14 OCT 2024 Market Close & Major Financial Headlines: WTI Sheds 2%, The Three Main Indexes Report New Historic Highs With Sharp Falloff At The Close

Billionaire Robinhood Co-Founder Eyes Solar from Space

Baiju Bhatt, one of the co-founders of the investing app Robinhood, has debuted the space solar power company Aetherflux. The startup plans to build a constellation of Low-Earth Orbit (LEO) satellites that will use infrared lasers to transmit power to small ground stations on Earth. However, the company has not divulged the specifics about its satellite plans.  “Space solar power can revolutionize energy distribution, especially where delivering power is expensive, challenging, or dangerous. Powering hard-to-reach places like remote…

Read more at: https://oilprice.com/Alternative-Energy/Solar-Energy/Billionaire-Robinhood-Co-Founder-Eyes-Solar-from-Space.html

UK Government “Absolutely Ready to Engage” With Musk

Technology Secretary Peter Kyle has suggested that Elon Musk was not invited to the government’s international investment summit due to his tendency to avoid such events.  Previous reports suggested Musk, the owner of X and Tesla, was omitted from the guest list following controversial social media comments he made regarding Britain’s summer riots, where he controversially claimed civil war was “inevitable.” In response to the snub, Musk recently said on X: “I don’t think anyone should go to the…

Read more at: https://oilprice.com/Energy/Energy-General/UK-Government-Absolutely-Ready-to-Engage-With-Musk.html

WTI Sheds Over 2% On Weak Economic Data From China

The oil price rally has reversed again thanks to a bearish economic report coming from China. China’s inflation data for September showed that consumer prices increased by a modest 0.4%, falling short of economist expectations of 0.6%. This marked the slowest price increase in three months, Reuters noted in its report. Whereas lower consumer prices are normally considered bullish for oil prices, the experts are interpreting China’s slowing inflation as a reflection of weaker demand that will continue to weaken as inflation slows. “China…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/WTI-Sheds-Over-2-On-Weak-Economic-Data-From-China.html

How AI Will Impact Energy Industry Margins Over the Next 5 Years

Investors have poured billions into AI-related companies, but adoption is moving slowly across American firms. According to the Census Bureau, just 5% of American businesses have used AI to produce goods and services over the last two weeks, highlighting that market enthusiasm is not yet matching the real economy. Despite this slow progress, AI has the potential to boost productivity across a wide scope of industries, from energy to transportation. This graphic, via Visual Capitalist’s Dorothy Neufeld, shows AI’s effect on industry margins…

Read more at: https://oilprice.com/Energy/Energy-General/How-AI-Will-Impact-Energy-Industry-Margins-Over-the-Next-5-Years.html

Brazil’s Petrobras Cuts 2025 Capex By $4 Billion

Brazil’s state-owned oil and gas multinational Petróleo Brasileiro S.A. (NYSE:PBR), aka Petrobras, has lowered capital expenditure (capex) for 2025 to $17 billion from an earlier estimate of $21 billion. According to the company, the lower capex is more realistic and in-line with its financial wherewithal. In its latest strategic plan, Petrobras plans to invest $102 billion in the 2024-2028 period, good for a 31% increase over the previous plan amid pressure from Brazil’s President Luiz Inacio Lula da Silva for the firm to ramp up…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Brazils-Petrobras-Cuts-2025-Capex-By-4-Billion.html

AI Could Have Major Impact on Industry Profitability

Investors have poured billions into AI-related companies, but adoption is moving slowly across American firms. According to the Census Bureau, just 5% of American businesses have used AI to produce goods and services over the last two weeks, highlighting that market enthusiasm is not yet matching the real economy. Despite this slow progress, AI has the potential to boost productivity across a wide scope of industries, from energy to transportation. This graphic, via Visual Capitalist’s Dorothy Neufeld, shows AI’s effect…

Read more at: https://oilprice.com/Energy/Energy-General/AI-Could-Have-Major-Impact-on-Industry-Profitability.html

Nigerian Producer Resumes Production Despite Rampant Oil Theft

After three years of shutdown over rampant theft and related damage, Nigerian independent producer Belemaoil Producing has resumed operations at Oil Mining Lease 55, Reuters reported on Monday, citing the company. Located about 40 km west of the Bonny oil export terminal, Belemaoil acquired OML 55 from Chevron Corp. (NYSE:CVX) in 2015. However, the company was forced to suspend operations in 2021 due to persistent oil theft.  According to the company, the block contains five oil fields that produce about 14,000 bpd as well as more than 70…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Nigerian-Producer-Resumes-Production-Despite-Rampant-Oil-Theft.html

Banking Giants Claim It Is Time to Invest in Britain

Bosses at five of the world’s biggest banks, along with a host of insurers, private equity firms and tech giants, have backed a push to invest in the UK ahead of the government’s flagship investment summit today. More than a dozen executives signed a letter stating that they were optimistic about the future of the British economy in the Times today, stating that it was “time to invest in Britain”. Banking signatories included Goldman Sachs chief executive David Solomon, Bank of America international president Bernard Mensah,…

Read more at: https://oilprice.com/Energy/Energy-General/Banking-Giants-Claim-It-Is-Time-to-Invest-in-Britain.html

China War Games Near Taiwan Ignite Another Geopolitical Flashpoint

In the latest geopolitical escalation this month, China began military drills in the Taiwan Strait on Monday, dispatching army, navy, air force, and rocket force troops to the democratically-governed Taiwan, drawing rebukes from the U.S. and the EU. The joint drills of the various forces of China’s military focused on “sea-air combat-readiness patrol, blockade on key ports and areas, assault on maritime and ground targets, as well as joint seizure of comprehensive superiority, so as to test the joint operations capabilities of the theater…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/China-War-Games-Near-Taiwan-Ignite-Another-Geopolitical-Flashpoint.html

Dimon Issues Dire Warning About “Treacherous” Geopolitical Situation

Jamie Dimon, the chief executive of JPMorgan Chase, warned Friday that “treacherous” geopolitical conditions might have a profound impact on the global economy and “the course of history.” “There is significant human suffering, and the outcome of these situations could have far-reaching effects on both short-term economic outcomes and more importantly on the course of history,” Dimon said in the bank’s third-quarter results release. He said his bank has been “closely monitoring the geopolitical situation…

Read more at: https://oilprice.com/Energy/Energy-General/Dimon-Issues-Dire-Warning-About-Treacherous-Geopolitical-Situation.html

OPEC Oil Production Dipped by 600,000 Bpd in September Amid Libyan Blockade

OPEC’s crude oil production slumped by 604,000 barrels per day (bpd) in September compared to August, as Libya’s output was largely halted amid a political standoff and Iraq moved to improve compliance with the OPEC+ cuts. All 12 OPEC producers pumped on average 26.04 million bpd of crude last month, down by 604,000 bpd from August, due to a 410,000 bpd plunge in Libyan output, OPEC’s Monthly Oil Market Report (MOMR) showed on Monday. Libya, which is exempted from the OPEC+ agreement, saw its average production slump to 540,000…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/OPEC-Oil-Production-Dipped-by-600000-Bpd-in-September-Amid-Libyan-Blockade.html

Big Oil Set to Bid in Algeria’s New Oil and Gas Licensing Round

Algeria is set to soon announce a new oil and gas licensing round in which major international firms, including ExxonMobil and Chevron, are expected to take part. The OPEC member’s national development hydrocarbon agency, ALNAFT, will announce a new licensing round, looking to attract foreign investment and operators in its oil and gas sector, Algerian Energy Minister Mohamed Arkab said on Monday, as carried by Reuters. Apart from the U.S. supermajors, Italy’s energy giant Eni and China’s state-controlled Sinopec are also expected…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Big-Oil-Set-to-Bid-in-Algerias-New-Oil-and-Gas-Licensing-Round.html

OPEC Slashes Oil Demand Growth Forecast Again

OPEC on Monday cut its oil demand growth estimate for a third consecutive month, due to actual consumption data so far this year and expectations of slightly lower demand in some regions. OPEC now expects global oil demand to grow by 1.93 million barrels per day (bpd) in 2024, down by 106,000 bpd compared to last month’s assessment, the cartel’s Monthly Oil Market Report (MOMR) for October showed on Monday. The third consecutive downward revision of global oil demand growth largely reflected “actual data received combined with…

Read more at: https://oilprice.com/Energy/Energy-General/OPEC-Slashes-Oil-Demand-Growth-Forecast-Again.html

China’s Coal Imports Jumped to a Record High in September

Chinese imports of coal surged to a monthly high in September, driven by increased consumption and falling international coal prices. China imported last month a total of 47.59 million metric tons of coal, a 13% increase from September 2023, data from the country’s General Administration of Customs showed on Monday. Coal-fired power generation has returned to growth in China in recent weeks, while coal demand from the chemicals sector has also been boosting consumption, analysts have told Reuters. Amid increasing demand and a drop in international…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinas-Coal-Imports-Jumped-to-a-Record-High-in-September.html

Zelensky Claims North Korea Has Sent Soldiers and Weapons to Russia

Ukrainian President Volodymyr Zelenskiy claims that North Korea has sent soldiers and weapons to Russia to support Moscow’s war in Ukraine in a sign of the increasing alliance between the Kremlin and Pyongyang. Ukrainian media recently reported that six North Korean military personnel were killed in a Ukrainian missile strike in the Russian-occupied eastern Donetsk region on October 3. The reports could not be independently verified, but in his regular nightly address published on social media late on October 13, Zelenskiy reiterated the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Zelensky-Claims-North-Korea-Has-Sent-Soldiers-and-Weapons-to-Russia.html

Fed Governor Waller sees need for ‘more caution’ ahead when lowering interest rates

Waller on Monday signaled that future interest rate cuts will be less aggressive than the big move in September.

Read more at: https://www.cnbc.com/2024/10/14/fed-governor-waller-sees-need-for-more-caution-ahead-when-lowering-interest-rates.html

Dow adds 200 points for first close above 43,000; S&P 500 hits another all-time high: Live updates

The early signs of recovery in the banking sector helped push the broader market to all-time highs at the end of last week.

Read more at: https://www.cnbc.com/2024/10/13/stock-market-today-live-updates.html

Nvidia closes at record as AI chipmaker’s market cap tops $3.4 trillion

Nvidia shares closed at an all-time high on Monday as the chipmaker continues to ride a massive wave of demand for its AI chips.

Read more at: https://www.cnbc.com/2024/10/14/nvidia-shares-hit-a-record-as-chipmaker-market-cap-tops-3point4-trillion.html

Google inks deal with nuclear company as data center power demand surges

Google is the latest tech company to turn to nuclear energy as power demand from data centers surges.

Read more at: https://www.cnbc.com/2024/10/14/google-inks-deal-with-nuclear-company-as-data-center-power-demand-surges.html

This dividend strategy can bring in income and help you sleep at night

Federated Hermes’ Daniel Peris explains how to find dividend stocks that provide income and can “help you sleep at night.”

Read more at: https://www.cnbc.com/2024/10/14/this-dividend-strategy-can-bring-in-income-and-help-you-sleep-at-night.html

Kamala Harris backs crypto regulatory framework in pitch to Black men: CNBC Crypto World

CNBC 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, CNBC’s MacKenzie Sigalos speaks to Samara Cohen, chief investment officer of ETFs and Index Investments at BlackRock at Permissionless to discuss adoption of bitcoin ETFs.

Read more at: https://www.cnbc.com/video/2024/10/14/kamala-harris-regulatory-framework-pitch-to-black-men-crypto-world.html

Warren Buffett’s Berkshire Hathaway hikes its SiriusXM stake to 32% after Liberty deal

Berkshire hiked its bet after Liberty Media completed its deal in early September to combine its tracking stocks with the rest of the entertainment company.

Read more at: https://www.cnbc.com/2024/10/14/warren-buffetts-berkshire-hathaway-hikes-siriusxm-stake-to-32percent.html

Harris proposes 1 million forgivable loans to Black entrepreneurs, as Trump makes inroads

Vice President Kamala Harris unveiled an “Opportunity Agenda” plan for Black men, which includes providing forgivable loans to entrepreneurs.

Read more at: https://www.cnbc.com/2024/10/14/harris-forgivable-loans-legal-marijuana-trump-black-voters.html

Boeing factory strike crosses 1-month mark as pressure mounts on new CEO

Boeing’s CEO Ortberg will answer to investors in his first Oct. 23 earnings presentation as the aerospace giant faces swirling crises.

Read more at: https://www.cnbc.com/2024/10/14/boeing-factory-strike-1-month.html

Elliott asks for December special meeting at Southwest Airlines, cuts board slate to 8

Activist investor Elliott Management has requested a Dec. 10 special meeting date at Southwest Airlines, as it seeks to oust CEO Bob Jordan.

Read more at: https://www.cnbc.com/2024/10/14/elliott-southwest-special-meeting-december.html

SpaceX’s Starship rocket completes fifth test flight, lands booster in dramatic catch

SpaceX launched its fifth test flight of its Starship rocket on Sunday, taking a major step forward in the vehicle’s development.

Read more at: https://www.cnbc.com/2024/10/13/spacex-starship-rocket-launch-flight-5-booster-catch-attempt.html

Elon Musk is on track to become a trillionaire by 2027. Here’s why the rich keep getting richer

Wealthier individuals typically have larger portions of their assets in the stock market, while middle-income households hold more wealth in real estate.

Read more at: https://www.cnbc.com/2024/10/12/elon-musk-could-become-worlds-first-trillionaire.html

Trump or Harris? Here are the 2024 stakes for airlines, banks, EVs, health care and more

With the U.S. election less than a month away, the country and its corporate sectors are staring down two drastically different options.

Read more at: https://www.cnbc.com/2024/10/13/trump-or-harris-2024-stakes-for-business.html

Goldman Issues Grim Outlook For AutoZone Citing “Significant Exposure” To Struggling Working-Poor Consumers

Continuing the theme of low-income consumers being financially under pressure, Goldman analysts told clients this AM that their decision to downgrade auto parts retailer AutoZone from “Buy” to “Sell” was primarily based on the challenging macroeconomic environment for consumers.

Goldman’s Kate McShane led a team of analysts who said AZO will likely see muted growth over the next few quarters. She noted that the auto parts retailer’s customer base is highly exposed to working-poor consumers, which elevated inflation and high interest rates could crimp spending from this group and impact sales through winter into early ’25.

“We are lowering our FY25 estimate to $150.76 (from $152.21), largely reflecting our outlook for muted growth in the next few quarters. We are also lowering our FY26 EPS estimate to $161.38 (from $165.39) and lowering our FY27 EPS estimate to $173.64 (from $179.93) due to a lower base from our lower estimates …

Read more at: https://www.zerohedge.com/markets/goldman-issues-grim-outlook-autozone-citing-significant-exposure-struggling-working-poor

“Do You Hear Yourself?” – Vance Shuts Down Reporter’s Absurd Defense Of Illegals

Authored by Luis Cornelio via HeadlineUSA.com,

Sen. JD Vance skillfully countered a reporter’s claims downplaying concerns about illegal immigration, suggesting that “only a handful” of apartment complexes were seized by Venezuelan gangs in Colorado.

The viral exchange took place on the Sunday episode of ABC News’s This Week, with host Martha Raddatz dismissing former President Donald Trump’s assertions that illegal aliens wreaked havoc in Aurora, Colorado.

Raddatz: “The incidents were limited to a handful of apartment complexes… A handful.”

Vance: “Do you hear …

Read more at: https://www.zerohedge.com/political/do-you-hear-yourself-vance-shuts-down-reporters-absurd-defense-illegals

Watch: Bill Clinton Unintentionally Creates Trump’s Next Campaign Ad

Former President Bill Clinton was supposed to be campaigning for VP Kamala Harris but inadvertently spilled the beans about just how disastrous open southern border policies pushed by the Biden-Harris administration have been, leading to the deaths of innocent Americans, including Laken Riley from Georgia, who an illegal alien murdered.

Clinton admitted that Laken Riley would still be alive today if there were actual vetting procedures on the southern border. Yet there weren’t as ‘Border Czar’ Harris facilitated the greatest migrant invasion this nation has ever seen.

Clinton told the crowd at a campaign stop:

“You had a case in Georgia not very long ago … a young woman who had been killed by an immigrant. If they all had been properly vetted, that probably wouldn’t have happened.”

Clinton continues:

“… and America is not having enough babies to keep our population up, so we need immigrants that have bee …

Read more at: https://www.zerohedge.com/political/watch-bill-clinton-unintentionally-creates-trumps-next-border-security-campaign-ad

Illinois Bill Would Give Colleges Taxpayer Dollars For Each Minority Student Enrolled

Authored by Macy Gunnell via Campus Reform,

A bill currently being considered in the Illinois legislature would grant public colleges and universities thousands of taxpayer dollars for every student they admit who belongs to certain minority groups.

Democratic Illinois Senate Majority Leader Kimberly Lightford introduced the legislation, S.B. 3965, on July 30. State Representative Carol Ammons, also a Democrat, introduced the bill in the House.

The bill would grant public institutions of higher education $6,000 per each black or American Indian student they accept, $4,000 per Hispanic student, and $0 for white and Asian students, according …

Read more at: https://www.zerohedge.com/political/illinois-bill-would-give-colleges-taxpayer-dollars-each-minority-student-enrolled

Reeves signals hike in National Insurance for firms

The chancellor was speaking at the government’s International Investment Summit, where deals worth £63bn were hailed.

Read more at: https://www.bbc.com/news/articles/c3e9yk24w3eo

Spanish firm set to buy Harland and Wolff

Spain’s state-owned shipbuilder Navantia is in exclusive talks to buy the Belfast-based shipyard.

Read more at: https://www.bbc.com/news/articles/c0jwyj745lno

‘I lost £165k to fraud in an hour’ – customers say they were let down by Revolut

Revolut was named in more complaints about fraud last year than any of the UK’s biggest banks or e-money services.

Read more at: https://www.bbc.com/news/articles/cj6epzxdd77o

Hyundai India raises Rs 8,315 crore from anchor investors ahead of IPO opening

Hyundai Motor India raised Rs 8,315 crore from 225 anchor investors for its upcoming IPO, allotting shares at Rs 1,960 per share. The IPO, exclusively an offer for sale, will see proceeds go to Hyundai Motor Global. Operating with high capacity utilization, Hyundai plans to drive innovation using the raised funds, while maintaining strong revenue and profit growth.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/hyundai-india-raises-rs-8315-crore-from-anchor-investors-ahead-of-ipo-opening/articleshow/114224906.cms

Sebi introduces framework to monitor shareholding of market infra institutions

Each MII must appoint a non-associated Designated Depository (DD) to monitor compliance with shareholding limits. For depositories, the other depository will act as their DD.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sebi-introduces-framework-to-monitor-shareholding-of-market-infra-institutions/articleshow/114221421.cms

Reliance Jio Q2 Results: Profit jumps 23% YoY to Rs 6,539 crore, revenue up 18%; ARPU rises 7% to Rs 195.1

Reliance Jio Q2 Results 2024: Reliance Jio Infocomm on Monday reported a 23.4% jump in its September quarter consolidated net profit at Rs 6,539 crore versus Rs 5,299 crore reported by the company in the year ago period. The revenue from operations stood at Rs 31,709 crore, higher by 18% over Rs 26,875 posted by the company in the corresponding quarter of the previous financial year.

Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/reliance-jio-q2-results-profit-jumps-23-yoy-to-rs-6539-crore-revenue-up-18/articleshow/114221821.cms

Oil prices lose 2% after China offers little detail on stimulus plans

Oil futures ended lower Monday to give back all of last week’s gains and then some, after a weekend announcement by Chinese authorities failed to provide details on a stimulus plan sufficient to reassure investors nervous about crude demand.

Read more at: https://www.marketwatch.com/story/oil-prices-slump-after-china-offers-little-detail-on-stimulus-plans-7142f2ba?mod=mw_rss_topstories

‘DJT’ and these other Trump-linked stocks are rallying with just over three weeks until the election

Shares of Trump Media, which operates the social-media platform Truth Social and is viewed as a Wall Street proxy for Republican nominee Donald Trump’s election bid, soared last week.

Read more at: https://www.marketwatch.com/story/djt-and-these-other-trump-linked-stocks-continue-rally-with-just-over-three-weeks-until-the-election-0332b43f?mod=mw_rss_topstories

‘For years, I chalked it up to bad hearing’: My partner has signs of dementia. He’s already spent $750,000. How can I stop him from wiping us out?

“Some of these expenditures were along the lines of ‘Guess what I bought today?’ bad surprises.”

Read more at: https://www.marketwatch.com/story/he-views-me-as-an-outsider-my-partner-has-cognitive-decline-he-made-750-000-in-unnecessary-expenses-how-can-i-stop-him-from-wiping-us-out-7f29ff8c?mod=mw_rss_topstories