Morning Reads
- Xi Jinping’s Ideological Ambition
- China Abruptly Delays GDP Release
- In the Netherlands, Balancing Energy
- Russia Wipes Out Exxon’s Stake in Sakhalin Oil-and-Gas Project
- Putin’s War Escalation Is Hastening Demographic Crash for Russia
- Economists Now Expect a Recession, Job Losses by Next Year
- Looming Leadership Void
- Treasury Dept. to Ask Insurers for Data
- Even as US Inflation Climbs, Wall Street Sees Steep Fall Coming
- Retailers, Brands and Tech Platforms Bet Big
- BofA Survey ‘Screams’ Capitulation Among Investors
- How Switzerland’s Oldest Bank Became a Meme Stock
- Goldman Sachs Unveils Revamp as Third-Quarter Profit Falls
- The Extraordinary Rise and Fall of the Covid Billionaires
- Meta Ordered Again to Sell Giphy as UK Watchdog Blocks Deal
- Netflix Looks to Put an End to Subscriber Losing Streak
- All This Talk About “Quiet Quitting” Is Absurd
Option
Futures
PREMIUM
PREPPER
- S&P 500 futures are 1.9% above fair value; the Nasdaq 100 futures are 2.1% above fair value; and the DJIA futures are 1.7% above fair value
- Key factors driving the futures market:
- Better-than-expected earnings results from Goldman Sachs (GS), Johnson & Johnson (JNJ), and Lockheed Martin (LMT)
- Carryover rebound momentum with technical and underweight positioning dynamics acting as positive/contrarian catalysts
- U.S. likely to sell more oil from Strategic Petroleum Reserve this week, according to Reuters
- Bank of England denies FT report that it is planning to delay its quantitative tightening plan
- UK Prime Minister Truss apologizes for turmoil her fiscal plan has created, but says she won't step down
- Secretary of State Blinken thinks China will move faster than previously expected to annex Taiwan, according to Axios
- BofA fund manager survey shows cash position at highest level since April 2001
- Microsoft (MSFT) laying off more employees this week, according to The Wall Street Journal
- Goldman Sachs CEO David Solomon says there is a good chance we will see a recession and that it is time to think more cautiously about risk
- Brokerage research calls of note:
- Upgrades: DRH, JAMF, EVA, EOG, JNPR, OC, PCH, TGT, XYL
- Downgrades: ACMR, IP, PKG, PEGA, RNG, PATH, CVNA, CLF, GPN, HPE, INTC, MAS, MHK, NGM, NXPI, PLMR, PDCE, RFP
- WTI crude futures -0.3% to $85.21/bbl; nat gas futures unch at $5.99/mmbtu; copper futures -0.8% to $3.39/lb
- 2-yr note yield unch at 4.43% and 10-yr note yield -2 bps to 4.00% (hit 4.04% earlier)
- Today's economic data: September Industrial Production and Capacity Utilization at 9:15 a.m. ET; October NAHB Housing Market Index at 10:00 a.m. ET; August Net Long-Term TIC Flows at 4:00 p.m. ET