{"id":64295,"date":"2022-10-11T09:00:02","date_gmt":"2022-10-11T13:00:02","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=64295"},"modified":"2022-10-11T09:00:02","modified_gmt":"2022-10-11T13:00:02","slug":"coffee-with-greta-stocks-are-in-a-free-fall","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2022\/10\/11\/coffee-with-greta-stocks-are-in-a-free-fall\/","title":{"rendered":"Coffee With Greta: Stocks Are In A Free Fall"},"content":{"rendered":"

DJIA Futures: <\/b>-32 (-0.1%)<\/span><\/p>\n

SPX Futures: <\/b>-8 (-0.2%)<\/span><\/p>\n

NASDAQ Futures: <\/b>-28 (-0.3%)<\/span><\/p>\n

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

Futures are lower with tech stocks sliding further after the Nasdaq closed at a fresh 2-year low on Monday.<\/span><\/p>\n

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

Bank of England Steps In Again<\/span><\/h2>\n

The Bank of England announced an expansion of its emergency bond-buying operation today as it looks to stabilize the bond market.\u00a0<\/span><\/p>\n

The BOE said it will widen its purchases of U.K. government bonds to include index-linked gilts through the end of this week.\u00a0<\/span><\/p>\n

The move comes after the bank also increased the limit for its daily purchases on Monday.<\/span><\/p>\n

The Bank of England said, \u201cDysfunction in this market, and the prospect of self-reinforcing \u2018fire sale\u2019 dynamics pose a material risk to UK financial stability.\u201d<\/span><\/p>\n

U.K. 10-year index-linked gilt yields surged 64 basis points on Monday as prices tumbled 5.5% while 30-year index-linked gilt prices tumbled 16%.<\/span><\/p>\n

The sell-off stabilized after the Bank of England\u2019s announcement.<\/span><\/p>\n

U.S. Treasury yields are mixed today after the bond market was closed on Monday.\u00a0<\/span><\/p>\n

The 2-year yield is down 1 basis point to 4.31% while the 10-year yield is up 3 basis points to 3.92%.<\/span><\/p>\n

Coinbase Rallies on Google Partnership<\/span><\/h2>\n

Coinbase <\/b>(COIN) shares are up 5.4% ahead of the open after Google announced it will use the platform to allow some customers to pay for cloud services with crypto in early 2023.\u00a0<\/span><\/p>\n

The partnership was announced at Google\u2019s Cloud Next conference.\u00a0<\/span><\/p>\n

Coinbase will also use Google\u2019s cloud infrastructure for its business.\u00a0<\/span><\/p>\n

The crypto platform will move data-related applications from the Amazon Web Services cloud to Google.<\/span><\/p>\n

Google\u2019s Cloud Platform will start by accepting crypto payments from a handful of customers in Web3.<\/span><\/p>\n

Those payments will be made possible by integrating with the Coinbase Commerce service, which supports 10 different cryptocurrencies.\u00a0<\/span><\/p>\n

Coinbase will earn a percentage of all transactions that go through that service.<\/span><\/p>\n

GM Reveals New Energy Unit<\/span><\/h2>\n

General Motors <\/b>(GM) shares are slipping 0.2% in premarket trade after the automaker announced a new energy business.<\/span><\/p>\n

GM Energy will provide stationary battery packs, solar panels, EV chargers, and more to homes and businesses.\u00a0<\/span><\/p>\n

The commercial operations are already underway with the home energy systems set to be available next year as the Chevy Silverado EV goes on sale.\u00a0<\/span><\/p>\n

GM said the goal is to assist the automaker in controlling the customer experience when they purchase a new EV and create a sustainable business.<\/span><\/p>\n

The vice president of GM\u2019s EV growth operations said the total market of products and services being targeted by the new unit is between 125 billion and $250 billion.\u00a0<\/span><\/p>\n

The new business comes at a time of increased power grid issues across the U.S.<\/span><\/p>\n

American Airlines Hikes Q3 Revenue Forecast<\/span><\/h2>\n

American Airlines <\/b>(AAL) shares are up 4.5% ahead of the open after hiking its Q3 sales outlook.\u00a0<\/span><\/p>\n

The airline now expects last quarter\u2019s sales to be 13% higher than Q3 2019, up from its previous forecast of a 10% to 12% increase.\u00a0<\/span><\/p>\n

American also expects a pretax margin of 4.5% vs the prior estimate of no more than 4%.\u00a0<\/span><\/p>\n

But the carrier said it still flew 9.6% fewer flights than in Q3 2019, showing passengers are just paying higher prices for flights.\u00a0<\/span><\/p>\n

American will report Q3 results before the market open on October 20.<\/span><\/p>\n

Recession Fears Grip Oil Market<\/span><\/h2>\n

Oil prices are sliding further today as recession fears and worries about Covid restrictions in China take over.\u00a0<\/span><\/p>\n

West Texas Intermediate crude futures are down 1.2% to $90 bbl while Brent crude futures are down 1% to $95 bbl.\u00a0<\/span><\/p>\n

The World Bank President and the IMF Managing Director both warned Monday that the global economy is at growing risk of a recession.\u00a0<\/span><\/p>\n

Demand is also expected to fall further in China as a flare-up in Covid cases prompts new restrictions.\u00a0<\/span><\/p>\n

In Case You Missed It<\/span><\/h2>\n