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• 💰The Rich Are Getting Richer
  Forbes released its annual Forbes 400 ranking of...
  Forbes released its annual Forbes 400 ranking of the richest US citizens, and we regret to inform you that you’re not on it. Elon Musk topped the list again with an estimated net worth of $251 billion, followed by Jeff Bezos ($161b) and Larry Ellison ($158b). The Forbes 400 are collectively $500b richer than last year and are worth a combined $4.5 trillion, tying 2021 for the most ever. One newcomer to the top 20 is Nvidia CEO and co-founder Jensen Huang, whose net worth ballooned to $41b alongside tech’s AI boom. Among those to fall off the list entirely is Donald Trump, whom Forbes now categorizes as “too poor to make the cut.” Read More on Forbes.
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• API Reports Drop in Crude Oil Inventories
  Investing.com - US crude oil stockpiles possibly fell as much as 4.0 million barrels...

  Investing.com - US crude oil stockpiles possibly fell as much as 4.0 million barrels last week while inventories of gasoline likely rose by an almost similar level of 3.9 million, as refiners appeared to maximize fuel production due to lucrative returns, petroleum trade group API reported Tuesday.

  
  

  The U.S. crude inventory balance fell by 4.21M barrels during the week ended Sept. 29, according to the API, after a build of 1.586M in the prior week to Sept. 22.

  
  

  Aside from that balance, the API also noted a 0.705M barrel rise at the Cushing, Oklahoma delivery point for U.S. crude, versus the previous week’s draw of 0.828M. Last week’s build would be the first in months for Cushing, where the trade had feared inventories would fall to such critically low levels that would complicate withdrawals from the storage hub.

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• Far-Right G.O.P. Faction Throws House Into Chaos as McCarthy Is Ousted
  The House on Tuesday voted to oust Kevin McCarthy from the speakership, a move without...

  The House on Tuesday voted to oust Kevin McCarthy from the speakership, a move without precedent in modern history that left the chamber without a leader and plunged it into chaos.

  
  

  Democrats joined with a small group of hard-liners in Mr. McCarthy’s own party to strip the California Republican of the speaker’s gavel in a 216 to 210 vote. It was the culmination of a bitter power struggle between Mr. McCarthy and members of a far-right faction who tried to block his ascent to the speakership in January and have tormented him ever since, trying to stymie his efforts to keep the government funded and the nation from defaulting on its debt.

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• Closing Oil and Gas Prices
  Benchmark U.S. crude oil for November delivery...
  Benchmark U.S. crude oil for November delivery rose 41 cents to $89.23 a barrel Tuesday. Brent crude for December delivery rose 21 cents to $90.92 a barrel.
  
  Wholesale gasoline for November delivery fell 5 cents to $2.36 a gallon. November heating oil fell 2 cents to $3.20 a gallon. November natural gas rose 11 cents to $2.95 per 1,000 cubic feet.
  
  
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• Dow post worst day since March, stocks fall as bond yields surge
  Major U.S. stock indexes closed sharply lower on Tuesday as a...
  Major U.S. stock indexes closed sharply lower on Tuesday as a surge in Treasury yields continued, pushing long-term benchmark rates to their highest level since the fall of 2007.
  
  The Dow Jones Industrial Average shed about 430 points, or 1.3%, ending near 33,003, according to preliminary FactSet data. That marked the blue-chip index's biggest daily drop since the March banking crisis, according to Dow Jones Market Data. It also erased the Dow's yearly gain, with the index now down 0.4% in 2023.
  
  Other equity gauges also skid Tuesday, with the S&P 500 index ending down 1.4% and the Nasdaq Composite Index closing 1.9% lower. Stocks have been under pressure from the continued climb in longer 10-year and 30-year Treasury yields since the Federal Reserve signaled rates could stay high through 2024 and beyond at its September meeting.
  
  The 10-year Treasury yield rose 11.9 basis points Tuesday to 4.801%, the highest since August 2007, while the 30-year Treasury yield gained 14.2 basis points to 4.936%, the highest since September 2007, according to Dow Jones Market Data.
  
  
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