Summary Of the Markets Today:
- The Dow closed down 211 points or 0.63%,
- Nasdaq closed down 1.12%,
- S&P 500 down 0.89%,
- WTI crude oil settled at $85 down $3.60,
- USD $106.85 up $0.56,
- Gold 1776 up $6.50,
- Bitcoin $16,279 down 0.39% – Session Low 15,831,
- 10-year U.S. Treasury 3.872% up 0.043%
*Stock data, cryptocurrency, and commodity prices at the market closing.
Today’s Economic Releases:
From the Survey of Consumer Expectations:
Median one- and three-year-ahead inflation expectations increased to 5.9 percent and 3.1 percent from 5.4 percent and 2.9 percent, respectively. The median five-year-ahead inflation expectations, meanwhile, rose by 0.2 percentage point to 2.4 percent. Household income growth expectations touched a series high of 4.3 percent, up from 3.5 percent in September, while households’ expectations about credit access one year from now worsened. Median home price growth expectations were unchanged at 2.0 percent, the measure’s lowest reading since July 2020. Mean unemployment expectations—or the mean probability that the U.S. unemployment rate will be higher one year from now—increased to its highest reading since April 2020 of 42.9 percent.
From the Fourth Quarter 2022 Survey of Professional Forecasters:
The outlook for the U.S. economy looks weaker now than it did three months ago, according to 38 forecasters surveyed by the Federal Reserve Bank of Philadelphia. The forecasters predict the economy will expand at an annual rate of 1.0 percent this quarter, down from the prediction of 1.2 percent in the last survey. Over the next three quarters, the panelists also see slower output growth than they predicted three months ago. On an annual-average over annual-average basis, the forecasters expect real GDP to increase 0.7 percent in 2023 and 1.8 percent in 2024. These annual projections are lower than the estimates in the previous survey.
Median Forecasts for Selected Variables in the Current and Previous Surveys
| REAL GDP (%) | UNEMPLOYMENT RATE (%) | PAYROLLS (000S/MONTH) | |||||||
|---|---|---|---|---|---|---|---|---|---|
| PREVIOUS | NEW | PREVIOUS | NEW | PREVIOUS | NEW | ||||
| Quarterly data: | |||||||||
| 2022:Q4 | 1.2 | 1.0 | 3.7 | 3.7 | 167.9 | 217.6 | |||
| 2023:Q1 | 1.1 | 0.2 | 3.8 | 3.8 | 89.0 | 79.0 | |||
| 2023:Q2 | 1.5 | 0.2 | 3.9 | 4.0 | 96.6 | 35.8 | |||
| 2023:Q3 | 1.5 | 0.9 | 4.0 | 4.3 | 80.7 | 41.8 | |||
| 2023:Q4 | N.A. | 2.1 | N.A. | 4.4 | N.A. | -14.5 | |||
Here is a summary of headlines we are reading today:
- Container Glut Growing As Global Trade Slips
- Global Markets Breathe Sigh Of Relief As China Relaxes Covid Rules
- Potential Ban On Russian Metals Pushes Aluminum Prices Higher
- Bed Bath & Beyond’s stock falls as retailer plans to issue shares to pay off some debt
- Retailers’ biggest holiday wish is to get rid of all that excess inventory
- “All We Know He’s Alive”: Jay Leno Seriously Burned In Car Fire
- Bond Report: 2-year Treasury yield jumps by most in more than a week as Fed official pushes back on inflation optimism
- Market Snapshot: Dow gains fade, S&P 500 slightly lower as investors evaluate peak-inflation narrative
These and other headlines and news summaries moving the markets today are included below.
The Market in Perspective
| Here are the headlines moving the markets. | |
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Container Glut Growing As Global Trade SlipsThe latest Bloomberg Trade Tracker reveals an ominous outlook for world trade due to soaring interest rates, the war in Ukraine, a slowdown in the US economy, and zero Covid in China. A shortage of containers has entirely reversed into a glut as crashing shipping rates and canceled sails gain momentum during what is supposed to be the busiest shipping period of the year. “The world’s two biggest economies are feeling glum about the export outlook, with both the US and China gauges in contraction in October and the American one in “below-normal” Read more at: https://oilprice.com/Energy/Energy-General/Container-Glut-Growing-As-Global-Trade-Slips.html |
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Bezos Pledges To Give Most Of His $124B To Fight Climate ChangeBillionaire Jeff Bezos, the fourth-wealthiest person in the world, has told CNN he plans to give away the bulk of his $124 billion net worth to fight climate change, saying he was building the capacity to be able to give away this money. Asked by CNN in an exclusive interview whether he intended to give away most of his wealth within his lifetime, Bezos said: “Yeah, I do.” The Amazon founder was vague on specific details surrounding where this vast fortune might go, but speculators are examining the precedent that Read more at: https://oilprice.com/Latest-Energy-News/World-News/Bezos-Pledges-To-Give-Most-Of-His-124B-To-Fight-Climate-Change.html |
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Global Markets Breathe Sigh Of Relief As China Relaxes Covid RulesWith all the bad news that has dominated the airwaves in recent months, it was very welcome to see that US CPI rose significantly less than expected in October to its lowest level since January, prompting a huge relief rally in stocks, bonds as well as a sharp selloff in the US dollar. The rally was given added legs by at least three Fed speakers, Dallas Fed President Lorie Logan, Philadelphia Fed President Patrick Harker, and San Francisco Fed President Mary Daly, who indicated that a slower pace of rate hikes might be appropriate. US headline Read more at: https://oilprice.com/Latest-Energy-News/World-News/Global-Markets-Breathe-Sigh-Of-Relief-As-China-Relaxes-Covid-Rules.html |
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Potential Ban On Russian Metals Pushes Aluminum Prices HigherVia AG Metal Miner Aluminum prices consolidated last month within a range formed between late September and early October. The index’s unclear direction posed a higher risk to buyers, as prices could either reverse to the upside or continue downward. However, by early November, prices seemingly turned bullish. Shortly after, they enjoyed a steady climb toward the top of last month’s range. The Aluminum Monthly Metals Index (MMI) fell 2.0% from October to November. The MetalMiner Insights platform includes global aluminum prices, premiums, Read more at: https://oilprice.com/Metals/Commodities/Potential-Ban-On-Russian-Metals-Pushes-Aluminum-Prices-Higher.html |
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What Does Russias Kherson Retreat Mean For The War In Ukraine?Russia’s withdrawal from the southeastern city of Kherson marks another victory for Kyiv as the front lines on the battlefield continue to be redrawn. But as the fighting shifts into a new phase with winter looming, what’s next for the nearly nine-month war? Following their retreat from Kherson, Russian forces are digging in on the eastern bank of the Dnieper River, across from Kherson, where they are currently setting up defenses that military analysts have said could impede a Ukrainian advance. The river’s width and added damage to the Antonivskiy Read more at: https://oilprice.com/Geopolitics/International/What-Does-Russias-Kherson-Retreat-Mean-For-The-War-In-Ukraine.html |
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South Africas Energy Crisis May Last For YearsSouth Africa’s recent focus on coal-powered generation has led to a collapse of the country’s renewable energy manufacturers and power providers, and the current energy crisis in South Africa could take years to resolve. The country is in the midst of its worst electricity supply crisis, with utility Eskom implementing power cuts and rolling blackouts as it has been struggling to supply stable electricity for months. Many of Eskom’s aging fleet of coal-fired power generating units are frequently down and are disrupting South Africas Read more at: https://oilprice.com/Latest-Energy-News/World-News/South-Africas-Energy-Crisis-May-Last-For-Years.html |
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Tyson CFO apologizes to investors after arrest on charges of public intoxication, trespassingTyson Foods CFO John Tyson apologized to investors Monday after his arrest Nov. 6 on charges of public intoxication and trespassing. Read more at: https://www.cnbc.com/2022/11/14/tyson-cfo-apologizes-to-investors-after-arrest-for-public-intoxication-trespassing.html |
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Bed Bath & Beyond’s stock falls as retailer plans to issue shares to pay off some debtTroubled retailer Bed Bath & Beyond’s stock was down Monday after it said it would issue shares to repay some bonds. Read more at: https://www.cnbc.com/2022/11/14/bed-bath-beyond-stock-falls-as-retailer-plans-to-issue-shares-to-pay-off-debt.html |
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Miami Marlins promote Caroline O’Connor, making her pro baseball’s second-highest ranking womanThe organization announced that owner Bruce Sherman is promoting Caroline O’Connor to president of business operations, effective immediately. Read more at: https://www.cnbc.com/2022/11/14/miami-marlins-promote-caroline-oconnor-making-her-baseballs-second-highest-ranking-woman.html |
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‘Black Panther: Wakanda Forever’ scores $180 million opening weekend, highest November debut everDisney and Marvel Studios’ “Black Panther: Wakanda Forever” snared an estimated $180 million during its domestic debut. Read more at: https://www.cnbc.com/2022/11/13/black-panther-wakanda-forever-opening-weekend-box-office.html |
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Mike Tyson and Evander Holyfield to launch ‘Holy Ears’ cannabis-infused ediblesThe boxing legends are launching “Holy Ears,” a line of cannabis edibles. Read more at: https://www.cnbc.com/2022/11/14/mike-tyson-and-evander-holyfield-launch-holy-ears-cannabis-edibles.html |
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Investors bought nearly $7 billion in Series I bonds in October. Here’s the best time to cash them in, experts sayInvestors purchased nearly $7 billion in Series I bonds in October, according to the Treasury Department. Here’s how to figure out when to redeem them. Read more at: https://www.cnbc.com/2022/11/14/this-is-the-best-time-to-cash-in-those-series-i-bonds-experts-say.html |
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One of our best-performing stocks lately reports earnings this week. Here’s what to expectTJ Maxx’s parent company is scheduled to report earnings Wednesday after shares of TJX have outperformed the S&P 500 in recent months. Read more at: https://www.cnbc.com/2022/11/14/investing-club-what-to-expect-when-tj-maxxs-parent-reports-earnings.html |
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Stocks making the biggest moves midday: Oatly, Amazon, Hasbro, and moreThese are the stocks posting the largest moves in midday trading. Read more at: https://www.cnbc.com/2022/11/14/stocks-making-the-biggest-moves-midday-oatly-amazon-hasbro-and-more.html |
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AST SpaceMobile hits key milestone toward satellite-to-smartphone 5G serviceSatellite-to-smartphone connectivity venture AST SpaceMobile announced that the wide antenna of its recently launched test satellite deployed successfully. Read more at: https://www.cnbc.com/2022/11/14/ast-spacemobile-deploys-bluewalker-3-satellite-antenna.html |
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Retailers’ biggest holiday wish is to get rid of all that excess inventoryWalmart, Target, Gap, Kohl’s, and others are trying to sell through a glut of extra merchandise piling up in store backrooms and warehouses. Read more at: https://www.cnbc.com/2022/11/13/retailers-biggest-holiday-wish-is-to-get-rid-of-all-that-excess-inventory.html |
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Ford vs. GM: Same industry, two increasingly different companiesThe investment cases for Ford and General Motors are increasingly diverging around electric and autonomous vehicles. Read more at: https://www.cnbc.com/2022/11/13/ford-vs-gm-same-industry-two-increasingly-different-companies.html |
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Disney plans hiring freeze, layoffs, and cost cuts, according to a memo from CEO Bob Chapek“We are limiting headcount additions through a targeted hiring freeze,” Disney CEO Bob Chapek said in a memo obtained by CNBC. Read more at: https://www.cnbc.com/2022/11/11/disney-plans-hiring-freeze-job-cuts-memo-says.html |
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The ‘world’s largest floating wind farm’ produces its first powerWhile wind is a renewable energy source, Hywind Tampen will be used to help power operations at oil and gas fields in the North Sea. Read more at: https://www.cnbc.com/2022/11/14/the-worlds-largest-floating-wind-farm-produces-its-first-power.html |
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Jeff Bezos Promises To Give Away Most Of His Fortune To CharityAmazon founder Jeff Bezos, the fourth richest person in the world, intends to give away most of his fortune during his lifetime. In an interview with CNN’s Chloe Melas on Saturday at Bezo’s mansion in Washington, DC, speaking alongside his girlfriend, Lauren Sanchez, he said the bulk of his fortune would go to fighting climate change and unifying humanity. Melas asked if he intends to donate most of his wealth within his lifetime, and Bezos replied: “Yeah, I do.”
“But the couple’s biggest challenge may be figuring out how to distribute Bezos’ vast fortune. Bezos declined to identify a specific percentage or to provide concrete details on where it would likely be spent,” CNN said. Maybe Bezos wouldn’t commit to a specific figure because, according to Bloomberg Billionaires Index, his net worth has collapsed by 25.6% year-to-date due to a 40% plunge in Amazon shares this year. As of Friday, Bezos … Read more at: https://www.zerohedge.com/markets/jeff-bezos-tells-cnn-he-will-give-away-most-his-fortune-charity |
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Zelensky Visits Kherson, Hailing It As “The Beginning Of The End Of The War”Ukrainian President Volodymyr Zelensky showed up in the southern city of Kherson on Monday, after last week Russia made an unusually blunt defense ministry televised announcement that its forces would withdraw from the city, citing a desire to preserve troop and civilian lives. Zelensky took part in a flag-raising ceremony in the newly liberated city center. “This is a great pleasure for my heart and soul. I want to thank you for who you are and for returning Ukraine to the Kherson region. We are returning our Armed Forces, our state, our flag,” Zelensky said from Kherson’s central square. He called the Kherson victory “The beginning of the end of the war.”
Read more at: https://www.zerohedge.com/geopolitical/zelensky-visits-kherson-hailing-it-beginning-end-war |
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CIA & Russian Intel Chiefs Meet In Turkey To Discuss Nuclear TensionsCIA & Russian Intel Chiefs Meet In Turkey To Discuss Nuclear TensionsIn a rare diplomatic opening of dialogue after nine months of war in Ukraine, CIA Director William Burns is in Turkey on Monday for talks with his Russian counterpart aimed at reducing nuclear tensions between the two superpowers. Burns is holding talks with Sergey Naryshkin, the head of Russia’s Foreign Intelligence Service, or SVR, in Turkey’s capital of Ankara. This marks the highest-ranking face-to-face meeting between US and Russian officials since President Putin ordered the invasion of Ukraine on Feb.24.
Getty Images/AFPThe Kremlin confirmed that the meeting is taking place at Washington’s request. “Such negotiations really took place. It was the initiative of the American side,” TASS quoted Kremlin spokesman Dmitry Peskov as saying. According to Al Jazeera, … Read more at: https://www.zerohedge.com/geopolitical/cia-russian-intel-chiefs-meet-turkey-discuss-nuclear-tensions |
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“All We Know He’s Alive”: Jay Leno Seriously Burned In Car FireFormer Tonight Show host Jay Leno was seriously burned when one of his vehicles erupted in flames at his Los Angeles-based garage, according to TMZ. “Jay was in the L.A. garage where he stores his cars on Sunday when one of the cars erupted into flames without warning,” people with direct knowledge of the incident told TMZ, adding Leno was burned on the left side of his face.
The 72yo comedian was rushed to Grossman Burn Center in Los Angeles, where he is currently recovering. Variety reported Leno suffered “serious burns” but is in stable condition.
Leno was expected to attend The Financial Brand conference in Las … Read more at: https://www.zerohedge.com/markets/all-we-know-hes-alive-jay-leno-seriously-burned-car-fire |
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Investment cuts could threaten levelling up, warns infrastructure tsarGovernment targets are at risk if infrastructure spending is cut too far, a top adviser warns. Read more at: https://www.bbc.co.uk/news/business-63624768?at_medium=RSS&at_campaign=KARANGA |
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Elon Musk Tesla pay package heads to courtA shareholder wants Elon Musk’s $56bn pay package to be revoked. Read more at: https://www.bbc.co.uk/news/business-63628186?at_medium=RSS&at_campaign=KARANGA |
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London loses position as the most valuable European stock marketParis is now Europe’s biggest stock market, overtaking London for the first time since records began in 2003. Read more at: https://www.bbc.co.uk/news/business-63623502?at_medium=RSS&at_campaign=KARANGA |
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Tech View: Nifty charts signal indecisiveness on Street. What traders should do on TuesdayThe near-term uptrend status remains intact and the market is now showing minor consolidation at the hurdle of 18,350 levels. The choppy movement/minor weakness could continue for the next 1-2 sessions before showing another round of sharp upside bounce from the higher lows. Immediate support is placed at 18,250 Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-charts-signal-indecisiveness-on-street-what-traders-should-do-on-tuesday/articleshow/95512554.cms |
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10 top stock bets of BNP Paribas that can rally up to 55%As the Indian indices continue to trade near record highs, brokerage firm BNP Paribas is selective on stocks, with an overweight rating on the banking sector and also on the Indian IT space. It is of the view that even as IT might face some near-term pressure on recessionary concerns, it offers a decent valuation post the current 26% correction from its peak in January 2022.”We tilt toward defensive positioning with overweight (OW) on pharma and telecom instead of auto underweight (UW), consumer staples (UW) and consumer durables (UW), where we think the valuation comfort remains low. While the outlook for domestic consumption sectors such as staples, durables and auto has improved on the moderation in commodity costs, we believe that the margin upside is already factored into the consensus estimates and we would like to wait for better entry points with sectors trading at a steep premium to their historical valuations,” noted the brokerage.Hence amid such selective positioning, brokerage firm has suggested its top 10 picks for good gains of up to 55%: Read more at: https://economictimes.indiatimes.com/markets/stocks/news/10-top-stock-picks-of-bnp-paribas-that-can-rally-up-to-55/top-bets/articleshow/95504606.cms |
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ETMarkets Explainer: The rise & fall of crypto exchange FTXFor more such web stories click on the ET icon below Read more at: https://economictimes.indiatimes.com/markets/web-stories/etmarkets-explainer-the-rise-amp-fall-of-crypto-exchange-ftx/articleshow/95506160.cms |
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Bond Report: 2-year Treasury yield jumps by most in more than a week as Fed official pushes back on inflation optimismU.S. bond yields rise on Monday after Federal Reserve Governor Christopher Waller called for caution on optimism that inflation may have peaked. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7153-9FCF4F9AC620%7D&siteid=rss&rss=1 |
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Market Snapshot: Dow gains fade, S&P 500 slightly lower as investors evaluate peak-inflation narrativeU.S. stocks struggle to hold onto earlier gains Monday in choppy afternoon action as investors evaluate a mixed batch of views from Federal Reserve officials. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7153-98B7077565F5%7D&siteid=rss&rss=1 |
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Big Oil’s big presence at COP27 and 5 more notables from climate summit’s midway markCOP27 observers aren’t yet able to say if the talks will produce a shift in moving emissions-cutting chatter beyond voluntary efforts to accountable action. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7153-F12BDE6DB534%7D&siteid=rss&rss=1 |
Ukrainian Army/Anadolu Agency via Getty Images …
