📉 Alphabet And Microsoft Tumble

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Markets

Stock futures fall as Alphabet and Microsoft drop after earnings (5 minute read)U.S. stock futures fell Wednesday after disappointing third-quarter results from Alphabet and weak revenue guidance from Microsoft. Dow Jones Industrial Average futures fell by 49 points, or 0.2%. S&P 500 and Nasdaq 100 futures declined 0.7% and 1.6%, respectively. Shares of Google-parent Alphabet dropped 6% in the premarket and Microsoft also declined about 6%.

Financial markets welcome news Rishi Sunak will be next UK PM (5 minute read)The markets will see Mr Sunak, who previously worked in finance and was chancellor under Mr Johnson, as a safer and more cautious pair of hands than his predecessor Liz Truss. The pound was up 0.15% against the US dollar. On Friday afternoon, the pound had been hovering around $1.11, but at around 2.30pm on Monday, it was at $1.13.

Chinese state banks sold dollars to support yuan late on Tuesday (2 minute read)Major Chinese state-owned banks sold U.S. dollars in both onshore and offshore markets in late trade on Tuesday to prop up the weakening yuan. Such dollar selling comes as the Chinese currency is facing mounting downside pressure, with the onshore yuan hitting the weakest level since December 2007 and the value of yuan against currencies of its major trading partners at a five-month low.

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Investing

Income Investors: Last Call to Lock In a Guaranteed 9.62% Yield (5 minute read)Series I Savings Bonds -- informally known as "I bonds" to many Americans -- are an inflation-protected form of savings bonds you can purchase directly from the United States Treasury. Right now, I bonds are paying a record-high 9.62% annual interest rate due to high inflation, but it is going to reset at the end of October for newly purchased I bonds. The good news is that if you act quickly, you can still lock in this interest rate for the next six months.

Visa Rallies; Beats Expectations on Earnings (4 minute read)Visa (NYSE:V) reported fourth quarter earnings that beat analysts' forecasts and revenue that topped expectations. The card giant announced earnings per share of $1.93 on revenue of $7.80 billion. Visa shares rose 1.5% in after-hours trading but are down 37% from the beginning of the year, still down 17.97% from a 52-week high of $236.96 set on Oct. 26, 2021.

Heineken cautious as Europe’s beer drinking starts to slow (3 minute read)Heineken NV, the world’s second-largest brewer, has seen signs of slowdown in demand for its beer in some European markets over recent weeks, it said on Wednesday, after its third-quarter sales rose by less than expected. Heineken shares fell by as much as 9.2% in early trading at a seven-month low of 80.04 euros, making them the weakest performers in the FTSEurofirst 300 index of leading European shares.

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Money

Americans now say they will need $1.25 million to retire comfortably, survey finds (4 minute read)Americans now expect they will need $1.25 million to retire comfortably, according to a new study from Northwestern Mutual. That figure represents a 20% increase from the $1.05 million respondents cited last year.

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