- Coming for the Global Economy
- Turkey Cuts Interest Rates Again
- Bank of England Unveils Half-Point Hike
- After a Big Rate Increase, Markets Fear a Recession
- Fed Rate Decision
- How the Fed’s Rate Increase Will Hit Americans’ Monthly Budgets
- Wall Street CEOs Cautious About Path of U.S. Economy
- U.S. Home Sales and Prices Fell in August as Mortgage Rates Rose
- What’s Next for Profits?
- Is the Hyperloop Doomed?
- FedEx Earnings Report
- The Sneaky Genius of Apple’s AirPods Empire
- Chief Metaverse Officers Are Getting Million-Dollar Paydays. So What Do They Do All Day?
- Meta Quietly Reduces Staff in Cost-Cutting Push
- Kraken CEO Jesse Powell Stepping Down from Crypto Exchange
- Why Trump’s Alleged Real-Estate Shenanigans Went Too Far
- Marry Now, Pay Later: New Services Put Weddings on Installment
- S&P 500 futures are in-line with fair value; the Nasdaq 100 futures are 0.1% below fair value; and the DJIA futures are 0.1% above fair value
- Key factors driving the futures market:
- Ongoing concerns about rate hikes and potential for hard landing in U.S.
- Global slowdown worries as Bank of England (+50 bps), Swiss National Bank (+75 bps), Norges Bank (+50 bps), and Bank of Indonesia (+50 bps) all raise rates in aggressive fashion on heels of Fed's 75-basis point rate hike
- Waiting to see how market responds today following the post-FOMC selloff yesterday
- Bank of Japan leaves its key rate unchanged at -0.10%, as expected, and Governor Kuroda says bank won't be raising rates for some time; Ministry of Finance intervenes to support yen (USD/JPY -2.1% to 140.97)
- Turkey's central bank cuts one-week repo rate by 100 basis points to 12% despite inflation rate being north of 80%
- Report suggests the SEC will allow brokers to keep payment for order flow business, according to CNBC
- Target (TGT) says it will hire 100,000 seasonal workers and start promotional deals beginning October 6
- Lennar (LEN) and KB Home (KBH) top Q3 earnings estimates, but provide some tepid guidance
- Brokerage research calls of note:
- Upgrades: LLY
- Downgrades: AA, SQ, NVAX
- WTI crude futures +1.1% to $83.86/bbl; nat gas futures -1.2% to $7.68/mmbtu; copper futures +1.2% to $3.51/lb
- 2-yr note yield +9 bps to 4.07% (but down from overnight high of 4.13%) and 10-yr note yield +3 bps to 3.54%
- Today's economic data: Q2 Current Account Balance and Weekly Initial and Continuing Jobless Claims at 8:30 a.m. ET; August Leading Economic Index at 10:00 a.m. ET