The biggest banks in the US started earnings season off ...
The biggest banks in the US started earnings season off with a bang yesterday, with JPMorgan, Goldman Sachs, Wells Fargo, and Citigroup all beating Q3 profit forecasts, as dealmaking, trading, and corporate lending all surged. Goldman is headed toward its best year ever for its main investment banking unit, the Wall Street Journal reports, and JPMorgan took in $8.9 billion in trading revenue last quarter, a record for Q3. But even with the stock market soaring and businesses diving back into mergers and acquisitions, choppier waters may lie ahead. JPMorgan CEO Jamie Dimon noted that recent auto industry bankruptcies flashed a red flag for the private credit market, saying, “When you see one cockroach, there are probably more.”
JPow hints at more interest rate cuts to come. While...
JPow hints at more interest rate cuts to come. While Fed Chair Jerome Powell didn’t outright say the central bank would continue to chop interest rates, his remarks at an economic conference in Philadelphia suggested that the weakening labor market will require further cuts despite inflation. Although the government shutdown precludes new official economic data, Powell said “the outlook for employment and inflation does not appear to have changed much since our September meeting,” which is when the Fed cut rates for the first time this year. The speech left economists anticipating a rate cut at the Fed’s next meeting on Oct. 28–29, with another cut to follow. Powell also suggested the Fed may soon stop shrinking its portfolio of assets, a move that could also slightly lower borrowing costs.
The US carried out a strike on a boat it accused of carrying drugs off the coast of Venezuela, killing six people, President Trump said. This is the fifth such strike recently.
GM said when it releases its quarterly earnings next week, there’ll be a $1.6 billion hit from scaling back its electric vehicle plans.
The Supreme Court won’t consider Alex Jones’s appeal of the $1.4 billion he was ordered to pay to families of victims of the 2012 shooting at Sandy Hook Elementary School.
Gold hit another all-time high, silver pulled back...
Gold hit another all-time high,silver pulled back after hitting its first new all-time high since 1980 yesterday, bitcoin continued to fade following a massive liquidation event, and oil tumbled after the IEA said its record oversupply of crude is bigger than previously thought.
Oil fell as escalating trade tensions between China and the US diminished...
Oil fell as escalating trade tensions between China and the US diminished demand for risky assets, while the International Energy Agency increased its estimate of a record crude surplus.
Brent crude futures fell 93 cents, or 1.5%, to settle at $62.39 a barrel. U.S. West Texas Intermediate crude was down 79 cents, at $58.70. Both contracts were at a five-month low. In the latest tit-for-tat between Beijing and Washington, China placed limits on five US entities of one of South Korea's biggest shipbuilders and threatened further retaliatory measures.
The Paris-based IEA on Tuesday raised its forecast of an unprecedented oil oversupply in 2026. Worldwide crude supplies will exceed demand by almost 4 million barrels a day next year, a record annual overhang, the agency said.
However, the Dow and the S&P 500 managed to recover all their morning losses after Fed Chair Jerome Powell took the stage during midday trading, saying the U.S. central bank could reach the point in coming months where it could end its program to shrink its balance sheet.
But that rally didn't fully hold through the close, as remarks from President Donald Trump later in the day added fresh uncertainty to the markets by threating to cut off cooking-oil trade with China.
