Written by Gary
US stock indexes close down in an unremarkable trading session, (SPY -0.1%). Investors skeptical of US – China trade-dealings.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Oilfield services firm ProPetro cuts almost 150 workers: sourcesProPetro Holding Corp this month cut about 150 workers, people familiar with the matter said on Monday, the latest sign of growing trouble in the oilfield services sector as U.S. shale producers reduce drilling. |
| Stocks pause on unsettled trade deal; earnings eyedWall Street edged lower on Monday as uncertainties following recent U.S.-China trade negotiations clouded sentiment and investors turned their focus on the third-quarter earnings season, which begins in earnest on Tuesday. |
| Industrial earnings take center stage in third quarter with trade, economy in focusProfit reports from big manufacturers and other industrial firms arriving this week will provide investors with a crucial corporate gauge of the U.S. economy’s health and the fallout from trade tensions between Washington and Beijing. |
| What to watch in third quarter earnings from U.S. companiesU.S. companies are preparing to report third-quarter results following a rocky few months in which they grappled with a U.S.-China trade conflict undermining the business environment and an overall economy that has been showing signs of struggling. |
| Southwest pilots union sees 737 MAX return in February or laterA union representing pilots at Southwest Airlines Co on Monday said it believes the grounded Boeing 737 MAX will likely return to the skies in “probably a February time frame to say the least.” |
| U.S. House panel ‘strongly’ urges Uber, Lyft to take part in hearingThe chairman of the U.S. House of Representatives’ Transportation and Infrastructure Committee “strongly urged” Uber Technologies Inc and Lyft Inc to participate in a hearing set for Wednesday on issues facing the ride hailing industry. |
| Harley-Davidson halts electric motorcycle productionHarley-Davidson Inc said on Monday it has stopped production and deliveries of its first electric motorcycle after discovering a glitch in the final quality checks. |
| WeWork opens new sites at breakneck speed despite cash-burn concernsWeWork has opened almost as many new locations in the last 3-1/2 months as it did in the whole first half of this year, likely accelerating the speed with which the office-sharing company is burning through cash as increasingly hard-nosed investors scrutinize its prospects for going public. |
| Oil falls more than 2% on doubts around phase one of U.S.-China trade dealOil prices slumped more than 2% on Monday on worries that global crude demand could stay under pressure as a lack of details about the first phase of a U.S.-China trade deal dimmed hopes for a quick resolution to the tariff fight. |
| Trump To Authorize Sanctions Against Turkish Officials, Reintroduce Steel Tariffs, Halt $100BN Trade DealTrump To Authorize Sanctions Against Turkish Officials, Reintroduce Steel Tariffs, Halt $100BN Trade Deal Just as he promised earlier, President Trump and the White House are following through with sanctions against top Turkish officials following the Turkish military’s offensive against the Kurds of northeastern Syria. In a tweet sent just minutes before the close, Trump published a statement outlining his plans for the sanctions, saying he would soon issue an executive order targeting current and former senior Turkish government officials and anyone found to have had a hand in the Turkish military’s “incursion” into northeastern Syria, which has kicked up a storm of fury in Congress among NatSec hawks on both sides of the aisle. Trump reiterated that he is “fully prepared to destroy Turkey’s economy” if “Turkish leaders continue down this dangerous and destructive path.” He also vowed to reintroduce steel tariffs and immediately halt negotiations on a $100 billion trade deal.
The lira softened modest … |
| Stocks Extend Friday’s “Sell The News” Trade ‘Deal’ LossesStocks Extend Friday’s “Sell The News” Trade ‘Deal’ Losses With the bond market ‘adults in the room’ absent, algos did their best to maintain US equity markets… but failed as they extended the post-trade-deal-like-thing selling continued… Chinese markets rallied in the morning session then trod water (closing before China’s statement) |
| Economists Puzzled By Surge In US Money SupplyEconomists Puzzled By Surge In US Money Supply Submitted by Danielle DiMartino Booth, of Quill Intelligence Summary: Uncertainty incites a dash to cash, which we’ve seen at an accelerated pace beginning about five months ago, amounting to $887.4B; In the two weeks ended September 30th, MZM rose by $158.1B, a figure that has only been eclipsed in the immediate aftermath of 9/11 Declining inflation expectations have netted record levels of households expecting rising real income gains; and yet, consumers are less confident about economic growth with a third anticipating rising unemployment captured in the continued rise in the fear of the unknown Those aged 45 and under expect annual income gains of more than twice households as a whole; this corroborates the top-third of income earners’ (managers’) higher unemployment rate expectations vis-à -vis middle-income-earners’ (worker bees’) job market outlook We Americans are drawn to nicknames that evoke our cities’ characteristics:  The Big Apple, The Windy City, Hotlanta. But those passionate Italians demand their cities be identified by the vividness of color, an element that played right into the logo design of the world’s most iconic sports car. As for the horse, that image was painted on the SPAD S.XIII flown by Francesco Baracca, Italy’s World War I flying ace who recorded an astounding 34 kills before being killed himself in 1918. As recounted by Enzo Ferrari, fate stepped in as such, œIn ’23, I met count Enrico Baracca, the hero’s father, and then his mother, countess P … |
| Turkish-Backed Forces Clash With Syrian Army, Advance On ManbijTurkish-Backed Forces Clash With Syrian Army, Advance On Manbij Together with SouthFront On the evening of October 14, Turkish-backed miltiant groups officially announced an advance on the town of Manbij, which was controlled by the Kurdish-led Syrian Democratic Forces. |
| Nobel laureates on free trade, growth from their forthcoming bookNobel laureates on free trade, growth from their forthcoming bookIt is so rooted in our culture that we sometimes forget that the case for free trade is by no means self-evident. |
| Will investors regain confidence on HFCs?Will investors regain confidence on HFCs?The spread between the bonds of triple-A rated HFC and similar public sector benchmarks is now 82 basis points. |
| Why US consumers can’t save the economyWhy US consumers can’t save the economyThe yield curve has inverted, with 10-year Treasury note yields falling below two-year yields. |
| Project Syndicate: The energy revolution is already hereAround the world, businesses, governments, and households are taking advantage of more cost-effective low-carbon technologies. |
| Market Extra: Here’s a look at how WeWork’s $50 billion pile of office leases could unravelSan Francisco and New York in crosshairs as WeWork struggles in the wake of its failed initial public offering |
| After Hours: Fighting SEC to issue Gram tokens is going to be tough for messaging app TelegramTelegram says it’s surprised that the SEC halted its plans to launch wide distribution of its Gram tokens but there are now plenty of examples of other crypto firms who thought they could fight and lost |
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