Written by Gary
US stock markets slump on fading pre-election stimulus hopes (SPY -1.5%). Coronavirus hospitalizations are growing in 37 states.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Biden’s $2 Trillion Energy Plan Could Crush Natural GasWhile Joe Biden has been busy speaking out of both sides of his mouth about what his position on fracking would be, if elected, another revelation has come to light: regardless of his position on fracking,his $2 trillion clean energy plan could be devastating to natural gas. AsBloomberg points outin a recent article, natural gas is not only a crucial part of the nation’s energy supply, but it directly effects votes in the swing state of Pennsylvania, where Biden is seeking to turn the state that leaned Trump in 2016. Biden’s |
| ConocoPhillips Becomes First Major U.S. Oil Firm To Pledge Emission CutsU.S. oil and gas producer ConocoPhillips unveiled on Monday a target to reduce emissions from its operations to net zero by 2045-2055 in a first announcement from a major American oil firm setting specific targets to cut its carbon footprint. Unlike European oil majors who have rushed to pledgevarious commitmentsto become net-zero energy companies U.S. companies, including Exxon and Chevron, hadnt set any such goals. For this, U.S. supermajors have received backlash from investors in recent months, |
| A Slow Motion Oil Crisis Is Unfolding In The CarribeanTheres nothing quite like the feeling of uncertainty and dread right in the moments before a disaster of gargantuan proportions unfolds in front of our eyes. We might be living in that moment now if immediate measures arent taken to prevent what is soon to be an oil spill so horrifically devastating that it would be eight times bigger than the Exxon Valdez oil spill, which spewed 10.8 million US gallons of crude oil into the waters off the coast of Alaska in 1989. Right now, there is a floating storage and offloading facility floating |
| Offshore Oil & Gas Poised For A Major ReboundIn a year marked by huge spending cuts across the oil and gas industry amid urgently revised budgets and slashed investments, some analysts are now expecting a light at the end of this tunnel, at least offshore. From next year, Rystad Energy expects offshore oil and gas investments to rebound, but there will be a tectonic shift, with nearly half of that investment going to floating production and storage. Earlier this month, Rystad reported that Chinese shipyards are preparing for an increase in new orders for floating production, storage, |
| Iran Boots Out India From Huge Gas Field DevelopmentIran has decided to use local firms to develop a large offshore natural gas field, which was discovered by an Indian company and set to be developed by a group of Indian firms, Press Trust of India reported on Monday, citing sources with direct knowledge of the plans. An Indian consortium led by ONGC Videsh discovered the huge Farzad-B gas field back in 2008. Iran and India have since negotiated the terms of the fields development for years, in fits and starts. Three years ago, the Indian consortium led by ONGC Videsh offered Iran US$11 |
| Halliburton Sees Fracking Activity Picking UpHalliburton Company (NYSE: HAL), the largest fracking services provider in North America, sees activity across the shale patch stabilizing as it reported another net loss this year due to reduced demand for oilfield services. The pace of activity declines in the international markets is slowing, while the North America industry structure continues to improve, and activity is stabilizing, Halliburtons chief executive Jeff Miller said in a statement. Halliburton, as well as all other oilfield service providers, has felt the pain |
| Biden’s tax plan could create a tax rate of as much 62% for New Yorkers and Californians, studies showWhile Americans earning less than $400,000 would, on average, receive tax cuts under Biden’s plan, the highest earners would face double-digit increases in their official tax rates, according to nonpartisan analyses. |
| Airline shares rise after TSA screenings topped 1 million, a 7-month highU.S. airline stocks rose sharply on Monday after airport screenings topped 1 million in a single day. |
| Coronavirus hospitalizations are growing in 37 states as Fauci warns the world not ‘on the road’ to ending pandemic yetCovid hospitalizations, like the so-called positivity rate and deaths, are a key measure because they help scientists gauge the pandemic’s severity. |
| Buyers traveling across the country, paying record prices for used pickupsFactory shutdowns, which weighed on new vehicle production, and an increased desire to own a vehicle are helping to drive demand for pickups. |
| CVS to hire thousands of pharmacy techs as it prepares for more Covid-19 cases, rollout of vaccineMore than 10,000 of the new hires will be full-time and part-time pharmacy technicians who can help dispense medications and administer Covid-19 tests. |
| AMC CEO says reopening New York theaters is ‘a monumental step forward’ for battered industryMovie theaters, thrashed by the pandemic, received some hope after New York Gov. Andrew Cuomo announced they could start to reopen on Oct. 23. |
| Target to pay more than $70 million in bonuses to hourly employees ahead of holidaysTarget said Monday that it will spend more than $70 million on another round of employee bonuses during the coronavirus pandemic. |
| Dr. Scott Gottlieb: U.S. is in the 7th inning of the pandemic but the ‘hardest part’ is likely aheadRising Covid-19 cases across the nation indicate the U.S. is “entering a pretty difficult period,” the former FDA chief said. |
| Global coronavirus cases hit 40 million as second wave gathers paceThe grim milestone of 40,050,902 confirmed cases on Monday. |
| The Match 3 golf tournament set for Nov. 27 to benefit Black collegesTurner Sports announced The Match 3 golf event would include Phil Mickelson, Charles Barkley, Stephen Curry and Peyton Manning. |
| Trump calls Dr. Anthony Fauci a ‘disaster,’ says Americans ‘are tired of Covid’ as nation faces spiking casesThe comments by President Trump came on a call to campaign staffers. Trump faces a tough challenge from Joe Biden amid increasing Covid-19 cases. |
| Here’s why Powerball and Mega Millions jackpots aren’t reaching giant amounts anymoreWhile the games’ current jackpots of $86 million and $91 million would be life-changing amounts for most people, they pale in comparison to some prizes claimed in the past ” including two worth more than $1.5 billion. |
| Watch live: The World Health Organization holds a press briefing on the coronavirus after global cases top 40 millionWHO is holding a briefing on the Covid-19 pandemic. |
| Black-ish Monday: Stimulus Stumble Sparks Big-Tech’s Worst Streak In 14 MonthsBlack-ish Monday: Stimulus Stumble Sparks Big-Tech’s Worst Streak In 14 Months Tyler Durden Mon, 10/19/2020 – 16:00 The entire market is now playing a game of deal, or no deal and today’s “no deal” headlines sent stocks reeling… Nasdaq was down for the 5th straight day, its longest losing streak since Aug 2019… |
| Morgan Stanley: 10% Correction Coming After Failure To Breach 30 Year ResistanceMorgan Stanley: 10% Correction Coming After Failure To Breach 30 Year Resistance Tyler Durden Mon, 10/19/2020 – 15:49 Back on September 2, when stocks hit an all time high, we asked if it “could be this simple” when showing the long-term resistance of the S&P:
Well, at least so far, the answer appears to be yes and is also the reason why in his weekly focus note, Morgan Stanley’s chief equity strategist Michael Wilson writes that last week’s failure to break through technical resistance for second time “suggests the correction isn’t over.” To that point, last month and shortly after our initial observation, Wilson laid out his view that long-term resistance in the S&P500 around the 3550 level would be very difficult to surpass prior to the outcome of the US election and passage of CARES 2. As he explains “this view was based on very stron … |
| TSA Passenger Traffic Tops One Million Sunday As Return To Normalcy ContinuesÂTSA Passenger Traffic Tops One Million Sunday As Return To Normalcy Continues Tyler Durden Mon, 10/19/2020 – 15:35 Shares of US airlines lifted off Monday morning after data this past weekend showed passenger numbers hit seven-month highs as air travelers take advantage of super low-cost airfare despite the reemergence of COVID-19. TSA published a press release early Monday saying it “screened over 1 million passengers Sunday, representing the highest number of passengers screened at TSA checkpoints since March 17, 2020.” The release continued: “In addition to screening one million passengers in a single day, TSA screened 6.1 million passengers at checkpoints nationwide during the week (Mon., October 12 through Sun., October 18). That weekly volume also represents the highest weekly volume for TSA since the start of the COVID-19 pandemic.” |
| Peter Schiff: The Best Election Outcome Is GridlockPeter Schiff: The Best Election Outcome Is Gridlock Tyler Durden Mon, 10/19/2020 – 15:15 Via SchiffGold.com, As we get closer to the 2020 election, analysts are starting to look at how various outcomes could affect the markets and the broader economy. Some of them are actually bullish on total Democratic Party control of the government. Why? |
| Coronavirus: Shapps aims for new test system for arrivalsThe UK transport secretary hopes to have it in place from December, but BA’s boss is sceptical. |
| Geek Retreat: Retailer of ‘all things geeky’ to open 100 new shopsGames and entertainment retailer Geek Retreat says loyal customers helped it thrive in lockdown. |
| Flybe set to fly again after brand is rescuedThe deal could see the regional carrier restart operations as soon as next year. |
| Banks slowly reviving bad loan sales to ARCs, Rs 20k cr put on block in H1Industry data accessed by ET show that banks have identified bad loans worth Rs 19,947 crore to be sold during the first half of the current fiscal. |
| Equitas Small Finance Bank IPO opens tomorrow. Should you subscribe?‹There were concerns that Equitas Small Finance Bank IPO may not lead to robust listing gains. |
| Festive season springs hope for Avenue Supermarts amid challenging timesWhile a robust liquidity situation and resilient business model will keep the stock’s downside, the upside, too, seems to be capped in the near term given the slow business momentum. |
| : Even Wall Street hates the SEC’s latest attempt to cut regulationA Goldman Sachs analysis of industry comments shows near unanimous opposition to reduce disclosure requirements for big investors. |
| : Alibaba gets its Whole Foods with new $3.6 billion investment in Chinese supermarket operatorAlibaba Group Holding Ltd. is deepening its ambitions in groceries with a big investment in a Chinese supermarket company. |
| Earnings Outlook: Chipotle earnings preview: Same-store sales growth may have slowed, but digital and delivery are drivers, analysts sayKeyBanc Capital Markets raised its price target to $1,475 from $1,300 leading into Chipotle’s third-quarter earnings |
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