Written by Gary
Stocks making the biggest moves midday: Boeing, SeaWorld, Sonos, Costco (SPY -0.01 flat). New York fed Weekly Economic Index (WEI): Index little changed since end of August.
Here is the current market situation from CNN Money | |
 | North and South American markets are mixed today. The IPC is up 0.47% while the Bovespa gains 0.23%. The S&P 500 is off 0.09%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Russia Is Expanding Its Energy Influence In AfricaIn 2019, Scottish politician Michael Ancram, Marquess of Lothian, requested of the Foreign & Commonwealth Office (FCO) the information they held on the installation plans of Russian military bases in Africa, particularly in Zimbabwe. There was concern that Moscows influence might collide with Londons. Another major actor in Africa, Paris, became alarmed in 2018 as Russian Wagner and GRU security consultants started to appear in political circles in countries such as the Central African Republic, Eritrea, Democratic Republic of |
| ExxonMobil To Cut 1,600 Jobs In EuropeOil and gas supermajor ExxonMobil will be cutting 1,600 jobs in Europe as part of efforts to rein in costs, the company said this week. Proposed changes are subject to local information and consultation processes as applicable in each country and result from insight gained through reorganizations and work-process changes made over the past several years to improve efficiency and reduce costs, Exxon said in a statement, adding, The impact of COVID-19 on the demand for ExxonMobils products has increased the urgency of |
| Oil Rallies As Trump Returns To The White HouseAfter soaring on Monday, oil prices continued to rise on Tuesday after U.S. President Donald Trump returned to the White House from the hospital where he was treated for COVID-19, while supply disruptions in Norway and the U.S. Gulf Coast also supported price gains. As of 9:48 a.m. EDT on Tuesday, WTI Crude prices were back above the $40 a barrel threshold, trading at $40.66, up 3.70 percent on the day. The international Brent Crude benchmark was also rising by more than 3 percent, at $42.66, up 3.37 percent. Having once again found |
| The Renewable Major That (Briefly) Became More Valuable Than ExxonNextEra last Friday briefly replaced Exxon as the most valuable energy company in the United States, according to data from UBS cited by CNN. Although the supermajor had regained the crown by Monday, the Friday incident is indicative of the changing fortunes of fossil fuel companies. The market cap fluctuations also highlight growing investor optimism about renewable energy companies as climate change and tackling it remains center stage on the public agenda thanks to government efforts in this respect as well as a rush among financial institutions |
| Gulf Of Mexico Oil Drillers Prepare For Storm DeltaOil producers in the Gulf of Mexico have started evacuating platform staff ahead of storm Delta that is forecast to reach the Gulf as a Category 3 hurricane before it enters the Gulf, Reuters reports. BP and BHP are among those evacuating employees, for now focusing on non-essential employees from their offshore platforms. BHP is going a step further tomorrow, planning to shut in the platforms. Shell and Murphy Oil are only monitoring the situation for the time being, and Occidental is taking steps to protect its facilities and workforce, according |
| 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 |
| Biden defines $400,000 a year as ‘wealthy,’ but that income only makes you upper-middle class in big citiesBy national measures, those making $400,000 or more a year belong to a rarified group. But in a city, people with that income aren’t exactly living large. |
| ‘Chopped’ judge Marcus Samuelsson: Failure to pass restaurant aid would cost millions of jobs“It’s not so much about getting this bill passed in terms of, ‘we want another loan.’ We just want to go back to work,” restaurateur Marcus Samuelsson told CNBC on Tuesday. |
| Coronavirus pandemic tests Southwest Airlines’ record of no pay cuts, furloughsSouthwest Airlines is asking unions for concessions to help lower costs and avoid furloughs through 2021. |
| AMC, Cinemark won’t close theaters even as blockbusters flee 2020AMC Theaters, the largest cinema chain in the U.S., and rival Cinemark said they have no plans to shutter theaters even as additional Hollywood blockbusters postpone their release dates to next year. |
| Rising levels of pandemic fatigue are being seen in Europe, WHO warnsRising levels of “Covid-19 fatigue” are being seen in Europe, the regional director of the World Health Organisation warned. |
| Holiday crowds at the mall will be smaller this year: ShopperTrak predicts as much as 25% drop in shoppersBlack Friday, the day after Thanksgiving, is still expected to be the busiest day in stores and at malls during the 2020 holiday season. But it’s losing its clout. |
| 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. |
| Stocks making the biggest moves midday: Boeing, SeaWorld, Sonos, Costco and moreThese are the stocks posting the largest moves in midday trading. |
| House panel investigates political interference by White House over coronavirus at CDC and FDAThe subcommittee is seeking documents and information from the FDA and CDC on agency actions, drafts submitted to the White House and changes made during the review process. |
| Trump says he’s ‘looking forward’ to second debate with Biden after Covid diagnosisThe president’s tweet came less than 24 hours after he was discharged from the hospital for Covid-19 treatment. |
| UK PM Boris Johnson says offshore wind will power every home in the country by 2030The Prime Minister was addressing the Conservative Party annual conference. |
| Goldman Sets The Stage For Climate Change Taxes Under A Biden AdministrationGoldman Sets The Stage For Climate Change Taxes Under A Biden Administration Tyler Durden Tue, 10/06/2020 – 12:24 Having already goalseeked a narrative how a Democratic sweep would be great news for markets (which, as we reported yesterday, consists of as much as $7 trillion in fiscal stimulus offsetting the net income losses from Biden’s proposed corporate tax rate hike from 21% to 28%), Goldman is now moving on to the really important stuff: how much the holy crusade against climate change under the Biden administration will cost. Now that it is conventional wisdom on Wall Street that Biden will defeat Trump (similarly to how it was a virtual certainty that Hillary would defeat Trump in 2016), big bank strategists are moving on to the key policies of a Biden presidency, where few are more important (or expensive) than Biden’s targets to tackle climate change. Here, a quick aside: while it has long been a favorite trope of Democrats to attack Republicans for destroying the earth with their evil emissions, the reality is that US CO2 emissions are near the lowest levels of the 20th century, and have been declining every year since the mid-2000s. The real culprit, as shown in light blue in the chart below, is China, whose emission … |
| NYC Schools Close As COVID-19 Makes “Dangerous Comeback” Across US: Live UpdatesNYC Schools Close As COVID-19 Makes “Dangerous Comeback” Across US: Live Updates Tyler Durden Tue, 10/06/2020 – 12:15 Summary: Belgium adopts new social distancing restrictions NYC closes schools in ‘hot spots’ Horace Mann school also closes amid outbreak US in the grip of “dangerous” COVID-19 comeback Cases continue to rise across US as Midwest drives new wave GSK + VIR say new antibody treatment enters Phase 3 Ireland’s cabinet suggests raising alert level China in talks to have WHO ‘assess’ vaccines India reports fewest new cases since Aug. 25 * * * Update (1200ET): Much to the chagrin of every armchar “expert” who claimed there would be a link between COVID-19 mortality and political “populism”, Belgium has emerged as the country with the second-most deaths per million people, behind only Peru
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| Trump Rages “Repeal Section 230” After Facebook, Twitter CensorshipTrump Rages “Repeal Section 230” After Facebook, Twitter Censorship Tyler Durden Tue, 10/06/2020 – 12:07 Update (1220ET): It appears the social media gagging has triggered Trump, who has rage-tweeted: REPEAL SECTION 230!
As a reminder, Section 230 of the Communications Decency Act of 1996 provides immunity to online platforms from civil liability based on third-party content and/or for the removal of content in certain circumstances (i.e. undermining free speech). *Â *Â * Having angered the blue-check-mark gods of social media by daring to recover from COVID and removing his mask while socially-distanced from everyone on the White House veranda, President Trump tweeted (and posted on Facebook) the following: “Flu season is coming up! Many people every year, sometimes over 100,000, and despite the Vaccine, die from the Flu. Are we going to close down our Country? No, we have learned to live with it, just like we are learning to live with Cov … |
| Joe Biden Thanks “Black Women” For Enabling His Home-Stay “By Stocking Grocery Shelves”Joe Biden Thanks “Black Women” For Enabling His Home-Stay “By Stocking Grocery Shelves” Tyler Durden Tue, 10/06/2020 – 11:56 Another awkward moment that will be wished away by the Biden campaign and its MSM colleagues. During an NBC News œRoundtable with Veterans discussion (which streamed live on Sept. 15), the former vice president dropped yet another ‘racial’ remark, insinuating that black women are only fit for work in stocking grocery store shelves. |
| Dinesh Khara appointed as SBI’s chairmanDinesh Khara appointed as SBI’s chairmanState Bank of India has appointed Dinesh Khara as its next chairman, for a three-year term starting October 7. |
| SBI chairman’s only regret as he signs outSBI chairman’s only regret as he signs outIt has been a very eventful and also a very challenging and exciting journey, says Rajnish Kumar. |
| An investment banker decodes India’s recoveryAn investment banker decodes India’s recoveryWith a phased reopening of activities, and various fiscal and monetary measures announced to reboot the economy, the dark clouds seem to be receding at a decent pace. |
| 03 October 2020 New York Fed Weekly Economic Index (WEI): Index Little Changed Since End Of AugustWritten by Steven Hansen The New York Fed’s Weekly Leading Index (WLI) continues to show an economy that is below the worst seen during the Great Recession. However, this index remains on a recovery trend but the index is only marginally improved since the end of August.
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| : Joe Biden’s free college plan could pay for itself within 10 years, Georgetown University analysis saysThe former vice president is proposing to make public college tuition free for families earning $125,000 a year or less. |
| If the Democrats win the Senate, Big Tech better be ready for a bigger fightDemocratic senators have signaled a willingness to make substantial changes to antitrust law and advocate breakups of the largest American tech companies, including campaigning for president on the issue. If the party can flip four seats, those same senators ” such as Amy Klobuchar of Minnesota and Elizabeth Warren of Massachusetts ” could be in position to act against some of their favorite targets, including Facebook Inc. and Google parent Alphabet Inc. |
| The Margin: Fox Nation host Tomi Lahren tells Joe Biden that he ‘might as well carry a purse with that mask’Wearing a mask is for chicks, according to tireless Trump defender Tomi Lahren. |
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