Depot announced its earnings.
- Stellantis offered buyouts to thousands of white-collar employees.
- The Supreme Court adopted a code of conduct.
Here are the most important news investors need to start their trading day:
Stock markets responded to Moody’s warning about the US credit outlook with a resounding thud on Monday. The three main indicators recorded mixed results. The Dow Jones finished barely in positive territory, while the S&P 500 and Nasdaq fell slightly. Tuesday should mean more action, as Home Depot’s earnings will give investors a first glimpse at retail trading results ahead of the holidays and the Consumer Price Index provides the latest update on inflation. Follow live market updates.
The Home Depot logo appears on a sign near its Seattle store. Home Depot is expected to report its quarterly earnings this week.
Toby Scott Rocket Lite | Getty Images
Home Depot on Tuesday posted quarterly results that beat Wall Street expectations, even as sales declined during the period. The home improvement chain’s results come as retailers begin publishing their final earnings reports before the holiday shopping season begins. Home Depot’s outlook for this year remains weak, as it still expects profits and sales to decline during what the company’s chief financial officer called “a period of moderation in home improvement.”
Omar Marquez Saroukh Light | Getty Images
Amazon, which has already cut about 27,000 jobs since last fall, cut several more jobs on Monday. The e-commerce and technology giant said it will reduce headcount at Amazon’s gaming division by more than 180 employees as it tightens its focus on Prime Gaming. It is also shutting down its Crown channel, which streams on Twitch, as well as its Game Growth initiative, which helped game producers market their offerings. The company is now turning its attention to a few high-profile projects, including the upcoming releases of “Tomb Raider” and “Lord of the Rings,” which have their roots in the same intellectual property as two major Prime Video TV series.
Stellantis CEO Carlos Tavares is photographed in Turin, Italy, on March 31, 2022.
Stefano Guidi Getty Images News | Getty Images
Chrysler owner Stellantis, which recently concluded its deal to end the United Auto Workers strike, is looking to cut costs at its U.S. operations. The company said Monday it would offer voluntary buyouts to about 6,400 white-collar workers with more than five years of experience, citing “challenging market conditions” as it prepares to “move to electric vehicles.” It’s the latest wake-up call for the weakness of the U.S. electric vehicle market, as legacy Detroit automakers try to catch up with Elon Musk’s Tesla, which has also cut prices in an attempt to recharge sagging demand.
U.S. Supreme Court Justices Amy Coney Barrett, Neil M. Gorsuch, Brett M. Kavanaugh, and Ketanji Brown Jackson, back row, left to right; Sonia Sotomayor, Clarence Thomas, Chief Justice John G. Roberts, Jr., and Samuel A. Alito Jr. and Elena Kagan, front row, left to right, October. 7, 2022.
Evelyn Hochstein Reuters
It only took a few scandals, but the Supreme Court got an ethics code. On Monday, the country’s Supreme Court revealed the new disclosure guidelines in a document You can read here. The action comes after several recent investigative articles, particularly from ProPublica, revealed that Justices Samuel Alito and Clarence Thomas had accepted gifts and travel from billionaire friends without disclosing them. However, as CNBC’s Kevin Breuninger points out, the law’s lack of enforcement mechanisms could upset critics who have called for accountability.
– CNBC’s Alex Haring, Jeff Cox, Melissa Repko, Ashley Cabot, Michael Wayland and Kevin Breuninger contributed to this report.
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