CHRIS VERSACE: Good morning, Action Alerts Plus subscribers. We have quite a bit going on today with almost 50 companies reporting this morning, as well as developments in the Middle East. But we're going to begin today's rundown with what's likely to be the story of the day.
And that of course, is the ongoing House Republican effort to elect a speaker. The former speaker, Kevin McCarthy, was ousted just about three weeks ago, and the House has simply been unable to pass any legislation since then. Let's remember that while all eyes are on the Middle East, we are barreling toward another potential government shutdown in mid-November.
To avoid that, the House will need to first elect a speaker. And only once that's happened can the usual political fun, as I like to say, in Washington, resume. Whether the person who lands the speakership role has enough support to avoid the issues that plagued former Speaker McCarthy simply remains to be seen, and hopefully, when low before too long. Given that uncertainty, along with the Middle East, and because we are in the throngs of the earnings season, as we start to hear later today from the first of the Magnificent Seven, it means we are going to keep our inverse ETFs in play once again just a little bit longer, at least.
Now in terms of our XLE and GLD positions, we commented yesterday that we expect them to be a little volatile in the near term. But with comments that the Israeli-Hamas war will see quote "long weeks of fighting ahead," barring any major diplomatic resolution, our GLD and XLE shares are likely to trend higher the longer the war goes on. And turning to earnings, while we don't have any portfolio holdings reporting this morning, we will after today's close with Alphabet and Microsoft. But there are, as I said, about 50 companies reporting this morning.
And that means we will be mining those releases and earnings conference calls for data and other insights. For example, we are seeing signs that the UAW strike is taking its toll. Despite reporting a better than expected September quarter, GM pulled its 2023 earnings guidance. GM also pulled its near-term targets for EVs amid slower than expected demand.
Also this morning, PepsiCo competitor Coca-Cola topped consensus expectations led by a combination of volume and, yes, pricing. Coke also followed PepsiCo in lifting its EPS and revenue targets for the year. On Coke's earnings call, we'll be listening for comments on additional price hikes in the coming quarters and whether it is seeing any impact on its business from weight loss drugs.
Again, those drugs have pressured consumer goods even though companies, including our own PepsiCo, have shared that they have yet to see any significant impact from those weights loss drugs. We'll leave it there for today's rundown. Be sure to check your email inboxes during the day. It is earnings season after all and we have quite a bit to chew through and share with you. JD and I will be back tomorrow to answer some of your biggest questions of the week, so please continue sending your questions to email@example.com. Thanks for watching.