Reads
- Xi’s Vow of World Dominance
- Sunak Delays UK Economic Plan to Set Strategy
- IMF Chief Wants Central Banks To Keep Raising Rates
- U.S. Officials Had a Secret Oil Deal
- Another Closely Watched Recession Alarm Is Ringing
- Mnuchin Warns Market Watchers
- Companies Seek Guidance
- Stock Picking Isn’t Dead
- U.S. Mortgage Interest Rates Jump to 7.16%, Highest Since 2001
- Bad News, Deal-Seekers. Even Cheap Flights Are Expensive Now.
- Musk Tells Bankers He Plans to Close Twitter Deal on Friday
- How Elon Musk Became a Geopolitical Chaos Agent
- Google Shares Fall as YouTube and Search Ads Take Hit
- Spotify Wants to Get Into Audiobooks
- Deutsche Bank Logs Ninth Straight Quarter
- Bed Bath & Beyond
- Coca-Cola Keeps Raising Prices, Driving Profits Higher
- Russian Oligarchs Obscure Their Wealth
Options
Futures
PREMIUM
PREPPER
- S&P 500 futures are 0.7% below fair value; the Nasdaq 100 futures are 1.7% below fair value; and the DJIA futures are 0.1% below fair value
- Key factors driving the futures market:
- Disappointing results and/or guidance from Alphabet (GOOG), Microsoft (MSFT), and Texas Instruments (TXN)
- Festering growth concerns as Alphabet and Microsoft acknowledge slowdown in customer advertising spend
- Continued dip in Treasury yields
- Expectation that Fed will take a less aggressive rate-hike approach after November FOMC meeting
- Chinese state banks sold dollars on Tuesday in a bid to provide support for the yuan, according to Reuters
- Weekly mortgage applications down 1.7% (purchase applications down 42% yr/yr and refinancing applications down 86% yr/yr)
- Goldman Sachs strategists say conditions not in place yet for a market bottom, according to Bloomberg
- Parts of Wuhan in lockdown due to rising Covid cases
- UK Prime Minister Sunak delays release of government's fiscal plan until November 17
- Brokerage research calls of note:
- Upgrades: DFS, HAL, HLX, AGYS, CGC, HUM, PNR, RRC, SJR
- Downgrades: ADDYY, ALLY, BKR, CCK, EPC, IVZ, REGN, SI, WASH, WHR, FMS, MYOV
- WTI crude futures +0.9% to $86.12/bbl; nat gas futures -1.1% to $5.55/mmbtu; copper futures +2.6% to $3.49/lb.
- 2-yr note yield -2 bps to 4.44% and 10-yr note yield -5 bps to 4.06%
- Today's economic data: September Adv. Intl. Trade in Goods, Retail Inventories, and Wholesale Inventories at 8:30 a.m. ET; September New Home Sales at 10:00 a.m. ET