02 September 2022 Market Close & Major Financial Headlines: Wall Street Erases Yesterday’s Gains, Tanking Before Labor Day Weekend As Investors Believe Fed Will Raise Interest Again In September, Third Straight Weekly Loss For Major Indexes.

European Stainless Steel Mills Are Closing Due To Energy Crisis

Stainless steel prices continue to struggle as we approach the final quarter of the year. Meanwhile, nickel prices float just above their 2021 average, closing August at $21,320 / mt. Both indices seem to indicate an overly-cautious marketplace, with buyers and sellers seemingly waiting to see what the other will do. This sort of commodity standoff is less than ideal. MetalMiner has recommended that buyers of flat-rolled stainless expect lower transaction prices as we move into autumn. After all, alloy surcharges are low, and competition

Read more at: https://oilprice.com/Metals/Commodities/European-Stainless-Steel-Mills-Are-Closing-Due-To-Energy-Crisis.html

Frances EDF Vows To Restart All Nuclear Reactors By Winter

Frances state-held utility giant EDF will restart all its nuclear reactors in the country this winter, potentially alleviating the energy crisis in Europe during peak heating season. Currently, more than half of EDFs reactors are out of operation either because of maintenance or technical issues. EDF has committed to restart all its reactors for this winter, French Energy Transition Minister Agns Pannier-Runacher said at a news conference on energy security on Friday. EDF operates a total of

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Frances-EDF-Vows-To-Restart-All-Nuclear-Reactors-By-Winter.html

UK Prime Minister: Go Nuclear, Go Large To Boost Energy Security

Prime Minister Boris Johnson has stressed the need to go nuclear to boost the UK’s energy security as he promised 700 million ($810 million) of funding for the planned Sizewell C nuclear power project. In his last major policy speech before leaving office next week, Johnson said the spike in gas prices driven by Russian President Vladimir Putin’s invasion of Ukraine shows why new nuclear generation capacity is needed in the UK. The new reactor at the Sizewell site in Suffolk is expected to be built in partnership

Read more at: https://oilprice.com/Alternative-Energy/Nuclear-Power/UK-Prime-Minister-Go-Nuclear-Go-Large-To-Boost-Energy-Security.html

U.S. Rig Count Slips Amid Retreat In Crude Prices

The number of total active drilling rigs in the United States dropped by 5 this week, according to new data from Baker Hughes published on Friday. The total rig count fell to 760 this week263 rigs higher than the rig count this time in 2021. Oil rigs in the United States fell by 9 this week, to 596. Gas rigs rose by 4, to 162. Miscellaneous rigs stayed the same at 2. The rig count in the Permian Basin dropped by 6 to 342 this week. Rigs in the Eagle Ford rose by 1 to 71. Oil and gas rigs in the Permian are 92 above where they were this time

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Rig-Count-Slips-Amid-Retreat-In-Crude-Prices.html

Worlds Second-Largest Steelmaker Closes European Plant

The world’s second-largest steelmaker, ArcelorMittal, is the latest industrial company to announce a plant closure in Europe due to soaring gas and energy prices. ArcelorMittal will shut one of its two blast furnaces at its steelworks site in Bremen, Germany, from the end of September until further notice, due to the exorbitant rise in energy prices, the company said in a statement on Friday. The high energy prices are undermining the competitiveness of steel production and the company is taking this step in Germany

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Worlds-Second-Largest-Steelmaker-Closes-European-Plant.html

Oil Markets Jittery As Chinese Tech Hub Returns To Lockdown

Just a couple of months after reopening the economy, the main districts of Chinese tech hub Shenzhen has gone back to into lockdown, extended curbs on public activities, and shut down public transport on Friday as cities across China continue to battle fresh COVID-19 outbreaks that have dampened the outlook for economic recovery. Authorities in Beijing have directed that residents in six districts comprising the majority of the city’s population of 18 million be tested twice for Covid-19 over the weekend with employees required to work from

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Markets-Jittery-As-Chinese-Tech-Hub-Returns-To-Lockdown.html

Chobani withdraws IPO plans after yogurt maker filed to go public in November

The food and beverage company filed to go public on the Nasdaq Exchange using the ticker “CHO” in November.

Read more at: https://www.cnbc.com/2022/09/02/chobani-pulls-plan-for-ipo.html

Top Fox News personalities face questioning as Dominion Voting’s defamation lawsuit moves forward

Maria Bartiromo will be deposed in Dominion’s defamation lawsuit, joining Fox News hosts Tucker Carlson, Sean Hannity, and others.

Read more at: https://www.cnbc.com/2022/09/02/fox-news-personalities-face-questioning-as-dominion-lawsuit-moves-forward.html

1 in 5 home sellers are now dropping their asking price as the housing market cools

The average home sold for less than its list price for the first time in more than 17 months during the four-week period ended Aug. 28, according to Redfin.

Read more at: https://www.cnbc.com/2022/09/02/more-home-sellers-drop-their-asking-price-as-the-housing-market-cools.html

PGA Tour denies renewal of membership for LIV-affiliated players

The PGA Tour has denied the renewal of tour memberships for LIV-affiliated players.

Read more at: https://www.cnbc.com/2022/09/02/pga-tour-denies-renewal-of-membership-for-liv-affiliated-players.html

Ford’s new vehicle sales slow in August, in line with expectations

Ford Motor on Friday said its U.S. sales last month increased double-digits from a year earlier but were off about 4% from the prior month.

Read more at: https://www.cnbc.com/2022/09/02/fords-new-vehicle-sales-slow-in-august-in-line-with-expectations.html

No, McDonald’s all-day breakfast isn’t returning in October

McDonald’s isn’t bringing back its all-day breakfast menu next month, despite a viral tweet saying otherwise.

Read more at: https://www.cnbc.com/2022/09/02/no-mcdonalds-all-day-breakfast-isnt-returning-in-october.html

Starbucks names Laxman Narasimhan as new CEO, starting in April

Narasimhan will join Starbucks in October, learning about the company and its reinvention plan, before assuming the top job in April.

Read more at: https://www.cnbc.com/2022/09/01/starbucks-says-laxman-narasimhan-will-take-over-as-ceo-in-april.html

We were mostly buyers during this turbulent week for stocks. Here’s a recap of all our trades

After raising cash in recent weeks, we put money to work as a Fed-related sell-off tipped the market into oversold conditions.

Read more at: https://www.cnbc.com/2022/09/02/investing-club-we-were-mostly-buyers-during-this-turbulent-week-for-stocks-heres-a-recap-of-all-our-trades.html

GM offers to buy out Buick dealers that don’t want to invest in EVs

The buyout offers are the latest efforts by GM to accelerate the company’s electric vehicle plans and transform its sales network.

Read more at: https://www.cnbc.com/2022/09/02/gm-offers-to-buy-out-buick-dealers-that-dont-want-to-invest-in-evs.html

Stocks making the biggest moves midday: Kohl’s, Broadcom, Lululemon and more

These are the stocks posting the largest moves midday.

Read more at: https://www.cnbc.com/2022/09/02/stocks-making-the-biggest-moves-midday-kohls-broadcom-lululemon-and-more.html

‘Why shouldn’t it be as bad as the 1970s?’: Historian Niall Ferguson has a warning for investors

Top historian Niall Ferguson warned Friday that the world is sleepwalking into an era of political and economic upheaval akin to the 1970s — only worse.

Read more at: https://www.cnbc.com/2022/09/02/1970s-inflation-historian-niall-ferguson-has-a-warning-for-investors.html

NYC sues Starbucks for coffee chain’s firing of union organizer

NYC is suing Starbucks over allegations that the company wrongfully terminated a barista and union organizer.

Read more at: https://www.cnbc.com/2022/09/02/nyc-sues-starbucks-for-coffee-chains-firing-of-union-organizer.html

GameStop meme stock movie ‘Dumb Money’ in the works with Seth Rogen, Pete Davidson

The GameStop meme stock phenomenon is heading to the big screen, as Pete Davidson, Paul Dano, Seth Rogen and Sebastian Stan are set to star in “Dumb Money.”

Read more at: https://www.cnbc.com/2022/09/01/gamestop-meme-stock-movie-dumb-money-seth-rogen-pete-davidson.html

Watch: WH Press Secretary Declares “If You Disagree With The Majority That Is Extreme Thinking”

Authored by Steve Watson via Summit News,

Hours before Joe Biden broadcast seemingly from the gates of hell and declared anyone who disagrees with him to be a violent extremist, his Press Secretary told reporters that those who do not agree with “the majority” are exhibiting “an extreme way of thinking” and must be treated as a threat.

During an exchange on abortion laws, Karine Jean-Pierre stated “When you are not with where the majority of Americans are, then, you know, that is extreme. That is an extreme way of thinking.”

Read more at: https://www.zerohedge.com/political/watch-wh-press-secretary-declares-if-you-disagree-majority-extreme-thinking

John Harwood Out At CNN

Joining the long line of losers leaving the sinking ship, Democrat-apologist (and so-called reporter) John Harwood has just announced today is his last day at CNN…

personal news:

today’s my last day at CNN

proud of the work

thanks to my colleagues

i’ve been lucky to serve the best in American media – St. Petersburg Times, WSJ, NYT, the NBC family, CNN

look forward to figuring out what’s next

— John Harwood (@JohnJHarwood) September 2, 2022

Having consistently spread and ‘confirmed’ every hoax and headline promulgated from the leftist opinion issuers, the big question is where will Harwood end up now?

Read more at: https://www.zerohedge.com/political/john-harwood-out-cnn

Trump Lawyer Claims She ‘Diligently Searched’ Mar-a-Lago In May, Days Before DOJ Subpoenaed Trump

Authored by Rita Li via The Epoch Times (emphasis ours),

A lawyer for former President Donald Trump said she had entirely searched “each and every room” at Mar-a-Lago early in May, less than a week before the Department of Justice issued Trump a grand jury subpoena to recover alleged top secret records he removed from the White House.

An aerial view of former President Donald Trump’s Mar-a-Lago home in Palm Beach, Fla., on Aug. 15, 2022. (Marco Bello/Reuters)

Alina Habba, the attorney representing Trump in a tax fraud probe, t …

Read more at: https://www.zerohedge.com/political/trump-lawyer-claims-she-diligently-searched-mar-lago-may-days-doj-subpoenaed-trump

Biden’s Hateful Rhetoric Against Americans Presents GOP With A Sterling Opportunity

Authored by Rajan Laad via American Thinker (emphasis ours),

Whenever political leaders lose all political capital due to their misgovernance and have no real issues to base their campaign on, they often resort to focusing on the symbolic — usually referring to ‘the soul of the nation.’

This happened before in the U.S., it happened in India, it happened in the U.K. and it happened again in the U.S.

This is most typical of the left.

Instead of being humble and conceding their mistakes, they attack voters for thinking of voting against them while overlooking the myriad catastrophes they presided over.

They often blame their opponents for what they are guilty of — i.e., bigotry and violence, and then end with the ‘soul’ plea.

Biden delivered his ‘soul’ speech at Independence Hall in Philadelphia, the birthplace of both the Declaration of Independence and the Constitution.

The ma …

Read more at: https://www.zerohedge.com/political/bidens-hateful-rhetoric-against-americans-presents-gop-sterling-opportunity

Ukraine war: Key Russian gas pipeline to EU stays closed

The announcement comes shortly after the G7 agrees to cap the price of Russian oil in support of Ukraine.

Read more at: https://www.bbc.co.uk/news/world-europe-62766867?at_medium=RSS&at_campaign=KARANGA

Ukraine war: G7 agrees to impose price cap on Russian oil

Members of the Group of Seven say the move will hurt Russia’s ability to finance its war on Ukraine.

Read more at: https://www.bbc.co.uk/news/business-62770283?at_medium=RSS&at_campaign=KARANGA

Avanti West Coast boss to step down

Train firm boss Phil Whittingham will leave his role following timetabling issues at the train firm.

Read more at: https://www.bbc.co.uk/news/business-62771922?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty50 may consolidate in broader 17,300-800 range

The index needs a push above 18,100 for a rally to truly blossom and once this happens, it will be a one-way ride to 18,600-18,900. There could be a lot of choppiness between 17,900 and 17,600. It is better to have a longer holding period and smaller position size and wait for that moment when Nifty50 could gap up and stay elevated for a prolonged period,” Shah said.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-may-consolidate-in-broader-17300-800-range/articleshow/93951225.cms

Nifty Bank: Key levels to watch out for next week

We feel traders can go for a short straddle strategy where maximum profit will be made in the range of 37,850 and 40,649. However, one needs to be careful above these ranges in the current weekly settlement. Nifty Bank has to cross and hold above 39,500 zone for an up move towards Rs 39,750 and 40,000 zones, whereas supports are placed at 39,250 and 38,888 zones.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/nifty-bank-key-levels-to-watch-out-for-next-week/articleshow/93953568.cms

30% rally in August! This small-cap telecom stock records range breakout on weekly charts; time to buy?

The stock rose more than 20 percent in a week and over 40 percent in the last 3 months. The stock is trading around overbought levels. Hence, some consolidation cannot be ruled out. The relative strength index (RSI) is at 84. RSI above 80 is considered strongly overbought. This implies that stock may show pullback, Trendlyne data showed. MACD is above its center and signal line, this is a bullish indicator.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/chart-check-30-rally-in-august-this-smallcap-telecom-stock-records-range-breakout-on-weekly-charts-time-to-buy/articleshow/93942472.cms

The Wall Street Journal: Secret Service official who figures in Jan. 6 investigation of Trump retires

Secret Service official Tony Ornato announced his retirement on Monday, two months after a former White House aide testified that he had told her then-President Donald Trump lashed out in anger when agents refused to drive him to the Capitol during the Jan. 6, 2021, riot by his supporters.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7118-C280C92CEA4E%7D&siteid=rss&rss=1

AMD launching what it claims is ‘fastest processer in the world for gaming’ in September

At a time of cratering PC sales, Advanced Micro Devices Inc. late Monday launched its new generation of gaming cards and motherboards for fall availability — but the boast of having the fastest gaming card in the world might attract some attention and sales.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7118-8751AF039781%7D&siteid=rss&rss=1

The Margin: Of course Serena Williams’ U.S. Open sneakers have 400 diamonds on them

The tennis and fashion icon is hitting her presumed farewell tournament tour in style, with a custom Nike outfit inspired by figure skating dresses. Get the details here

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7118-BF4E195EF49D%7D&siteid=rss&rss=1