09 November, 2022 Market Close & Major Financial Headlines: Wall Street Opens Lower, Then Trends Downward To End Session Deep In The Red

U.S. Tech Is Being Used In Irans Controversial Drones

Over the past five years, Iranian officials and state media have touted the “indigenous” ingenuity in the Islamic republic’s mass-produced Mohajer-6 combat drone, which Russia has deployed in its war against Ukraine. But a new investigation by Schemes, the investigative unit of RFE/RL’s Ukrainian Service, has found that electronic components underpinning Tehran’s production of the Mohajer-6 are far from homegrown. The Mohajer-6 drones contain components produced by companies from the United States and the European Union, both of which have sanctions

Read more at: https://oilprice.com/Geopolitics/International/US-Tech-Is-Being-Used-In-Irans-Controversial-Drones.html

Zelensky Calls For Extension Of Black Sea Grain Export Deal

Ukrainian President Volodymyr Zelensky has called for an extension of the Black Sea grain export deal that has allowed exports from three major Ukrainian ports, easing a global food crisis. “We maintain the line that the initiative must continue regardless of whether the Russian Federation is willing,” Zelenskiy told U.S. Ambassador to the UN Linda Thomas-Greenfield, who made a one-day visit to Kyiv on November 8. Zelensky emphasized that despite the full-scale Russian invasion, Ukraine is ready to remain the “guarantor of global food security,”

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Zelenskiy-Calls-For-Extension-Of-Black-Sea-Grain-Export-Deal.html

Could Copper Prices Be Poised For A Breakout?

Via AG Metal Miner The Copper Monthly Metals Index (MMI) moved sideways, with the overall copper price falling 2.0% from October to November. While volatility remains a risk, copper prices traded in a tight range throughout October. In general, prices traded just above the low found in late September. Copper was also among multiple base metals whose prices move sideways as the macro downtrend remains on pause. Dollar Found a Top, Direction Uncertain November 2 marked the fourth consecutive (albeit universally expected) 75-basis-point rate

Read more at: https://oilprice.com/Metals/Commodities/Could-Copper-Prices-Be-Poised-For-A-Breakout.html

U.S. And EU To Crack Down On Fossil Fuel Sectors Methane Emissions

The United States and the European Union will unveil an agreement targeting methane emissions within the fossil fuel industry. The agreement is set to be released yet this week, although has been seen by Reuters, and includes provisions not just to target the fossil fuel industry’s emissions with domestic interventions but with international ones as well. The policies, according to the document, will include mandates to stop routine venting and flaring of nat gas, force companies to fix infrastructure leaks where they exist, and could include

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-And-EU-To-Crack-Down-On-Fossil-Fuel-Sectors-Methane-Emissions.html

Machine Learning Helps Create High-Performance Thermoelectric Devices

University of Notre Dame aerospace and mechanical engineers have developed a machine-learning-assisted superfast new way to create high-performance, energy-saving thermoelectric devices. Yanliang Zhang, associate professor of aerospace and mechanical engineering at the University of Notre Dame, and collaborators Alexander Dowling and Tengfei Luo have developed high-performance, energy-saving thermoelectric devices. The paper reporting the milestone has been published in the journal Energy and Environmental Science. The novel process uses intense

Read more at: https://oilprice.com/Energy/Energy-General/Machine-Learning-Helps-Create-High-Performance-Thermoelectric-Devices.html

Russian Black Sea Fleet Headquarters Hit With Unprecedented Drone Attack’

Eight months after Russian President Vladimir Putin began his unprovoked special military operation against Ukraine, one of the most striking emerging aspects of the conflict has been the Ukrainian Armed Forces surprising and increasingly effective denial of Russian naval efforts to establish command of the sea in the Black Sea. On April 13, the Ukrainians, with an unexpected anti-ship missile attack, sank the Black Sea Fleets (BSF) flagship, the Soviet-era Slava-class Moskva guided missile cruiser. In

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russian-Black-Sea-Fleet-Headquarters-Hit-With-Unprecedented-Drone-Attack.html

Disney wants you to focus on revenue and profit instead of streaming subscribers — just not this quarter

Disney found itself between two stories — one of subscriber growth and another of emphasizing profit and revenue — as shares slumped.

Read more at: https://www.cnbc.com/2022/11/08/disney-gets-hit-by-media-worlds-shift-to-emphasize-profit-and-revenue-over-subscriber-growth-.html

Here’s how five states voted on the legalization of recreational marijuana

Voters in two states approved the legalization of recreational marijuana in the midterms, joining 19 states and the District of Columbia in doing so.

Read more at: https://www.cnbc.com/2022/11/09/heres-how-five-states-voted-on-the-legalization-of-recreational-marijuana.html

Volvo reveals new $80,000 electric SUV with Luminar lidar

Volvo Cars’ plans to exclusively sell all-electric vehicles by 2030 kicked off Wednesday with the reveal of the EX90 – the first of a new lineup of EVs.

Read more at: https://www.cnbc.com/2022/11/09/volvo-reveals-new-80000-electric-suv-with-luminar-lidar.html

Shares of Truth Social merger partner fall after Trump’s candidates underwhelm in midterm elections

Shares of Truth Social SPAC drop after Trump’s candidates underwhelm in the midterm election

Read more at: https://www.cnbc.com/2022/11/09/truth-social-merger-partners-stock-falls-after-trump-candidates-underwhelm.html

Weekly mortgage demand flattens, as interest rates climb higher to 7.14%

Rising mortgage rates caused mortgage demand to stall last week.

Read more at: https://www.cnbc.com/2022/11/09/weekly-mortgage-demand-flattens-as-interest-rates-climb-even-higher.html

Voters approve higher minimum wage in Nebraska and Washington, DC. Votes still being tallied in Nevada

Voters in both Nebraska and the District of Columbia approved higher minimum wages, while the results in Nevada are still pending.

Read more at: https://www.cnbc.com/2022/11/09/voters-approve-higher-minimum-wage-in-nebraska-and-washington-dc.html

Adidas warns of big earnings hit after ending Ye partnership

Adidas on Wednesday cut its full-year guidance on the back of the German sportswear giant’s termination of its partnership with Kanye West’s Yeezy brand.

Read more at: https://www.cnbc.com/2022/11/09/adidas-warns-of-big-earnings-hit-after-ending-ye-partnership.html

Disney misses on profit and key revenue segments, warns streaming growth could taper

Disney fell short of expectations for profit and key revenue segments during the fiscal fourth quarter Tuesday.

Read more at: https://www.cnbc.com/2022/11/08/disney-dis-earnings-q4-2022.html

Tropical Storm Nicole snarls travel in Florida, Orlando airport to suspend flights

The latest storm is headed toward Florida about a month and a half after Hurricane Ian caused severe damage on the state’s Gulf Coast.

Read more at: https://www.cnbc.com/2022/11/09/tropical-storm-nicole-travel-impact-in-florida.html

Space company Astra lays off 16% of workforce as it faces rocket development delay, quarterly losses

Astra announced Tuesday it would lay off about 16% of its employees as the space company faces a pivot in its rocket development program.

Read more at: https://www.cnbc.com/2022/11/08/astra-q3-results-space-company-announces-layoffs-amid-rocket-delay.html

Biden’s Inner Pluskat: How The Loss Of Control Of Either House Could Impact The President

Authored by Jonathan Turley,

Below is my column in the New York Post on what a flipping of either (or both) houses might bring for President Joe Biden.

While the President has cited his own impeachment as the danger of such a change, it may be the least of his worries. As we wait for the final tally on seats in both houses, here are three areas that represent a more serious threat to the President than removal from office.

Here is the column:

In the movie “The Longest Day,” Maj. Werner Pluskat tried to warn his superior about the approaching armada that he was seeing on the horizon. His superior asks where they are heading, and Pluskat responds, “Straight for me!”

In the days before the midterm “D-Day,” President Joe Biden increasingly sounded like Pluskat. …

Read more at: https://www.zerohedge.com/political/bidens-inner-pluskat-how-loss-control-either-house-could-impact-president

Ron Paul: Hey Incoming Congress, Here’s 3 Simple Tricks For A Successful Start

Authored by Ron Paul via The Ron Paul Institute for Peace & Prosperity,

Politicians and the media always say that this is the most important election ever, but all too often once the voting is over and the smoke has cleared, not much changes. The Washington uni-party takes over and makes sure the status quo is maintained.

It doesn’t have to be this way.

An incoming Republican House and/or Senate, for example, could take early steps to reassure their supporters that their votes weren’t wasted on Tweedledee vs. Tweedledum in Washington. Here are three suggestions to get things off to a good start.

First, Republican Party Leadership must vow to end the massive money spigot opened by the last Congress for Ukraine. By some estimates some $60 billion dollars …

Read more at: https://www.zerohedge.com/political/ron-paul-hey-incoming-congress-heres-3-simple-tricks-successful-start

Redfin Fires 13% Of Staff, Exits House Flipping As Downturn Accelerates

House prices are sliding, and sales are plunging as the Federal Reserve hits the pause button on quantitative easing this year with the most aggressive interest rate hikes in four decades to cool the red-hot housing market spurred by low-interest rates and tight inventories during the pandemic.

A rising rate environment has sent the average thirty-year fixed mortgage rate to highs not seen since the Dot Com collapse era over two decades ago. This abrupt surge in rates caused an affordability crisis in housing as prices remained at lofty levels this year, forcing real-estate brokerage Redfin Corp. to slash workers in June.

Now the online real-estate brokerage has announced the second round of layoffs, as well as an exit from its home-flipping business called “iBuying.”

Redfin CEO Glenn Kelman sent a letter to employees, also published on the company’s website, about the layoffs. He indicated 13% of staff, or about 862 people, will be fired.

We’re laying off 862 brilliant, loyal people and also closing RedfinNow.

We’ll still need home-services employees for our concierge service to fix up brokerage customers’ listings, but since that group spent most of its time renovating RedfinNow homes, it will get much small …

Read more at: https://www.zerohedge.com/markets/redfin-fires-13-staff-exits-flipping-houses-downturn-accelerates

Today’s Inflation Surge Should Discredit Modern Monetary Theory Forever

Authored by Connor O’Keeffe via The Mises Institute,

It’s been a rough year for advocates of Modern Monetary Theory (MMT). After nearly two years with all the budget deficits and money printing MMTers could have wanted, the doctrine’s popularity seems to have faded now that we’re well passed the honeymoon phase. 2022 has clearly demonstrated that creating a lot of new money and running massive government deficits does, in fact, come at a cost.

We should let this theory die before it causes any more destruction.

MMT is a school of thought born and raised on the internet during a thirty-year period of low price inflation with constant debate over government budgets. Advocates argue that because the U.S. government is a currency issuer, we can drop all the talk about finding money for government programs. All that is needed is the political will to fund things with new …

Read more at: https://www.zerohedge.com/economics/todays-inflation-surge-should-discredit-modern-monetary-theory-forever

Furniture firm Made collapse: Customers in the dark over refunds

Customers are told they may not be offered refunds as thousands of orders are cancelled.

Read more at: https://www.bbc.co.uk/news/business-63539652?at_medium=RSS&at_campaign=KARANGA

M&S warns of ‘gathering storm’ as shoppers squeezed

Profits fall sharply at the High Street giant as it struggles with higher energy bills and overheads.

Read more at: https://www.bbc.co.uk/news/business-63566945?at_medium=RSS&at_campaign=KARANGA

Facebook-owner Meta to cut 11,000 staff

Chief executive Mark Zuckerberg said it was one of the most difficult changes in Meta’s history.

Read more at: https://www.bbc.co.uk/news/technology-63568585?at_medium=RSS&at_campaign=KARANGA

Nifty forms a long bear candle. What traders should do on Thursday

Chart readers said positive patterns like higher tops and bottoms continued on the daily time frame chart, and Wednesday’s swing high of 18,296 could be considered as a new higher top of the sequence.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/nifty-forms-a-long-bear-candle-what-traders-should-do-on-thursday/articleshow/95406407.cms

All you need to know about Kaynes Technology India’s Rs 858 crore-IPO

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Read more at: https://economictimes.indiatimes.com/markets/web-stories/all-you-need-to-know-about-kaynes-technology-indias-rs-858-crore-ipo/articleshow/95401749.cms

Personal Finance Daily: With Senate results too close to call, food-aid programs for low-income Americans hang in the balance, and mortgage refinancing demand falls to lowest level since 2000

Wednesday’s top personal finance stories.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7150-7E2B52153B68%7D&siteid=rss&rss=1

Michael Brush: A slew of catalysts for a stock market rally are converging at the same time

“There are more opportunities today than I have seen since the fourth quarter of 2008,” says Paul Schatz of Heritage Capital.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-714F-E8017E5AE8B1%7D&siteid=rss&rss=1

The Moneyist: ‘It’s a touchy subject’: My in-laws live in our basement. They gave us our 20% down payment. Should we charge them for renovations?

‘My in-laws pay the property taxes, and we pay monthly utilities and home-insurance costs. They do not pay rent.’

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-714F-292C681B34BC%7D&siteid=rss&rss=1