Written by Gary
Dow falls for a third straight day as Caterpillar, 3M drop after earnings (SPY -0.3%). Tech advance pushes Nasdaq higher.
The Market in Perspective
Here are the headlines moving the markets. | |
![]() | The U.S. Looks To Delay The Worlds Most Controversial Pipeline Once AgainThe prolonged Nord Stream-2 saga has managed the unmanageable industry watchers are becoming numb to the ever-changing prospects of the project and are becoming less and less likely to put forward any estimates as to when the pipeline might be eventually completed. Yet at the same time, the geopolitical factors surrounding the project continue to vex European governments. Although the Nord Stream project company was granted October 01 the last missing piece of the permitting puzzle, Denmarks agreement to its pipe-laying activities |
![]() | Oil Demand In Doubt As COVID Cases ClimbThe price of WTI is once again below $40 as new COVID cases drive demand lower and Libya threatens to bring a new wave of supply online.Chart of the Week- The average energy capacity cost of utility-scale battery storage has declined from $2,152 per kilowatt-hour in 2015 to just $625/kWh in 2018.- As of the end of 2018, the U.S. had 869 MW of installed energy storage capacity.- The U.S. added 152 MW in 2019. In the first 7 months of 2020, the U.S. added 301 MW of energy storage capacity. Market |
![]() | BP Beats Forecasts To Return To Small Profit In Q3BP (NYSE: BP) avoided a second consecutive loss and beat analyst estimates as it reported on Tuesday a small profit for the third quarter after oil prices stabilized at around $40 a barrel from the slump in Q2. The UK-based supermajor, which is in the process of slashing 10,000 jobs, reported an underlying replacement cost profitits proxy for net profitof US$86 million for Q3, compared with a loss of US$6.7 billion for the second quarter of 2020 and US$2.3 billion profit for the third quarter of 2019. Analysts had expected BP to post |
![]() | Will Colombias Struggling Oil Industry Ever Recover?After a positive start to 2020 there is little evidence of a sustained recovery for the Andean countrys economically crucial oil industry. Significantly weaker oil prices, the COVID-19 pandemic and a deteriorating internal security environment are weighing on Colombias oil industry. Investment and drilling activity remain weak despite claims by the Colombian Petroleum Association (ACP Spanish acronym) that the outlook is improving. In what could be considered a significant blow for Colombias beaten down oil industry |
![]() | Washington Slaps More Sanctions On Iranian Oil SectorThe U.S. Treasury Department announced new sanctions on Iranian entities, this time including the Petroleum Ministry, the National Iranian Oil Company, and the National Iranian Tanker Company. These were sanctioned for their financial support to Irans Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), according to a Treasury statement. Senior NIOC and NITC personnel have worked closely with Rostam Ghasemi, a senior IRGC-QF official and former Minister of Petroleum who was designated in 2019, and who has assumed a portion |
![]() | Exploration Activity Offshore Norway Plunges After Oil Price CrashOil and gas operators are expected to drill around 30 exploration wells offshore Norway this yearjust half the number of exploration wells from last year and the lowest number in nearly a decade and a half, the Norwegian Petroleum Directorate (NPD) said in its 2020 resource report on Tuesday. The crash in oil prices and oil demand earlier this year led to operators significantly cutting their budgets, including for exploration, the Norwegian regulator said. In recent years, activity has been high, but this years slump in prices, budgets, |
![]() | Covid hospitalizations rising in 36 states as U.S. hits another record for average new cases“I think hospitals are going to be very, very stressed this fall and winter,” Dr. Bill Schaffner, an epidemiologist at Vanderbilt University, said in a phone interview. |
![]() | What to look for when Boeing reports results as Covid keeps it in ‘no man’s land’Boeing is scheduled to report earnings before the market opens Wednesday. |
![]() | Tiffany, LVMH are in talks to reduce the value of their deal and settle dispute, sources sayThe companies are discussing new terms for their merger, which could help resolve an ongoing dispute between the two companies, CNBC’s David Faber reported Tuesday, citing people familiar with the discussions. |
![]() | Coronavirus antibodies decline after infection, study finds, raising questions about herd immunityThe findings could deal a blow to those pushing for so-called herd immunity. |
![]() | Postmates teams up with retailers on delivery in Los Angeles just in time for the holidaysPostmates’ new service will allow customers to get instant delivery from clothing, home, beauty and wellness retailers, while broadening the delivery company’s reach. |
![]() | Health care workers in Michigan criticize Trump’s rally amid record Covid cases“We are extremely concerned that the President’s rallies will affect people in our communities,” |
![]() | LA Dodgers CEO says it will take the franchise ‘years to catch up’ from lost 2020 revenuesThe Los Angeles Dodgers experienced more than $100 million in lost revenues due to the pandemic-altered MLB season, President and CEO Stan Kasten told CNBC. |
![]() | 3M is making more N95 masks than ever as global Covid cases rise, CEO says“We are bringing capacity on. We are making more N95 respirators than ever, and we’ll continue to add some capacity as we go into the end of the year, into next year,” 3M CEO Mike Roman told CNBC. |
![]() | New York City mayor asks residents to avoid traveling out of state during the holidaysTravelers arriving at New York City-area airports will be encouraged to get tested for Covid-19 immediately, Mayor Bill de Blasio said. |
![]() | Op-ed: This legislation will create a retirement recovery plan for millions of AmericansNew comprehensive, bipartisan legislation to improve employer-provided retirement plans for workers by enhancing access and features is on the table. It’s the best way to help Americans impacted by the Covid pandemic, says Insured Retirement Institute president and CEO Wayne Chopus. |
![]() | Stocks making the biggest moves midday: Eli Lilly, Caterpillar, Chegg, Harley-Davidson and moreThese are the stocks posting the largest moves in midday trading. |
![]() | Supply chains will become more local in the pharmaceutical industry, says healthcare CEOAt the start of the pandemic some experts warned of a temporary drug shortage in the U.S. |
![]() | States will need billions to distribute the Covid vaccine as federal funding falls shortAs public health departments across the U.S. are racing to prepare for its distribution |
![]() | Bitcoin Outperforms Nasdaq Over Last 12 Months, Bonds Bid As Dollar SkidsBitcoin Outperforms Nasdaq Over Last 12 Months, Bonds Bid As Dollar Skids Tyler Durden Tue, 10/27/2020 – 16:00 Mixed bag in stocks today (mega-tech bid, rest of market offered) but Bitcoin grabbed the headlines as it overtook Nasdaq’s performance in the last 12 months… |
![]() | Was Thomas Jefferson Right? New Study Quantifies Flight From America’s Big Cities During PandemicWas Thomas Jefferson Right? New Study Quantifies Flight From America’s Big Cities During Pandemic Tyler Durden Tue, 10/27/2020 – 15:45 Authored by Mark Glennon via Wirepoints.org, Thomas Jefferson’s disdain for big cities and his agrarian vision for America was based partly on the danger of epidemics. He lived through a major one, yellow fever in 1793 that killed one in ten people in Philadelphia, then the nation’s capital. |
![]() | CNN’s “Not Even Pretending Anymore”CNN’s “Not Even Pretending Anymore” Tyler Durden Tue, 10/27/2020 – 15:30 Repress (use force to extinguish alternate views), Suppress (prevent normal expression), Depress (force ‘the other’ into submission by collapsing the Overton Window)… that appears the modus operandi of the mainstream media as we enter the vinegar strokes of this ‘unusual’ presidential election. |
![]() | Biden ‘Zombie’ Clip Goes Viral As Trump Campaign Gambles On Unconventional Ads Into ElectionBiden ‘Zombie’ Clip Goes Viral As Trump Campaign Gambles On Unconventional Ads Into Election Tyler Durden Tue, 10/27/2020 – 15:21 With the 2020 election just days away, the Trump campaign is firing up the base with a pair of hilarious campaign ads – which are currently going viral. |
![]() | UK farmers to need ‘thousands of foreign workers’ next summerDespite trying to recruit domestic workers, foreign labour will be vital for next year’s harvest, farmers say. |
![]() | Experian: Credit agency told to stop sharing data without consentThe millions of people whose data it is selling on must now be informed, says the UK watchdog. |
![]() | Coronavirus: People ‘rediscovering books’ as lockdown sales jumpThe publisher Bloomsbury, best known for the Harry Potter titles, has seen profits rocket since March. |
![]() | DP World’s deal with Shreyas Shipping ‹ ‹grounded in minority shareholder concernsThe shareholders have asked for a reversal of the transactions in representations made to Shreyas’s independent directors citing corporate governance violations, according to people in the know. |
![]() | Diversified portfolio to reduce Covid impact on chemical players: IcraThe global chemical industry has been dealt a series of blows from closures related to Covid-19 pandemic, demand destruction and logistical challenges, the report said. |
![]() | Airbnb sets stage for blockbuster market debut, looks at Nasdaq listingEarlier this month, Reuters reported the company was aiming to raise $3 billion in its IPO, which could give it a valuation of more than $30 billion, and that it was targeting a listing before the end of the year. |
![]() | S and P CoreLogic Case-Shiller 20 City Home Price Index August 2020 Year-over-Year Growth AcceleratesWritten by Steven Hansen The non-seasonally adjusted S and P CoreLogic Case-Shiller home price index (20 cities) year-over-year rate of home price growth increased. The index authors stated, “Prices were strongest in the West and Southeast regions, and comparatively weak in the Midwest and Northeast”. |
![]() | The Conversation: How to do Halloween and trick-or-treating safely this yearIf you go house to house, use hand sanitizer between stops and make sure you and your kids are wearing appropriate facial coverings (a Halloween mask doesn’t count) because of COVID-19. |
![]() | Bond Report: 10-year U.S. Treasury yield down for third day in a rowU.S. Treasury yields fell Tuesday as investors grow pessimistic on the economic outlook as COVID-19 cases and hospitalizations rise, while U.S. lawmakers have failed to hash out another financial aid package ahead of the Nov. 3 elections. |
![]() | The Conversation: Your health insurance may not cover your next virtual doctor’s visitHealth insurers are starting to roll back coverage for telehealth ” even though demand is way up due to COVID-19. |
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