07 October 2022 Market Close & Major Financial Headlines: Wall Street Stocks Fall, Treasury Yields Rise, Crude Prices Continue To Climb Unabated

Crude Oil Prices Set To Finish Week With Major Gain

Crude oil prices are set to finish the week on a high note, with WTI rising more than $10 per barrel this week as OPEC+ agreed to slash its production targets for November by 2 million barrels per day. The November contract WTI prices rose to $92.35 (+4.43%) on Friday afternoon, despite the better-than-expected Friday jobs report that will most certainly translate into even higher inflation, and as such, further Fed rate hiking. The recent rate hikes have helped to keep oil prices in check at a time when U.S. crude inventories are below the five-year

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Crude-Oil-Prices-Set-To-Finish-Week-With-Major-Gain.html

Russia’s Soaring Defense Spending Is Unsustainable

Russia’s continued aggression against Ukraine and the Kremlin’s attempts to escalate the political situation and prevent defeat on the battlefield through mobilization, nuclear blackmail and possibly even sabotage on gas pipelines in the Baltic Sea raise the question: How do all these factors influence the Russian defense budget? Since May 2022, the Russian government has not released much data on the defense budget. Nevertheless, defense spending from January to April totaled almost 1.6 trillion rubles ($26.4 billion), with about 500

Read more at: https://oilprice.com/Geopolitics/International/Russias-Soaring-Defense-Spending-Is-Unsustainable.html

Shell Warns Weak Earnings From Gas Trading Could Impact Profits

Shell warned that third-quarter profits would be dented after it weathered a sharp rise in refining costs and weaker earnings from natural gas trading. The firm has been raking in record profits this year but said that earnings would fall in the third quarter, as indicative refining margins dropped to $15 a barrel compared with $28 a barrel in the previous three months. Shell’s third quarter liquefied natural gas (LNG) and gas trading results are also expected to be significantly lower, the firm said in a statement, due to lower

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Shell-Warns-Weak-Earnings-From-Gas-Trading-Could-Impact-Profits.html

Biden Warns Of Nuclear Armageddon As Russia Faces Setbacks In Ukraine

Ukrainian forces pressed ahead with their counteroffensive to liberate Moscow-occupied territories, handing Russian forces a series of defeats that have prompted U.S. President Joe Biden to warn the threat of the Kremlin using nuclear weapons was the highest in six decades. Russian President Vladimir Putin has made thinly veiled threats to use his nuclear arsenal in Ukraine, and Biden told U.S. media on October 6 that Putin was “not joking.” “We have not faced the prospect of Armageddon since [the time of U.S. President John F.] Kennedy and the

Read more at: https://oilprice.com/Geopolitics/International/Biden-Warns-Of-Nuclear-Armageddon-As-Russia-Faces-Setbacks-In-Ukraine.html

U.S. Shale Workforce In Short Supply

U.S. crude oil and gasoline inventories might be in short supply, but so are U.S. shale workers, according to new data released by the Labor Department on Friday. U.S. shale companies could have a harder time finding workers, the new data suggests, which showed that the number of workers employed in U.S. oil and gas jobs fell to 133,800 in September’s 4.8% decrease from July, which was this year’s high. On Friday, the Labor Department showed the unemployment rate fell to 2.5% in September, from 2.6% in August. To compare, the unemployment

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Shale-Workforce-In-Short-Supply.html

U.S. Rig Count Slides Amid Jump In Crude Prices

The number of total active drilling rigs in the United States fell by 3 this week, according to new data from Baker Hughes published on Friday. The total rig count fell to 762 this week229 rigs higher than the rig count this time in 2021. Oil rigs in the United States decreased by 2 this week, to 602. Gas rigs slipped 1, to 158. Miscellaneous rigs stayed the same at 2. The rig count in the Permian Basin rose by 1 to 345 this week. Rigs in the Eagle Ford stayed the same, at 72. Oil and gas rigs in the Permian are 79 above where they were

Read more at: https://oilprice.com/Energy/Energy-General/US-Rig-Count-Slides-Amid-Jump-In-Crude-Prices.html

New cars are finally back in stock — but Americans might not be able to afford them

The Federal Reserve aggressively increasing interest rates could slow a sales rebound for the U.S. automotive industry.

Read more at: https://www.cnbc.com/2022/10/07/new-cars-are-finally-back-in-stock-but-they-come-at-a-steep-price.html

Polestar confirms it will deliver 50,000 electric vehicles in 2022

After a first half that was disrupted by Covid-related shutdowns, Polestar said it has “caught up” and will deliver 50,000 vehicles in 2022 as promised.

Read more at: https://www.cnbc.com/2022/10/07/polestar-confirms-it-will-deliver-50000-electric-vehicles-in-2022.html

Cannabis company Canopy applauds Biden’s marijuana pardons as stock surges

Canopy Growth applauded President Joe Biden’s announcement Thursday that he will pardon thousands of people convicted of marijuana possession.

Read more at: https://www.cnbc.com/2022/10/06/cannabis-company-canopy-applauds-biden-marijuana-pardons-stock-surges.html

Showtime chief’s departure signals Paramount is moving forward on its plan to merge streaming services

Paramount Global is considering ways to merge Showtime into Paramount+ as David Nevins departs the premium network, sources say.

Read more at: https://www.cnbc.com/2022/10/06/showtime-paramount-streaming-merger.html

Mercedes-Benz CEO says luxury drivers will help spur the transition to electric vehicles

Kallenius said that while Mercedes plans to sell internal combustion models for a while longer, he expects luxury car shoppers will increasingly choose EVs.

Read more at: https://www.cnbc.com/2022/10/06/mercedes-benz-ceo-says-ev-transition-will-be-helped-by-luxury-drivers.html

FDA clears vaccine to prevent whooping cough in newborns by giving shot to mother during pregnancy

It is the first shot the FDA has approved for use during pregnancy to prevent disease in young infants by immunizing their mothers.

Read more at: https://www.cnbc.com/2022/10/07/fda-approves-first-whooping-cough-vaccine-for-use-during-pregnancy.html

Stocks making the biggest moves midday: CVS, Credit Suisse, AMD, Lyft and more

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

Read more at: https://www.cnbc.com/2022/10/07/stocks-making-the-biggest-moves-midday-cvs-credit-suisse-amd-lyft-and-more.html

These are the 10 states where renters are most behind on payments — and high-cost California didn’t make the list

Some 15% of American households, around 6 million, are behind on rent this fall, according to a new report. Here’s where renters are struggling the most.

Read more at: https://www.cnbc.com/2022/10/07/renters-are-most-behind-on-payments-in-these-states.html

Covid vaccines prevented at least 330,000 deaths among U.S. seniors in 2021, health officials say

The U.S. has rolled out new booster shots that target the omicron BA.5 subvariant, and health officials believe the new shot will provide stronger protection.

Read more at: https://www.cnbc.com/2022/10/07/covid-vaccines-prevented-at-least-330000-deaths-among-us-seniors-in-2021.html

3 takeaways from our daily meeting: Stocks under pressure, buying JNJ, AMD’s ugly preannouncement

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

Read more at: https://www.cnbc.com/2022/10/07/takeaways-from-fridays-meeting-stocks-down-buying-jnj-amd-disappoints.html

We’re putting cash to work in Friday’s market decline, adding to one of our defensive stocks

In anticipation of the early October rally fizzling out in the immediate-term, we raised extra cash earlier in the week.

Read more at: https://www.cnbc.com/2022/10/07/were-putting-cash-to-work-in-fridays-market-decline-adding-to-one-of-our-defensive-stocks.html

‘The month of unprecedented deals’ — From Amazon to Target, here’s what you need to know about the early holiday sales going on now

Retailers are kicking off a slew of holiday deals earlier than ever before. Here’s a rundown of some of the sales events happening now.

Read more at: https://www.cnbc.com/2022/10/07/amazons-prime-early-access-sale-2022-here-are-the-best-deals.html

Postal workers in the UK, striking over pay and working conditions, agree crunch talks with Royal Mail bosses

Leaders of the trade union representing striking postal workers in the U.K. will meet with Royal Mail bosses on Monday for crunch talks.

Read more at: https://www.cnbc.com/2022/10/07/postal-workers-in-the-uk-agree-crunch-strike-talks-with-royal-mail-bosses.html

Biden Admin Wanted To Embed ‘Trusted Covid Messenger’ On Joe Rogan, Barstool Sports

The Biden administration attempted to place a “trusted messenger” on the Joe Rogan podcast and Barstool Sports to push Covid-19 jabs, according to records obtained by Judicial Watch.

Contained within 249 pages of records obtained from the Department of Health and Human Services (HHS) – because they had to sue the to obtain them – is evidence of a massive public education campaign plan dated April 19 to May 31, 2001, which laid out the agency’s plans to push the vaccine through various media outlets.

In it, the agency wanted to “Place a trusted messenger on the Joe Rogan Show and Barstool Sports to promote vaccination (work with outside expert to identify who will be most effective).”

“As has been reported previously, HHS, in both the Trump and Biden Administra …

Read more at: https://www.zerohedge.com/political/biden-admin-wanted-embed-trusted-covid-messenger-joe-rogan-barstool-sports

Shocking Consumer Credit Numbers: Everyone Maxed Out Their Credit Card As Economy Slid Into Recession

While it is traditionally viewed as a B-grade economic indicator, the August consumer credit report from the Federal Reserve was another shocker, especially after last month’s unexpected slowdown in credit card debt, which we attributed to the surge in credit card rates and wondered if this implicit deleveraging would continue as the US economy slid into recession, or if US consumers are so desperate for liquidity they will max out their cards – without expecting to repay them – if it meant being able to pay for one more month of goods and services at record prices. We just got the answer when moments ago the Fed published the latest consumer credit data and it was a doozy.

Total consumer credit rose $32.2 billion, well above last month’s $26 billion and also above the $25 billion consensus estimate.

And while non-revolving credit …

Read more at: https://www.zerohedge.com/markets/shocking-consumer-credit-numbers-everyone-maxed-out-their-credit-card-economy-slid

“Change Is Afoot”: Home Buyers “Shocked” By Rates, Sellers Lament Price Plunges

Submitted by QTR’s Fringe Finance

Since Fringe Finance has started, I’ve scoured the Earth far and wide to try and bring a perspective on real estate to the blog that is going to be both no bullshit and an unfiltered on-the-ground opinion that I know and trust (and could add value to my readers). After all, it’s an asset class that I am not nearly as in tune with as I am with equities and, well…beer.

And to be honest, I didn’t have to scour much, as a good friend of mine is a brilliant up-and-comer in the world of real estate in Philadelphia. I’ve worked with her several times and have known her for years – she’s insightful, pragmatic, conscientious, and has a serious pulse on the industry. I know for a fact that she works her ass off, eating, sleeping and breathing real estate on the daily.

As such, my kind friend, award-winning realtor Kira Mason, has agreed to drop in once in a while to offer up her take on the pulse of the industry for benefit of my readers. Kira runs the Substack Gritty City Real Estate, which you can read & follow free here and she is @kmasonrealtor on Twitter. Her posts for Fringe Finance subscribers are exclusive and can’t be found anywhere else.

Though I’ve watched the Philadelphia housing market mirror national trends by slowing from a sprint to a trot to a crawl over the course of the last six months, nothing could have pre …

Read more at: https://www.zerohedge.com/markets/change-afoot-home-buyers-shocked-rates-sellers-lament-price-plunges

Biden’s Nuclear “Armageddon” Statements Not Based In Any Evidence: US Intelligence

Biden’s Nuclear “Armageddon” Statements Not Based In Any Evidence: US Intelligence

After President Biden’s ultra-alarmist nuclear “Armageddon” statements related to the war in Ukraine given at a fundraiser in New York City Thursday night, naturally the first question to arise was whether his assessment is based in any clear evidence or observed heightened nuclear posture coming out of Russia. US intelligence has answered…

On Friday CNN cited multiple unnamed US intelligence officials to say “The US still has seen no evidence that Putin is moving toward using Russia’s nuclear capability, nor is there any intelligence showing he’s decided to do so.”

Read more at: https://www.zerohedge.com/political/bidens-nuclear-armageddon-statements-not-based-any-evidence-us-intelligence

Customers could get £100 for cutting energy use

Octopus Energy expects customers to get £4 a day on average for cutting back consumption when demand is high.

Read more at: https://www.bbc.co.uk/news/business-63175030?at_medium=RSS&at_campaign=KARANGA

US jobs growth slows as policymakers fight inflation

Dollar has strengthened on expectations US interest rates will rise, weighing on the pound.

Read more at: https://www.bbc.co.uk/news/business-63175023?at_medium=RSS&at_campaign=KARANGA

Train strikes: Passengers told to avoid travel on Saturday

The latest strike means only one in five trains will run, with services starting late and finishing early.

Read more at: https://www.bbc.co.uk/news/business-63170168?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty forms long bull candle on weekly charts. What investors should do on Monday

Global markets, especially the US, are still not offering indications for a sustained recovery so volatility is here to stay and participants should plan overnight positions accordingly. Meanwhile, on the index front, the tone would remain positive till the Nifty holds 17,100. We feel the prudent approach is to focus on top-performing stocks from across sectors and use intermediate dips to add them instead of chasing laggards, in hope of a rebound.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-long-bull-candle-on-weekly-charts-what-investors-should-do-on-monday/articleshow/94707018.cms

Consistent compounder! Time to follow the Jhunjhunwala path after Titan’s solid Q2 update?

It has compounded earnings by ~20% for an elongated period of time. In the jewelry industry, which is organizing at a rapid pace, it is clearly at the vanguard in terms of growth among organized players. Its runway for growth is long, with a market share of ~6%. Unlike other high-growth categories, the competitive intensity from organized and unorganized peers in jewelry is considerably weaker,” the brokerage said.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/consistent-compounder-time-to-follow-the-jhunjhunwala-path-after-titans-solid-q2-update/articleshow/94696617.cms

NerdWallet: Why did Medicare star ratings go down for 2023? Here’s what it means for beneficiaries.

Lower star ratings don’t mean your plan got worse. This is why they went down this year, how star ratings work, and how to compare plans using them.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7134-8A1E38CC9CA7%7D&siteid=rss&rss=1

Futures Movers: Oil up a 5th session, with U.S. prices gaining nearly 17% for the week after OPEC+ production cuts

Oil futures climbed Friday for a fifth session in a row to post a strong gain for the week after the recent decision by major oil producers to cut output.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7133-F258EBBE514B%7D&siteid=rss&rss=1

The Moneyist: ‘His father enjoys having control’: My friend’s dad forced him to open a bank account in both their names, and confiscated his state I.D. What can he do?

‘His father enjoys having control, and says he has to keep control over the money so his son won’t “waste it.”’

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7134-2F96947CF65F%7D&siteid=rss&rss=1