Wall Street Today | Global Rate-Hiking Cycle Will End by Early 2023, JPMorgan's Kolanovic Says
MACRO
Morgan Stanley's Wilson Says End of Fed Tightening Nearing
Indicators including the inversion of the yield curve between 10-year and three-month Treasuries -- a recession indicator with a perfect record -- "all support a Fed pivot sooner rather than later,” Morgan Stanley strategist Michael Wilson wrote in a note on Monday. “Therefore, this week's Fed meeting is critical for the rally to continue, pause or even end completely."
Global Rate-Hiking Cycle Will End by Early 2023, JPMorgan's Kolanovic Says
A shift in tone from the European Central Bank, fading fiscal stress in the UK and a slowing pace of interest-rate hikes in Canada and Australia boost optimism that the global tightening cycle could end by early 2023, the JPMorgan chief global markets strategist and his team wrote in a note to clients.
US monetary policymakers will likely raise rates by 50 basis points in December and pause after one more 25 basis-point hike in the first quarter of next year, the strategists said.
SECTORS
Biden to Urge Congress to Consider Tax Penalties on Big Oil
President Joe Biden will call on Congress to consider tax penalties for oil and gas companies accruing record profits, according to a White House official, amid stubbornly high gasoline prices that are dragging on Democrats' midterm prospects.
Health-Care Stocks Rally to Best Month Since 2020 on Haven Demand
The S&P 500 Health Care Index rallied 9.6% in October, its best month in two and a half years and beating the greater benchmark's 8% rise. Hospital operator $Universal Health Services(UHS.US$ -- fresh off its best week on record -- and diabetes device maker $DexCom(DXCM.US$ were among the top performers driving the sector higher.
OPEC Says World Can't Live Without Oil, Demand Will Keep Rising
World oil consumption will climb by 13% to reach 109.5 million barrels a day in 2035 and hold around this level for another decade, the Organization of Petroleum Exporting Countries said in its annual World Oil Outlook.
COMPANY
Elon Musk Has Pulled More Than 50 Tesla Employees into His Twitter Takeover
Elon Musk has pulled more than 50 of his trusted Tesla employees, mostly software engineers from the Autopilot team, into his $Twitter (Delisted)(TWTR.US$ takeover. Musk has authorized dozens of Autopilot software engineers, and other Tesla employees, to do code reviews and more at the social network.
ON Semiconductor Stock Falls 8% Despite Earnings Beat
Shares of $ON Semiconductor(ON.US$ fell 8% following its third-quarter earnings disclosure. While the company beat on the top and bottom lines, it produced middling guidance.
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Netflix Acquires Seattle-Based Cozy Games Developer Spry Fox
$Netflix(NFLX.US$ has acquired Spry Fox, a Seattle-based independent gaming studio focused on cozy games, the streaming giant announced on Monday in a blog post. The financial terms of the deal were not disclosed. Spry Fox is now Netflix's sixth in-house games studio.
Nikola, KeyState Ink Partnership On Hydrogen Supply
$Nikola(NKLA.US$ has partnered with KeyState Natural Gas Synthesis to create Pennsylvania's first low-carbon hydrogen production value chain.
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Source: Bloomberg, Dow Jones, CNBC, Yahoo Finance
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71752935 : I say if Biden wants to put a tax penalty on big oil he should take it off the profits they made on the pipelines he shut down. i want to know who dresses that moron everyday. put him in a retirement home already.
David W Clark : Speaking to the comment made by the Biden-Harris administration concerning "Tax Penalties" for oil and gas companies. 1st All Taxes Are PENALTIES!!! 2nd the COST/PRICE OF EVERYTHING doubled when You, the Biden-Harris administration and Democrats Took control of all 3 branches of government and started destroying America and American Businesses by increasing all their costs to do business. So Yes, Biden-Harris administration, YOU AND ALL DEMOCRAT PARTY MEMBERS are Responsible for the Current HIGH COST OF GAS AND OIL PRICES.
BUT SLSO NOTE: Oil and Gas companies don't control the cost of a barrel of oil! That's Control by the market demand for oil and what the buyers are willing to pay. The oil and gas companies simply get it out the ground and send it to market.
Biden-Harris administration and ALL DEMOCRAT PARTY MEMBERS, if you want gas and oil prices to go back down STOP YOUR WAR ON THE INDUSTRY, REMOVE THE PUNISHING POLICIES YOU PUT IN PLACE WHEN YOU TOOK CONTROL and allow businesses to do business.