Global Stocks Experience Extended Winning Streak; Australia Raises Interest Rates; WeWork Seeks Bankruptcy; OpenAI Unveils Advanced AI Model

Nasdaq extends winning streak amid expectations of unchanged U.S. rates, Citigroup fears layoffs; collapsing WeWork files for bankruptcy, while Australia's central bank raises interest rates to combat inflation.

The Nasdaq Composite recorded its longest winning streak since January with a 0.3% gain, while the S&P 500 and the Dow Jones Industrial Average continued their respective six-day winning streaks.
Citigroup's 240,000 employees face potential layoffs as part of a cost-cutting corporate overhaul led by CEO Jane Fraser, with job cuts speculated to reach at least 10% in several major businesses.
OpenAI, backed by Microsoft, announced its new and most advanced AI model, GPT-4 Turbo, along with cost reductions for companies and developers using the software.
WeWork, previously valued at over $400 per share, is seeking bankruptcy protection, with its shares currently under $1.
The Reserve Bank of Australia raised its key interest rate to 4.35% in an effort to combat inflation, the first increase after maintaining the rate at 4.1% for four straight meetings.
China recorded a surprising 3% rise in imports in October from a year earlier, the first increase in over a year, despite a worse-than-expected 6.4% decrease in exports.