News of the day for Nov. 4, 2024

Stock futures were moving higher early Monday ahead of a busy week that includes the presidential election and a Federal Reserve decision on interest rates.

Berkshire Hathaway (BRK.A; BRK.B) shares were lower after the Warren Buffet-led conglomerate reported declining earnings while reducing its holdings of Apple (AAPL) and Bank of America (BAC). Shares of Nvidia (NVDA) and Sherwin-Williams (SHW) moved higher ahead of their inclusion in the Dow Jones Industrial Average, replacing Intel (INTC) and Dow (DOW). Palantir Technologies (PLTR) shares decline despite analysts seeing 26% jump in quarterly revenue in upcoming earnings report. Boeing (BA) shares were up ahead of a vote today from its machinists union on a new labor contract that would end a nearly two-month workers strike.

Here's what investors need to know today.

1. Stock Futures Moving Higher Ahead of Election, Fed Rate Decision

Stock futures trended higher premarket as market watchers are bracing for a week that includes Election Day on Tuesday and a key Federal Reserve interest-rate decision on Thursday. Investors look to build on the gains from Friday’s session, when stocks moved higher after all three major indexes closed October in the red. Oil prices were higher by more than 2% after the Organization of the Petroleum Exporting Countries (OPEC), along with allies that include Russia, announced it would extend output cuts through December. Treasury yields were slightly lower, with the yield on the benchmark 10-year Treasury at around 4.28%.

2. Berkshire Earnings Fall, Cash Pile Grows As It Sells Apple, Bank of America Shares

Conglomerate Berkshire Hathaway reported that its profits fell in the third quarter as it trimmed its holdings of both Apple and Bank of America. Berkshire reported third-quarter operating earnings of $10.1 billion, down from $10.7 billion a year ago and $11.6 billion in the prior quarter. It also reported a record level of cash holdings at $320.3 billion, up from $271.5 billion in the second quarter. The Warren Buffet-led company also said it had paused share buybacks.

Berkshire Hathaway shares were down slightly in premarket trading. Apple and Bank of America also traded lower.

3. Nvidia To Replace Intel in the Dow, Sherwin-Williams Also Joins Index

Chipmaker Nvidia will replace rival semiconductor manufacturer Intel in the Dow Jones Industrial Average, while paint producer Sherwin-Williams will also join the blue-chip index in place of chemical firm Dow. S&P Dow Jones Indices said the changes to the index will come before the start of trading on Friday, Nov. 8.