5 things to know before the stock market opens on Monday

  • Stocks enter the trading week shortened by the Thanksgiving holiday with a three-week winning streak.
  • Sam Altman, who was fired from OpenAI on Friday, will move to Microsoft to lead an advanced AI team.
  • Black Friday offers started earlier this year than in previous years.

Here are the key news investors need to start the trading day:

Stocks are starting the trading week shortened by the holidays with an upswing. The major U.S. indexes all posted a three-week winning streak for the first time since the summer. Last week, the Dow Jones Industrial Average rose 1.9%, while the S&P 500 and Nasdaq Composite rose 2.2% and 2.4%, respectively. Stocks got a boost after inflation was weaker than expected in October, raising hopes that the Federal Reserve may not need to raise interest rates further to curb stubbornly high prices. In honor of the Thanksgiving holiday, the stock market will be closed on Thursday and will close as early as 1:00 p.m. ET on Friday. Follow live market updates here.

Two days after OpenAI stunned the tech world by firing CEO Sam Altman, the human face of the AI ​​boom has a new home. Altman will lead an advanced AI team at Microsoft, the tech giant’s CEO Satya Nadella announced on the social media platform. The news capped a chaotic period in which OpenAI investors pushed for the company to rehire Altman. Now he ends up at Microsoft, where Nadella said the company will provide Altman, former OpenAI executive Greg Brockman and other new hires with “the resources they need to succeed.” Altman confirmed the move in a post on X, writing: “The mission continues.”

Almost all S&P 500 companies have reported third-quarter earnings, but a handful of companies reporting this week will have a lot to say about the state of the economy and U.S. consumers. Nvidia, already closely watched this year as its stock booms on the AI ​​boom, will be watching its results even more closely after the bell on Tuesday in the wake of Altman’s ouster. Major retailers such as Lowe’s, Best Buy and Abercrombie & Fitch will report earnings on Tuesday morning and may provide commentary on how the companies are faring in the critical holiday quarter. S&P companies’ third-quarter profits were up 6.6% compared to the same quarter last year (as of Friday), but sales were up just 1.4%. Here are the top companies reporting this week:

The Friday after Thanksgiving always brings discounts for savvy holiday shoppers. But this date means a little less than it once did for consumers looking for bargains. According to Adobe Analytics data, retailers offered more early Black Friday promotions this October than in previous years. Discounts on categories such as clothing, home appliances, computers, furniture and televisions were higher this October than in 2022 and 2021, while discounts on electronics and toys were lower. The earlier promotions could be a signal that retailers are concerned about demand this holiday season, in part because inflation-weary shoppers have become accustomed to deals.

The CEO of Cruise, a robotaxi company owned by General Motors, has resigned. Kyle Vogt didn’t give a reason for his resignation but said he expected to “spend time with him.” [his] family and explore some new ideas.” His resignation follows a turbulent time for the company. It conducted a voluntary recall for nearly 1,000 vehicles and was forced to suspend operations on public roads.

—CNBC’s Pia Singh, Matt Clinch, Jordan Novet, Sophie Kiderlin, Robert Hum, Gabrielle Fonrouge, Lora Kolodny and Michael Wayland contributed to this report.

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