Summary Of the Markets Today:
- The Dow closed down 58 points or 0.14%,
- Nasdaq closed down 10 points or 0.05%,
- S&P 500 closed down 12 points or 0.21%,
- Gold $2,647 up $20.90 or 0.79%,
- WTI crude oil settled at $76 up $2.72 or 3.71%,
- 10-year U.S. Treasury 4.071 down 0.004 points or 0.035%,
- USD index $102.86 down $0.07 or 0.06%,
- Bitcoin $59,796 down $960 or 1.9%,
*Stock data, cryptocurrency, and commodity prices at the market closing
Today’s Highlights
The latest consumer inflation report in the US came in higher than expected, causing stocks to decline on Thursday. The Consumer Price Index (CPI) rose 0.2% month-over-month in September, above the expected 0.1% increase. Core inflation, excluding food and energy, increased 0.3% month-over-month and 3.3% year-over-year. The hotter-than-expected inflation data has reduced expectations for interest rate cuts by the Federal Reserve. Traders now see a 17% chance of no rate cut in November, up from 0% a week ago. Initial unemployment claims rose unexpectedly to 258,000, the highest level since August 2023. The 10-year Treasury yield increased to 4.1%, its highest level since late July.
Click here to read our current Economic Forecast – October 2024 Economic Forecast: One More Recession Flag Removed Yet Little Headway On Inflation
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
The Consumer Price Index declined from 2.6% to 2.4% year-over-year in September 2024. If food and energy are excluded inflation remains little changed at 3.3% year-over-year. The driving force in moderating inflation is energy but everywhere I look – there are inflationary pressures present.
In the week ending October 5, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 231,000, an increase of 6,750 from the previous week’s unrevised average of 224,250. The increase this week is attributable was Hurricane Helene. Natural disasters like hurricanes often lead to temporary spikes in unemployment claims as businesses are forced to close or reduce operations in affected areas.. There is no recessionary trend in this data.
Here is a summary of headlines we are reading today:
- Australia’s First Major Waste-to-Energy Plant Sparks Debate
- U.S. Clears ConocoPhillips to Recover Venezuela Assets
- The Price of Charging an EV in Europe
- Saudi, UAE, Qatar Lobbying DC to Keep Gulf Oil Safe from Israel
- Finland’s Top Power Utility Targeted With Daily Cyber Attacks
- AMD launches AI chip to rival Nvidia’s Blackwell
- Dow and S&P 500 retreat from records as sticky inflation report weighs on stocks: Live updates
- These income-generating assets are paying yields of more than 5%
- TD Bank pleads guilty in money laundering case, will pay $3 billion in penalties
- Stagflation Signal Stalls Stocks; Sparks Gold Gains
- Stunning Foreign Demand For Strongest 30 Year Auction On Record
- Trump floats new tax break for car loans, saying it’ll help buyers and auto industry
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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Australia’s First Major Waste-to-Energy Plant Sparks DebateThe first major waste-to-energy power plant in Australia recently began operations, marking a new era of waste burning. Australia has started developing several waste-to-energy power plants in a bid to incinerate household waste, instead of sending it to landfill, to produce electricity. While this could help reduce the number of landfills across the country, many environmentalists worry that it could cause more harm than good. Waste-to-energy plants are facilities that burn municipal solid waste in boilers to produce steam and generate electricity.… Read more at: https://oilprice.com/Energy/Energy-General/Australias-First-Major-Waste-to-Energy-Plant-Sparks-Debate.html |
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Aston Martin’s Production Targets Slashed, Short Sellers PounceShort sellers are circling Aston Martin after the iconic marque issued a profit warning last month and said it would produce around 1,000 less cars this year. Marshall Wace, the hedge fund owned by GB News baron Paul Marshall, took out a net short position of 0.83 per cent of the company’s shares the day the warning was issued, while investment manager Qube Research and Technologies took out a short position of 0.9 per cent this morning, according to new data published by the Financial Conduct Authority. The data also shows a 0.52 per cent… Read more at: https://oilprice.com/Energy/Energy-General/Aston-Martins-Production-Targets-Slashed-Short-Sellers-Pounce.html |
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U.S. Clears ConocoPhillips to Recover Venezuela AssetsConocoPhillips has received new U.S. licenses that could help the company recover up to $10 billion owed by Venezuela, an anonymous source has told Bloomberg. The debt stems from the Venezuelan government’s nationalization of ConocoPhillips’ assets over a decade ago. The licenses allow the company to pursue its claims against Petroleos de Venezuela SA (PDVSA), the state-owned oil giant, without violating U.S. sanctions. Although the licenses don’t permit ConocoPhillips to resume operations in Venezuela, they enable the company to pursue legal action… Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Clears-ConocoPhillips-to-Recover-Venezuela-Assets.html |
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EU Pledges Billions in Support as Moldova Faces Crucial ElectionsEuropean Commission President Ursula von der Leyen called on Moldovans to participate in two crucial upcoming elections and announced that the European Union has earmarked 1.8 billion euros ($1.97 billion) in financial support for the economy of one of Europe’s poorest countries in the next three years. Pro-Western President Maia Sandu is running for a second term on October 20, when voters will also have their say in a referendum on joining the 27-member European Union.Von der Leyen, who traveled to Moldova on October 10 in a show of support for… Read more at: https://oilprice.com/Geopolitics/International/EU-Pledges-Billions-in-Support-as-Moldova-Faces-Crucial-Elections.html |
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The Price of Charging an EV in EuropeThis chart, via Visual Capitalist’s Pallavi Rao, shows the average cost to charge an electric car for 25 minutes per 100 km at a public station in various European countries. Data is sourced from the European Alternative Fuels Observatory (EAFO), as of 2024. To account for variance between electric cars, a Tesla Model 3 was considered for this dataset. Price information was sourced from public DC fast-charging stations. The EAFO then calculated one average price per country. The Cost of Charging an Electric Car in Europe For most of Europe, charging… Read more at: https://oilprice.com/Energy/Energy-General/The-Price-of-Charging-an-EV-in-Europe.html |
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Gazprom Warns of Rising EU Gas Volatility Amidst Deindustrialization FearsGazprom CEO Alexei Miller has issued a stark warning about the future of the European gas market. Speaking at the St. Petersburg International Gas Forum, Miller highlighted the rising volatility in gas prices and the possibility of new price shocks and supply disruptions. He attributed these risks to Europe’s ongoing “deindustrialization,” a result of high energy prices that make European industries less competitive compared to global counterparts. According to Miller, gas demand in the EU and the UK dropped by 11 billion cubic meters in the first… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Gazprom-Warns-of-Rising-EU-Gas-Volatility-Amidst-Deindustrialization-Fears.html |
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Clean Energy Transition Faces Looming Metal Supply CrunchThe demand for clean energy metals will grow by more than 400% by 2030, according to the Energy Transitions Commission (ETC). Supply, however, is not on track to keep up with this surging demand. Visual Capitalist partnered with Appian Capital Advisory to visualize what these supply gaps may look like by 2030 and the mining investment needed to balance these deficits. The analysis uses data from the ETC and U.S. Geological Survey. What Are the Critical Energy Transition Materials? Building a clean energy future isn’t… Read more at: https://oilprice.com/Energy/Energy-General/Clean-Energy-Transition-Faces-Looming-Metal-Supply-Crunch.html |
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Saudi, UAE, Qatar Lobbying DC to Keep Gulf Oil Safe from IsraelAs Iran visits Gulf states to scrounge up support in the face of what many believe is an impending strike by Israel, Reuters reports that Saudi Arabia, UAE and Qatar are lobbying Washington to thwart Israel. On Thursday, Iranian Foreign Minister Abbas Araghchi told the media that the country was seeking support from Gulf nations to de-escalate tensions. Diplomatic sources cited by The National described the visit as an attempt to defend Iran’s position in the war and to prevent a wider regional conflict. Speaking to Reuters three unnamed… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-UAE-Qatar-Lobbying-DC-to-Keep-Gulf-Oil-Safe-from-Israel.html |
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Saudi Arabia Aims For Global Hydrogen LeadershipSaudi Arabia, the Middle East’s leading energy producer, continues to pour significant resources into development of low- and zero-carbon hydrogen, apparently determined to capture a major share of the emerging global industry. According to news reports this week, the Kingdom’s Public Investment Fund (PIF) has created Energy Solutions Company to finance ‘green hydrogen’ power production with up to $10 billion in investment capital. A formal announcement is expected soon. The news follows on a statement by PIF governor and… Read more at: https://oilprice.com/Alternative-Energy/Fuel-Cells/Saudi-Arabia-Aims-For-Global-Hydrogen-Leadership.html |
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Exxon Expands Natural Gas Exploration Offshore CreteA consortium led by U.S. supermajor ExxonMobil has successfully completed the first exploration phase southwest of the Greek island of Crete and has decided to proceed with the second exploration stage, Greece’s state firm Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) said on Thursday. Exxon and Helleniq Energy are conducting the exploration studies in a joint venture. The companies have notified HEREMA that they have concluded the first exploration phase at the block “Southwest of Crete” and submitted… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Exxon-Expands-Natural-Gas-Exploration-Offshore-Crete.html |
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Iran Seeks Higher Prices for Its Crude Bound for ChinaIran is offering its crude oil to China’s independent refiners at narrower discounts to Brent, as sellers are seeking higher prices for the oil bound for the world’s top crude importer, anonymous sources familiar with the latest developments told Bloomberg. China’s private refiners are key buyers of Iran’s sanctioned crude, and the two sides have established a trade relationship favorable for both. Iran gets to sell its crude that nearly everyone else shuns, while China’s independent refiners, the so-called teapots,… Read more at: https://oilprice.com/Energy/Energy-General/Iran-Seeks-Higher-Prices-for-Its-Crude-Bound-for-China.html |
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Finland’s Top Power Utility Targeted With Daily Cyber AttacksFortum, the biggest power utility in Finland, is being subjected to daily attempts of cyber attacks and cyber breaches, while suspicious individuals and drone activity have been spotted near its energy assets, CEO Markus Rauramo told Reuters. “There are different kinds of cyberattack attempts, or cyber security breach attempts, against us daily, and then less frequently, drones and different kinds of suspicious movement around our assets,” Rauramo said. Satellite connections have been disturbed in recent months, too. The company has… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Finlands-Top-Power-Utility-Targeted-With-Daily-Cyber-Attacks.html |
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Bullish Bets on Oil Soared After Iran’s Attack on IsraelFollowing the Iranian missile attack on Israel, hedge funds and other portfolio managers boosted last week their bullish bets on Brent crude by the highest volume since 2018. The long positions – bets that oil prices will rise – surged by the equivalent of 139 million barrels last week, according to data from Intercontinental Exchange Inc. on the commitment of traders, cited by Bloomberg. This commitment of traders report tracks the weekly period to Friday and is published under the European Union’s Markets in Financial Instruments… Read more at: https://oilprice.com/Energy/Energy-General/Bullish-Bets-on-Oil-Soared-After-Irans-Attack-on-Israel.html |
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UK Unveils Investment Support for Renewable Energy StorageThe UK on Thursday announced a new support scheme for renewable energy storage projects, which will offer developers of long-duration energy storage (LDES) facilities a guaranteed minimum income. The UK government expects to open to applicants next year the first round of the scheme under the so-called ‘cap and floor’ model, which would provide a guaranteed minimum income for developers, in return for a limit on revenues. Energy regulator Ofgem has agreed to act as regulator and delivery body, the government said. Currently, Great Britain… Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-Unveils-Investment-Support-for-Renewable-Energy-Storage.html |
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Mexico Moves to Strengthen State Control Over PemexMexico’s new parliament late last night passed a bill that would give the president more control over state oil company Pemex and the country’s power utility, CFE. The aim of the bill, per a Bloomberg report on the news, is to make those state entities prioritize social and economic objectives over corporate profits. To that end, the bill proposed that both Pemex and CFE be reclassified from “state productive companies” to “public companies”, the report said. After the new law comes into effect, CFE will control… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Mexico-Moves-to-Strengthen-State-Control-Over-Pemex.html |
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AMD launches AI chip to rival Nvidia’s BlackwellAdvanced generative AI such as OpenAI’s ChatGPT requires massive data centers full of GPUs, which has created demand for more companies to provide AI chips. Read more at: https://www.cnbc.com/2024/10/10/amd-launches-mi325x-ai-chip-to-rival-nvidias-blackwell-.html |
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Here’s the inflation breakdown for September 2024 — in one chartInflation fell in September as gasoline prices declined and housing inflation moderated, according to the consumer price index. Read more at: https://www.cnbc.com/2024/10/10/inflation-cpi-september-2024-in-one-chart.html |
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Dow and S&P 500 retreat from records as sticky inflation report weighs on stocks: Live updatesStocks declined, with the S&P 500 and Dow Jones Industrial Average falling from records, as economic data pointed to stubborn inflation. Read more at: https://www.cnbc.com/2024/10/09/stock-market-today-live-updates.html |
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The Fed is finally cutting rates, but banks aren’t in the clear just yetWhen the Federal Reserve cut its benchmark rate by half a percentage point last month, it boosted prospects for many banks. Read more at: https://www.cnbc.com/2024/10/10/fed-rate-cuts-boost-to-banks.html |
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These income-generating assets are paying yields of more than 5%Preferred securities have attributes of bonds and stocks, but bring a unique set of risks. Read more at: https://www.cnbc.com/2024/10/10/these-income-generating-assets-offer-yields-of-more-than-5percent.html |
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TD Bank pleads guilty in money laundering case, will pay $3 billion in penaltiesThe Department of Justice reportedly was investigating how drug traffickers used TD Bank to launder money derived from fentanyl sales in the U.S. Read more at: https://www.cnbc.com/2024/10/10/td-bank-3-billion-fine-doj-settle-money-laundering-drug-cartel.html |
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Here’s why the Social Security COLA is smaller for 2025Social Security beneficiaries will see the lowest cost-of-living adjustment in 2025 since the pandemic. Some argue the way the COLA is measured should change. Read more at: https://www.cnbc.com/2024/10/10/heres-why-the-social-security-cola-is-smaller-for-2025.html |
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OpenAI Chair Bret Taylor talks AI agents, regulation and the technology’s current boomBret Taylor, board chairman of OpenAI, joined CNBC’s “Squawk on the Street” on Thursday to discuss his AI startup Sierra. Read more at: https://www.cnbc.com/2024/10/10/openai-chair-bret-taylor-talks-ai-agents-regulation-and-the-techs-current-boom.html |
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Zuckerberg’s metaverse is finally showing signs of life, but it’s not from VRThe company formerly known as Facebook appears to have found its footing in virtual and augmented reality through a different medium. Read more at: https://www.cnbc.com/2024/10/10/meta-finally-finds-success-in-ar-vr-three-years-after-changing-name.html |
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Why Bitcoin creator Satoshi Nakamoto’s identity matters to director Cullen Hoback: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Cullen Hoback, the director of ‘Money Electric: The Bitcoin Mystery’ discusses the debate around his film after it claims that Canadian developer Peter Todd is Bitcoin’s anonymous creator, Satoshi Nakamoto. Read more at: https://www.cnbc.com/video/2024/10/10/bitcoin-creator-satoshi-nakamoto-identity-cullen-hoback-crypto-world.html |
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Wealthy millennials and Gen Z are redefining philanthropyWealthy donors under the age of 43 are more likely to volunteer, fundraise and act as mentors for charitable causes rather than just give money. Read more at: https://www.cnbc.com/2024/10/10/wealthy-millennials-gen-z-are-redefining-philanthropy-.html |
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Tributes pour in for Ratan Tata from industry titans and politiciansTata is credited with taking his business house global via several high-profile acquisitions including that of Jaguar-Land Rover in 2008. Read more at: https://www.cnbc.com/2024/10/09/ratan-tata-tributes-pour-in-from-industry-titans.html |
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Trump proposes new tax break on car loan interestDonald Trump supported making interest on car loans fully tax deductible, the latest tax-cut promise the GOP nominee has made before Election Day. Read more at: https://www.cnbc.com/2024/10/10/trump-car-loan-tax-deductible-harris-election.html |
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Stagflation Signal Stalls Stocks; Sparks Gold GainsHotter than expected CPI (as food costs reignite) and ugly jobless claims data (somewhat affected by Hurricane Helene) signal stagflationary pressures may be returning…
Source: Bloomberg …sparked some initial chaos across asset classes, pushing rate-cut expectations lower (hawkish) for 2024 but higher (dovish) for 2025…
Source: Bloomberg Stocks ended lower (with Small Caps the biggest loser) despite a late-day panic-bid into the cl … Read more at: https://www.zerohedge.com/markets/stagflation-signal-stalls-stocks |
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In Resurfaced Clip, Kamala Harris Fantasizes About Weaponizing DOJ Against ‘Misinformation’It’s no secret that Kamala Harris is a power-hungry authoritarian… Now, a resurfaced clip from May of 2019 in which Harris fantasizes about weaponizing the DOJ against speech the government doesn’t like, and the platforms that allow it. Speaking at the annual NAACP ‘Fight for Freedom Fund’ dinner in Detroit, Harris threatened: “We will put the Department of Justice of the United States back in the business of justice. We will double the civil rights division, and direct Law Enforcement to counter this extremism. “We will hold Social Media Platforms accountable for the hate infiltrating their platforms – because they have a responsibility to help fight against this threat to our Democracy. And if you profit off of hate, if you act as a megaphone for misinformation or cyber warfare. If you don’t police your platforms, we are going to hold you accountable as a community.”
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Stunning Foreign Demand For Strongest 30 Year Auction On RecordIf this week’s 3Y auction was subpar, yesterday’s 10Y was mediocre, then today’s 30Y auction was an absolute stunner. In fact, one could saw it was the strongest 30Y auction on record. Starting at the top, the high yield was 4.389%, up sharply from last month’s 4.015% and the highest since July’s 4.405%. But that was not a surprise to the market, where the When Issued had already been trading around 4.404%, meaning the auction stopped through by 1.5bps, the first non-tailing 30Y auction since June.
The bid to cover was 2.50, up sharply from 2.38 in September and the highest since June 2023. Needless to say, it was well above the recent average. But the internals were where the auction truly shocked, because Indirects soared from 68.7% to a whopping 80.5%, the highest on record, as foreign central banks and various other entities just couldn’t get enough paper. Read more at: https://www.zerohedge.com/markets/stunning-foreign-demand-strongest-30-year-auction-record |
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Massachusetts Supreme Court Refuses To Loosen Bail Rules In Rape CasesAuthored by Tom Ozimek via The Epoch Times (emphasis ours), The Massachusetts Supreme Court ruled on Oct. 8 that rape qualifies as a “predicate offense” under the state law, allowing for suspects to be denied bail and held in pretrial detention.
The ruling arises from the case of Alvin Campbell, who faces multiple charges for allegedly luring heavily intoxicated women … Read more at: https://www.zerohedge.com/political/massachusetts-supreme-court-refuses-loosen-bail-rules-rape-cases |
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EU delays introduction of border check system againThe EU pushes back introducing new biometric border checks that were due on 10 November. Read more at: https://www.bbc.com/news/articles/cgey0vvxxw7o |
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More workers to get sick pay and parental leave rightsA major overhaul of workers’ rights is planned, but the changes will not take place for two years. Read more at: https://www.bbc.com/news/articles/cp3w8n48234o |
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How will the changes to workers’ rights affect you?A major shake-up of workers’ rights is on its way, but what impact will it have? Read more at: https://www.bbc.com/news/articles/cy0l19j9jgko |
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Goldman Sachs sells ideaForge shares worth Rs 43 crore via block deal. Citi buyer at Rs 44 croreGoldman Sachs sold 6.5 lakh shares in Ideaforge Technology for Rs 43 crore, while Citigroup bought 6.65 lakh shares for Rs 44 crore. Ideaforge shares ended down 1% at Rs 678. It is a vertically integrated company that designs, develops, and manufactures UAVs. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/goldman-sachs-sells-ideaforge-shares-worth-rs-43-crore-via-block-deal-citi-buyer-at-rs-44-crore/articleshow/114125417.cms |
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Tech view: Bears in control of market, Nifty forms inside day candle. How to trade tomorrowNifty formed an inside day pattern, indicating sideways movement. Bears are in control, using pullback rallies to create short positions. Support at 24,950-25,000 and 24,750. Resistance at 25,100 and 25,250-275. Analysts suggest buying on dips, with a stop loss at 24,800. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-bears-in-control-of-market-nifty-forms-inside-day-candle-how-to-trade-tomorrow/articleshow/114122431.cms |
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TCS declares second interim dividend of Rs 10/share, sets October 18 as record dateTata Consultancy Services (TCS) has declared a second interim dividend of Rs 10 per share, payable on November 5, 2024, with a record date of October 18, 2024. The announcement followed the release of Q2FY25 earnings, showing a 5% YoY increase in consolidated net profit to Rs 11,909 crore, falling short of analyst estimates. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tcs-declares-second-interim-dividend-of-rs-10/share-sets-october-18-as-record-date/articleshow/114119904.cms |
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Trump’s ‘DJT’ stock resumes rally with less than a month until presidential electionTrump Media’s stock has become a sort of Wall Street proxy for Republican presidential nominee Donald Trump. Read more at: https://www.marketwatch.com/story/djt-stock-resumes-rally-with-less-than-a-month-until-presidential-election-39821070?mod=mw_rss_topstories |
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Trump floats new tax break for car loans, saying it’ll help buyers and auto industryRepublican presidential nominee Donald Trump on Thursday proposed making interest on car loans tax deductible, floating the plan as he gave a speech in the auto-making swing state of Michigan. Read more at: https://www.marketwatch.com/story/trump-floats-new-tax-break-for-car-loans-saying-itll-help-buyers-and-auto-industry-cf3d90d4?mod=mw_rss_topstories |
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Retirees are embracing technology — how to find the best tools for finance, estate planning and moreThere are many fintech tools available. How to proceed with care. Read more at: https://www.marketwatch.com/story/retirees-are-embracing-technology-how-to-find-the-best-tools-for-finance-estate-planning-and-more-31762d5d?mod=mw_rss_topstories |
The Department of Justice in Washington on Aug. 12, 2024. Madalina Vasiliu/The Epoch TimesThe state’s highest court found that because rape involves the use of physical force, regardless of whether violence or coercion through nonphysical means is used against victims, the crime meets the pretrial detention threshold.