Here are the most important news items that investors need to start their trading day:
The S&P 500 just posted its longest winning streak in two years. The broad market index added a modest 0.1% on Wednesday, but it’s now been positive for eight days in a row. The last time that happened was in November 2021. The Nasdaq Composite was up a meager 0.08% for the session, but at nine positive days, it’s also seeing its longest streak in two years. The Dow didn’t join in on the fun, falling in Wednesday’s trading and snapping its best win streak since July. But it could see a boost from Disney on Thursday, which is up nearly 4% in premarket trading. Follow live market updates.
People walk in front of the Disney store on August 07, 2023 in New York City.
Kena Betancur | Corbis News | Getty Images
Disney‘s fourth-quarter earnings topped expectations when it released results after market close on Wednesday, but revenue came up short. The entertainment giant said it saw a decline in ad revenue, primarily from Disney’s ABC Network and other owned TV stations. It also plans to expand its cost-cutting measures by an additional $2 billion. But ESPN was a bright spot. This was the first time Disney broke down its three divisions: entertainment, sports and experiences. ESPN, listed under sports, saw its revenue and operating income rise in the quarter. “It’s on a great trajectory,” CEO Bob Iger said about ESPN, in an interview with CNBC’s Julia Boorstin on Wednesday. “And the ratings are actually very strong, too. ESPN had one of the strongest years ratings wise, I think, in the last four or five years in 2023. That’s a great thing.”
SAG-AFTRA members walk the picket line on the 100th day of their ongoing strike outside Paramount Studios in Los Angeles, California, October 20, 2023.
Mario Anzuoni | Reuters
The Hollywood actors‘ strike is over, as of early Thursday morning. The actors’ union and studios finally have a preliminary labor agreement in place that would bring the industry back to life. Actors — represented by the Screen Actors Guild-American Federation of Television and Radio Artists — walked off the job 118 days ago in mid-July, demanding better wages, working conditions, and health and pension benefits. They also wanted to establish stricter protections for the use of artificial intelligence in future television and film productions. Disclosure: Comcast is the parent company of NBCUniversal and CNBC. NBCUniversal is a member of the Alliance of Motion Picture and Television Producers, which was negotiating with SAG-AFTRA.
Arm CEO Rene Haas and executives cheer, as Softbank’s Arm, chip design firm, holds an initial public offering (IPO) at Nasdaq Market site in New York, U.S., September 14, 2023.
Brendan Mcdermid | Reuters
Arm, which just went public in September, released its first earnings report since its IPO. The semiconductor technology company beat Wall Street’s expectations for sales, and its lucrative licensing business doubled over the past year. Nonetheless, its revenue guidance was short of expectations and Arm’s stock was down 5% in premarket trading. Arm said it expects earnings per share between 21 cents and 28 cents on sales of $720 million to $800 million in the current quarter. Wall Street was expecting a little more: 27 cents per share on revenue between $730 million and $805 million.
Former South Carolina Governor Nikki Haley speaks as former New Jersey Governor Chris Christie, Florida Governor Ron DeSantis, former biotech executive Vivek Ramaswamy and U.S. Senator Tim Scott (R-SC) listen at the third Republican candidates’ U.S. presidential debate of the 2024 U.S. presidential campaign hosted by NBC News at the Adrienne Arsht Center for the Performing Arts in Miami, Florida, U.S., November 8, 2023.
Mike Segar | Reuters
Five Republicans gathered in Miami for the third GOP presidential debate. And for the third time, the biggest name on the upcoming 2024 election ballot, former President Donald Trump, opted to skip. Taking the stage were Florida Gov. Ron DeSantis, former United Nations Ambassador Nikki Haley, former New Jersey Gov. Chris Christie, entrepreneur Vivek Ramaswamy and South Carolina Sen. Tim Scott. The candidates diverged in their views on abortion, which was a key issue in this week’s elections when abortion rights efforts won big. Haley’s abortion tone sounded more moderate than her rivals’. They also discussed TikTok, Israel and Hamas, and Warren Buffett.
— CNBC’s Samantha Subin, Sarah Whitten, Alex Sherman, Kif Leswing, Kevin Breuninger, Dan Mangan, Amanda Macias and Brian Schwartz contributed to this report.
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