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- Oil: Next stop, $100?
Oil: Next stop, $100?
Plus, Instacart's IPO...
*past 24-hour performance
Upcoming Week:
Monday: Be on the lookout for NAHB’s Housing Market Index, which tracks homebuilders’ future sales expectations and is viewed as an indicator of new home sales trends
Wednesday: The Fed is set to convene its monetary policy meeting. Market forecasts suggest that interest rates will remain unchanged at the current level of 5.25 – 5.5%
Thursday: The Bank of England (BoE) policymakers will also meet to decide on interest rate policy. They're expected to hike their benchmark rate by 25 basis points to 5.5%
Notable Earnings:
Monday: Stitch Fix (SFIX)
Tuesday: AutoZone (AZO), Endava (DAVA), & Apogee Enterprises (APOG)
Wednesday: FedEx (FDX), General Mills (GIS), & KB Home (KBH)
Thursday: Darden Restaurants (DRI) & FactSet Research Systems (FDS)
Chasing oil: Oil prices are on track to reach $100 a barrel this month for the first time in 2023 after surging by almost 30% since June, after Russian and Saudi Arabian production cuts and rising demand from China (Guardian)
Instacart IPO: Grocery delivery company Instacart plans to price its IPO today and begin trading on Tuesday (Axios)
No-go on oil merger: GMT Capital, the second-largest shareholder in oil company Pipestone Energy (PIPE), intends to vote against the $6.36 billion all-stock deal proposed by larger rival Strathcona Resources as it undervalues the company (Reuters)
Another bid for ABC: Media entrepreneur Byron Allen has made a $10 billion bid to buy Disney's (DIS) ABC television network and assets including the FX and National Geographic cable channels (IndieWire)
Sound the lunk alarm: In a move that stunned investors and employees alike, Planet Fitness (PLNT) ousted company veteran Chris Rondeau from his post as CEO on Friday; shares closed ~16% lower on the news (CNBC)
Global wheat production drop: Global wheat production is set to drop for the first time in 5 years as drought conditions envelop major grain producing nations. A decline in wheat production may make some countries reliant on Russia and the Ukraine (Agriculture Dive)
TSM hits pause button: Chip stocks fell Friday, weighed down by a report that contract chipmaker Taiwan Semiconductor (TSM) has asked suppliers to delay deliveries (Reuters)
Shutdown risk: House Speaker Kevin McCarthy proposed a deal to temporarily avert a US government shutdown, with demands including an 8% spending cut for domestic agencies and a resumption of border wall construction (Bloomberg)
10 red flags warn of a looming recession: Economists have practically sounded the all-clear on a looming recession, but plenty of signs are still flashing red. Clearly, they were wrong earlier this year when they forecast an economic contraction that has yet to manifest. Could they be wrong now? Read more »
Will restart of student loan payments be the last straw for consumers? Americans have continued spending despite dwindling savings and inflation. But retailers worry resuming loan payments could push some over the edge. Read more »
The uranium bull: Uranium has likely reached a pivotal inflection point that could force the price higher by as much as three- to four-fold over the next several years. For the first time in history, uranium has slipped into a persistent and widening deficit. Read more »
Why consumer software gets worse, not better, over time (Nothing Human)
Breakfast cereal is in a longterm decline (WSJ)
How Sam Bankman-Fried’s elite parents enabled his crypto empire (Bloomberg)
Insiders reveal major problems at lab-grown-meat startup Upside Foods (Wired)
Happy Yeltsin supermarket day (Cato)
22% of U.S. workers worry technology will make job obsolete (Gallup)
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