Summary Of the Markets Today:
- The Dow closed up 138 points or 0.33%, (Closed at 42,313, New Historic high 42,628)
- Nasdaq closed down 0.39%,
- S&P 500 closed down 0.13%,
- Gold $2,674 down $20.70,
- WTI crude oil settled at $69 up $0.92,
- 10-year U.S. Treasury 3.754 down 0.035 points,
- USD index $100.42 down $0.10,
- Bitcoin $65,672 up $581 or 0.89%,
- Baker Hughes Rig Count: U.S. -1 to 587 Canada +7 to 218
*Stock data, cryptocurrency, and commodity prices at the market closing
Today’s Highlights
The major stock indexes traded mixed on Friday but closed the week on a positive note. The mixed performance on Friday came as investors reacted to the latest Personal Consumption Expenditures (PCE) inflation report, which is closely watched by the Federal Reserve. This inflation data boosted expectations for potential interest rate cuts by the Fed, with over 50% of traders now anticipating a 50 basis point cut at the next meeting. Despite Friday’s mixed trading, all three major indexes recorded gains for the week, buoyed by renewed economic confidence. A strong GDP report and moderating inflation have increased belief that the Fed can achieve a “soft landing” while beginning to cut interest rates. The PCE report showed continued easing of price pressures, supporting expectations for Fed rate cuts. Additional stimulus measures from China provided further support to markets. Chip stocks closed lower on Friday, with the PHLX Semiconductor Index dropping 1.8%, though it remained up 4.3% for the week.
Click here to read our current Economic Forecast – September 2024 Economic Forecast: One Recession Flag Removed With Three Remaining
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
In August 2024, Real (inflation-adjusted) Personal Consumption Expenditures (PCE) increased from 2.8% to 2.9%. Real Disposable Personal Income decreased from 3.2% to 3.1%. From the same month one year ago, the PCE price index for August 2024 increased 2.2% – down from 2.5% the previous month. Prices for goods decreased 0.9 percent and prices for services increased 3.7 percent. Food prices increased 1.1 percent and energy prices decreased 5.0 percent. Excluding food and energy, the PCE price index increased 2.7 percent from one year ago – up from 2.6% the previous month. The bottom line is that in reality there was no change in income or expenditures – so the projection of no change going forward suggests no change in economic growth in the months ahead. And if one only looks at the PCE price index for inflation one would think we are making progress. But the reality is that the Federal Reserve looks at PCE less food and energy – and that actually increased.
Here is a summary of headlines we are reading today:
- U.S. Oil Drilling Sags: Baker Hughes
- Oil Jumps as Middle East Tensions Ignite Supply Fears
- WTI Houston Crude Prices Gain Prominence as U.S. Oil Exports Jump
- India Says It Won’t Buy LNG From Russia’s Sanctioned Arctic Project
- Dow jumps 100 points to close at a record, major averages extend rally to third week: Live updates
- Wall Street braces for a turbulent October with jobs report on deck next week
- Stocks making the biggest moves midday: Wynn Resorts, Rocket Lab USA, Cassava Sciences and more
- Mystery Of Upward GDP Revision Solved: You Are All $500 Billion Richer Now According To A Revised Biden Admin Spreadsheet
- Former ‘Apprentice’ contestant reduces their stake in Trump Media & Technology
Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.
The Market in Perspective
| Here are the headlines moving the markets. | |
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UK Car Factories Gear Up for Electric ShiftCar production fell last month, continuing a trend seen across the year, new figures show. The number of cars built in UK factories was 8.4 per cent lower in August compared to the same month last year. The Society of Motor Manufacturers and Traders (SMMT) said 41,271 new cars left production lines, 3,781 fewer than last August. The trade body said the decline continues this year’s trend as factories wind down production of key models and prepare for new, mainly electric models. Battery electric, plug-in hybrid and hybrid production for the… Read more at: https://oilprice.com/Energy/Energy-General/UK-Car-Factories-Gear-Up-for-Electric-Shift.html |
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U.S. Oil Drilling Sags: Baker HughesThe total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday. The total rig count fell by 1 this week to 587, compared to 623 rigs this same time last year. The number of oil rigs fell by 4 this week to 484—down by 18 compared to this time last year. The number of gas rigs rose by 3 this week to 99, a loss of 17 active gas rigs from this time last year. Miscellaneous rigs stayed the same at 4. Meanwhile, U.S. crude oil production stayed the same for… Read more at: https://oilprice.com/Energy/Energy-General/US-Oil-Drilling-Sags-Baker-Hughes.html |
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Oil Jumps as Middle East Tensions Ignite Supply FearsCrude prices are seeing a sharp rise today, with WTI trading at $68.52 per barrel, up 1.26%, and Brent crude at $72.27 per barrel, up 0.94%. These gains are driven primarily by escalating tensions in the Middle East, particularly the intensifying conflict between Israel and Hezbollah. This volatility is prompting fears of further disruptions to oil supply and maritime routes. Israel recently launched an airstrike targeting Hezbollah’s central headquarters in Beirut, marking the heaviest attack in almost a year of ongoing conflict. Although the… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Jumps-as-Middle-East-Tensions-Ignite-Supply-Fears.html |
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Conoco Court Win Sends Venezuela’s Gas Money Up In SmokeConocoPhillips has taken a significant step forward in its long-standing battle to recover payments from Venezuela’s state oil company, PDVSA. On September 27, 2024, a Trinidadian court approved ConocoPhillips’ request to seize payments that PDVSA would have received for its role in the Dragon Gas offshore project. This ruling follows years of legal wrangling over compensation for assets nationalized by the Venezuelan government. The court appointed an accounting firm as a receiver to facilitate the process. Judge Frank Seepersad cited concerns… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Conoco-Court-Win-Sends-Venezuelas-Gas-Money-Up-In-Smoke.html |
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WTI Houston Crude Prices Gain Prominence as U.S. Oil Exports JumpThe benchmark crude prices at Houston have seen increased trading volumes as the rise in U.S. crude oil exports out of the Gulf Coast is making regional prices more important for physical and futures traders, analysts and industry officials have told Reuters. Surging U.S. crude exports, particularly WTI Midland, have dominated global markets in recent months, with record export volumes and a significant portion being sent to Europe. Before the U.S. allowed in 2015 crude oil exports to international markets other than Canada, soaring American production… Read more at: https://oilprice.com/Latest-Energy-News/World-News/WTI-Houston-Crude-Prices-Gain-Prominence-as-US-Oil-Exports-Jump.html |
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India Could Boost Its Refining Capacity by 800,000 Bpd by 2030Indian refiners are expected to raise their total refining capacity by up to 800,000 barrels per day (bpd) by the end of the fiscal 2030 year, to meet domestic fuel demand growth, Crisil Ratings said on Friday. In the decade to fiscal year 2024, India’s refining capacity increased by 42 million tons to 257 million tons, or to 5.16 million bpd. Refiners boosted capacity to meet the growing domestic consumption, as exports remained range-bound at around 1.3 million bpd over the period, the rating agency said in a report. By the end of fiscal… Read more at: https://oilprice.com/Latest-Energy-News/World-News/India-Could-Boost-Its-Refining-Capacity-by-800000-Bpd-by-2030.html |
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Oversupply Fears Are Pushing Oil Prices LowerFear of an oversupply of oil on the back of reports that Saudi Arabia is considering returning to its strategy of pursuing market share rather than supporting prices has sent both WTI and Brent falling this week.Friday, September 27th, 2024China’s economic stimulus measures and US hurricanes have provided firm fundamental support for oil prices; but the big story of this week has come from Saudi Arabia, with media outlets alleging Riyadh is considering a strategy revamp of retaking market share in the oil markets. Fearing oversupply, market… Read more at: https://oilprice.com/Energy/Energy-General/Oversupply-Fears-Are-Pushing-Oil-Prices-Lower.html |
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Diplomatic Warfare Is Intensifying in South AmericaPolitics, Geopolitics & Conflict Libya remains gridlocked this week, with a UN-mediated agreement between the rival sides on the appointing of a yet-to-be-determined head of the Central Bank that both would support. We have little confidence in a successful outcome for a compromise candidate. There can be no compromise candidate because there is no desire to compromise. The issue of control over the country’s oil revenues remains unresolved, and that makes whoever controls the CB the kingmaker here. While Washington continues along a… Read more at: https://oilprice.com/Energy/Energy-General/Diplomatic-Warfare-Is-Intensifying-in-South-America.html |
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My Top Energy Play After the Fed’s Rate CutLast week, the Fed did something that surprised the markets to some extent. The fact that they cut interest rates at the September meeting was certainly not a surprise. Many people, including me, had expected just that, but to do so by 50 basis points, or one-half of one percent, was somewhat out of character for a Fed that has, until now, been seen as rather cautious. As you might expect, the stock market reacted positively to the move, but what does it mean for energy investors? Oil, the most significant and widely traded energy market, also… Read more at: https://oilprice.com/Energy/Energy-General/My-Top-Energy-Play-After-the-Feds-Rate-Cut.html |
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A Dangerous Game of Red Sea InfluenceRussia-Ukraine, Israel-Gaza, and the relentless targeting of Red Sea shipping by Yemen’s Houthis are not micro conflicts unfolding in a vacuum, and the Horn of Africa is where attention should be shifting as the Russia-Iran axis looks for weak spots to manipulate for ultimate control over the Red Sea. If the Houthi bombardment is not catastrophic in and of itself, the plans of external forces beyond the Houthi activities are. Everyone is looking for an advantage, and right now, the entire region is eyeing the Red Sea, which brings… Read more at: https://oilprice.com/Energy/Energy-General/A-Dangerous-Game-of-Red-Sea-Influence.html |
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Rumors of a Saudi Production Hike Boost Bearish Sentiment in Oil MarketsCrude Oil Weekly Recap: Key Events Driving Price Movements This week, light crude oil (WTI) prices experienced notable volatility, shaped by a series of major global events that put pressure on both supply and demand. Saudi Arabia’s production plans, China’s economic policies, U.S. crude stockpiles, and geopolitical tensions all contributed to the shifting sentiment in the oil market. Saudi Arabia’s Production Plan Pushes Prices Lower A significant factor influencing crude prices this week was Saudi Arabia’s potential decision… Read more at: https://oilprice.com/Energy/Energy-General/Rumors-of-a-Saudi-Production-Hike-Boost-Bearish-Sentiment-in-Oil-Markets.html |
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Pemex Oil Output Dips as Outgoing Mexican President Fails to Bolster State GiantMexico’s oil firm Pemex saw its oil production decline by 6% in August compared to August 2023 as outgoing Mexican President Andres Manuel Lopez Obrador has failed to turn around the fortunes of the heavily indebted state-owned company. Pemex produced a total of 1.77 million barrels per day (bpd) of liquids, which include crude oil and condensate, last month, down by 6% compared to August of last year, according to company data cited by Reuters. Crude oil production only averaged below 1.5 million bpd in August, as Pemex’s crude output… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Pemex-Oil-Output-Dips-as-Outgoing-Mexican-President-Fails-to-Bolster-State-Giant.html |
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TotalEnergies Boosts U.S. Natural Gas Business With Eagle Ford AssetsTotalEnergies on Friday announced a deal to buy a 45% stake in dry gas-producing assets owned and operated by Lewis Energy Group in the Eagle Ford basin in Texas, growing its gas production business and boosting its LNG portfolio. The assets that TotalEnergies is buying are located in Southwest Texas and have the potential to be developed to reach a sustainable gross production of around 400 Mcf/d by 2028. TotalEnergies, which is the leading exporter of U.S. LNG, is further increasing the integration across its gas value chain in the United States,… Read more at: https://oilprice.com/Latest-Energy-News/World-News/TotalEnergies-Boosts-US-Natural-Gas-Business-With-Eagle-Ford-Assets.html |
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India Says It Won’t Buy LNG From Russia’s Sanctioned Arctic ProjectIndia will not buy liquefied natural gas from the sanctioned Russian project Arctic LNG 2, India’s Oil Secretary Pankaj Jain said on Friday. “We will not buy (supply from) Arctic LNG 2. We are not buying any sanctioned commodity. Something which has broad-based sanctions, we are not touching it,” the official told reporters today, as carried by Reuters. The U.S. and the EU have imposed sanctions on the Arctic LNG 2 project, aiming to stifle Russia’s revenues from oil and gas. Located in the Gydan Peninsula in the Arctic,… Read more at: https://oilprice.com/Latest-Energy-News/World-News/India-Says-It-Wont-Buy-LNG-From-Russias-Sanctioned-Arctic-Project.html |
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Japan’s Mitsubishi Boosts Stakes in Malaysian LNG ProjectsMitsubishi Corporation is boosting its equity stakes in one of the world’s single largest LNG-producing facilities in Malaysia after signing agreements with Malaysian state-owned oil and gas giant Petronas. On Friday, Mitsubishi and Petronas announced the signing of agreements under which Mitsubishi Corporation will invest in the Malaysia LNG units Dua and Tiga over the next decade. The Japanese firm announced an extension of its 10% equity shareholding in MLNG Dua, and the reinvestment of a 10% equity shareholding in MLNG Tiga in ten-year… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Japans-Mitsubishi-Boosts-Stakes-in-Malaysian-LNG-Projects.html |
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Dow jumps 100 points to close at a record, major averages extend rally to third week: Live updatesThe 30-stock Dow rose on Friday as traders digested new data that pointed to further progress in lowering inflation. Read more at: https://www.cnbc.com/2024/09/26/stock-market-today-live-updates.html |
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Why JPMorgan Chase is prepared to sue the U.S. government over Zelle scamsJPMorgan disclosed that the CFPB could punish the lender for its role in Zelle, the giant peer-to-peer digital payments network. Read more at: https://www.cnbc.com/2024/09/27/jpmorgan-chase-prepared-to-sue-us-government.html |
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Wall Street braces for a turbulent October with jobs report on deck next weekInvestors may find it hard to count on another strong month after September’s performance. Read more at: https://www.cnbc.com/2024/09/27/wall-street-braces-for-turbulent-october-with-next-jobs-report-looming.html |
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Hands-on with Meta’s Orion AR glasses prototype and the possible future of computingCNBC senior media and tech correspondent Julia Boorstin experienced Meta’s Orion AR glasses prototype, and was impressed by how lightweight they were. Read more at: https://www.cnbc.com/2024/09/27/hands-on-with-metas-orion-augmented-reality-smart-glasses-prototype.html |
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The U.S. wants to triple nuclear power by 2050. America’s coal communities could provide a pathwayThe U.S. needs to add 200 gigawatts of nuclear power, a senior official at the Department of Energy said. Read more at: https://www.cnbc.com/2024/09/27/americas-coal-communities-could-help-the-us-triple-nuclear-power.html |
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Trump calls for prosecution of Google over search results he says favor HarrisDonald Trump claimed Google was showing only “good stories” about his Vice President Kamala Harris, his presidential election opponent. Read more at: https://www.cnbc.com/2024/09/27/trump-google-should-be-prosecuted-over-search-results.html |
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Stocks making the biggest moves midday: Wynn Resorts, Rocket Lab USA, Cassava Sciences and moreThese are some of the stocks posting the largest moves in midday trading. Read more at: https://www.cnbc.com/2024/09/27/stocks-making-the-biggest-moves-midday-wynn-rklb-sava.html |
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Ports strike would leave Walmart, Ikea, Home Depot with few import options, union warnsPort workers are prepared to go on strike on the East and Gulf coasts on Oct. 1, and the union is warning that Canadian and West Coast ports will support them. Read more at: https://www.cnbc.com/2024/09/27/ports-strike-union-warns-walmart-no-trade-import-options.html |
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Top Eric Adams advisor has phone seized, home searched as NYC mayor pleads not guiltyNew York City Mayor Eric Adams is accused of accepting illegal campaign contributions and luxury travel from Turkish businesspeople. Read more at: https://www.cnbc.com/2024/09/27/new-york-eric-adams-arraignment-corruption-court.html |
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Israel says it struck Hezbollah’s headquarters in huge explosion that killed at least 2 peopleHours earlier, Netanyahu addressed the U.N., vowing that Israel’s campaign would continue — further dimming hopes for an internationally backed ceasefire. Read more at: https://www.cnbc.com/2024/09/27/israel-says-it-struck-hezbollahs-headquarters-as-huge-explosions-rocked-beirut.html |
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Maggie Smith, scene-stealing actor famed for Harry Potter and ‘Downton Abbey,’ dies at 89Maggie Smith was frequently rated the preeminent British female performer of a generation that included Vanessa Redgrave and Judi Dench. Read more at: https://www.cnbc.com/2024/09/27/maggie-smith-downton-abbey-and-the-harry-potter-films-has-died-aged-89-.html |
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Why analysts are calling Cava the next ChipotleFast-casual Mediterranean chain Cava has become a new Wall Street darling as it looks to match the performance of predecessor and competitor, Chipotle. Read more at: https://www.cnbc.com/2024/09/27/why-analysts-are-calling-cava-the-next-chipotle.html |
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Brokerages are slashing yields on cash, but these firms are still paying upward of 4% — for nowFinancial service firms are trimming the yields they pay on uninvested cash, according to an analysis by Bank of America. Read more at: https://www.cnbc.com/2024/09/27/brokerages-slash-yields-on-cash-but-some-still-offer-upward-of-4percent.html |
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Jersey Shore Wind Power Project Stalls After Having A “Hard Time” Finding Someone To Manufacture Turbine BladesThere has been tons of controversy about wind farm projects on the Jersey shore, with residents in beaches like Brigantine against the initiatives, while others argue for implementing the clean energy. Turns it out may be a moot point: one project is having “a hard time finding someone to manufacture blades for its turbines”, local radio station NJ 101.5 reported this week. We guess when you focus too much on green virtue signaling and ignore the fact that the country doesn’t produce or manufacture anything anymore, there’s eventually consequences. The New Jersey Board of Public Utilities has granted Leading Light Wind a pause on its offshore wind project until Dec. 20, as the developers struggle to secure necessary turbine components, the report says. Read more at: https://www.zerohedge.com/markets/jersey-shore-wind-power-project-stalls-after-having-hard-time-finding-someone-manufacture |
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Votes For 3rd-Party Presidential Candidates Won’t Count: Georgia Supreme CourtAuthored by Katabella Roberts via The Epoch Times, Votes in Georgia for third-party presidential candidates Cornel West, an independent, and Claudia De la Cruz, a socialist, will not count because the two are not qualified to appear on the ballot, the Supreme Court of Georgia ruled unanimously on Sept. 25.
The state’s highest court overruled an earlier decision by Georgia Secretary of State Brad Raffensperger that had lowered the signature threshold needed in petitions for ballot access to 7,500. Georgia—which then-presidential candidate Joe Biden won by fewer than 12,000 votes in 2020—is one of multiple states where Democrats have sought to prevent third-party and independent candidates from siphoning votes away from Vice President Kamala Harris in November. Democrats argued i … Read more at: https://www.zerohedge.com/political/votes-3rd-party-presidential-candidates-wont-count-georgia-supreme-court |
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Tehran Checking Nasrallah’s Status After Massive Israeli Strike Targeting Hezbollah HQUpdate(1420): The last hour has seen a flurry of contradictory reports concerning who may have been killed in the largescale Israeli airstrikes on the southern suburbs of Beirut Friday evening. Some Israeli reports are claiming Secretary-General Hassan Nasrallah was killed or at least injured. Other reports claim his top deputy was taken out. At least six buildings were leveled in the attack. A senior Iranian security officials has told Reuters that Tehran is checking Nasrallah’s status. Iran’s embassy in Beirut has meanwhile said that the major attack is a ‘crime’ that deserves ‘appropriate punishment’. Hezbollah has been slow to issue a statement, and it is unclear whether the group plans to.
“In an initial toll, Leb … Read more at: https://www.zerohedge.com/geopolitical/massive-israeli-airstrikes-beirut-target-hezbollah-hq-nasrallah |
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Mystery Of Upward GDP Revision Solved: You Are All $500 Billion Richer Now According To A Revised Biden Admin SpreadsheetSomething strange happened yesterday when the Bureau of Economic Analysis released the final estimate of Q2 GDP data: as part of the release, Biden’s Dept of Commerce run by Gina Raimondo, which also runs the BEA, reported that GDP in since 2020 had been revised markedly higher (with the exception of H2 2023) …
… even though banks such as Goldman warned of, and expected, a significantly negative revision to historical GDP numbers. Read more at: https://www.zerohedge.com/economics/mystery-upward-gdp-revision-solved-you-are-all-500-billion-richer-now-according-revised |
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Starmer says Tesla investment welcome after Musk rowAfter Elon Musk fight, Sir Keir Starmer says “investment from anywhere” is encouraged. Read more at: https://www.bbc.com/news/articles/c9wk15xlr2po |
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Treasury reconsidering Labour plan for non-dom tax statusThe change follows concerns over how much money will be raised, should wealthy foreigners leave the UK. Read more at: https://www.bbc.com/news/articles/c04pe3653k7o |
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Microsoft re-launches ‘privacy nightmare’ AI screenshot toolIt says it has listened to concerns about the tool, which continuously screenshots online activity. Read more at: https://www.bbc.com/news/articles/c869glx8endo |
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Banking system liquidity back at surplus; markets see signs of softer RBI stanceFor seven days in September, the RBI injected funds into the banking system, signaling deficit liquidity conditions caused by the combined impact of quarterly advance tax payments and monthly GST payments, which drained funds from the system. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/banking-system-liquidity-back-at-surplus-markets-see-signs-of-softer-rbi-stance/articleshow/113746539.cms |
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Property Share files DRHP for Rs 353 crore IPO for maiden SM REIT scheme.The offer proceeds are intended primarily for the acquisition of the Prestige Tech Platina asset by the Platina SPVs, with the remaining funds allocated for general corporate purposes. Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/property-share-files-drhp-for-rs-353-crore-ipo-for-maiden-sm-reit-scheme-/articleshow/113745110.cms |
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Morgan Stanley, Goldman Sachs, this smallcap fund buy Nuvama shares worth Rs 1,235 crore via block dealsMorgan Stanley bought 3.42 lakh shares for a total of Rs 229 crore, while Goldman Sachs acquired 3.24 lakh shares at a cost of Rs 218 crore. Additionally, Smallcap World Fund Inc purchased 11.75 lakh shares valued at Rs 788 crore. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/morgan-stanley-goldman-sachs-this-smallcap-fund-buy-nuvama-shares-worth-rs-1235-crore-via-block-deals/articleshow/113746619.cms |
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My wife and I moved to the U.S. 8 years ago. We have $45,000. Do we buy a house — or save our money for when we retire?“We are all naturalized citizens. We have a small savings of over $45,000 deposited in a high-yield savings account.” Read more at: https://www.marketwatch.com/story/my-wife-and-i-immigrated-to-the-u-s-with-our-son-25-we-have-45-000-do-we-buy-a-house-in-california-or-save-our-money-78b913c8?mod=mw_rss_topstories |
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Rocket Lab’s stock soars as KeyBanc raises price targetRocket Lab USA Inc.’s shares are soaring 12.1% Friday, boosted by KeyBanc Capital Markets’ price-target hike for the space-launch company. Read more at: https://www.marketwatch.com/story/rocket-labs-stock-soars-as-keybanc-raises-price-target-4d3523ce?mod=mw_rss_topstories |
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Former ‘Apprentice’ contestant reduces their stake in Trump Media & TechnologyTrump Media co-founder Andrew Litinsky now owns only 100 shares through United Atlantic Ventures — an investment vehicle for one of the company’s founders. Read more at: https://www.marketwatch.com/story/trump-media-stock-djt-drops-as-former-apprentice-contestant-reduces-their-stake-48c18135?mod=mw_rss_topstories |
