19 October 2022 Market Close & Major Financial Headlines: Wall Street Looks Tired After Closing Moderately In The Red

High-Interest Rates Force Precious Metal Prices Lower

Via AG Metal Miner Octobers Global Precious Metals MMI (Monthly MetalMiner Index) traded sideways, falling slightly by 0.98%. The index held higher than other October MMIs (a majority of which fell in price) due to high-interest rates, recession fears, and slowing economic activity. Due to the current economic climate, investors sought out precious metals for investment reasons more than in previous months. However, most precious metals, save for platinum, remain within a steady downward trend. New Lows Cleared for Gold

Read more at: https://oilprice.com/Metals/Gold/High-Interest-Rates-Force-Precious-Metal-Prices-Lower.html

More Drones Spotted Over Norwegian Oil Infrastructure

Norway’s domestic security agency has opened an investigation into new drone sightings near key infrastructure sites just hours after Bergen Airport, which is near Norway’s main naval base, briefly closed due to drone sightings, the Associated Press reports. There can also be observations that could be other phenomena, for instance, weather. We are sure that there is at least one, AP cited Bergen police spokesman Jan Djuvik as saying. According to deputy chief of the Norwegian Police Security Service Hedvig Moe,

Read more at: https://oilprice.com/Latest-Energy-News/World-News/More-Drones-Spotted-Over-Norwegian-Oil-Infrastructure.html

Octopus Energy Announces 1.1 GW Renewable Venture In Italy

Octopus Energy Generation has continued its expansion plans into Europe, deepening its role in Italy’s green power market. Its venture group, Octopus Energy Development Partnership (OEDP) has invested in renewables specialist Nexta Capital Partners, and is creating a joint project with the Milan-based group. The new venture aims to build 1.1GW of new onshore wind, solar farms and energy storage in the south of Italy by 2025. This will power 1.2m homes, while potentially avoiding a potential 950,000 tonnes of carbon dioxide a year. This

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Octopus-Energy-Announces-11-GW-Renewable-Venture-In-Italy.html

Iran Cozies Up To Russia As Western Sanctions Sting

At present, Iran is struggling mightily with Western sanctions and the resulting economic pressures due to its nuclear program. With the killing of 22-year-old Mahsa Amin, the country has witnessed widespread protests and violence (Al Jazeera, September 27). Regarding nuclear negotiations with the West, some interpret Iran’s activism as treading on Russia’s toes. Some also claim that Iran’s foreign policy stance has been rather passive and argue that its role in trying to mediate the conflict in Ukraine has served to elevate disputes

Read more at: https://oilprice.com/Geopolitics/International/Iran-Cozies-Up-To-Russia-As-Western-Sanctions-Sting.html

Apple Partner Foxconn Unveils Two EV Prototypes

Foxconn Technology Group, formally known as Hon Hai Precision Industry, unveiled two electric vehicle prototypes at its event in Taipei on Tuesday. Foxconn founder Terry Gou Tai-ming showcased the Model B crossover SUV and Model V pickup truck. Foxconn isn’t just the world’s largest electronics contract manufacturer but also the most prominent manufacturing partner for Apple and is aiming to “build clients’ EVs from the chassis up, with no plans to sell vehicles under its own brand,” Bloomberg said. “After we announced our plans

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Apple-Partner-Foxconn-Unveils-Two-EV-Prototypes.html

Biden Lays Out 3-Step Plan To Bring Oil Prices Down

In a live speech at the White House on Wednesday, U.S. President Joe Biden unveiled what he called three critical steps to ensure American energy security as Russia’s war with Ukraine rages on and OPEC+ prepares to cut production in November. Biden said the first critical step would see the Department of Energy (DoE) release another 15 million barrels from the Strategic Petroleum Reserve (SPR), extending the release through the month of December in order to help bring oil prices down further and give American families

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Biden-Lays-Out-3-Step-Plan-To-Bring-Oil-Prices-Down.html

Netflix adds more than 2.4 million subscribers, reveals details about password-sharing crackdown

Netflix reported third-quarter earnings after the bell. Here are the results.

Read more at: https://www.cnbc.com/2022/10/18/netflix-nflx-earnings-q3-2022.html

United shrugs off recession fears as workers ‘untethered from the desk’ fuel travel demand

United said it expects another profit for the fourth quarter.

Read more at: https://www.cnbc.com/2022/10/18/united-airlines-ual-earnings-3q-22.html

Wall Street eyes auto industry earnings for signs of ‘demand destruction’

Wall Street will be watching the auto industry’s earnings results for signs of weakening consumer demand amid recessionary fears.

Read more at: https://www.cnbc.com/2022/10/19/wall-street-eyes-auto-industry-earnings-for-signs-of-demand-destruction-.html

BMW plans to invest $1.7 billion in U.S. to produce electric vehicles

The investment will include $1 billion for production of EVs at BMW’s South Carolina plant, and $700 million to build a new battery-assembly facility.

Read more at: https://www.cnbc.com/2022/10/19/bmw-to-invest-1point7-billion-in-us-to-produce-electric-vehicles.html

Procter & Gamble’s earnings beat as higher pricing offsets drop in volume

Shares of Procter & Gamble have fallen 21% this year, dragging its market value down to $306.4 billion.

Read more at: https://www.cnbc.com/2022/10/19/procter-gamble-pg-q1-2023-earnings.html

What Netflix’s earnings beat tells us about Club holding Disney

Shares of Club holding Disney appear to be getting a boost from Netflix’s better-than-expected third-quarter results.

Read more at: https://www.cnbc.com/2022/10/19/what-netflixs-earnings-beat-tells-us-about-club-holding-disney-.html

IRS bumps up estate-tax exclusion to $12.92 million for 2023. Here’s what that means for wealthy Americans

Starting in 2023, individuals can transfer up to $12.92 million to heirs, during life or at death, without triggering a federal estate tax bill.

Read more at: https://www.cnbc.com/2022/10/19/irs-bumps-estate-tax-exclusion-to-12point92-million-for-2023.html

Stocks making the biggest moves midday: Netflix, Intuitive Surgical, Generac, Winnebago, and more

These are the stocks posting the largest moves in midday trading.

Read more at: https://www.cnbc.com/2022/10/19/stocks-making-the-biggest-moves-midday-netflix-intuitive-surgical-generac-winnebago-and-more.html

Biden awards $2.8 billion for projects to boost electric vehicle battery manufacturing

The funding is part of the administration’s broader push to transition the U.S. away from gas-powered cars to electric vehicles.

Read more at: https://www.cnbc.com/2022/10/19/biden-awards-2point8-billion-for-electric-vehicle-battery-manufacturing-.html

Hyundai says Biden’s new EV tax credit rules deal ‘astronomical’ blow to business

The Biden administration’s elimination of tax credits for imported electric vehicles deals a massive blow to Hyundai Motor’s business, an executive said Wednesday.

Read more at: https://www.cnbc.com/2022/10/19/hyundai-bidens-ev-tax-credit-rules-deal-astronomical-blow-to-business.html

2 takeaways from our daily meeting: Recession-proof stocks, Club names in the news

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

Read more at: https://www.cnbc.com/2022/10/19/takeaways-from-our-daily-meeting-recession-proof-stocks-club-names-.html

SpaceX rolls out Starlink aviation product for satellite internet to private jets

SpaceX rolled out aviation-specific Starlink satellite internet service on Tuesday, with Elon Musk’s company looking to expand further into the inflight WiFi market.

Read more at: https://www.cnbc.com/2022/10/19/spacex-launches-starlink-aviation-product-for-satellite-internet-to-private-jets.html

Netflix’s message to shareholders: Focus on revenue and profit, not subscriber adds

Netflix will no longer forecast customer additions each quarter.

Read more at: https://www.cnbc.com/2022/10/18/netflix-message-to-shareholders-focus-on-revenue-profit-not-subscriber-adds.html

President Biden Pledges To ‘Codify Roe’ With Bill That Goes Far Beyond Roe

Authored by Jonathan Turley,

In what was billed as a major address yesterday by the White House, President Joe Biden declared that, if the Democrats prevail in the midterm elections, “here’s the promise I make to you and the American people: The first bill I will send to the Congress will be to codify Roe v. Wade. And when Congress passes it, I’ll sign it in January, 50 years after Roe was first decided the law of the land.”

As previously discussed, the bill being referenced by the President and Democrats is not a codification of Roe v. Wade, but rather a significant expansion of the precedent. Biden also returned to his claim that the right can be based entirely on the Ninth Amendment.

The Women’s Healt …

Read more at: https://www.zerohedge.com/political/president-biden-pledges-codify-roe-bill-goes-far-beyond-roe

Tesla Earnings Preview: Sales, Semis, & Shanghai In Focus

With the looming sale of Twitter playing out in the background (along the capital needs necessary to facilitate it coming due), we can’t say we’d be surprised by an “optimistic” spin on Tesla’s earnings this afternoon.

The company is expected to post earnings of $1 per share, down from $1.06 per share, and $22.1 billion in revenue, down from $22.7 billion. “Analysts are penciling in an operating profit of about $3.9 billion, compared with $4.1 billion earlier,” Barron’s reported on Wednesday.

Of the largest questions up in the air for the company is going to be demand. With extra production facilities coming online in the months prior to a global economic slowdown and increased competition, Wall Street will be looking for cues as to whether or not Tesla can remain competitive in the increasingly saturated EV space.

Source:

Read more at: https://www.zerohedge.com/markets/tesla-earnings-preview-demand-remains-key-focus

Watch: Moderna CEO Admits COVID Is Like Seasonal Flu, Only Vulnerable Need Jabs

Authored by Steve Watson via Summit News,

In a rare moment, Moderna CEO Stéphane Bancel admitted that COVID is akin to the seasonal flu and that only older people and those who have compromised immune systems need to get vaccinated.

Speaking at a finance conference Monday, Bancel noted “I think it’s going to be like the flu. If you’re a 25-year-old, do you need an annual booster every year if you’re healthy?”

“You might want to… but I think it’s going to be similar to flu where it’s going to be people at high-risk, people above 50 years of age, people with comorbidities, people with cancer and other conditions, people with transplants,” the Moderna head added.

Bancel urged that it is “very important to think about” whe …

Read more at: https://www.zerohedge.com/covid-19/watch-moderna-ceo-admits-covid-seasonal-flu-only-vulnerable-need-jabs

Crude Spikes As President Biden Blames OPEC, Big Oil (& Buybacks) For High Gas Prices

Update: Well, we nailed it in the preview – President Biden blamed OPEC, blamed Big Oil (and its greed), blamed local gas stations (naively claiming that “gas prices should reflect the cost of a barrel of oil”)…

“When the cost of oil comes down, we should see the price of the gas station at the pump come down as well. That’s how it’s supposed to work. But that’s not what’s happening,” he said.

…and said he would drain more from the SPR.

“I told my team behind me to be prepared to look for further releases in the months ahead if needed,” Biden said Wednesday at the White House.

“So we’re gonna continue the responsible use of that national asset.”

After urging Big Oil to pump more oil (remember it’s not an oil shortage that’s the issue, it’s a refinery issue), the president took another shot at the executives…

“My message to the American energy companies is this: You should not be using your profits to buy back stock or for dividends,” Biden said Wednesday at the White House.

“Not now, not while a war is raging.”

Additionally, National Economic Council Director Brian Deese said in an interview with Bloomberg TV on Wednesday, when asked if an export ban was still under consideration, “at this moment, when we have uncertainty and uncertainty for American con …

Read more at: https://www.zerohedge.com/commodities/jpm-calculates-bidens-latest-spr-drain-us-will-exit-2022-lowest-oil-stocks-july-1983

Bank of England wasn’t briefed on mini-budget

The government did not tell the Bank about its tax cut plans, says deputy governor Sir Jon Cunliffe.

Read more at: https://www.bbc.co.uk/news/business-63319567?at_medium=RSS&at_campaign=KARANGA

RMT union announces November rail strike dates

There will be fresh nationwide strikes on 3, 5, and 7 November as part of a dispute over pay

Read more at: https://www.bbc.co.uk/news/business-63307427?at_medium=RSS&at_campaign=KARANGA

People delay turning heating on as UK inflation soars

Cost of living increases by 10.1% in year to September as BBC survey suggests concern is rising.

Read more at: https://www.bbc.co.uk/news/business-63240629?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty above 8 out of 8 SMAs. What investors should do on Thursday

The Nifty ended above the previous consolidation high for the second consecutive session. The trend is expected to remain positive as long as the index sustains above the crucial support of 17,400. On the higher end, resistance is visible at 17,700; above 17,700, the index may move towards 17,900. On the lower end, below 17,400, the index may drift down towards 17,250.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-above-8-out-of-8-smas-what-investors-should-do-on-thursday/articleshow/94968189.cms

Throwback! D-St bulls caught in a rollercoaster ride after peaking in 2021

On October 19, 2021, the Nifty50 and Sensex hit lifetime highs of 18604.45 points and 62245.43 points, respectively. Since then, equities have been on a rollercoaster ride and the indices even tested 52-week lows earlier this year.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/throwback-d-st-bulls-caught-in-rollercoaster-ride-after-peaking-in-2021/articleshow/94968793.cms

Two D-Street veterans scrap this underperformer after 50% fall in a year!

The company delivers customized turnkey projects in the defense segment. It has partnered with some of the leading technology players around the world to indigenize advanced technologies in the defense and space sectors for the Indian market.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/two-d-street-veterans-scrap-this-underperformer-after-50-fall-in-a-year/articleshow/94959485.cms

Abbott Laboratories predicts COVID-19 will be endemic this winter

Abbott, a major producer of COVID-19 tests, does not think there will be a strong appetite for kits

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-713D-04D45AD8F106%7D&siteid=rss&rss=1

Earnings Results: Generac stock rocked after profit warning due to weakness in home generator business

Shares of Generac Holdings Inc. suffered a record selloff on Wednesday, after the home generator maker issued an earnings warning and cut its growth outlook, citing pressure on residential sales.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-713D-3B7CF6814A76%7D&siteid=rss&rss=1

The Moneyist: ‘We will not outlive our money’: How can we give $10,000 to our nieces and nephews without offending the rest of the family?

‘It would give us a great deal of joy to see them use this gift for a wonderful vacation, or paying for extras while in school.’

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-713C-98B9E85E2A63%7D&siteid=rss&rss=1