My top 10 things to watch Wednesday, Oct. 2

1. Wall Street on Wednesday is set to extend the tough start to October, one day after Iran’s missile attack on Israel heightened Mideast tensions. Oil and natural gas prices were up again. However, there was a bright spot before the bell: Hiring at U.S. companies, according to ADP, was better than expected in September. Investors are handicapping what Friday’s monthly employment report from the government might bring and mean for the pace of further Fed interest rates cuts.

2. Saudi Arabia has signaled to fellow OPEC+ members that $50 oil could be in the cards if other members in the production cartel don’t abide by production-cut agreements, The Wall Street Journal reported. Given that Iran is pumping full out at 4 million barrels a day, is this a signal that Israel can take on Iran in some way that had been unthinkable? Or that the Biden administration needs to do what the Trump White House did and almost shut down oil production?

3. Nike‘s quarter was just terrible in pretty much every nook and cranny. It’s rather amazing how management ran it down. Running, basketball, you name it. Sales dropped 10% annually, and execs withdrew guidance. Trying to re-ascend will be tough, but they did it in 2010. Incoming CEO Elliott Hill, a Nike veteran who takes over Oct. 14, has big shoes to fill.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *