Morning Reads
- Food Supply Disruption Is Another Front for Russian Falsehoods
- ‘Crippling’ Energy Bills Force Europe’s Factories to Go Dark
- Private Drillers Are Hitting Their Limits
- Electric Vehicles Took Off. Car Makers Weren’t Ready
- The Global Race to Hike Rates Tilts Economies Toward Recession
- Dollar’s Rise Spells Trouble for Global Economies
- Rising Bond Yields Change the Calculus for Stocks
- Put Away the Smelling Salts, the Fed Doesn’t Threaten Washington’s ‘Solvency’
- Bitcoin Drops to 3-Month Low; Ether Extends Swoon Since ‘Merge’
- Student Loan Subsidies Could Have Dangerous, Unintended Side Effects
- Home-Goods Retailers Jolted by Slowdown in Housing Market
- Railroads’ Strategy Thrilled Wall Street, but Not Customers and Workers
- Delta Looks to Improve Margins, Cut Debt as Travel Rebounds
- Business Class for $20,000 Means Staff Fly Coach or Not at All
- Porsche IPO to Raise up to $9.4 Billion for Parent VW
- Apple Flexes Muscle as Quiet Power Behind App Developer Group
- Apple Shot an Oscar Contender Starring Will Smith. That Was Before the Slap.
- Clearview AI, Used by Police to Find Criminals, Now in Public Defenders’ Hands
Futures
Options
PREMIUM
Real Quick
- The S&P 500 futures are 1.0% below fair value; the Nasdaq 100 futures are 1.1% below fair value; and the DJIA futures are 0.9% below fair value
- Key factors driving the futures market:
- Jump in Treasury yields (2-yr note yield up to 3.94% and 10-yr note yield hits 3.51%)
- Carryover momentum
- Festering growth concerns with Fed and other central banks poised to raise rates in aggressive manner
- Some geopolitical angst after President Biden says U.S. forces would defend Taiwan if China attacked it
- Suez Canal to raise transport fees for all vessels 10-15%, starting January 1, 2023
- World Bank President Malpass tells CNBC that the globe might be heading for a recession in 2023
- China lifts the two-week lockdown in Chengdu
- UK market closed in observance of Queen Elizabeth II funeral
- Cryptocurrencies down sharply amid risk-off sentiment and rising rates
- Brokerage research calls of note:
- Upgrades: ARRY, DHI, IIPR, LEN, MTH, PHM, TOL, BLD, EQT, HEI, KBH
- Downgrades: ADBE, ESS, FIS, LH, NCR, NTAP, TROX, UDR, VNTR
- WTI crude futures -2.9% to $82.67/bbl; nat gas futures -3.8% to $7.47/mmbtu; copper futures -0.9% to $3.48/lb
- 2-yr note yield +9 bps to 3.94% and 10-yr note yield +6 bps to 3.51%
- Today's economic data: September NAHB Housing Market Index at 10:00 a.m. ET