Morning Reads
- Though Property Woes Linger
- Germany Seizes Assets of Russian Oil Giant Rosneft
- What Price Is Right? Why Capping Russian Oil Is Complicated
- Britain’s Spending and Tax Cut Plans Worry Investors in Its Debt
- The World Has a $1 Trillion La Nina Problem
- Thanksgiving Could Be Ruined Due to a Looming Cranberry Shortage
- Biden Administration Targets Crypto Enforcement, Digital Asset Rules
- Can ‘the Merge’ Save Crypto?
- BofA Sees New Lows for US Stocks as Inflation Shock ‘Ain’t Over’
- Mortgage Rates Top 6% for the First Time Since the 2008 Financial Crisis
- More Workers Head to Picket Lines Amid Higher Inflation and a Tight Job Market
- The Ivy League Dropout Who Just Sold His Firm to Adobe for $20 Billion
- FedEx to Close Offices, Park Aircraft After Warning of Sales Shortfall
- For Gen Z, TikTok Is the New Search Engine
- TikTok’s C.E.O. Navigates the Limits of His Power
Futures
Options
PREMIUM
Real Quick
- The S&P 500 futures are 1.4% below fair value; the Nasdaq 100 futures are 1.7% below fair value; and the DJIA futures are 1.2% below fair value
- Key factors driving the futures market:
- A big earnings warning from FedEx (FDX), which was attributed in part to macro weakness; Company withdraws FY23 guidance and CEO says he expects global recession
- Worries about a hard landing
- China posts better-than-expected retail sales, industrial production, and fixed asset investment data for August
- UK posts weaker-than-expected retail sales for August
- South Korea reports lowest unemployment rate (2.5%) on record, feeding expectations for more rate hikes
- General Electric (GE) points to supply chain issues negatively impacting profit, according to Bloomberg
- Brokerage ratings changes of note:
- Upgrades: AA, ANSS, NEXA, SHLS, SCCO, TECK, WDH
- Downgrades: ARW, ADSK, AVT, ADBE, FDX, IP, IHG, PKG
- WTI crude futures +1.3% to $86.20/bbl; nat gas futures -0.8% to $8.26/mmbtu; copper futures -0.4% to $3.48/lb
- 2-yr note yield +1 bp to 3.88% and 10-yr note yield unchanged at 3.46%
- Today's economic data: Preliminary September Univ. of Michigan Index of Consumer Sentiment at 10:00 a.m. ET; July Net Long-Term TIC Flows at 4:00 p.m. ET