Dow finished up 288, advancers over decliners 2-1 & NAZ advanced 211. The MLP index was up 2+ to the 241s & the REIT index edged up 1+ to the 332s. Junk bond funds rose along with the stock market & Treasuries saw more selling which brought higher yields. Oil was fractionally higher to 83 & gold gained 14 finally to 1846 (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)
Your Amazon (AMZN) order of internet satellite prototypes have shipped. More
than 4 years since the tech giant announced its ambitious plan to
invest heavily in building a global satellite internet network, AMZN saw the first pair of satellites for its Project Kuiper system
launch into space. “We’ve
done extensive testing here in our lab and have a high degree of
confidence in our satellite design, but there’s no substitute for
on-orbit testing,” Project Kuiper VP of technology Rajeev
Badyal said before the launch. Project Kuiper is AMZN's plan to build a network of 3236 satellites in low Earth orbit, to provide high-speed internet access anywhere in the world. The company plans to invest upwards of $10B to build Kuiper & recently broke ground on a $120M pre-launch processing facility in Florida. Called “Protoflight,” Friday’s mission saw United Launch Alliance's
Atlas V rocket carry 2 satellites – Kuipersat-1 & Kuipersat-2. The
rocket launched from ULA's pad SLC-41 in Cape Canaveral, Florida. Information about the size & design of the pair of AMZN's satellites has been scarce
– with the company only sharing photos of the shipping containers that
delivered the spacecraft to Florida. Even ULA's details about the launch
are limited, with the info provided comparable to when the rocket
company flies classified spy satellites for the US gov. The stock rose 2.00.
If you would like to learn more about AMZN, click on this link:
club.ino.com/trend/analysis/stock/AMZN _aid=CD3289&a_bid=6aeoso5b6f7
Amazon launches first internet satellite prototypes
A UK study showed that symptoms of a cold can linger well beyond the main period of illness, suggesting that rather like “long Covid,” “long colds” can also exist. The study, published in scientific journal The Lancet, showed that non-Covid infections can be associated with a range of illnesses more than 4 weeks after the initial infection. After studying 10,171 participants, scientists at the Queen Mary University of London concluded that there may be long-lasting health impacts from other respiratory infections, such as the common cold, that are unrecognized. They were unable to say whether the symptoms of “long colds” would last as long as those of “long Covid.” “Post-acute infection syndromes are not a new phenomenon; indeed, many cases of chronic fatigue syndrome are reported to follow an infection-like episode. Nonetheless, these syndromes often go undiagnosed owing to the wide range of symptoms and lack of diagnostic tests,” an introduction to the research on The Lancet website said. There were similarities between the symptoms of those with “long Covid” & “long colds,” but typical post-Covid issues such as taste & smell deficiencies & dizziness were less common in people suffering from long colds.
‘Long colds’ could be as common as ‘long Covid’ — with lasting effects, study says
The US steel industry is feeling the sting from the United Auto Workers' (UAW) strike against Detroit's Big Three automakers. Demand for steel has been falling for months in anticipation of the strike that is now in its 3rd week, sending prices tumbling. A report said that the price for coiled sheet steel has plummeted 40% since Apr & companies are pulling back on production. The United States Steel (X) temporarily shut down a furnace at its Granite City, Illinois, plant last month due to the strike, laying off more than 200 workers. If the strike is prolonged, more shutdowns could follow. The ongoing UAW strike is the first time the union has launched a simultaneous strike against Ford (F), General Motors (GM) & Stellantis (STLA), but so far it has been limited in its scope, targeting only certain plants. Around 25K of the 150K UAW members employed by the Big Three are on strike, but the union has not ruled out expanding the strike nationwide if talks drag on. GM said that the strike has cost the automaker around $200M so far & the company confirmed it secured a $6B line of credit the day before. Ford & STLA declined to provide estimates of losses. The longer the strike lasts, the more damage it will do to automakers & reverberate to other industries, particularly suppliers, which are already taking a direct hit. Data from Michigan economic consulting firm Anderson Economic Group show the UAW's strike against the Big Three cost the US economy $3.95B in its first 2 weeks.
Steel industry dented by UAW strike against Detroit's Big Three
Gold futures closed higher for the first time in 10 sessions, rising off early losses as the $ turned lower after the US reported it added nearly twice the expected number of new jobs in Sep, as the labor market continues to run hot despite high interest rates. Gold for Dec closed up $13 to settle at $1845 per ounce. The Bureau of Labor Statistics reported the US added 336K new jobs in Sep, nearly twice the consensus estimate for a rise of 170K positions. The $ surged following the report but moved lower in later trading. The ICE dollar index was last seen down 0.22 points to 106.12. Treasury yields rose. The 2-year note was last seen up 5.0 basis points to 5.067%, while the yield on the 10-year note was up 7.2 basis points to 4.782%.
Gold Rises For the First Time In 10 Days as the Dollar turns lower
West Texas Intermediate (WTI) crude oil closed higher in volatile trading following 2 days of losses that cut prices by nearly 8%. WTI crude oil for Nov closed up 48¢ to settle at $82.79 per barrel, while Dec Brent crude was last seen up 43¢ to $84.50. Oil prices had fallen to the lowest in a month despite tight supply on bets demand is weakening after the Energy Information Administration on Wed reported US gasoline inventories rose by 6.5M barrels last week. Worries over a potential may rise after the US reported it added 336K new jobs in Sep, nearly double the consensus estimate for a rise of 170K. The higher than expected number may firm expectations for another interest-rate hike from the Federal Reserve before year end, as the labor market continues to run hot.
WTI Crude Oil Closes Higher Following Two Days of Big losses
Dow began the day down 200. But bullish thoughts about the strong jobs report suggests a strong economy & that pulled in investors, giving the Dow one its best days in the last couple of months. However it is still well below its recent highs 2 months ago (see below). The thoughts about a rate hike did not disturb anybody. Dow was down 100 for the week thanks to today's rally, although there was selling into the close. The stock market will be open on Mon.
Dow Jones Industrials
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