Morning Reads
- Frenzy Enters Overdrive on Hopes That Worst Is Over
- China Agrees to Approve BioNTech’s Covid-19 Vaccines for Foreigners, German Chancellor Says
- The Metals for Your EV Are Stuck in a 30-Mile Traffic Jam
- Battle Over Deep-Sea Mining Takes on New Urgency as Trial Run Winds Down
- Why Natural Gas Tankers Are Lining Up Off Europe’s Coast
- World’s Factories Enter the Long Winter
- Five Ways Sanctions Are Hitting Russia
- The Messy Unwinding of the New World Order – in Charts
- El Salvador’s $300 Million Bitcoin ‘Revolution’ Is Failing Miserably
- Workers Expect Fast Inflation Next Year. Could That Make It a Reality?
- Holiday Sales Expected to Increase This Year, But Shoppers Will Lean on Savings and Credit to Afford Gifts
- Trader Arrested in Ibiza Awaits FX Case That’s Dividing Wall Street
- Layoffs Hit Tech Sector With Force as Amazon, Lyft Warn of Economic Downturn
- Twitter Sued for Mass Layoffs by Musk Without Enough Notice
- PayPal Shares Tumble After Forecast Cut, Spending Slowdown Warning
- Starbucks Posts Massive Sales Even as U.S. Inflation Soars
- DoorDash Shares Surge on Stronger-Than-Expected Earnings
- Adidas Dropped Ye, But Sneakerheads Haven’t
Options
Futures
PREMIUM
PREPPER
- S&P 500 futures are 0.6% above fair value; the Nasdaq 100 futures are 0.6% above fair value; and the DJIA futures are 0.5% above fair value
- Key factors driving the futures market:
- More speculation that China will ultimately relax zero-COVID policy
- Positive response to Bloomberg report that U.S. auditors completed their on-site inspection of Chinese-listed companies earlier than expected (Hang Seng Index surged 5.4%)
- Some buy-the-dip interest following 5% decline in S&P 500 from Nov. 1 high
- ECB President Lagarde repeats that inflation is still too high and that ECB has a long way to go with rate hikes
- Recession fears spur Saudi Arabia to cut oil selling prices for Asian customers, according to Bloomberg
- US and allies agree to set Russian price cap at fixed level as opposed to a floating rate, according to Bloomberg
- Bloomberg reports that Apple (AAPL) paused hiring for many jobs outside R&D in continued cost-cutting effort; company says it is "taking a very deliberate approach in some parts of the business"
- Brokerage research calls of note:
- Upgrades: AEIS, COHR, COHU, KPTI, PEN
- Downgrades: ACAD, ARNC, BIGC, SATS, FIS, FTDR, FNKO, GPRO, MKSI, PRTA, SPR
- WTI crude futures +3.7% to $91.42/bbl; nat gas futures +3.7% to $6.57/mmbtu; copper futures +4.8% to $3.59/lb.
- 2-yr note yield +3 bps to 4.75% and 10-yr note yield +4 bps to 4.16%
- Today's economic data: October Employment Situation Report at 8:30 a.m. ET