Alphabet misses on top and bottom lines as YouTube ad revenue drops in the quarter (2 min read)
Alphabet stocks plunged in the extended market after reporting weaker than expected earnings and revenue for Q3. Revenue growth slowed to 6%, the lowest since 2013, as the company continues to experience decline in online ad spending. This is the first big tech earnings this week that focuses on the digital ad market. Snap reported weak Q3 results last week and reiterated the current challenges in the online advertising space. Google’s CEO acknowledged some of those concerns and has enacted cost-cutting measures across the company.
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PayPal shares rise after Amazon adds Venmo as checkout option (1 min read)
Amazon announced that starting Tuesday they are adding Venmo as an option for checkout. It will be available to all US users by Black Friday on November 25. Venmo is a popular payment service that allows users to send money to each other and has been growing rapidly with an increasing number of online retailers adding it as a form of payment. Shares of Paypal, who owns Venmo, popped by more than 7% after the news. However, Paypal stocks are still more than 50% lower so far this year.
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Stocks close higher for third consecutive day, Nasdaq adds 2.2% ahead of Big Tech earnings (2 min read)
Stock rallied for the third consecutive day and the gains on Tuesday were more than the previous sessions. Bond yields are coming back down and along with the major indexes moving back up, are signs of investors doubling down on expectation of an easier Fed. Most companies have also reported to be doing better than anticipated in Q3 which had helped boost confidence in the market. All eyes on the remaining big tech earnings this week as movements from their size and market capitalization will likely impact the market directions going forward.
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Home prices cooled at a record pace in August, S&P Case-Shiller says (2 min read)
According to the S&P Case-Shiller Home Price Index, US home prices in August were still 13% higher than the same time last year but 2.6% lower than the previous month. The monthly difference of 2.6% is actually the largest in the history of the index which means price gains are dropping at a record pace. Mortgage rates jumping from 3% earlier this year to now at 7% has stopped many first-time buyers from entering the market. High home prices along with high interest rates also kept sellers from listing as they want to be locked in to their lower rates.
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Investing in Blue Chip ETFs (7 min read)
Blue chip stocks are shares of large, well-known, and established businesses. Many investors opt for blue chip stocks during tough economic situations in hopes that it can lower the volatility as they ride through the storm. Blue chip stocks also recover faster after market downturns. There are lots of blue chip stocks across multiple sectors and it might be difficult to decide which one to include in your portfolio, which makes an ETF a convenient solution. This article shared some of the top blue chip stocks ETFs on the market and provides a description for each one.
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Neuberger Berman Converts Mutual Fund to ETF (1 min read)
Neuberger Berman, an asset manager with $460 billion in AUM, converted their Neuberger Berman Commodity Strategy Fund into an ETF under the ticker symbol NBCM. This makes it the fourth ETF in the firm’s ETF lineup. Guiness Atkinson was the first mutual fund company last year to start converting a mutual fund into an ETF and several other firms followed after. Studies have shown that mutual funds are experiencing slower growth as investors continue to redeem and more are being converted into an ETF to retain client assets.
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That's it for today! You can reply to this email if you have any comments or feedback.
Thanks,
Thomas
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