A person walks out of a Chase Bank on October 11, 2024 in New York City.
- JPMorgan Chase filed lawsuits against customers who allegedly stole thousands of dollars from ATMs through a viral "infinite money glitch."
- Ford Motor guided to the low end of its prior 2024 earnings forecast as it barely beat Wall Street's Q3 expectations.
- Apple released an update that includes the first public version of Apple Intelligence, its artificial intelligence system.
Here are five key things investors need to know to start the trading day:
1. Earnings expectations
Stock futures were little changed Tuesday as investors readied for key corporate earnings releases this week. Nasdaq 100 futures were up 0.04%. Meanwhile, futures tied to the Dow Jones Industrial Average decreased 0.13% and S&P 500 futures fell 0.06%. Pfizer and McDonald's posted results before the bell, and Alphabet, Snap, Reddit, Chipotle and Advanced Micro Devices will report after the market closes. Follow live market updates.
2. McDonald's earnings
McDonald's announced third-quarter earnings Tuesday morning that topped Wall Street expectations. The fast food giant's adjusted earnings per share were $3.23, compared with $3.20 a share expected by an LSEG survey of analysts. Net sales rose 3% to $6.87 billion, compared with the consensus estimate of $6.82 billion. The report comes after a deadly E. coli outbreak was linked to McDonald's Quarter Pounder burgers. As of Friday, 75 health cases have been tied to the outbreak, including one death of an older adult.
Money Report
3. 'Infinite money glitch' sued
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly Chicago Catch-Up newsletter.
JPMorgan Chase sued customers who allegedly stole thousands of dollars from ATMs by taking advantage of a technical glitch that allowed them to withdraw funds before a check bounced. The bank filed three lawsuits on Monday against some customers who withdrew the highest amounts in the so-called "infinite money glitch" that went viral on social media in late August. One case involved a man who owes JPMorgan $290,939.47 after an unidentified accomplice allegedly deposited a counterfeit $335,000 check at an ATM, while the two other suits involve cases in which customers allegedly owe the bank sums ranging from about $80,000 to $141,000.
4. Ford hit the brakes
Ford Motor guided to the low end of its previously announced 2024 earnings forecast as it slightly topped Wall Street's third-quarter expectations. The company said on Monday it now expects adjusted earnings before interest and taxes, or EBIT, of about $10 billion, compared with its prior guidance for between $10 billion and $12 billion. The Detroit automaker reported adjusted earnings per share of 49 cents compared with 47 cents expected by an LSEG survey of analysts. Revenue came in at $43.07 billion compared with the consensus estimate of $41.88 billion.
5. Apple Intelligence is here
Apple on Monday released iOS 18.1, an iPhone update that includes the first public version of Apple Intelligence, its artificial intelligence system. The first wave of Apple Intelligence includes features that can proofread or rewrite text, remove objects from photos and summarize a stack of notifications into a single message. The update also offers improvements to Siri, including a new look that makes the entire screen glow around the phone's edges. The release is a critical milestone for Apple, as Wall Street has questioned the company's strategy to implement AI.
— CNBC's Alex Harring, Amelia Lucas, Hugh Son, Michael Wayland and Kif Leswing contributed to this report.
