🚀 US markets hit all-time highs

🪚 While Saudi Arabia loses its bid to join the UN Human Rights Council

How to find the silver linings in horrific destruction.

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📰 Market Headlines

Dow and S&P 500 hit fresh records as investors awaited key inflation data and digested Fed minutes.

  • The Dow surged over 1% and the S&P 500 rose 0.7%, both closing at all-time highs, while the Nasdaq gained 0.6%.

  • Following the release of Fed meeting minutes, markets now price a 24% chance of no rate cut in November, up significantly from previous expectations.

Hurricane Milton approached Florida as a Category 4 storm, with sustained winds of 155 mph.

Vice President Kamala Harris' presidential campaign and related committees have raised $1 billion since July.

Boeing shares plunged 3.4% after talks with striking machinists broke down. [Ed: like their planes]

🕶️ Market Vibes

🎰 Market Forecasts and Futures

Forecasts via ​Kalshi, the prediction market.

😱 Fear and Greed Index

🎤 What you said last time

What you had to say:

“This is simply the end result of the capitalist kool-aid we’ve all been drinking for hundreds of years.”

📈 Trends you need to know

Pfizer’s stock has almost halved since its pandemic peak. These conspirators are awful at making money.

🧠 What do you think?

🇸🇦 Saudi Arabia narrowly failed to win a seat on the UN Human Rights Council this week. This comes as a blow after the Kingdom’s four-year lobbying effort as part of its Vision 2030 endeavor to diversify away from oil revenues.

“While the Human Rights Council does not have legally binding powers, its meetings raise scrutiny and it can mandate investigations to document abuses, which sometimes form the basis for war crimes prosecutions.

Democratic Republic of Congo, Ethiopia, Kenya, Czech Republic, North Macedonia, Bolivia, Colombia, Mexico, Iceland, Spain and Switzerland were elected to the council. While Benin, Gambia and Qatar were reelected for a second three-year term.

Despite not being a voting member, Saudi Arabia has been increasingly active in the Human Rights Council behind the scenes in recent years, say diplomats and rights groups.

Its lobbying helped to shut down the body's war crimes investigations in Yemen in 2021 and it sought to counter a Western-led motion to increase monitoring of perpetrators of possible war crimes in Sudan, they said.”

Should Saudi Arabia get a seat on the U.N. Human Rights Council?

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📊 Stocks

Get $20 free shares at ​public.com​ using code ALTSCO.

Winners and losers

Earnings, upgrades, and acquisitions

  • Helen of Troy beat Q2 earnings estimates; shares inched up 1.5%.

Market movers

  • Honda recalled nearly 1.7 million vehicles due to a steering problem that could lead to crashes, affecting models from 2022 to 2025.

  • The US Department of Justice proposed breaking up Google's search dominance.

  • Volvo Cars announced a management reshuffle as Deputy CEO Björn Annwall steps down amid slowing EV demand.

  • Form Energy secured $405 million in funding to accelerate the development of its 100-hour battery.

  • French ski resort Alpe du Grand Serre closed permanently due to declining snowfall.

Ideas, trends, and analysis

  • The yield on 10-year Treasuries climbed to 4.07%, its highest level since early August.

  • Political ad spending is expected to hit $10 billion in 2024, up 20-25% from 2020.

Recommended Newsletter

🌍 Global Perspectives

  1. 🇷🇺 Russia declared a local emergency in the Bryansk region after Ukraine struck a weapons arsenal storing ammunition.

  2. 🇭🇹 The death toll from a gang attack on the Haitian town of Pont-Sondé rose to 115.

  3. 🇹🇷 🇱🇧 Nearly 2,000 Turkish citizens prepared to evacuate Lebanon on two Turkish navy ships.

  4. 🇧🇷 Brazil's Supreme Court cleared X to resume service after the platform complied with court rulings on hate speech moderation.

📊 Crypto

  • The FBI created a bogus cryptocurrency to nab 4 companies and 14 people on fraud charges.

  • Bitfinex deemed the "sole victim" eligible for recovery of $7.4 billion from the 2016 Bitcoin hack.

🧠 Errata

  • A year's worth of rain in two days flooded parts of the Sahara, filling a lake that had been dry for 50 years.

  • Mother bear 128 Grazer won Fat Bear Week, beating the rival who killed her cub.

  • An 18-year-old Nepalese climber shattered records by summiting all 14 of Earth's highest peaks in just 740 days. [Ed: My oldest just won a Victory Royale in Fortnight]

📺 What to Watch Today

That’s all for today. Did I miss anything? Smash the reply button to let me know.

Cheers,

Wyatt

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