US stocks under pressure, Saudi Arabia's Crown Prince bin Salman visits the White House

Market Overview - US stock futures are extending losses for the fourth consecutive day due to concerns over stock valuations and interest rate uncertainty, with the S&P 500 and NASDAQ closing below their 50-day moving averages, indicating potential further weakness ahead [1][5][10] - Bitcoin has dipped below $90,000 for the first time in seven months, erasing all gains for the year, which has negatively impacted Bitcoin ETFs and related stocks [2][19] Home Depot - Home Depot has cut its full-year profit forecast and missed earnings expectations for the third straight quarter, now expecting full-year sales to rise about 3% and comparable sales to be slightly positive [2][3][20] - The company attributes the decline to slow consumer spending and a weaker housing market, leading to a significant drop in home improvement demand [19][22] - Home Depot's stock is down over 3.5% in pre-market trading as investors assess the timing of a potential turnaround in housing starts and home improvement demand [20][23] Economic Indicators - Private sector job data from ADP shows a loss of 2,500 jobs for the week ending November 1, indicating volatility in the labor market [26] - Initial jobless claims for mid-October were reported at 232,000, slightly up from the previous week, but still considered healthy for the labor market [28][29] Saudi Arabia and US Relations - Saudi Crown Prince Muhammad bin Salman is visiting the White House to strengthen defense and economic ties, with expected announcements including a multibillion-dollar investment in AI infrastructure and defense sales [31][32][33] Trending Stocks - Cloudflare experienced an outage affecting major websites, including OpenAI's ChatGPT and Elon Musk's platform X [37] - Microsoft and Amazon were downgraded to neutral by Redburn, citing unclear bull cases for generative AI [38] - Axon, the paint maker, is acquiring Exalta Coding Systems, creating a $17 billion paint giant [40]