Stock Market Winners & Losers: Stocks Churn as Bonds Rise in Election Run-Up | Nearly $1B Spent on Political Ads Over the Last Week | ChatGPT Launches New Search Feature
Stocks struggled amid a tight presidential race and anticipation for the Federal Reserve’s upcoming decision and Jerome Powell’s press conference. Berkshire Hathaway’s cash pile hit a record $325.2 billion, while Viking Therapeutics shared promising data on its obesity pill, set to compete with Eli Lilly and Novo Nordisk’s popular shots. Nvidia and Sherwin-Williams will join the Dow Jones on Nov. 8, with Nvidia replacing Intel.
ChatGPT launched a search feature, positioning itself against Google and Bing in the AI-powered search market. Political ad spending has reached over $10 billion this year, with nearly $1 billion spent just last week. Campaigns are ramping up spending as Election Day nears, with Trump’s campaign outspending Harris’s by $43.4 million to $40.7 million from Oct. 27 to Nov. 2. California’s rent control referendum has also seen over $10 million in ad spending in the past week.
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