Tale of the Tape
Good evening, everyone. Happy freakin’ Friday!
September Retail Sales rallied. We saw nearly a 2% increase last month. More on this below.
Stocks were mixed. Things got funky at the close. We’ll see where we open on Monday.
Here’s the 5-min chart of the S&P 500 ETF $SPY:
Energy lost power. $XLE dropped 2.27%. Utilities gained 1%.
Fastly fell 5.6%. It closed below yesterday’s low.
Zoom zoomed. See the weekly chart below.
Here are the closing prints:
Is the 737 Max Back?
European regulators say Boeing’s 737 Max is safe to return to the sky.
The European Union Aviation Safety Agency (EASA) is finalizing the paperwork but Boeing expects to get the green light before the end of the month.
$BA bounced 1.89% but closed $4 off its opening print.
Here’s the daily chart:
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Rockefellers vs. Oil 🧐
The heirs of Standard Oil founder John D. Rockefeller are telling big banks to stop financing fossil fuels.
2020 is strange.
Daniel Growald, Peter Gill Case and Valerie Rockefeller are descendants of the 1800s oil tycoon. Not only are they speaking out but after 5-generations, the Rockefellers are also looking to lead in climate change. The three descendants created an initiative to help phase out fossil fuels.
In an interview with CNBC, Growald commented:
There’s a strange thing happening right now where the business world is still trying to wrap its head around the idea of climate change, that there are true risks to the economy. There’s a very direct economic connection. If banks such as JPMorgan don’t change their practices, ultimately, it’s very poor business over the longer term.
Strong Retail Sales
Some happy news! Retail sales picked up 1.9% in September, beating Wall Street estimates by 1.2%.
Data from US restaurants, stores, and e-commerce showed a boost in sales for commercial goods and September marked the 5th straight month of growth. It might be slow, but economists say it’s very encouraging.😄
Jack Kleinhenz of the National Retail Federation said:
Inch by inch, consumers are feeling better even though we have this pandemic hanging over us.
It’s the end of another week. Here are a few weekly charts that caught our eye.
Cowen, a $500M investment bank closed at a 5-year high. That’s a big base.
Wells Fargo reported Q3 earnings on Wednesday. $WFC dropped 9.6% this week. The bank closed at its lowest weekly price since May 2009. Holy 💩
Caterpillar was the best stock in the Dow this week. $CAT closed $2 off all-time highs from 2018.
Zoom zoomed. This chart is incredible.
Bloomberg Billionaire Index
Bloomberg updated its leaderboard for the richest human on Earth.
Top dawg, Jeff Bezos is nearly worth $200 billion and year over year, the 25 wealthiest people gained $361B…
Links That Don’t Suck
⛈️Storms, Covid Raise Fear of Worst North Korea Famine Since 1990s
💲 Billionaire Robert Smith Admits Evading Taxes for Years
📱 Facebook and Twitter Dodge a 2016 Repeat, and Ignite a 2020 Firestorm
💉 Pfizer Says Earliest COVID-19 Vaccine Application to U.S. Regulators Would Be after Election
🇺🇸 U.S. 2020 Fiscal Year Deficit Hits Record $3.132 Trillion
🏡 Space of Mind is a Modular Cabin Designed to be Built Anywhere
🎶 Who owns an AI-created song?
Yesterday we misspelled the word subpoena. We’re sorry for the mistake. Thank you to those who respectfully informed us. We strive to improve every day.
Hope you have a great weekend!