04 October 2022 Market Close & Major Financial Headlines: Wall Street’s Second Day Rally Sends The Dow Over 820 Points, Closing At Session High

Central Banks Are Stocking Up On Gold

Central banks globally added to their net gold holdings for the fifth consecutive month in August, according to the latest data released by the World Gold Council. On net, central banks added 20 more tons of gold to their reserves. Three banks drove buying in August and there were no notable sellers. So far this year, central banks have added over 300 tons of gold to their goldings. Turkey was the biggest buyer in August and has added more gold than any other country in 2022 to date. With its 8.9-ton purchase in August, Turkey has increased its

Read more at: https://oilprice.com/Metals/Gold/Central-Banks-Are-Stocking-Up-On-Gold.html

DoE Scientists Reveal New Process At Tokamak Fusion Reactor

Scientists at the U.S. Department of Energy’s (DOE) Princeton Plasma Physics Laboratory (PPPL) confirmed they can drop boron powder into a tokamak fusion reactor. The research showed a powder dropper can successfully drop boron powder into high-temperature plasma within tokamaks that have parts made of a heat-resistant material known as tungsten. The scientists wanted to confirm they can use this process to apply boron to tungsten parts because bare tungsten walls can hurt plasma performance if the plasma damages the tungsten. Because of

Read more at: https://oilprice.com/Alternative-Energy/Nuclear-Power/DoE-Scientists-Reveal-New-Process-At-Tokamak-Fusion-Reactor.html

U.S. Shale Won’t Fill Gap If OPEC+ Cuts Oil Production

The U.S. shale industry won’t step in to fill the gap left by an OPEC+ crude oil production cut, energy executives told Reuters on Tuesday. OPEC+ is set to review on Wednesday its production plans for November and the industry consensus is that OPEC+ could consider slashing its output by anywhere from 500,000 BPD to more than a million barrels per day. While some in the industry have pointed out that cutting its targets isn’t the same as cutting actual production, the fact that the group’s most prolific oil producer, Saudi

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Shale-Wont-Fill-Gap-If-OPEC-Cuts-Oil-Production.html

High Energy Prices Push UK Construction Industry To The Brink

The number of UK construction companies at significant risk of closure has jumped 54 percent to 16,755 this quarter, up from 10,686, according to fresh data shared with City A.M. this morning. Construction companies are struggling to cope with spiraling construction costs, inflation, and rising interest rates on their debt. In the last quarter alone 5,900 more construction businesses have been added to the at significant risk of insolvency category, the data from audit and tax firm Mazars shows. Surging prices for essential materials

Read more at: https://oilprice.com/Energy/Energy-General/High-Energy-Prices-Push-UK-Construction-Industry-To-The-Brink.html

Iranian Rial Plunges To Record Low

Iran’s national currency, the rial, fell to a record low against the U.S. dollar amid a wave of protests triggered by the death in custody of a young woman. The rial traded at 331,800 to the dollar on October 3, according to traders in Tehran and the Bonbast.com foreign-exchange website, down from the quoted price of 316,800 a week ago. At the start of September, the rial was at 298,200 to the dollar. The weakening of the currency has intensified since widespread protests over the death of a young woman in police custody for reportedly improperly

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iranian-Rial-Plunges-To-Record-Low.html

UK Blocks Russia From Purchasing Array Of Services From British Firms

The UK has placed new sanctions on Russia, blocking its citizens and businesses from purchasing an array of services from British firms, over the Kremlin’s decision to annex four regions of Ukraine. The new sanctions seek to further damage Russia’s economy by hindering the country’s access to IT consultancy, architectural, engineering, accounting, and commercial legal services from UK firms. Russia currently imports more than two-thirds (67 percent) of its services from countries that have already sanctioned the Russian Federation

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-Blocks-Russia-From-Purchasing-Array-Of-Services-From-British-Firms.html

Streaming bundles are forming, but don’t expect a cable TV-like package any time soon

It’s easy to say streaming will morph into cable-like bundles, but business realities are working against the concept.

Read more at: https://www.cnbc.com/2022/10/04/dont-expect-cable-tv-like-package-for-streaming-bundles.html

Defendant in case of $100 million NJ deli hires lawyer who repped ‘pharma bro’ Martin Shkreli

Peter Coker Sr., one of the defendants in the case of the $100 million New Jersey deli, hired a lawyer who previously represented “pharma bro” Martin Shkreli.

Read more at: https://www.cnbc.com/2022/10/04/defendant-in-100-million-nj-deli-case-hires-lawyer-who-repped-martin-shkreli.html

High mortgage rates, tight supply, and economic uncertainty: Here’s what’s happening with home prices

Recent reports are using monthly comparisons because of the sharp turnaround in the once-hot, pandemic-driven housing boom. So the changes can appear dramatic.

Read more at: https://www.cnbc.com/2022/10/04/whats-happening-with-home-prices.html

Truth Social SPAC shares slide after Elon Musk revives deal to buy Twitter

Shares of the SPAC set to take Trump Media public slid after Elon Musk revived the deal to buy Twitter.

Read more at: https://www.cnbc.com/2022/10/04/truth-social-spac-shares-slide-after-elon-musk-revives-deal-to-buy-twitter.html

Wendy’s drive-thru lanes struggle, while Chick-fil-A has the fastest service, report says

The total average time spent in the drive-thru lane fell to 6 minutes and 13 seconds, shedding about 10 seconds, according to an annual drive-thru study.

Read more at: https://www.cnbc.com/2022/10/04/wendys-drive-thru-lanes-struggle-while-chick-fil-a-has-fastest-service-report-says.html

GM adds former Lyft and Tesla executive Jon McNeill as a board member

Jon McNeill has served as chief operating officer at Lyft and president of global sales, delivery, and service at Tesla.

Read more at: https://www.cnbc.com/2022/10/04/gm-adds-ex-lyft-and-tesla-executive-jon-mcneill-as-board-member.html

Ford’s sales up 16% in third quarter, despite September decline

The Detroit automaker said it sold 142,644 vehicles last month, an 8.9% decline from a year earlier.

Read more at: https://www.cnbc.com/2022/10/04/fords-sales-up-16percent-in-third-quarter-despite-september-decline.html

NBCUniversal CEO Jeff Shell says movie business benefiting from new release model

NBCUniversal CEO Jeff Shell said Tuesday the movie business is performing well after changes that started during the pandemic.

Read more at: https://www.cnbc.com/2022/10/04/nbcuniversal-ceo-jeff-shell-says-movie-business-is-better-with-new-release-model.html

Rivian says it’s on pace to meet 2022 goals after production grew 67% in the third quarter

Rivian built over 7,000 electric vehicles in the third quarter, its best quarterly total yet, as it remains on track to make 25,000 in 2022.

Read more at: https://www.cnbc.com/2022/10/03/rivian-production-grows-67percent-in-3q-confirms-2022-goals.html

Manhattan apartment sales declined 18% in third quarter, as rates rose and markets fell

Manhattan apartment sales fell 18% in the third quarter, as rising mortgage rates and declining stock markets put the brakes on New York’s real estate comeback.

Read more at: https://www.cnbc.com/2022/10/04/manhattan-apartment-sales-fall-18percent-in-third-quarter-marking-reversal.html

Will Smith’s first project since Oscars fiasco gets December release date

“Emancipation” is Smith’s first project since the Oscars, where he made headlines for slapping host Chris Rock on stage.

Read more at: https://www.cnbc.com/2022/10/03/will-smiths-first-project-since-oscars-fiasco-gets-december-release-date.html

Here’s how we determine the FA 100 ranking for 2022

The methodology for the 2022 CNBC FA 100 ranking of registered investment advisors was prepared in partnership with data provider AccuPoint Solutions.

Read more at: https://www.cnbc.com/2022/10/04/heres-how-we-determine-the-fa-100-ranking-for-2022.html

The CNBC FA 100 ranking recognizes advisory firms that help clients navigate their financial lives

The CNBC FA 100 recognizes advisory firms that help clients navigate their financial lives. This annual ranking may help you find an advisor to work with.

Read more at: https://www.cnbc.com/2022/10/04/cnbcs-fa-100-recognizes-advisors-who-help-people-make-smart-money-moves.html

Four States Deploy National Guard To US-Mexico Border

Authored by Alice Giordano via The Epoch Times,

New Hampshire, Rhode Island, Kentucky, and Illinois are deploying several national guard units to the U.S.- Mexico border.

According to the office of New Hampshire Gov. Chris Sununu, the four states are sending 500 soldiers to help secure the border. The units will act under the command of the 941st Military Police Battalion, which already has 44 soldiers in place.

An additional 120 soldiers from the 237th Military Police Company will be deployed to set up surveillance sites along the border to block the laundering of drugs, weapons, and money into the U.S. by Mexican cartels, according to the release.

The units will cover a 250-mile stretch whe …

Read more at: https://www.zerohedge.com/political/four-states-deploy-national-guard-us-mexico-border

Micron To Spend Up To $100 Billion To Build New Plants In Upstate New York

It isn’t just Intel scrambling for real estate in the U.S. to build chip plants…

It was reported this week that Micron will be spending up to $100 billion building what is being called a “mega-complex” of chip plants in the northern suburbs of Syracuse, New York. It would mark the single largest investment in New York state’s history, a report from Syracuse.com says.

The company is expected to unveil details about the project this week. It is expected to create up to 9,000 jobs over the next 20 years, according to U.S. Sen. Charles Schumer and Gov. Kathy Hochul.

It’ll also bring 50,000 supply chain and construction jobs to the area, the report says.

Proving that liberal politicians do support capitalism and billion-dollar companies when it fits their narrative of job creation, Schumer commented: “This is incredible and transformative news for Central New York and for the entire U.S. economy. It’s going to make Central New York one of the centers of high-end chip manufacturing, not just in the United States but in the world.”

Speaking about Micron’s CEO, Schumer said: “He was very eager for the U.S. to pass the Chips Act. And every time we spoke, I told him: I want you to look at Central New York.”

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Read more at: https://www.zerohedge.com/markets/micron-spend-100-billion-build-new-plants-upstate-new-york

Experts Warn Homebuyers Of Red Flags Beyond Climbing Interest Rates

Authored by Mary Prenon via The Epoch Times (emphasis ours),

Over the past two years, houses nationwide were going like hotcakes, with sellers often receiving tens or even hundreds of thousands of dollars over the asking price. Buyers often waived inspections and picked up some of the sellers’ costs in dire hopes of securing that coveted single-family home.

A home for sale is seen in Orlando, Fla., on Dec. 8, 2020. (John Raoux/AP Photo)

While the current landscape has changed due to higher interest rates, many parts of the country are still seeing bidding wars, and home prices are not yet experiencing a sharp decline. With inventory still lower than normal, many buyers remain hungry for a piece of the Americ …

Read more at: https://www.zerohedge.com/markets/experts-warn-homebuyers-red-flags-beyond-climbing-interest-rates

Meta Terminating Midtown South Office Lease Amid Cost-Cutting Push

Meta Platforms Inc.’s sweeping plans to reorganize teams and decrease headcount will also include scaling down operations in New York City, according to Bloomberg, citing people familiar with the matter.

Last week, CEO Mark Zuckerberg gave a gloomy outlook on the economy and the need to implement a hiring freeze and restructure employee teams in the latest effort to trim costs.

“For the first 18 years of the company, we basically grew quickly basically every year, and then more recently our revenue has been flat to slightly down for the first time,” Zuckerberg told staff Thursday.

“I had hoped the economy would have more clearly stabilized by now, but from what we’re seeing it doesn’t yet seem like it has, so we want to plan somewhat conservatively,” he added.

Read more at: https://www.zerohedge.com/markets/meta-terminating-midtown-south-office-amid-cost-cutting-push

Elon Musk Twitter deal back on in surprise u-turn

In a letter to Twitter, the billionaire said he would buy the business and honor his original deal.

Read more at: https://www.bbc.co.uk/news/business-63137114?at_medium=RSS&at_campaign=KARANGA

Pound at two-week high after spending plan reports

The pound remained high despite confusion over when Kwasi Kwarteng would set out his debt-cutting plan.

Read more at: https://www.bbc.co.uk/news/business-63128436?at_medium=RSS&at_campaign=KARANGA

Mortgage rates still rising as big lenders revise deals

The average rate of a new two-year fixed rate mortgage is 6% as the UK’s biggest lenders change prices.

Read more at: https://www.bbc.co.uk/news/business-63131509?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty forming higher lows for 2 days. What investors should do on Thursday

“The short-term trend of Nifty has turned up sharply after a broader range movement of the last few sessions,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He sees resistance at 17,600 and 18,000 levels in the near term, while the immediate support is at 17,150 levels.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forming-higher-lows-for-2-days-what-investors-should-do-on-thursday/articleshow/94645474.cms

Chart Check: This telecom stock at record high likely to surpass Rs 1,000 mark in next 2-3 quarters

Although, since November 2021, the stock largely moved in a range where Rs 780 acted as a stiff resistance while levels above Rs 600 acted as strong support. The stock recently gave a breakout from this range last week to hit a fresh record high of Rs 815.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/chart-check-this-telecom-stock-at-record-high-likely-to-surpass-rs-1000-mark-in-next-2-3-quarters/articleshow/94633565.cms

5 midcap stocks from 3 sectors that have upside scope of 25% according to analysts

From a hospital stock, which has been quietly adding number of beds, to a gold loan-focussed lender, five stocks have seen an improvement in analysts’ score on SR plus and their stock prices have also moved higher. This improvement in score along with rise in prices took place amid wild market swings. Does better stock performance in a volatile market mean a higher probability of these stocks outperforming when a trend market is back in place?

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/5-midcap-stocks-from-3-sectors-that-have-upside-scope-of-25-according-to-analysts/articleshow/94637060.cms

The Moneyist: ‘I spend $600 a month taking women out for dinner and drinks, only to be ghosted by the second or third date’: Can I just go for coffee — and buy my own?

‘I feel like I’m being taken advantage of by the women who agree to meet me on a date.’

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7130-EE8763DA9FC8%7D&siteid=rss&rss=1

Elon Musk reportedly wants to buy Twitter at original offer price: ‘Musk could see the writing on the wall’

Twitter Inc. shares were halted in midday trading Tuesday after Bloomberg News reported that Tesla Inc. Chief Executive Elon Musk was “proposing” to purchase the social-media company at his original offer price.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7130-FC646CE249C9%7D&siteid=rss&rss=1

Robert Powell’s Retirement Portfolio: Many young people shouldn’t save for retirement, says research based on a Nobel Prize-winning theory

New research based on the life-cycle model says that people should strive for a consistent standard of living through their lives.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-712E-FF1A713894A0%7D&siteid=rss&rss=1