Good Morning Everyone!
Short selling is at an abnormally high level. Almost as bad as 2007. Are we near peak pessimism?
Prices as of 4 pm EST, 10/11/22; % YTD
MARKET UPDATE
S&P 500 bouncing off key 3600 support as we get CPI tomorrow
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Tax-loss selling picking up as we get closer to the October fiscal year-end for many hedge funds
8:30am
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U.S. September PPI +8.5% year-over-year, estimate 8.5%
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U.S. September PPI ex-food and fuel, up 7.2%, estimate 7.3%
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MoM change:
Crude $88
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OPEC cuts estimate for global oil demand by almost 1 million barrels
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Polish authorities said that there is a leak on the Druzhba pipeline that takes crude oil into Germany.
Yesterday: Louis Vuitton reports Q3 strong revenue growth
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Luxury market is holding up well
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Revenues +19% organic, helped by Fashion & Leather +22%
Meta (NASDAQ: META)
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NBCUniversal and Meta partnering to bring VR experiences to Quest headsets in 2023
Disney (NYSE:DIS)
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Price hikes for its Genie+ service at Disney World and Disneyland
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Intel (NASDAQ:INTC)
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Planning job cuts to reduce costs amid slowdown in PC market
Yesterday: Uber -10% (NYSE:UBER), Lyft -12% (NASDAQ:LYFT), DoorDash -6% (NYSE:DASH)
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Department of Labour proposed a new rule on the classification of gig workers
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Employees rather than contractors
Earnings
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Pepsi organic sales grew 16% y/y in Q3 driven by a 17% increase in prices
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Can you say inflation.
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Q3 U.S. bank earnings start Friday
CRYPTO UPDATE
(NASDAQ:GOOGL) chooses (NASDAQ:COIN)
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Google will allow select customers to pay for services with crypto
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Coinbase will move some applications from AWS to Google’s cloud
Polygon (CRYPTO: MATIC) launches zkEVM public testnet
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zkEVM = zero-knowledge Ethereum Virtual Machine
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Scaling tool for lower-cost transactions
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“The next step for Ethereum”
Bitcoin Fear & Greed Index
