Written by Gary
Futures flat after Trump returns to White House, ahead of Powell address (SPY +0.03%). Stocks making the biggest moves in the premarket: Southwest, Cisco, Dollar Tree, Sonos.
Here is the current market situation from CNN Money | |
 | European markets are mixed today. The DAX is up 0.55% while the FTSE 100 gains 0.19%. The CAC 40 is even. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | Oil Markets Brace For Tough End Of YearThe worsening demand picture for oil and derivatives finally squashed the $40 WTI price last week. There were just too many negatives hitting at the same timefor the market to lookdown the road to a time when supplies must fall from lack of new drilling. There were several principal drivers that caused WTI to lose its grip on the $40 level this week. First was a recent surge in corona virusinfection rates globally whichlet us know that it’s not going to creep back into the slime from whence it came, and is going to |
| Can Kuwaits New Ruler Reform The Country?Following the death at 91 of Kuwaits ruler, Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah, his half-brother, Sheikh Nawaf Al-Ahmed Al-Jaber Al-Sabah, aged 83, faces a daunting challenge characterised by a burgeoning budget deficit, a constrained ability to raise debt, low oil prices, and ongoing feuding with the countrys legislature and with neighbouring Saudi Arabia. The scale of the challenge was underlined just before Sheikh Sabahs death with the downgrading of Kuwait by two notches by credit ratings agency Moodys reflecting |
| U.S. Upstream Oil Mergers Still Slow Despite Chevron, Devon DealsDespite two big corporate transactions in the third quarter, the number of U.S. upstream oil and gas deals was tied with the first quarter for the slowest pace of mergers and acquisitions in 10 years, oil and gas data analytics company Enverus said in its quarterly M&A report on Monday. The third quarter of this year saw 28 upstream deals with disclosed valuethe worst showing in a decade. However, two big corporate transactions, Chevrons acquisition of Noble Energy and the Devon Energy-WPX Energy merger, pushed the total value |
| Energy Storage Market To See Explosive Growth This DecadeSolar, wind, and other renewable energy sources are set for spectacular growth in the coming years and decades as governments race to net zero. It was only a matter of time before energy storage strutted on stage, and according to Wood Mackenzie, it is going to be no less spectacular than renewables. The global energy storage market is set for a 31-percent compound annual growth rate by 2030, the research firm said in a recent report. Wood Mac principal analyst Rory McCarthy noted that despite expectations for weaker growth in energy storage capacity |
| The Pandemic Will Not Crush Guyanas Oil BoomThere are growing fears that the COVID-19 pandemic will sharply impact deeply impoverished Guyanas economy and fiscally vital oil boom. Newly appointed President of Guyana Dr. Irfaan Ali recently called on the international community to assist small states like Guyana, which have limited resources and undiversified economies, to overcome the considerable fallout caused by the pandemic. There are considerable fears that the health emergency will significantly impact Guyana and its emerging oil boom. The small South American country, like |
| Short Selling In Oil ReturnsMoney managers resumed selling the most traded petroleum futures contracts last week, reversing more than half of the previous weeks buying, as the lasting impact of the coronavirus renewed concerns about global oil demand. According to the latest Commitment of Traders (COT) report with data through September 29, hedge funds and other portfolio managers were net sellers of the equivalent of 29 million barrels in the six most important contracts, with the WTI Crude sell-off at the equivalent of 24 million barrels, according to COT data compiled |
| Teens are buying fewer clothes, less food as their spending hits two-decade lowTeen spending hit its lowest levels in two decades, according to a new survey, as teens spent less money on food, concerts and events during the coronavirus pandemic, and worry about the economy getting worse. |
| More teens report Covid cases in their household than national average, survey findsOverall teen spending has fallen 9% to $2,150 this year, according to Piper Sandler’s semiannual survey of teenagers. |
| How Garmin survived the iPhone and started growing againGarmin was a rising star in consumer electronics. Then smartphones tanked its business. Now, the company is rebuilding with niches in smartwatches, fitness, outdoor devices, and navigation for boats, airplanes, motorcycles and RVs. |
| ‘The Batman’ pushed to 2022 as Warner Bros. shuffles film lineupOn Monday, Warner Bros. re-positioned a number of hotly anticipated movies on its calendar including “Dune” and now “The Batman.” |
| CDC revises coronavirus guidance to acknowledge that it spreads through airborne transmission“CDC’s recommendations remain the same based on existing science and after a thorough technical review of the guidance,” the agency said. |
| Doctors worry Trump could be ‘overtreated’ for coronavirus because he’s a VIP“We don’t really have any evidence for the melange of this particular brew. It may be perfect. It may not be right. We just don’t know,” Dr. Lewis Kaplan, a surgeon at the hospital of the University of Pennsylvania. |
| 5 things to know before the stock market opens TuesdayDow futures pointed to a higher Tuesday open after Wall Street soared following President Trump’s tweet that he was leaving Walter Reed on Monday evening. |
| Bristol-Myers gets ‘potentially revolutionary medicine’ in MyoKardia deal, CEO says“MyoKardia is an important company because they developed a really interesting approach to the treatment of cardiovascular disease,” Bristol-Myers Squibb CEO Giovanni Caforio said. |
| ‘Raging epidemic is not inevitable’ ” Dr. Scott Gottlieb believes China case count and rips U.S. response“The entire Pacific Rim has less than 1,000 infections a day. Having a raging epidemic is not inevitable,” former FDA chief Dr. Scott Gottlieb told CNBC. |
| Regal Cinemas closing all U.S. theaters because it really needs the blockbusters, CEO says“We are now like a kind of a grocery shop that have no food to sell,” Cineworld CEO Mooky Greidinger told CNBC. |
| Trump is trying to project ‘invincibility’ after coming down with coronavirus, critic saysPresident Trump wants to appear strong despite testing positive for the coronavirus, said David Smith of the United States Studies Centre at the University of Sydney. |
| Trump may face a ‘backlash’ by returning to work while still infectedPresident Trump’s return to the White House despite being still infected isn’t helpful in combatting the virus because it shows he still doesn’t take it seriously, analysts say. |
| Airbnb faces calls for stricter enforcement of short-term rental rules in IrelandLast July, regulations around short-term rentals came into effect with a “one host, one home” model that is enforced by local planning authorities. |
| How Dare He Recover?!!How Dare He Recover?!! Tyler Durden Tue, 10/06/2020 – 08:15 Authored by James Howard Kunstler via Kunstler.com, Hallelujahs echoed across the Blue Media late last week when the news broke that Donald Trump tested positive for coronavirus. For four years the president had foiled every ambuscade set along his path by a morally-inflamed, predatory Resistance, and each time he beep-beeped his way around the trap. But, now, with a little help from a pitiless universe, they had him! A gazillion tiny, viral assassins were stealing through his bloodstream like so many microscopic jihadis, primping him for an agonizing death: his alveoli withering, red corpuscles robbed of their vital O2, pink foam issuing from his nostrils, toes and fingers turning blue-green ” and most deliciously of all, he’d remain conscious of his imminent defeat, of the life (which he’d never deserved in the first place) draining by degrees from his wicked, orange, bloated, supine carcass… |
| House Democrats’ “Game Plan” For Breaking Up Big Tech LeaksHouse Democrats’ “Game Plan” For Breaking Up Big Tech Leaks Tyler Durden Tue, 10/06/2020 – 08:10 Big Tech’s efforts to cozy up to former Vice President Joe Biden in the hopes that he triumphs over President Trump on Election Day might not amount to much as Democrats in the House are launching their own push to break up big tech, as the DoJ’s anti-trust wing expands its investigation to focus on stock-exchange financial data tiering. Drawing their inspiration from EU anti-trust czar Margrethe Vestager, Democrats on the House anti-trust subcommittee have written a draft report outlining inevitable conflicts that arise from tech companies like Amazon, Apple and Google-owner Alphabet both owning a marketplace, and selling their products in the marketplace. The report, written after more than year of scrutiny by a special House anti-trust panel led by Rhode Island Congressman David Cicilline, was apparently leaked to |
| Futures Flat After Trump Returns To White House, Ahead Of Powell AddressFutures Flat After Trump Returns To White House, Ahead Of Powell Address Tyler Durden Tue, 10/06/2020 – 08:00 S&P futures drifted following yesterday’s surge to 3,400 following news that Trump was returning to the White House ahead of a 1040am ET speech by Fed Chair Powell in which expected to repeat that the Fed has done as much as it can and the recovery is now in the hands of lawmakers. Oil and treasurys climbed while the dollar was little changed as investors focused on President Trump’s health and awaited progress on an American virus relief package, where Politico reported that Nancy Pelosi said that stimulus negotiations with Steven Mnuchin were going “very slowly” during a Monday night conference call with Democratic leaders. |
| Clover Health Strikes $3.7 Billion SPAC Deal With Chamath Palihapitiya’s ‘Social Capital’Clover Health Strikes $3.7 Billion SPAC Deal With Chamath Palihapitiya’s ‘Social Capital’ Tyler Durden Tue, 10/06/2020 – 07:52 CNBC is bringing Chamath Palihapitiya on for yet another interview (the producers just had him on last week for another face-off with Scott Wapner during the channel’s “Seeking Alpha’ conference) Tuesday moring, but apparently news of Social Capital’s latest SPAC-backed venture just couldn’t wait. Palihapitiya is one of the most visible big-name investors to embrace the SPAC trend, which has become one of the most visible trends of the year as investors look for more alternatives to the traditional IPO process. SPACs – Special Purpose Acquisition Vehicles – were once seen as a shady maneuver designed to bilk investors and enrich managers, but Palihapitiya – with help from other luminaries like Bill Ackman – has rebranded them as “IPO 2.0”. Last week, the leisure brand Playboy went public in a SPAC deal valued at just under $400 million. |
| Hathras victim’s family given security: SPHathras victim’s family given security: SPThe police official said a number of police and the Provincial Armed Constabulary (PAC) units have been deployed in the area for the family’s safety. |
| Bihar: JDU to contest 122 seats, BJP gets 121Bihar: JDU to contest 122 seats, BJP gets 121JDU will give seven seats to Jitan Ram Manjhi’s Hindustan Awam Moarch (HAM) from its quota while BJP will also allot some seats to Vikassheel Insaan Party from its share. |
| New members give MPC a ‘dovish tilt’: NomuraNew members give MPC a ‘dovish tilt’: Nomura”New external members give the MPC a dovish tilt… We believe that the new external members are more neutral-to-dovish in their policy views, which will tilt the overall MPC in a dovish direction,” analysts at Nomura said. |
| August 2020 CoreLogic Home Prices: Home Price Appreciation Jumped to 5.9%Written by Steven Hansen CoreLogic’s Home Price Index (HPI) home prices increased 5.9% in August 2020, compared with August 2019, and the gain was up nearly 1% compared to the prior month, when home prices increased 5.1% year over year.
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| : Warehouses are hot property as online shopping boomsDemand for logistics and distribution space across the U.K. surged to a record in the third quarter, according to CBRE. |
| Second coronavirus wave could delay Europe’s recovery: ECB President LagardeThe European Central Bank’s task to boost inflation is made more difficult by the continuous appreciation of the euro this year. |
| Outside the Box: Republican attempts to suppress the vote must be stoppedAnyone involved in trying to steal the election “including Donald Trump himself “must be held criminally liable. |
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