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The house of representatives on Friday passed the largest expansion of the safety net in decades, a $1.75 trillion bill that funds universal pre-K, Medicare expansion, renewable energy credits, affordable housing, a year of expanded Child Tax Credits and major Obamacare subsidies.
One day before the signing ceremony, the White House announced that Mitch Landrieu, formerly the mayor of New Orleans, would coordinate the implementation of the spending
The giant retailer reported that its sales in the United States grew 9.2 percent while total revenue rose 4.3 percent to $140.5 billion.
Walmart reported earnings per share of $1.45, beating the $1.40 that many analysts had been expecting. The better-than-expected earnings were driven by continued growth in the company’s grocery and e-commerce business and its strategy of keeping prices low as consumers face inflation in just about every category of spending, from food to fuel.
Walmart CEO Doug McMillon said the retailer is optimistic about the holidays and will have shelves stocked. Inventory for Walmart in the U.S. is up 11.5% ahead of the busy shopping season, he said. The retailer ordered its seasonal merchandise early and has prioritized space for it on ships.
“There’s a level of excitement in the air,” he said on the company’s earnings call. “You can feel it. I’ve been walking away from these stores with a recurring thought, ‘We’re ready, we have the people, the products, and the prices to deliver a great holiday season.’”
Investors take bets on companies which they expect to respond quickly to increasing inflation. It caused a rally of small caps stock prices recently. The Russell 2000 index of small-cap stocks has risen by 5% this month, surpassing S & P 500 large-cap by 1.7%.
U.S. inflation reached its three-decade high due to supply struggle and strong consumer demand. In terms of a report from CME, small-cap stocks performed better than large-cap peers during the inflation surging period from historical data.
The maximum size of home loans eligible for backing by Fannie Mae and Freddie Mac, updated annually based on housing prices, is expected to jump in 2022 to a baseline of about $650,000 in most jurisdictions and just under $1 million in high-cost markets. The increase may make buying a home easier and cheaper for some borrowers, but is also likely to elevate debate about how big is too big when it comes to government-backed mortgages. The limits are set to be announced Nov. 30.
As legacy automakers ramp up their EV offerings, investors are bidding up a host of new electric vehicle newcomers like Lucid Group. The stock, which began trading in July, surged nearly 24% on Tuesday after executives said reservations for its first vehicles jumped and that its production plans for 2022 were still on track. That share price move pushed Lucid’s market value to $89.87 billion, and the stock rose again in Wednesday’s premarket. That’s almost as high as GM and higher than Ford. Lucid CEO Peter Rawlinson, a former Tesla executive, told CNBC on Tuesday evening the automaker is targeting factory expansion in China and the Mideast by mid-decade.”
Shares of Nvidia soared 9% in the premarket, a gain that would move the tech giant closer to an $800 billion stock market value. After the bell on Wednesday, the company reported a 60% year-over-year increase in adjusted quarterly earnings per share and a 50% year-over-year rise in revenue. Both measures exceeded expectations. Shares of Nvidia, as of Wednesday’s close, have soared 124% in 2021.
Dow stock Cisco Systems, up nearly 27% in 2021 as of Wednesday’s close, fell more than 8% in the premarket, the morning after the computer networking firm missed on quarterly revenue and issued weaker-than-expected forward guidance. Cisco CEO Chuck Robbins blamed supply constraints. The company did beat estimates for earnings per share for the three months ended on Oct. 30.
Shares of Nvidia surged 9%, while Cisco dropped 8% in the premarket on Thursday. Nvidia reported its better-than-expected earnings and revenues in the third-quarter, year-over-year increase in earnings of 60% and in revenue of 50%. Meanwhile, Cisco reported its weaker-than-expected performance