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• 🚢 A shipping giant warns on the economy
   The Danish shipping company Maersk is ...
   The Danish shipping company Maersk is cutting more than 10,000 jobs and posted a 92% drop in profits as the pandemic-era shipping boom runs aground. Because Maersk moves goods all over the world, its woes are a concerning sign for global trade going into next year. The cost of shipping a 40-foot container from China to the US West Coast has dropped from more than $16,000 in March 2022 to less than $2,000 in September, per the WSJ.
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• ☕️What Else is Brewing Saturday Morning
  Historybook: Journalist Walter Cronkite born (1916); Nellie Tayloe Ross becomes first...
  Historybook: Journalist Walter Cronkite born (1916); Nellie Tayloe Ross becomes first woman elected governor in the US (1924); Sean "Diddy" Combs born (1969); Iran hostage crisis begins (1979); Barack Obama becomes first African American elected US president (2008).
  
  The Supreme Court will hear a case on the legality of a federal ban on bump stocks, which attach to semiautomatic weapons and allow them to fire like machine guns.
  
  Google and Australia’s Lendlease are scrapping a planned $15+ billion real-estate development project in the Bay Area.
  
  About 35,000 unionized hotel workers in Las Vegas could walk off the job at 18 casinos next week.
  
  The Kansas City Chiefs will face the Miami Dolphins tomorrow in the second NFL game played in Germany. If Taylor Swift doesn’t come on the trip, expect a subpar game from Travis Kelce.
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• US drillers cut oil and gas rigs to lowest since Feb 2022
  U.S. energy firms this week cut the number of oil and natural...
  U.S. energy firms this week cut the number of oil and natural gas rigs operating to their lowest since February 2022, energy services firm Baker Hughes said in its closely followed report on Friday.
  
  The total oil and gas rig count, an early indicator of future output, fell by 7 to 618 in the week to Nov. 3.
  
  Baker Hughes said that puts the total rig count down 152 rigs, or 20%, below this time last year.
  
  U.S. oil rigs fell 8 to 496 this week, their lowest since January 2022, while gas rigs rose 1 to 118.
  
  
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• Closing Oil & Gas Prices for Friday
  Friday brought a 2% drop in crude oil prices but they also finished...
  Friday brought a 2% drop in crude oil prices but they also finished nearly 6% down for the week. The Friday close came a day after prices managed a rebound on Thursday.
  
  Benchmark U.S. crude oil for December delivery fell $1.95 to $80.51 per barrel Friday. Brent crude for January delivery fell $1.96 to $84.89 per barrel.
  
  Wholesale gasoline for December delivery fell 5 cents to $2.20 a gallon. December heating oil fell 11 cents to $2.92 a gallon. December natural gas rose 5 cents to $3.52 per 1,000 cubic feet.
  
  
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• U.S. stocks close higher Friday, score biggest weekly gains in about a year
  U.S. stocks closed sharply higher Friday, extending a monster rally in equities that saw the big three...
  U.S. stocks closed sharply higher Friday, extending a monster rally in equities that saw the big three indexes sweep to their biggest weekly gains of 2023. The Dow Jones Industrial Average DJIA rose about 222 points, or 0.7%, ending near 34,061 on Friday to score a 5.1% weekly gain.
  
  The S&P 500 index SPX gained 0.9% Friday and 5.9% for the week, while the Nasdaq Composite Index COMP climbed 1.4% for a 6.6% weekly gain. Stocks rallied Friday after an October jobs report suggested some softening in what has been a robust labor market despite the Federal Reserve’s dramatic rate hikes to fight inflation. That reignited hopes that the Fed might make a policy pivot to a regime of lower interest rates next year, after tough talk in recent months on the need to likely keep them elevated for longer than earlier anticipated.
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