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Breaking: Beyond Headlines!

Rachel Reeves announces £40bn tax rise; Microsoft and Meta are the best earnings estimates
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Rachel Reeves announces £40bn tax rise; Microsoft and Meta are the best earnings estimates

Technology companies Microsoft and Meta will report results today, while the release of US GDP figures will be of great interest to voters ahead of next week’s presidential election.

Microsoft: Strong demand in its cloud business is expected to help the Windows maker post historically strong first-quarter revenue and net profit. Investors will be keen to learn more about how Microsoft is coping with growing competition in the artificial intelligence sector.

Meta: Facebook’s parent company is expected to report that its revenue and net profit each jumped about 18 percent in the quarter ended September. Comments on how Meta integrates artificial intelligence technology into advertising will be of interest to investors.

Other companies: Hess, AbbVie, Kraft Heinz, GE Healthcare and Biogen all release their results before the opening bell. Amgen, Booking Holdings, Starbucks, Coinbase and Robinhood will report results after the market close.

US GDP: Economists expect the advance estimate for economic growth in the third quarter to be stable at 3 percent.

Other economic data: ADP will release its U.S. jobs report for October, which will provide insight into the labor market ahead of official government figures on Friday. The private sector payroll is expected to have created 114,000 jobs, compared to 143,000 in September. Pending U.S. home sales are expected to have increased 1 percent in September from the previous month, according to economists surveyed by LSEG.

US elections: Former President Donald Trump will hold a rally with football quarterback Brett Favre in Green Bay, Wisconsin. Vice President Kamala Harris will hold campaign events in key states of North Carolina, Pennsylvania and Wisconsin.