Wall Street Today | After $13 Trillion Stock Crash, Signs of a Turn Are Now Mounting

Judging by the ominous pronouncements from Wall Street luminaries, every trader under the sun should be prepping for fresh turmoil in the world's biggest stock market. Yet hedging for doom and gloom is falling out of fashion fast, thanks to a historic equity rout that's already erased $13 trillion in market value this year and flushed out both retail and institutional investors.

"When there is so much skepticism out there, maybe things aren't actually as bad,"said Gary Bradshaw, a portfolio manager at Hodges Capital Management in Texas. "We're awfully close to having all the headwinds priced in. The narrative is getting repetitive, and traders are slowly getting fed up."

Prime Minister Liz Truss is on her way out, just as markets wanted. But the huge economic and fiscal headwinds ahead spell further pain for the pound regardless of who wins the contest to become the UK’s next leader. Investors distracted by the political circus engulfing the nation may start turning back to the economy’s woeful outlook: inflation at a 40-year high, soaring interest rates, depressed consumer sentiment and a potential return to austerity.

West Texas Intermediate traded near $85 a barrel in early Asian trading on Monday. Time spreads are signaling a tightening market ahead of significant production cuts from OPEC+. That's raised concerns over supply heading into winter.

Oil is still facing headwinds from a stronger dollar and fears that a slowdown will sap energy demand. Crude has lost about a third of its value since early June, erasing all of the gains made after Russia’s invasion of Ukraine.

Retailers, desperate to coax inflation-fatigued consumers to spend, are expected to beef up promotions as they struggle to get rid of already marked-down excess inventory.

"This will be the year of the perpetual deal for Christmas," said Marshal Cohen, chief industry advisor for the NPD Group, a market research firm. In some gift categories, merchandise could be marked down by more than 20% on retailers' websites, according to Adobe Analytics.

Airport officials and industry analysts say passenger traffic for the Nov. 24 Thanksgiving holiday through New Year's is set to reach or exceed 2019 levels, when 93 million people packed US flights. This summer, the desire to resume vacationing and visiting family boosted passenger traffic to about 90% of pre-pandemic levels, according to a Bloomberg analysis of Transportation Security Administration checkpoint data.

PIF, as the sovereign wealth fund is known, is looking to buy about 40 planes and take out purchase options for a similar number, according to the people, who asked not to be identified discussing confidential negotiations. The requirement includes single-aisle aircraft and larger wide-body models able to fly long distances, they said.

Hankey oversees several dozen industrial designers, and the company hasn't named a replacement. Her pending exit marks the first time that Apple will be without a de facto design chief since co-founder Steve Jobs retook control of the company in the late 1990s and appointed Ive to the job.