28 October 2022 Market Close & Major Financial Headlines: Wall Street’s Three Main Indexes Close Up Near Session Highs – DOW Registering Fourth Straight Week Of Gains

Zinc Prices Could Slide Further

Via AG Metal Miner Since the beginning of 2022, tin prices have steadily declined. Indeed, such was the case for many metal prices after the March peak. However, its possible tin could see a reversal in the long term. As it begins to reach lower support ranges indicated by September 2020s low, we could see tin start to push back towards the upside. For the time being, some remain optimistic that tin will indeed bounce back in the long term. Currently, tin is already showing signals of bouncing back in the short term. After all, the

Read more at: https://oilprice.com/Metals/Commodities/Zinc-Prices-Could-Slide-Further.html

Russia Cuts Expectations For Taxable Oil Production

Russia’s finance ministry has slashed its forecast for taxable oil production for next year, a draft budget seen by Reuters showed on Friday. The draft budget covers the next three years and forecasts a decline in crude oil production and refining as Western sanctions bite. The finance ministry sees Russian oil and gas condensate production at 490 million tonnes next year, or 9.84 million bpd. This is a 7% – 8% decline from the 10.54 million bpd to 10.64 million bpd that the ministry anticipated this year, the budget showed. Its outlook for

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Cuts-Expectations-For-Taxable-Oil-Production.html

UK Bond Market Sheds 1.3 Trillion In Value Amid Record Sell-Off

More than 1.3 trillion has been wiped off the value of UK bonds since the start of 2022 following a major sell-off across bond markets, according to new figures out this morning. Just over 882bn has been wiped off the value of Gilts and Index-linked Gilts, which have fallen 26.4 percent and 36.2 percent respectively in the year to date. In addition, the value of UK corporate bonds has fallen by 514.5bn since the beginning of the year, asset manager Collidr shared with City A.M. The unprecedented meltdown in bonds is

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-Bond-Market-Sheds-13-Trillion-In-Value-Amid-Record-Sell-Off.html

Baker Hughes Shows Weak U.S. Drilling Activity

The number of total active drilling rigs in the United States fell 3 this week, according to new data from Baker Hughes published on Friday. The total rig count slipped to 768 this week224 rigs higher than the rig count this time in 2021. Oil rigs in the United States fell 2 this week, to 610. Gas rigs fell 1 to 156. Miscellaneous rigs stayed the same at 2. The rig count in the Permian Basin held steady again this week at 346. Rigs in the Eagle Ford fell 1 to 70. Granite Wash and Williston also saw a decrease of a single rig, while Cana

Read more at: https://oilprice.com/Energy/Energy-General/Baker-Hughes-Shows-Weak-US-Drilling-Activity.html

Appalling: Antony Blinken Blasts Russia’s Use Of Iranian Drones

U.S. Secretary of State Antony Blinken says Russia’s use of Iranian drones in Ukraine is “appalling,” and the United States and allies will seek to block such shipments. Russia has used drones to “kill Ukrainian civilians and destroy the infrastructure they rely on for electricity, for water, for heat. It’s appalling,” Blinken said on October 27 during a visit to Ottawa, Canada. “Canada and the United States will keep working with our allies and partners to expose, to deter, and to counter Iran’s provision of these weapons,” he said. If it

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Appalling-Antony-Blinken-Blasts-Russias-Use-Of-Iranian-Drones.html

The Global Semiconductor Shortage Is Now Becoming A Glut

The global semiconductor shortage appears to have officially “bullwhipped” its way the other direction and, as such, has become a glut. Yes, you read that right, there is now reportedly a glut of semiconductors at top manufacturers, according to a new report by Caixin. Names like Taiwan Semiconductor Manufacturing Co (TSMC), Advanced Micro Devices Inc (AMD) and Nvidia are now dealing with “unsold stockpiles” of inventory as a result of shrinking demand and canceled orders, the report says. This means that the years-long hold-up for chips

Read more at: https://oilprice.com/Energy/Energy-General/The-Global-Semiconductor-Shortage-Is-Now-Becoming-A-Glut.html

Chrysler and Jeep parent Stellantis offering buyouts to some U.S. salaried employees

To be eligible, employees must be at least 55 years old and have been with the company for 10 years or have 30 years of service and have a pension.

Read more at: https://www.cnbc.com/2022/10/28/chrysler-owner-stellantis-offers-buyouts-to-some-us-employees.html

Tom Brady and Gisele Bundchen announce divorce after 13 years of marriage

NFL superstar Tom Brady and supermodel Gisele Bundchen said they will divorce after 13 years of marriage.

Read more at: https://www.cnbc.com/2022/10/28/tom-brady-and-gisele-bundchen-announce-divorce-after-13-years-of-marriage.html

Truth Social merger partner’s shares rise after Trump weighs in on Elon Musk Twitter deal

Shares of DWAC, the shell company that is supposed to take Donald Trump’s Truth Social, rose Friday as Elon Musk took control of Twitter

Read more at: https://www.cnbc.com/2022/10/28/truth-social-merger-partner-stock-falls-after-trump-lauds-elon-musk-twitter-deal.html

Pending home sales fell 10% in September, much worse than expected

Pending home sales suffered a worse decline than expected from August to September, as mortgage rates surged.

Read more at: https://www.cnbc.com/2022/10/28/pending-home-sales-fell-10percent-in-september-from-august.html

Workers at NYC Starbucks and Amazon Go store file petition to unionize

Workers at the Starbucks and Amazon Go store in midtown Manhattan filed a petition for a union election on Friday.

Read more at: https://www.cnbc.com/2022/10/28/workers-at-nyc-starbucks-and-amazon-go-store-file-petition-to-unionize.html

More than 40% of U.S. households will owe no federal income tax, down from last year, according to a new analysis

More than 72 million American households will pay no federal income taxes this year, marking a large decline from last year, the Tax Policy Center said.

Read more at: https://www.cnbc.com/2022/10/28/more-than-40percent-of-us-households-will-owe-no-federal-income-tax-for-2022.html

FDA says two studies showing omicron boosters weren’t much better than old Covid shots were too small to come to any conclusions

The FDA pushed back against two independent studies that found the new boosters don’t trigger a better immune response than the old shots.

Read more at: https://www.cnbc.com/2022/10/28/fda-says-two-studies-showing-omicron-boosters-werent-much-better-than-old-shots-were-too-small-to-come-to-any-conclusions.html

Here’s a roundup of 8 price target changes we made in Club stocks after earnings

We’re providing a rundown of the price target changes we recently made in Jim Cramer’s Charitable Trust.

Read more at: https://www.cnbc.com/2022/10/28/heres-a-round-up-of-8-price-target-changes-we-made-in-club-stocks.html

Demand for Series I bonds crashes TreasuryDirect ahead of key deadline to secure 9.62% rate

A record 9.62% rate on the Treasury bonds expires after Oct. 28. High volume has made the I bond website “one of the most visited” in the federal government.

Read more at: https://www.cnbc.com/2022/10/28/treasurydirect-crashes-as-investors-try-to-beat-key-i-bond-deadline.html

Stocks making the biggest moves midday: Apple, Amazon, Intel and more

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

Read more at: https://www.cnbc.com/2022/10/28/stocks-making-the-biggest-moves-midday-apple-amazon-intel-and-more.html

Multiple revenue misses in one of our winners convinced us to take profits and get out

We never like to sell on a down day. But after an iffy quarter, we decided to exit.

Read more at: https://www.cnbc.com/2022/10/28/multiple-revenue-misses-in-one-of-our-winners-convinced-us-to-take-profits-and-get-out.html

3 takeaways from our daily meeting: Looking for new stocks, 2 trades, earnings recap

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

Read more at: https://www.cnbc.com/2022/10/28/takeaways-from-our-daily-meeting-new-stocks-2-trades-earnings-recap.html

We’re exiting a drug stock for a nice gain and putting some of that money to work elsewhere

We continue to like health care as a defensive area of the market.

Read more at: https://www.cnbc.com/2022/10/28/were-exiting-a-drug-stock-for-a-nice-gain-and-putting-some-of-that-money-to-work-elsewhere.html

Have Global Central Bank Hawkishness & Inflation Both Peaked?

Authored by Simon White, Bloomberg macro strategist,

Measures of global central-bank tightness and inflation show that both are peaking.

It might not seem like it after today’s upside surprises in European inflation data, but global inflation is probably in the process of peaking. The pandemic led to an unprecedented synchronized supply and demand shock, with inflation rising everywhere. However, a synchronized shock is also likely to lead to synchronized cooling — we seem to be on the cusp of this now.

The Global CPI Diffusion Index captures the percentage of countries around the world where inflation is in an uptrend. This index is at its maximum, a level it has only reached twice before, in 1974 and 2008. On both occasions, it rapidly fell after reaching this level, with Global CPI (the median year-on-year CPI of countries around the world) following suit.

Peak global inflation is meeting peak central bank hawkishness.

Read more at: https://www.zerohedge.com/markets/have-global-central-bank-hawkishness-inflation-both-peaked

Dem Donors Abandon Florida As Former Swing State Gushes Red

As a red wave splashes all across the Sunshine State, Democratic organizational and individual donors have essentially waved a white flag of surrender, reports Politico.

The report draws on conversations with more than dozen Democratic operatives, but nothing speaks more clearly about the dire situation for Democrats than the numbers:

• “The Democratic Governors Association spent just $685,000 this election cycle. It gave $14 million to Florida in the past two governor races.

• Big outside donor money has almost completely dried up. New York billionaire Michael Bloomberg contributed only $1.5 million to Democrats this cycle. He vowed $100 million to Florida in 2020.

• Democrats have collectively raised $29 million in the four non-federal statewide races. Republicans raised nearly $200 million.” — Politico

Voter registration is a huge story too. In 2018, Democrats held a 263,269-voter lead. Just four years later, Republicans outnumber Democrats by 292,533 — a 556,000-voter swing into the red.  And they’re turning out. While Democrats traditionally dominate early voting, Florida Republicans this week overtook Democrats in 2022 voting, and were

Read more at: https://www.zerohedge.com/political/dem-donors-abandon-florida-former-swing-state-gushes-red

As US-China Relations Worsen, Expect Supply Chain Chaos

By John Paul Hampstead of FreightWaves

The trans-Pacific trade lane connecting the world’s most important countries is a pillar of the global economy. But now it’s becoming an epicenter of supply chain, financial and geopolitical risk.

During the pandemic, ocean container spot rates rocketed upward from approximately $1,000 per 40-foot container to nearly $20,000 last fall before plunging again to $2,720 last week.

Read more at: https://www.zerohedge.com/markets/us-china-relations-worsen-expect-supply-chain-chaos

Biden, Harris To Campaign For Fetterman After Rocky Debate Performance

Authored by Tom Ozimek via The Epoch Times,

President Biden and Vice President Kamala Harris will head to Pennsylvania on Oct. 28 and make a rare joint appearance to campaign on behalf of Senate hopeful John Fetterman, a fellow Democrat, after his rocky debate performance fueled concern inside his party, reports and public records indicate.

Biden and Harris, who rarely appear together, are schedul …

Read more at: https://www.zerohedge.com/political/biden-harris-campaign-fetterman-after-rocky-debate-performance

Elon Musk clears out Twitter bosses in $44bn deal

The social media platform’s management begins to exit as the billionaire seals his takeover of the firm.

Read more at: https://www.bbc.co.uk/news/business-63428848?at_medium=RSS&at_campaign=KARANGA

What next for Twitter under Elon Musk?

The BBC’s technology editor looks at the path ahead for the tech company and the billionaire.

Read more at: https://www.bbc.co.uk/news/technology-63424258?at_medium=RSS&at_campaign=KARANGA

British Gas-owner reopens storage ahead of winter

Centrica admits reopening the gas storage site is “not a silver bullet for energy security”.

Read more at: https://www.bbc.co.uk/news/business-63423600?at_medium=RSS&at_campaign=KARANGA

Tech View: 17,800 key hurdle for Nifty bulls. What traders should do on Monday

Nifty has been trading near the 78.6% retracement of the entire September decline. The key Fibonacci level is near 17800. The hourly chart shows that the index is in process of forming a distribution near this key hurdle. The hourly momentum indicator has developed a negative divergence, which is a sign of exhaustion, said Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-17800-key-hurdle-for-nifty-bulls-what-traders-should-do-on-monday/articleshow/95146918.cms

Returns of international funds tumble on global cues. Take a look

For more such web stories click on the ET icon below

Read more at: https://economictimes.indiatimes.com/markets/web-stories/returns-of-international-funds-tumble-on-global-cues-take-a-look/articleshow/95147364.cms

Sebi cuts face value of privately-placed debt securities

The capital market regulator received requests from various market participants with respect to the reduction in the face value

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sebi-cuts-face-value-of-privately-placed-debt-securities-to-enhance-participation/articleshow/95150927.cms

: COVID-19 may be to blame for the surge in RSV illness among children. Here’s why.

A number of young children are being hospitalized because of respiratory syncytial virus, or RSV, and it’s happening at an unusual time of year.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7142-73D0E7C6157B%7D&siteid=rss&rss=1

Crypto: Google Cloud launches first Web3 product in private view

Google Cloud is getting in on blockchain technology to make the work of developers easier.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7146-5387CF274826%7D&siteid=rss&rss=1

: A $3 trillion loss: Big Tech’s horrible year is getting worse

Big Tech companies took a heavy beating this week, to the tune of more than $255 billion in lost market capitalization that helped make a bad year even worse for the once-beloved sector.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7145-B981D828327F%7D&siteid=rss&rss=1