- Bank of America and Goldman Sachs report earnings.
- President Joe Biden will travel to Israel.
- Microsoft’s LinkedIn is cutting almost 700 jobs.
Here are the key news investors need to start the trading day:
Stocks got off to a good start this week, with each of the three major U.S. indexes closing higher on Monday. The early earnings returns have been solid so far, and more big gains are on the way this week. By the way, Goldman Sachs, Bank of America, Johnson & Johnson and United Airlines all report on Tuesday. Numerous economic data are also on the agenda for Tuesday. Industrial production and retail sales figures for September are expected before the bell. Follow live market updates.
David Solomon, Goldman Sachs interview with David Faber, September 7, 2023.
CNBC
Bank of America and Goldman Sachs are continuing the big bank momentum from late last week, when JPMorgan, Wells Fargo and Citigroup all released their reports. BofA went first on Tuesday. The second-largest U.S. bank by assets posted better-than-expected profit and revenue as its third-quarter net interest income beat estimates. Goldman Sachs, for its part, reported better-than-expected results in bond trading, helping it beat Wall Street’s revenue and profit estimates. Morgan Stanley is expected to report on Wednesday.
U.S. President Joe Biden holds a bilateral meeting with Israeli Prime Minister Benjamin Netanyahu on the sidelines of the 78th UN General Assembly on September 20, 2023 in New York City.
Kevin Lamarque | Portal
President Joe Biden plans to visit Israel on Wednesday as the Israeli military bombs the Gaza Strip from the air and thousands of Palestinians flee. The aim of the trip was to “show solidarity in the face of Hamas’ brutal terrorist attack,” he said. Biden will also travel to Jordan to discuss the humanitarian crisis among the Palestinians. It has been more than a week since Hamas terrorists carried out shocking raids in Israel, killing more than 1,400 people and taking dozens more hostage. Israeli forces are massed on the Gaza border in preparation for a possible ground invasion. Follow live war updates.
Aytac Unal | Anadolu Agency | Getty Images
The slowdown in sales growth at LinkedIn, which belongs to Microsoft, is reflected in job cuts. According to CNBC’s Jordan Novet, the business-focused social network told employees on Monday that it had laid off nearly 700 employees. The revenue decline and job cuts come even as LinkedIn’s membership growth has accelerated in recent years. Overall, Microsoft has reduced the number of employees in order to contain costs more.
Apple boss Tim Cook presents the iPhone 15.
Courtesy of Apple Inc.
Apple CEO Tim Cook is heading to China for a surprise visit as the tech giant struggles with a lukewarm reception for its latest iPhone. New data shows that iPhone 15 sales fell 4.5% in the first 17 days in China compared to the iPhone 14. Meanwhile, Chinese tech giant Huawei, which recently launched a new high-end phone, has recovered to regain the top spot among smartphone makers in China, according to Jefferies analysts.
—CNBC’s Hakyung Kim, Ruxanra Iordache, Natasha Turak, Hugh Son, Jordan Novet and Arjun Kharpal contributed to this report.
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