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• U.S. stocks finish lower, book weekly losses as recession worries rise
  U.S. stocks closed lower for the third session in a row Friday,...
  U.S. stocks closed lower for the third session in a row Friday, but avoided the session's lows, as investors feared higher Federal Reserve rates could tip the economy into a recession. The Dow Jones Industrial Average DJIA shed about 282 points, or 0.9%, ending near 32,920, but well above the session's low of 32,654.59, according to FactSet. The S&P 500 index SPX shed 1.1%, while the Nasdaq Composite Index COMP fell 1%. For the week, the Dow ended down 1.7%, the S&P 500 shed 2.1% and the Nasdaq fell 2.7%, with all three booking back-to-back weekly losses for the first time in about three months, according to Dow Jones Market Data. The Fed raised rates another 50 basis points on Wednesday while indicating its policy rate could top 5% and stay there next year.
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• Campaign against Calif. oil, gas law gains momentum
  The Stop the Energy Shutdown campaign for a veto referendum to repeal California's recently passed oil...
  The Stop the Energy Shutdown campaign for a veto referendum to repeal California's recently passed oil and natural gas regulations has collected nearly 1 million signatures, subject to review and validation, well above the roughly 623,000 needed to put the referendum on the 2024 ballot. The new regulations, due to come into effect Jan. 1, prohibit new oil and natural gas wells within 3,200 feet of populated areas.
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• Gas veteran makes big bet on clean power plants
  NET Power, a clean energy company developing technology to remove emissions from natural gas and coal-fired...
  NET Power, a clean energy company developing technology to remove emissions from natural gas and coal-fired power plants, will go public through a $1.46 billion merger with Rice Acquisition Corp II, a special purpose acquisition company run by natural gas veteran Daniel Rice. NET Power is building a utility-scale power plant using its technology in the Permian Basin, and Rice says the company is positioned "to not just achieve rapid commercialization but really to become a cornerstone of any state or country's net-zero plan.
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• What's Brewing This Friday Morning
  Charlie Baker, the current Republican governor of Massachusetts, will become the ...
  Charlie Baker, the current Republican governor of Massachusetts, will become the next president of the NCAA after his second term ends this January.
  
  Amazon will release the next Tomb Raider video game as it tries to rev up its lagging gaming business.
  
  MacKenzie Scott unveiled a website, Yield Giving, that shows her charitable donations. Since 2019, she’s given more than $14 billion to ~1,600 nonprofits.
  
  Uber Eats launched a robot delivery service in Miami.
  
  
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• Energy Sector Commentary for Friday
  Energy stocks opened deep in the...

  Energy stocks opened deep in the red, alongside sliding equity futures and oil and natural gas prices. Investors are continuing to take down risk exposure amid rising rates and the ultra-hawkish tone set by Federal Reserve Chairman Jerome Powell on Wednesday. Trading volumes will be elevated today due to the quarterly expiration of futures and options, as well as index rebalancing.

  
  

  Oil fell almost 3% on Friday as the market assessed the aftermath of interest rates hikes by central banks, but was still poised for a weekly gain amid supply disruption concerns and hopes for a recovery of demand in China. The U.S. Federal Reserve indicated it will raise interest rates further next year, even as the economy slips toward a possible recession. On Thursday, the Bank of England and the European Central Bank raised interest rates to fight inflation. "There are so many driving forces in the oil market at the moment and a more somber economic outlook on the back of the hawkish central bank message this week appears to be the dominant one going into the weekend," said Craig Erlam, analyst, at OANDA.

  
  

  Natural gas futures are down 7%, tracking weaker oil and equity futures in today’s risk-off session.

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