06 September 2022 Market Close & Major Financial Headlines: Wall Street’s Main Indexes Open High, Sea-Saw Across The Unchanged Line And Close Near Session Lows, Tech Slides, Crypto, Credit, & Commodities Smashed

Energy Independence Will Not Solve The Global Gas Crunch

The Russian war in Ukraine has sent a devastating domino effect rippling through the global economy that has left nations across the world with devastating energy shortages right as the hard-hit northern hemisphere prepares for the cold winter months. While Europe has been trying to wean itself off of Russian energy so it can slap sanctions on the imports without pyrrhic consequences, Moscow has responded by indefinitely cutting off the flow of natural gas to the continent far before Europe was ready. The result is an energy crisis that threatens

Read more at: https://oilprice.com/Energy/Energy-General/Energy-Independence-Will-Not-Solve-The-Global-Gas-Crunch.html

Can OPEC+ Keep Oil Prices Above $90?

Brent crude held above $90 per barrel at the beginning of the week after OPEC+ announced a tiny, symbolic output cut. Chart of the Week Demise of Gas Paves the Way for Reenergized Coal Sector – Coal prices across all continents have soared to all-time highs this week, almost triple of what it was a year ago, as uncertainty over gas flows in Europe and stagnant LNG volumes favor king coal. – Asia’s benchmark contract, the ICE Newcastle futures, jumped to $463.75 per metric ton on Monday, whilst spot physical coal loaded in Australia

Read more at: https://oilprice.com/Energy/Energy-General/Can-OPEC-Keep-Oil-Prices-Above-90.html

Sitio Royalties To Merge With Brigham Minerals In $4.8 Billion Deal

Oil and gas mineral and royalty company Sitio Royalties Corp. (NYSE: STR) is headed for a merger with Brigham Minerals (NYSE: MNRL) in an all-stock deal with an aggregate enterprise value of ~$4.8B thus creating one of the largest publicly traded mineral and royalty companies in the United States. The deal, expected to be announced on Tuesday, is one of the largest tie-ups in the U.S. oil patch this year, and comes in a period of elevated oil prices. Like the rest of the industry, Sitio and Brigham have seen both their top-and bottom-lines

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Sitio-Royalties-To-Merge-With-Brigham-Minerals-In-48-Billion-Deal.html

Uzbekistan And Azerbaijan Sign Landmark Energy Deal

It has been clear for some time that Russias war in Ukraine is driving the Central Asian states and Azerbaijan to forge tighter partnerships, as countries in Moscows orbit cast around for new trade routes bypassing their internationally isolated former colonial master. Now, news that Uzbekistan and Azerbaijan have signed a landmark deal to boost energy sector cooperation confirms that the drive for closer integration is only gaining impetus. On August 29 their Energy Ministries signed a roadmap outlining their goals and plans up to

Read more at: https://oilprice.com/Energy/Energy-General/Uzbekistan-And-Azerbaijan-Sign-Landmark-Energy-Deal.html

U.S. Natural Gas Futures Shed Over 5% On Soaring Output

U.S. natural gas futures shed around 5% on Tuesday, hitting a four-week low as soaring output coupled with lower demand forecasts drags prices down, despite the fact that inventories are 11% lower than their five-year norm. U.S. natural gas was down 5.2% at 1:10 p.m. EST, to $8.38. Output is still holding strong after the latest report from the Energy Information Administration (EIA) for the week ending August 26, which showed a natural gas inventory build of 61 billion cubic feet. While that brings inventory to 2,640 Bcf, it is still 228

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Natural-Gas-Futures-Shed-Over-5-On-Soaring-Output.html

EU Energy Council To Debate Two Options To Curb Energy Prices

A minister spearheading efforts by the EU’s Czech presidency to cope with spiking energy prices amid Russia’s war with Ukraine says the EU Energy Council will debate two proposals when it meets late this week. Czech officials have called a special meeting of the council for September 9 as fears mount of debilitating fuel shortages this winter, brought on by international sanctions and Russian countermeasures. Czech Industry Minister Jozef Sikela said on September 6 that one option envisages decoupling the price of natural gas from the price charged

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EU-Energy-Council-To-Debate-Two-Options-To-Curb-Energy-Prices.html

Bed Bath & Beyond taps chief accounting officer as interim CFO after executive’s suicide

The company is also looking for a new CEO after its board ousted Mark Tritton in June.

Read more at: https://www.cnbc.com/2022/09/06/bed-bath-beyond-taps-chief-accounting-officer-as-interim-cfo-after-executives-death.html

‘Lego Movie’ producer Dan Lin won’t take DC film and TV chief role at Warner Bros.

Dan Lin, who had been in talks to take over Warner Bros. Discovery’s DC Comics film unit, isn’t taking the job, after all.

Read more at: https://www.cnbc.com/2022/09/06/dan-lin-wont-take-dc-film-and-tv-boss-role-at-warner-bros-discovery.html

Lowe’s chief marketing officer leaves the company as part of broader reorganization

Lowe’s chief marketing officer Marisa Thalberg has left the retailer as part of a broader reorganization, the company said.

Read more at: https://www.cnbc.com/2022/09/06/lowes-chief-marketing-officer-marisa-thalberg-leaves-company-as-part-of-reorganization.html

Trump-linked SPAC quickly adjourns meeting as it seeks votes to delay merger with ex-president’s firm

DWAC, the Trump-linked SPAC, adjourned its meeting as it seeks votes to delay a merger with Trump’s technology firm and its Twitter competitor, Truth Social.

Read more at: https://www.cnbc.com/2022/09/06/shares-of-trump-spac-fall-after-merger-extension-vote-fails.html

CVS to buy home health giant Signify Health for about $8 billion

The Signify acquisition comes as CVS rivals from Amazon to Walgreens are moving further into the health-care sector.

Read more at: https://www.cnbc.com/2022/09/05/cvs-to-buy-home-health-giant-signify-health-for-about-8-billion.html

Bed Bath & Beyond shares decline after CFO’s suicide

Shares of Bed Bath & Beyond were down Tuesday after the struggling retailer’s chief financial officer died over the weekend.

Read more at: https://www.cnbc.com/2022/09/06/bed-bath-beyond-shares-decline-after-cfos-death.html

There are only 4 big movie releases left this year — here’s what’s at stake for Hollywood

‘Avatar’ and ‘Black Panther’ sequels will headline the box office in the latter part of 2022, but there isn’t much else coming out of Hollywood.

Read more at: https://www.cnbc.com/2022/09/05/black-panther-avatar-only-big-movies-left-2022.html

U.S. travelers are getting bigger discounts in much of Europe amid favorable euro-dollar exchange rate

The U.S. dollar is trading near a two-decade high relative to the euro. Here’s how Americans can take advantage when traveling abroad.

Read more at: https://www.cnbc.com/2022/09/06/euro-dollar-exchange-rate-yields-steep-discount-for-americans.html

Stocks making the biggest moves midday: Alibaba, FedEx, Bed Bath & Beyond and more

These are the stocks posting the largest moves midday.

Read more at: https://www.cnbc.com/2022/09/06/stocks-making-the-biggest-moves-midday-alibaba-fedex-bed-bath-beyond-and-more.html

Labor Day weekend air travel surpasses 2019 levels as airlines cap a rocky summer

It was the first holiday weekend since the pandemic began that TSA screenings topped 2019 tallies, a milestone in air travel’s bumpy recovery.

Read more at: https://www.cnbc.com/2022/09/06/labor-day-weekend-air-travel-surpasses-2019-levels-as-airlines-cap-rocky-summer.html

4 takeaways from the Investing Club’s ‘Morning Meeting’ on Tuesday

The Investing Club holds its “Morning Meeting” every weekday at 10:20 a.m. ET.

Read more at: https://www.cnbc.com/2022/09/06/4-takeaways-from-the-investing-clubs-morning-meeting-on-tuesday.html

Bed Bath & Beyond CFO Gustavo Arnal died by suicide, medical examiner says

Bed Bath & Beyond CFO Gustavo Arnal’s death was deemed a suicide, according to New York City’s medical examiner’s office.

Read more at: https://www.cnbc.com/2022/09/04/bed-bath-beyond-cfo-gustavo-arnal-has-died-company-says.html

From vegan meatballs to ice cream sundaes, airlines are revamping in-flight menus

In-flight food can be a creature comfort and can go a long way toward winning over passengers who are willing to pay for premium seats.

Read more at: https://www.cnbc.com/2022/09/04/airlines-revamp-in-flight-menus-from-vegan-meatballs-to-ice-cream-sundaes.html

Tech Tumbles To Worst Streak In 6 Years; Crypto, Credit, & Commodities Clobbered

No rescue from Powell’s pain as Putin’s promises pissed off more people from Poland to Paris over the weekend…

US futures attempted a half-arsed rally overnight but that was all puked back as the cash markets opened…

This left Nasdaq down 7 straight days – its longest losing streak since Nov 2016…

Read more at: https://www.zerohedge.com/markets/tech-tumbles-worst-streak-6-years-crypto-credit-commodities-clobbered

Watch: Biden’s ‘Election Denier’ Spox Scrambles To Explain 2016 Tweet

Democrats are heading into midterms riding on their proud accomplishments crying “burn the witch!” at Republicans who dare commit the grave sin of challenging the results of the 2020 election – an effort which has been months in the making.

And last week President Biden spent a considerable amount of time calling “MAGA Republicans” a threat to democracy because they “don’t accept the results of free and fair elections.”

America respects free and fair elections. We honor the will of the people.

We do not deny it.

— President Biden (@POTUS) September 4, 2022

Read more at: https://www.zerohedge.com/political/watch-bidens-election-denier-spox-scrambles-explain-2016-tweets

Peter Schiff: We Can’t Postpone Inflation’s Day Of Reckoning Much Longer

Via SchiffGold.com,

Jerome Powell and other central bankers at the Federal Reserve are still talking tough about their inflation fight even as the economy continues to deteriorate. Peter Schiff says we’re nearing an inflection point, but the markets don’t get it yet. As he explained in his podcast, the Fed’s monetary tightening is causing a recession, but ultimately, the central bank will surrender to inflation. There is a day of reckoning ahead and we can’t avoid it much longer.

Stock market indexes went into the holiday weekend with another big selloff. We still haven’t reached the June lows, but the markets appear to be heading in that direction. Peter said he thinks we are on our way to “a historic bear market” both in severity and longevity.

Not only are we starting from an unprecedented level of excess va …

Read more at: https://www.zerohedge.com/markets/peter-schiff-we-cant-postpone-inflations-day-reckoning-much-longer

“Sell My Car” Search Trends Explode 222% To All-Time High In September

It looks as though the spike in used car prices that we endured through 2021, and that continued as a result of the devastating inflation we have had so far in 2022, may finally be coming to an unceremonious end.

That’s because search trends for the terms “sell my car” have exploded higher leading into September 2022, a new study from findthebestcarprice.com found this week.

The site performed an analysis of Google search data and found that “searches for ‘sell my car’ exploded to over three times the average volume in September, an unprecedented increase in people searching for ‘sell my car’”,

The terms ‘how to sell my car’ and ‘sell car’ also spiked higher, by 145% and 104%, respectively.

Between August 25 and September 1, searches for ‘sell my car’ rose by 177%, the report said. They rose another 15% on September 4 after the the U.S. Labor Department announced that the unemployment rate has risen from 3.5% to 3.7%, the study says.

Read more at: https://www.zerohedge.com/markets/sell-my-car-search-trends-explode-222-all-time-high-september

Who is Kwasi Kwarteng? New UK chancellor likes a challenge

The new UK Chancellor Kwasi Kwarteng is a past winner of University Challenge – and a key ally of Liz Truss.

Read more at: https://www.bbc.co.uk/news/business-62796213?at_medium=RSS&at_campaign=KARANGA

Liz Truss set to cut energy bills for millions

It is understood that a typical household energy bill could be capped at around £2,500.

Read more at: https://www.bbc.co.uk/news/business-62801913?at_medium=RSS&at_campaign=KARANGA

Vaping: Juul to pay $438.5m in youth marketing probe

US prosecutors accuse the firm of “relentlessly” targeting underage buyers.

Read more at: https://www.bbc.co.uk/news/business-62813896?at_medium=RSS&at_campaign=KARANGA

Nifty bulls looked confused today. What investors should do on Wednesday

Nifty is currently at the crucial overhead resistance of 17,800 levels, and a decisive breakout of this area could pull Nifty back into upside momentum. Any weakness from here could find important support around 17,450-17,400 levels, say analysts.the support for Nifty has shifted around 17,450 levels, while on the upside, 17,770 may act as an immediate hurdle.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/nifty-bulls-looked-confused-today-what-investors-should-do-on-wednesday/articleshow/94031923.cms

Up over 40% in a week, will this multi-bagger Tata stock lose steam?

This is a company which is actually not having any meaningful business at this point of time and because of the major holding by Tata Sons the floating stock in the market is less. Now we are hearing a lot of buzz around the 5G rollout and companies which have some sort of potential to benefit from it, Motilal Oswal’s equity strategist Hemang Jani said.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/up-over-40-per-cent-in-a-week-will-this-multibagger-tata-stock-lose-steam/articleshow/94020355.cms

Chart Check: This airline stock records breakout from double bottom pattern; time to buy?

Short-term traders can look to buy the stock now or on dips for a possible target of Rs 2,380 in the next 1-2 months which will surpass its current 52-week high of Rs 2,379 recorded back in November 2021, suggest experts.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/chart-check-this-airline-stock-records-breakout-from-double-bottom-pattern-time-to-buy/articleshow/94020825.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