Stock Market Winners & Losers: Stocks Rise After Strong Earnings | It’s Cheaper to Rent than Buy | Spotify Stocks Jump 10% After Cost-Cutting

Winner: Stocks rise after strong earnings
• Stocks rose as investors focused on a fresh slate of earnings reports.
• Coca-Cola, 3M, General Electric, Verizon, Kimberly Clark, Dow, General Motors, Halliburton, RTX Corp., Danaher, and Sherwin-Williams all topped earnings expectations.
• Alphabet and Microsoft are among companies posting results after the market closes.
• Other tech names reporting this week include Amazon and Meta.
Winner: It’s cheaper to rent than buy in nearly every market
• For the fifth straight month, rent prices have dropped.
• Housing became more unaffordable with a substantial rise in home prices during the pandemic and a mortgage rate shock that’s still playing out.
• In September, median rents dropped to $1,747.
• That's down $29 from the peak in July of last year or down $5 from Aug. 2023.
• Still, rent prices are significantly higher than pre-pandemic levels, even if they’ve fallen on an annual basis.
• Rents have seen an overall year-over-year rent decline of 0.7%.
• Renting was more affordable than buying in 47 of the top 50 metros.
• The monthly cost of buying a two bedroom homewas $2,959, or 64.3% higher than the cost of renting, on average.
Winner: Spotify stock jumps 10% as cost-cutting boosts profit
• Spotify shares jumped 10% after a surprise profit r — its first quarterly profit in a year and a half — as price increases and cost-cutting measures took hold.
• Shares have more than doubled so far this year, up roughly 112% for 2023.
• Spotify laid off 200 people, or 2% of its workforce, as part of a strategic change in its podcasting unit.
• Revenue: grew 11% 3.36 billion euros
• Premium subscribers: 226 million vs. 224 million
• Spotify raised the prices of its subscription plans earlier this year, anywhere from $1 to $2, depending on the plan.
• Monthly active users drove 447 million euros of ad-supported revenue, that is up 16% year over year.
• Spotify now offers subscribers access to more than 150,000 audio books.
• Spotify is “pulling away from its peers who are simply not innovating in audio.”

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