5 Things to Know Before Markets Open

GettyImages 1231356109 71772ede755c42fe89b5d297f1e438f1

5 THINGS TO KNOW BEFORE MARKETS OPEN
GettyImages 1231356109 71772ede755c42fe89b5d297f1e438f1

Salesforce shares surged after it reported better-than-expected earnings and Tesla plans to commemorate the beginning of deliveries of its Cybertruck at an event at its Texas factory. Here’s what investors need to know today.

1. Salesforce Shares Jump as Earnings Beat Estimates on Cost-Cutting Measures

Salesforce (CRM) reported its third-quarter revenue rose 11% from the same period last year to $8.72 billion, while net income was also up year-over-year at $1.22 billion. Adjusted earnings per share came in at $2.11, ahead of estimates. Salesforce attributed the earnings results to cost-cutting measures enacted in January, and forecast that fourth quarter revenue will increase by about 10%. Shares of Salesforce traded more than 9% higher in the pre-market.

2. Tesla Plans to Launch Deliveries of Cybertruck at Factory Event

Tesla (TSLA) plans to launch deliveries of its much-anticipated Cybertruck at an event at its Austin, Texas factory. The Cybertruck was initially scheduled for release in 2021 and is Tesla’s first passenger vehicle in more than three years. Shares of Tesla rose 0.5% in pre-market trading.

3. Meta Platforms Plans December Launch for Threads App in Europe

Instagram parent Meta Platforms (META) is reportedly planning to launch its Threads app in Europe this December, the latest market expansion for the social media network since its launch in July. The expansion could lead to 40 million new Threads users in 2024. Shares of Meta edged 0.2% higher in pre-market trading.

4. UAW Eyes Union Campaigns at Tesla, Rivian, and Other Non-Union Automakers

After successfully negotiating new contracts for workers at the Big Three automakers, the United Auto Workers union said employees of 13 non-union car makers were announcing campaigns to join the union. The campaign could impact workers at Tesla, Rivian (RIVN), Volkswagen, Toyota (TM), Hyundai, Nissan, BMW, and Mercedes-Benz.

5. Inflation and Pending Homes Sales Data Due for Release

At 8:30 a.m. ET, the Personal Consumption Expenditures Index will be released, with the Core PCE reading for October expected to show a 0.2% increase in prices, easing from September’s 0.3% rise, while the year-over-year Core PCE is expected to move to 3.5% in October from 3.7% in the prior month. Also at 8:30 a.m. ET, initial jobless claims for the week of Nov. 25 is expected to increase to 220,000 from 209,000 the week prior. At 10 a.m. ET, pending home sales data for October is expected to show a decline of 2% after increasing 1.1% in the prior month.

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