EconoTicker

Apple’s Q3 2024 earnings report revealed stronger-than-expected results, with an earnings per share (EPS) of $1.64, beating the anticipated $1.60. The company also reported revenue of $94.9 billion, slightly above the forecast of $94.4 billion. Apple’s market capitalization now stands at $3.42 trillion, highlighting its continued strength in the tech sector and resilience amid challenging global conditions.

Chevron’s Q3 2024 earnings report showed a solid performance, with earnings per share (EPS) of $2.51, surpassing the forecasted $2.45. Revenue also exceeded expectations, reaching $50.67 billion compared to the anticipated $48.9 billion. Chevron’s market capitalization now stands at approximately $272.18 billion. The EPS and revenue beats reflect Chevron’s resilience in managing costs and capitalizing on stable energy market conditions this quarter.

Exxon Mobil reported Q3 2024 earnings, with earnings per share (EPS) coming in at $1.92, slightly surpassing the $1.89 consensus estimate. Revenue, however, missed expectations, totaling $90.02 billion against the forecasted $94.24 billion. This performance brings Exxon’s market cap to approximately $518.83 billion. Despite the EPS beat, the revenue shortfall suggests challenges amid fluctuating energy prices and demand, impacting Exxon’s quarterly income.

In October, U.S. employment data highlighted mixed signals in the labor market. Nonfarm payrolls increased by only 12,000, falling short of the 106,000 forecast and significantly lower than September's revised 223,000. The private sector saw a decline with a reduction of 28,000 jobs, and manufacturing payrolls dropped by 46,000. However, government payrolls rose by 40,000, partially offsetting private losses. Average hourly earnings grew by 0.4% month-over-month, aligning with annual growth of 4.0%, suggesting modest wage pressure. The unemployment rate held steady at 4.1%, while broader unemployment (U6) remained at 7.7%. Additionally, the labor force participation rate dipped slightly to 62.6%, and average weekly hours remained at 34.3.

This data suggests a cautious economic outlook, impacted by sectoral shifts and external events like recent natural disasters and labor strikes.

Initial jobless claims for the week ended Oct. 25, came in at 216,000, below the forecasted 229,000 and the previous 228,000, showing a slight improvement in the labor market. The 4-week average of jobless claims also declined to 236,500 from 238,750, indicating a steady trend of reduced claims over recent weeks. In addition, Continuing Jobless Claims also dropped to 1,862K, from 1,888K in the week before that.

Employment costs grew by 0.8% quarter-over-quarter, matching expectations but below the prior quarter's 1.0% increase, signaling a moderation in employment expenses. Similarly, wages rose by 0.8% QoQ, falling short of the 0.9% estimate, suggesting a tempered pace in wage growth for Q3.

The US PCE price index for September increased by 0.2% month-over-month, aligning with expectations and slightly above August's 0.1%. Year-over-year, PCE fell to 2.1%, matching forecasts but down from 2.3% in August. 

Personal income rose by 0.3%, consistent with predictions, while personal spending saw a notable 0.5% increase, surpassing the 0.4% estimate. Real personal consumption climbed by 0.4%, indicating steady consumer demand. 

Core PCE inflation grew 0.3% month-over-month and held at 2.7% annually, defying a forecasted decline to 2.6%. These indicators reveal continued consumer spending strength amid slightly easing inflation.

Uber Technologies (UBER) delivered a strong Q3 2024 performance with earnings per share of $1.20, significantly surpassing the forecasted $0.37. Revenue for the quarter was $11.19 billion, exceeding expectations of $10.99 billion. Uber's market capitalization stands at $166.88 billion, reflecting a positive quarter with substantial earnings and revenue growth.

Shell (SHEL) posted strong Q3 2024 earnings with an EPS of $1.92, beating the forecasted $1.73. Revenue reached $71.09 billion, above the expected $67.98 billion. With a market capitalization of $205.41 billion, these results underscore Shell's robust performance amid favorable energy market conditions.

Microsoft (MSFT) reported Q3 2024 earnings, with an EPS of $3.30, beating expectations of $3.10. Revenue reached $65.6 billion, exceeding the anticipated $64.55 billion. Microsoft's market capitalization now stands at $3.22 trillion. This strong performance highlights continued growth across its business segments, surpassing analyst estimates on both earnings and revenue.

Booking Holdings (BKNG) reported strong Q3 2024 results, with earnings per share of $83.89, surpassing the forecasted $77.16. Revenue reached $8 billion, exceeding expectations of $7.63 billion. Booking's market capitalization stands at $149.65 billion, reflecting its solid performance and positive outlook in the travel and hospitality industry.

Meta Platforms (META) reported impressive Q3 2024 results with an EPS of $6.03, significantly beating the forecasted $5.21. Revenue came in at $40.59 billion, slightly above the anticipated $40.18 billion. Meta's market capitalization currently stands at $1.5 trillion, underscoring its strong market presence and continued growth momentum.

U.S. pending home sales surged in September, with month-over-month growth of 7.4%, well above the forecasted 1.9% and the previous month's 0.6%. This significant increase points to stronger buyer activity in the housing market, likely driven by seasonal demand or improved economic sentiment. The Pending Home Sales Index reached 75.8, up from the prior 70.6, reflecting renewed momentum in the housing sector amid fluctuating economic conditions.