Dow soared 827 near session highs, advancers over decliners 5-2 & NAZ shot up 232 following recent selling. The MLP index gained 5+ to the 203s & the REIT index jumped 6+ to the 348s. Junk bond funds were mixed & Treasuries in a very active day, yields finished higher. Oil went up 1+ to 89 & gold was off 3 to 1673 (more on both below).
AMJ (Alerian MLP Index tracking fund)
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2180338269244485)
“Black Friday is here,” said Julie Ramhold, a consumer analyst at DealNews.com, as sales traditionally rolled out on the Fri after Thanksgiving Day start earlier this year. Big-name retailers are also getting a jump on the holiday shopping season with discounts on all types of gifts. With year-end sales starting earlier, retailers are hoping to lure shoppers with promotions well ahead of the traditional holiday shopping season, as consumers become increasingly concerned about higher prices. Contrary to shoppers' inflation-era fears, discounts this year are actually expected to hit record highs for categories such as electronics, toys & computers, according to Adobe's online shopping forecast. Excess inventory is playing a role in the price cuts, said Deborah Weinswig, founder & CEO of Coresight Research. “There is a glut of inventory and it underscores the widespread expectation of a highly promotional fourth quarter,” she noted. Look for retailers to experiment with pricing strategies, as well, Weinswig predicted, including more discount codes & bundled offers.
‘Black Friday is here’: Holiday sales are already on, with record-breaking deals
The Biden administration asked Saudi Arabia, the de-facto leader of oil producer group OPEC, to delay its decision on oil output by a month, the kingdom said. The Saudis declined & in early Oct OPEC+ — which includes non-OPEC oil exporters like Russia — announced its largest supply cut since 2020, to the tune of 2M barrels per day starting from Nov. That means tighter supplies & higher prices at a time of already high inflation & worries of a global recession, which angered US lawmakers who are now calling for a “reevaluation” of relations with the Saudi kingdom. Notably, the White House's request would have delayed the decision until after the US midterm elections. The Saudi gov defended its move & said all OPEC decisions are based on economic forecasts & needs. “The Government of the Kingdom clarified through its continuous consultation with the US Administration that all economic analyses indicate that postponing the OPEC+ decision for a month, according to what has been suggested, would have had negative economic consequences,” its statement read. Responding to the Saudi claims, Pentagon spokesman John Kirby reframed the exchange & accused the kingdom of aiding Russia's revenues & hampering the impact of Western sanctions on Moscow for its war in Ukraine. “In recent weeks, the Saudis conveyed to us – privately and publicly – their intention to reduce oil production, which they knew would increase Russian revenues and blunt the effectiveness of sanctions. That is the wrong direction,” Kirby said. “We presented Saudi Arabia with analysis to show that there was no market basis to cut production targets, and that they could easily wait for the next OPEC meeting to see how things developed.”
Biden administration asked Saudi Arabia to postpone OPEC decision by a month, Saudis say
Pfizer
(PFE) & its German partner BioNTech (BNTX) said their new omicron boosters substantially increased
protective antibodies against the dominant omicron BA.5 subvariant for
adults in the first direct human data released to the public on the new
shots. The study looked at blood samples taken from 40 people ages
18-55 & 40 people older than 55 who received the omicron booster. Both age groups saw a substantial increase in antibodies that block the
BA.5 subvariant from invading human cells, according to the companies. PFE
also compared 40 people older than 55 who received the omicron booster
with 40 people in the same age group who received a 4th dose of the
first generation vaccine. The participants who received the first
generation vaccine saw a limited increase in antibodies against BA.5,
according to the companies. The time between administration of the 3rd dose & the omicron booster was about 11 months, while the time
between the 3rd dose & 4th dose of the first generation vaccine
was 6 months. The early data indicate that the safety profile of
the new boosters is the same as the original vaccine. They added they will release more immune response
data on the shots in the coming weeks. “These early data suggest
that our bivalent vaccine is anticipated to provide better protection
against currently circulating variants than the original vaccine and
potentially help to curb future surges in cases this winter,” PFE CEO
Albert Bourla said. US health authorities have
approved PFE's omicron boosters for everyone ages 5 & up. The shots
target both the BA.5 subvariant as well as the original version of
Covid that first emerged in China nearly 3 years ago. The first
generation shots were developed only against the first strain of the
virus. PFE stock rose 94¢ & BNTX stock was up 3.36.
If you would like to learn more about PFE, click on this link:
club.ino.com/trend/analysis/stock/PFE?a_aid=CD3289&a_bid=6ae5b6f7
If you would like to learn more about BNTX, click on this link:
club.ino.com/trend/analysis/stock/BNTX?a_aid=CD3289&a_bid=6ae5b6f7
Pfizer says omicron shots boosted antibodies against BA.5 in early human data
Oil futures marked
their first gain in 4 sessions, finding support from Energy
Information Administration data showing a nearly 5M barrel weekly
concerns about heating-fuel supplies
ahead of the winter season. Prices had posted declines for 3
consecutive sessions amid worries over a potential recession that would
slow demand for energy. US benchmark West Texas Intermediate crude for
Nov rose $1.84 (2.1%) to settle at $89.11 a barrel.
Oil futures mark first gain in 4 sessions
Gold prices settled slightly lower as Treasury yields climbed in the wake of stronger than expected Sep consumer price inflation data that supported further aggressive interest-rate hikes by the Federal Reserve. A retreat in the $ helped $-denominated prices for the precious metals pare back their early session losses. Gold futures was about even to settle at $1677 per ounce after trading as low as $1648. The gold price declined after hot consumer inflation data, which now puts some odds of the FOMC raising rates by a full point at their next meeting in Nov. Hot inflation data continues to hurt gold as yields rise. The US cost of living rose 0.4% in Sep & pointed to high inflation persisting thru the end of the year . The forecast was for a 0.3% increase. Recent gold price movements remain highly correlated to inflation expectations, not current inflation levels. Today, the yield on the 10-year Treasury note touched a high of 4.2153%, though eased back to 3.9056%. The $ meanwhile turned lower to trade down 1% at 112.198, helping $-denominated gold futures pare a portion of their earlier losses.
Gold, silver settle with a modest loss after a stronger than expected September inflation reading
Dow Jones Industrials
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