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• JPMorgan says the soft landing is here
  Reporting its first ...
  Reporting its first quarterly earnings since the Fed’s big interest rate cut, America’s biggest bank earned more than expected from loans and boosted what it forecasts it’ll earn for the year. Meanwhile, its CFO affirmed that the economy is in good shape, noting, “These results are consistent with a soft landing.” But it wasn’t all puppy dogs and rainbows at JPMorgan: CEO Jamie Dimon cautioned that geopolitical risks remain a looming threat, saying “conditions are treacherous and getting worse.” In other banking news, Wells Fargo also beat earnings expectations.
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• ☕️What Else is Brewing on Game Day?
  Red River Rivalry Day - OU vs Texas: The ...
  Red River Rivalry Day - OU vs Texas: The Longhorns lead the series with an all-time mark of 63-51-5, but the Sooners won five of the six five meetings and were 18-11 vs. Texas in the Big 12 era. As of Saturday morning, BetMGM has the Longhorns favored by 16.5 points with an over/under set at 49.
  

  
  
  • When: 2:30 p.m. [Central] Saturday
  
  
  • Where: Cotton Bowl in Dallas
  
  
  • TV: ABC
  
  

  
  The Nobel Peace Prize was awarded to Nihon Hidankyo, a Japanese organization of survivors of the atomic bombings of Hiroshima and Nagasaki, that advocates against nuclear weapons.
  
  Boeing plans to lay off 10% of its workforce, or ~17,000 people, to cut costs as its factory workers’ strike continues.
  
  Stellantis’ CEO plans to step down as the head of the struggling automaker in 2026.
  
  The Kremlin confirmed that Donald Trump had sent Covid tests to Vladimir Putin, as reported in Bob Woodward’s new book.
  
  Oregon-based BrucePac recalled 10 million pounds of meat and poultry over listeria concerns.
  
  
  
  It’s Yom Kippur. Wishing a meaningful and easy fast to our readers who observe.
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• US drillers add oil and gas rigs for first time in four weeks
  According to Baker Hughes ' report on Friday, U.S. energy firms added oil and natural gas rigs this...
  According to Baker Hughes ' report on Friday, U.S. energy firms added oil and natural gas rigs this week, marking the first increase in four weeks. The combined total rig count, an early signal of future production, rose by one to 586 for the week ending October 11.
  
  Despite the slight uptick, the rig count remains down by 36 rigs, or 6%, compared to last year. Oil rigs saw a modest increase of two, reaching 481, while natural gas rigs declined by one to 101.
  
  Drillers cut two rigs in Pennsylvania, bringing the state’s total to 13, the lowest level since July 2016.
  
  The U.S. rig count fell sharply by 20% in 2023, driven by lower oil and gas prices, higher labor and equipment costs from inflation, and a corporate focus on debt reduction and shareholder returns over output expansion. In contrast, the rig count had risen by 33% in 2022 and surged 67% in 2021.
  
  So far in 2024, U.S. oil futures are up approximately 5%, rebounding from an 11% drop in 2023. Natural gas futures have also recovered by around 5% after a steep 44% decline last year.
  
  The outlook for U.S. crude production remains positive, with higher oil prices expected to push production from a record 12.9 million barrels per day (bpd) in 2023 to 13.2 million bpd in 2024 and 13.5 million bpd in 2025, according to the U.S. Energy Information Administration (EIA).
  
  On the natural gas side, earlier reductions in drilling budgets, spurred by record-low prices at the U.S. Henry Hub benchmark in March, are expected to slow gas output. The EIA projects that U.S. gas production will decline slightly to 103.5 billion cubic feet per day (bcfd) in 2024, down from the record 103.8 bcfd in 2023.
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• U.S. crude oil posts second weekly gain on Middle East war risk
  U.S. crude oil on Friday posted its second weekly gain in a row as Israel...
  U.S. crude oil on Friday posted its second weekly gain in a row as Israel prepares to retaliate against Iran.
  
  The U.S. benchmark and global benchmark Brent gained more than 1% this week. Oil prices have gained more than 10% through Friday’s close since Iran hit Israel with ballistic missiles last week.
  
  “Nevertheless, sustaining bullish price momentum in oil has proven to be a high maintenance task: without additional catalysts, the ‘war’ and ‘stimulus’ premiums have shown easy susceptibility to fading,” Natasha Kaneva, head of global commodities strategy at JP Morgan, told clients in a Friday note. Here are Friday’s closing energy prices:
  
  West Texas Intermediate November contract: $75.56 per barrel, down 29 cents, or 0.38%. Year to date, U.S. crude oil has gained more than 5%.
  
  Brent December contract: $79.04 per barrel, down 36 cents, or 0.45%. Year to date, the global benchmark has increased more than 2%.
  
  RBOB Gasoline November contract:  $2.1516 per gallon, little changed. Year to date, gasoline is ahead more than 2%.
  
  Natural Gas November contract: $2.632 per gallon, down 1.61%. Year to date, gas has risen more than 4%.
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• Dow, S&P 500 close at record highs as stock investors cheer bank earnings
  U.S. stocks closed higher Friday, with the Dow Jones...

  U.S. stocks closed higher Friday, with the Dow Jones Industrial Average and S&P 500 each ending at record highs after major Wall Street banks JPMorgan Chase & Co. and Wells Fargo & Co. reported quarterly earnings.

  
  

  The Dow Jones gained 409.74 points on Friday, or 1%, to close at 42,863.86.

  
  

  The S&P 500 rose 34.98 points, or 0.6%, to finish at 5,815.03.

  
  

  The Nasdaq Composite added 60.89 points, or 0.3%, to end at 18,342.94.

  
  

  Shares of JPMorgan rallied 4.4% Friday, while Wells Fargo's stock surged 5.6%, according to FactSet data.

  
  

  For the week, the Dow climbed 1.2%, while the S&P 500 and Nasdaq each gained 1.1%. All three U.S. stock indexes rose for a fifth straight week, marking the longest winning streak since May for the Dow and S&P 500.

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