Morning Briefing: Facebook rebrands company as Meta in focus on metaverse

Moomoo Breakfast US wrote a column · Oct 29, 2021 05:27

Morning Briefing: Facebook rebrands company as Meta in focus on metaverse

By Danilo

Hey, mooers! Here are things you need to know before the opening bell:

- Stock futures slipped in early morning trading Friday as shares of major technology companies suffered following disappointing earnings reports.

- The social-media service Meta will retain the Facebook name even as the umbrella company readies billions of dollars in investments in its new mixed-reality platform.

Market Snapshot

Stock futures slipped in early morning trading Friday as shares of major technology companies suffered following disappointing earnings reports.

Futures on the tech-heavy $NASDAQ 100 Index (.NDX.US)$ futures dropped 0.8%. $S&P 500 Index (.SPX.US)$ futures shed 0.5% and $Dow Jones Industrial Average (.DJI.US)$ futures were 48 points lower.

Source: Bloomberg

Market Temperature

Stocks end higher with earnings in focus
U.S. stocks climbed after a string of upbeat earnings reports.

Biden framework for social-climate package fails to ease passage of infrastructure bill
The White House's $1.85 trillion framework designed to show progress in the social-spending and climate talks fell short of persuading progressives to quickly approve the parallel, roughly $1 trillion infrastructure bill.

U.S. pending home sales unexpectedly fell in September
The number of houses going under contract in the U.S. declined in September by 2.3% after rising sharply in August, data from the National Association of Realtors showed. Economists were expecting a 1% rise.

Jobless claims fall to new pandemic low
Worker filings for unemployment benefits declined last week to their lowest level since the pandemic began, as employers competed for employees in a tightening labor market.

Apple warns of supply chain woes while Amazon faces increased labor costs
Investors remain watchful of how corporate leaders are managing disruptions as the pandemic's effects drag on. $Apple (AAPL.US)$

Amazon earnings suffer as growth slows, costs rise
The company posted lower-than-expected third-quarter sales and signaled that a tight labor market and supply-chain disruptions would weigh on earnings. $Amazon (AMZN.US)$

Facebook rebrands company as Meta in focus on metaverse
The social-media service will retain the Facebook name even as the umbrella company readies billions of dollars in investments in its new mixed-reality platform. $Meta Platforms (FB.US)$

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