Earnings season kicks off. It’s the most wonderful...
Earnings season kicks off. It’s the most wonderful time of the year. No, not the winter holidays, but Q3 earnings season, which starts this week. A slew of big companies will get the festivities going, including JPMorgan, Goldman Sachs, Bank of America, Domino’s, Johnson & Johnson, and Taiwan Semiconductor. Last quarter’s earnings were some of the best in history, with strong corporate profits underpinning the summer’s stock market rally.
Doug Lebda, the founder and CEO of LendingTree, died in an ATV accident on his family farm in North Carolina, the company said.
The Nobel prize in Economics was awarded to three researchers for their work explaining how innovation and “creative destruction” drive economic growth.
Paramount is said to be considering taking an offer directly to shareholders after Warner Bros. Discovery rebuffed its initial takeover attempt, the Wall Street Journal reported.
California became the latest US state to mandate that social media companies show health warning labels to users under 18.
JPMorgan announced a 10-year plan to invest $10 billion in four areas it deems essential to national security: defense and aerospace, “frontier” tech like AI and quantum computing, energy, and supply chain.
Taylor Swift announced a six-episode docuseries on her Eras Tour is coming to Disney+ in December.
U.S. oil futures backwardation narrows to 20-month low on mounting fears of a glut
(Reuters) - Front-month U.S. crude oil futures ended...
(Reuters) - Front-month U.S. crude oil futures ended Monday's trading at their smallest premium since January 2024 over the seventh-month contract, as OPEC+ ramps up supply while seasonal refinery maintenance in the U.S. pressures demand for prompt barrels.
Narrowing backwardation —the market term for immediate deliveries fetching a premium over later deliveries —suggests investors are making less money selling oil in the spot market because near-term supply is perceived as ample.
A reversal of the spread from a premium to a discount would put U.S. oil futures in a contango for the first time since last January.
WTI crude futures for November delivery settled at $59.49 per barrel on Monday, while the May 2026 contract settled at $59.02 per barrel, creating a 47-cent premium for prompt barrels, the narrowest since January 16 last year.
"This narrowing is indicative of excess supplies in the near term, and then concerns that when demand increases in the future, supplies will get tighter again," said Andrew Lipow, president of consultancy Lipow Oil Associates.
"We are seeing increased supply from OPEC+, which, combined with reports of more oil in floating storage, is putting pressure on the front end of the curve, as well as seasonal refinery maintenance in the U.S.," Lipow added.
U.S. stocks end sharply higher in rebound from Friday selloff
U.S. stocks ended sharply higher on Monday, rebounding...
U.S. stocks ended sharply higher on Monday, rebounding from Friday's selloff, after President Donald Trump softened his rhetoric around trade tensions with China.
The Dow Jones Industrial Average went up 587.98 points or 1.3% to end at 46,067.58, snapping a five-day losing streak, according to the Dow Jones Market Data. The index posted its largest one-day point and percentage gain since Sept. 11.
The S&P 500 rose 102.21 points or 1.6% to finish at 6,654.72. It was the index’s largest point and percentage gain since May 27.
The Nasdaq Composite climbed 490.18 points or 2.2% to close at 22,694.61. It was the index’s largest one-day point gain since May 12 and its largest one-day percentage gain since May 27.
Both the S&P 500 and the Nasdaq Composite snapped back-to-back losses.
From X.com: oil oversupply concerns are short term
Exxon’s Woods says oil oversupply concerns...
Exxon’s Woods says oil oversupply concerns are short term in nature. Over med-long term,”markets will be tight” and industry doesn’t have enough investment in the pipeline to comfortably meet future demand growth. @energyintel
Americans will observe Columbus Day/Indigenous Peoples’...
Americans will observe Columbus Day/Indigenous Peoples’ Day on Monday, a day that has become a lightning rod of controversy.
Originally known just as Columbus Day, the holiday, which has its roots going as far back as the 18th Century, honors the Italian explorer who arrived in America in 1492. Over the years, it has become a broader celebration of Italian-American culture and was first observed as a federal holiday — on the second Monday in October — in 1971.
But over time, the day has also become known as Indigenous Peoples’ Day in recognition of the native people who called America home before Columbus’ arrival. In 2021, President Joe Biden recognized Indigenous Peoples’ Day with a proclamation. But President Donald Trump has pushed back, calling for the day to be a celebration of Columbus, with a White House proclamation hailing the explorer as “the original American hero.”
No matter how one marks the day, it is worth noting that many institutions are closed in recognition of it, including the post office, banks, and schools. The Stock Market is OPEN, but bond markets are closed.
