Dow finished up 197 after opening in the red, advancers over decliners 2-1 & NAZ gained 52. The MLP index remained in demand, up 4+ to 245 & the REIT index recovered 4+ to the 336s. Junk bond funds crawled higher & Treasuries were closed today. Oil climbed 3+ to the 86s & gold soared 27 to 1872 (more on both below).
AMJ (Alerian MLP Index tracking fund)
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Oil prices jump 4% in the wake of Hamas attack on Israel
Tesla (TSLA) reported its sales of China-made electric vehicles decreased 10.9% year over year for the month of Sep, according to a report from the China Passenger Car Association. The report said the automaker sold 74K China-made EVs during the month. Sales
for the Model 3 & Model Y vehicles made in China were down 12% from
Aug to Sep. It exports many of the cars it makes in China. News of the sales dip comes a week after the company announced 3rd-qtr vehicle deliveries that came in below deliveries & production from the previous qtr. “A
sequential decline in volumes was caused by planned downtimes for
factory upgrades, as discussed on the most recent earnings call,” the
company said. “Our 2023 volume target of around 1.8 million vehicles
remains unchanged.” 3rd-qtr earnings will be reported on Oct 18. The stock was up 34¢.
If you would like to learn more about TSLA, click on this link:
club.ino.com/trend/analysis/stock/TSLA _aid=CD3289&a_bid=6aeoso5b6f7
Tesla stock dips after China EV sales fall 11%
Israel-Hamas war ratchets up pressure on Republicans to select House speaker in coming days
Gold, U.S. Dollar Rally As Investors Flock To Havens As Israel-Hamas War Escalates
Oil futures rallied more than 4%, lifting US prices to their highest finish in nearly a week. Palestinian militant group Hamas attacked Israel over the weekend raising worries about disruptions to oil supplies in the Middle East region. The violence will keep upward pressure on oil prices, at least in the short term. There's speculation that Iran aided Hamas in the planning of the attack. The question now is whether the Saudis will release oil to cool the markets or argue that the fundamentals are not changed by the war & they don't want to flood the market. Nov West Texas Intermediate crude added $3.59 (4.3%) to settle at $86.38 a barrel.
Oil settles more than 4% higher as Israel-Hamas war raises risk to oil in the Middle East
Markets took the news on the war in Israel in stride. However that calm attitude can change quickly during a war. Both the the consumer price index & producer price index are scheduled to be released on Thurs.Dow Jones Industrials
