{"id":64071,"date":"2022-10-03T09:02:38","date_gmt":"2022-10-03T13:02:38","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=64071"},"modified":"2022-10-03T09:02:57","modified_gmt":"2022-10-03T13:02:57","slug":"coffee-with-greta-can-wall-street-shake-off-september","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2022\/10\/03\/coffee-with-greta-can-wall-street-shake-off-september\/","title":{"rendered":"Coffee With Greta: Can Wall Street Shake Off September?"},"content":{"rendered":"

DJIA Futures: <\/b>+296 (+1.0%)<\/span><\/p>\n

SPX Futures: <\/b>+34 (+0.9%)<\/span><\/p>\n

NASDAQ Futures: <\/b>+71 (+0.7%)<\/span><\/p>\n

Good morning friends!<\/span><\/p>\n

Futures are rebounding as the market looks to start off the new quarter on a positive note.\u00a0<\/span><\/p>\n

Let\u2019s get right to it!<\/span><\/p>\n

Stocks Rise, Yields Fall Ahead of Big Week<\/span><\/h2>\n

Stocks are rising as Treasury yields are dropping ahead of new economic data.\u00a0<\/span><\/p>\n

The 2-year yield is down 14 basis points to 4.13% with the 10-year yield falling 12 basis points to 3.71%.\u00a0<\/span><\/p>\n

The biggest data on the schedule today is the S&P Global and ISM manufacturing PMI\u2019s at 10:00 a.m. ET.\u00a0<\/span><\/p>\n

This week also includes key labor market data for the Fed.\u00a0<\/span><\/p>\n

That starts with the August job openings and labor turnover survey (JOLTS) on Tuesday.<\/span><\/p>\n

ADP releases its private payroll report for September on Wednesday, with weekly jobless claims on Thursday, and the official September jobs report on Friday.<\/span><\/p>\n

Tesla Slides Despite Record Q3 Deliveries<\/span><\/h2>\n

Tesla <\/b>(TSLA) shares are down 5% ahead of the open despite reporting record deliveries in the third quarter.\u00a0<\/span><\/p>\n

The electric automaker delivered 343,000 vehicles last quarter.<\/span><\/p>\n

That was an all-time high for quarterly deliveries but fell short of analysts\u2019 expectations for 364,660.\u00a0<\/span><\/p>\n

Total production rose to 365,000 vehicles from 258,580 in Q2.\u00a0<\/span><\/p>\n

That included nearly 20,000 Model S and X vehicles and more than 345,000 Model 3 and Y vehicles.\u00a0<\/span><\/p>\n

Credit Suisse Drops On Concerns Over Financial Health<\/span><\/h2>\n

Credit Suisse <\/b>(CS) shares are falling 4.6% in premarket trade amid concerns over the lender\u2019s financial health.\u00a0<\/span><\/p>\n

The <\/span>Financial Times<\/span><\/a> reported overnight that executives spent the weekend calling major investors to reassure them the business is fine.\u00a0<\/span><\/p>\n

This comes after spreads of the bank\u2019s credit default swaps jumped sharply on Friday.\u00a0<\/span><\/p>\n

That jump came after reports the lender is looking to raise capital.<\/span><\/p>\n

Credit Suisse told CNBC it will provide updates on its strategy when it reports earnings October 27.<\/span><\/p>\n

Sources say part of that strategy may be pulling out of the U.S. market entirely.\u00a0<\/span><\/p>\n

The share price has hit record lows this year and the lender has struggled amid higher borrowing costs.\u00a0<\/span><\/p>\n

Peloton Reaches Deal With Hilton<\/span><\/h2>\n

Peloton <\/b>(PTON) shares are up 4.8% ahead of the open after announcing a partnership with <\/span>Hilton <\/b>(HLT).\u00a0<\/span><\/p>\n

As part of the deal Peloton will put its bikes in all 5,400 Hilton-owned hotels across the United States.\u00a0<\/span><\/p>\n

Hilton Honors members will also receive a free 90-day trial of the Peloton app.\u00a0<\/span><\/p>\n

The majority of locations will be equipped by the end of the year with rollout beginning in the coming weeks.\u00a0<\/span><\/p>\n

Oil Prices Jump Ahead of OPEC+ Meeting<\/span><\/h2>\n

Oil prices are higher today as the market remains on edge for this week\u2019s OPEC+ meeting.\u00a0<\/span><\/p>\n

West Texas Intermediate crude futures are up 4.9% to over $83 bbl while Brent crude futures are up 4.2% to just under $89 bbl.\u00a0<\/span><\/p>\n

OPEC+ meets on Wednesday and is said to be considering an output cut of more than 1 million barrels per day.\u00a0<\/span><\/p>\n

The cuts would be an effort to support prices amid the declining global demand outlook.\u00a0<\/span><\/p>\n

U.K. Reverses On Tax Cuts for High Earners<\/span><\/h2>\n

The U.K. government reversed its plan to cut the top rate of income tax which caused extreme market turmoil last week.\u00a0<\/span><\/p>\n

The government had previously announced a plan to cut the top rate paid on incomes over \u00a3150,000 ($166,770) from 45% to 40%.<\/span><\/p>\n

Following that announcement, the pound plunged to a record-low, mortgage deals were pulled from the market, and the U.K. bond market collapsed.\u00a0<\/span><\/p>\n

That caused the Bank of England to step in and buy government bonds in an effort to stabilize the market.\u00a0<\/span><\/p>\n

The Finance Minister said today, \u201cIt is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our economy. As a result, I\u2019m announcing we are not proceeding with the abolition of the 45p tax rate. We get it, and we have listened.\u201d<\/span><\/p>\n

The British pound rose sharply after that announcement, up 0.8% against the dollar at one point, but has since settled to around $1.12.\u00a0<\/span><\/p>\n

10-year gilt yields are also down sharply, with those moves trickling into the U.S. bond market as well.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

DJIA Futures: +296 (+1.0%) SPX Futures: +34 (+0.9%) NASDAQ Futures: +71 (+0.7%) Good morning friends! Futures are rebounding as the market looks to start off the new quarter on a positive note.\u00a0 Let\u2019s get right to it! Stocks Rise, Yields Fall Ahead of Big Week Stocks are rising as Treasury yields are dropping ahead of new economic data.\u00a0 The 2-year yield is down 14 basis points to 4.13% with the 10-year yield falling 12 basis points to 3.71%.\u00a0 The biggest data on the schedule today is the S&P Global and ISM manufacturing PMI\u2019s at 10:00 a.m. ET.\u00a0 This week also includes key labor market data for the Fed.\u00a0 That starts with the August job openings and labor turnover survey (JOLTS) on Tuesday. ADP releases its private payroll report for September on Wednesday, with weekly jobless claims on Thursday, and the official September jobs report on Friday. Tesla Slides Despite Record Q3 Deliveries Tesla (TSLA) shares are down 5% ahead of the open despite reporting record deliveries in the third quarter.\u00a0 The electric automaker delivered 343,000 vehicles last quarter. That was an all-time high for quarterly deliveries but fell short of analysts\u2019 expectations for 364,660.\u00a0 Total production rose to 365,000 vehicles from 258,580 in Q2.\u00a0 That included nearly 20,000 Model S and X vehicles and more than 345,000 Model 3 and Y vehicles.\u00a0 Credit Suisse Drops On Concerns Over Financial Health Credit Suisse (CS) shares are falling 4.6% in premarket trade amid concerns over the lender\u2019s financial health.\u00a0 The Financial Times reported overnight that executives spent the weekend calling major investors to reassure them the business is fine.\u00a0 This comes after spreads of the bank\u2019s credit default swaps jumped sharply on Friday.\u00a0 That jump came after reports the lender is looking to raise capital. Credit Suisse told CNBC it will provide updates on its strategy when it reports earnings October 27. Sources say part of that strategy may be pulling out of the U.S. market entirely.\u00a0 The share price has hit record lows this year and the lender has struggled amid higher borrowing costs.\u00a0 Peloton Reaches Deal With Hilton Peloton (PTON) shares are up 4.8% ahead of the open after announcing a partnership with Hilton (HLT).\u00a0 As part of the deal Peloton will put its bikes in all 5,400 Hilton-owned hotels across the United States.\u00a0 Hilton Honors members will also receive a free 90-day trial of the Peloton app.\u00a0 The majority of locations will be equipped by the end of the year with rollout beginning in the coming weeks.\u00a0 Oil Prices Jump Ahead of OPEC+ Meeting Oil prices are higher today as the market remains on edge for this week\u2019s OPEC+ meeting.\u00a0 West Texas Intermediate crude futures are up 4.9% to over $83 bbl while Brent crude futures are up 4.2% to just under $89 bbl.\u00a0 OPEC+ meets on Wednesday and is said to be considering an output cut of more than 1 million barrels per day.\u00a0 The cuts would be an effort to support prices amid the declining global demand outlook.\u00a0 U.K. Reverses On Tax Cuts for High Earners The U.K. government reversed its plan to cut the top rate of income tax which caused extreme market turmoil last week.\u00a0 The government had previously announced a plan to cut the top rate paid on incomes over \u00a3150,000 ($166,770) from 45% to 40%. Following that announcement, the pound plunged to a record-low, mortgage deals were pulled from the market, and the U.K. bond market collapsed.\u00a0 That caused the Bank of England to step in and buy government bonds in an effort to stabilize the market.\u00a0 The Finance Minister said today, \u201cIt is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our economy. As a result, I\u2019m announcing we are not proceeding with the abolition of the 45p tax rate. We get it, and we have listened.\u201d The British pound rose sharply after that announcement, up 0.8% against the dollar at one point, but has since settled to around $1.12.\u00a0 10-year gilt yields are also down sharply, with those moves trickling into the U.S. bond market as well.\u00a0<\/p>\n","protected":false},"author":41,"featured_media":64086,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-64071","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coffee-with-greta"],"_links":{"self":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/64071","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/comments?post=64071"}],"version-history":[{"count":4,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/64071\/revisions"}],"predecessor-version":[{"id":64094,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/64071\/revisions\/64094"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/64086"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=64071"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=64071"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=64071"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}