October 11th, 2024
Stock futures flat, interest rates higher w the 10 year yield near 4.1%, oil over $75 and gold over $2,650. CNBC
The top 1%, representing1.54 million federal income tax returns in 2021 earned 26.3% or total adjusted gross income, but paid 45.8% of the overall federal income taxes. The bottom 50% with around 77 million tax returns, earned 10.4% of total adjusted gross income and paid only 2.3% of the federal taxes. IRS
Social Security payments will increase 2.5% in 2025. CNBC
US average 30-year fixed-rate mortgage rises to 6.3%, up from 6.1% in the previous week. CNBC
Tesla unveiled the robotaxi last night, a driverless, $30K vehicle called the Cybercab.The car—which lacks pedals and steering wheels—will go into production by 2027. CNBC
Disney World and Universal Orlando to reopen today after Hurricane Milton forced rare closures. CNBC
TD Bank agrees to pay $3B in penalties, faces limits on US growth in settlement with US regulators over bank's failure to monitor drug cartel money laundering. CNBC
Tropicana Field, home to Tampa Bay Rays, may take weeks to assess damage done after its roof was torn off during the storm. 1440
The SP500 is about to hit $50 Trillion in market cap for the first time and is up nearly 22% this year. Kobeissi
Rafa Nadal to retire from competitive tennis at the end of the year. He won 22 major titles. ESPN
Royals season ends with a 3-1 loss to the Yankees. They went from 56 wins last year to 86 this year. Need a few more bats to compete next year. ESPN
Zack Greinke threw the ceremonial first pitch last night to his son. KC Royals
Mizzou at UMass, KST at Colorado in college football……..KU off. ESPN
Chiefs off this week also. ESPN
Engineers develop the world's most powerful electron "gun," capable of accelerating the particles from rest to 80% the speed of light. 1440
Ethel Kennedy, wife of Robert F Kennedy has died at age at age 96. She raised 11 children after his assassination. AP
Earthquake in Aleppo, Syria, kills 230,000 people on this day in 1138. 1440
Wells Fargo Advisors Financial Network did not assist in the preparation of this report, and its accuracy and completeness are not guaranteed. The opinions expressed in this report are those of the author(s) and are not necessarily those of Wells Fargo Advisors Financial Network or its affiliates. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Additional information is available upon request.
Charles L Schorgl, Jr.
Managing Partner - Financial Advisor
October 10th, 2024
Stock futures slightly lower this morning, interest rates unchanged with the 10 year US treasury at 4.06%, oil higher at $74.18 and gold higher at $2,631. CNBC
The Social Security Administration announced a 2.5% cost-of-living adjustment for 2025. CNBC
The consumer price index, a broad gauge measuring the costs of goods and services across the U.S. economy, increased 0.2% for the month, putting the annual inflation rate at 2.4%. Both readings were 0.1 percentage point above the Dow Jones consensus. Excluding food and energy, core prices increased 0.3% on the month, putting the annual rate at 3.3%. Both core readings also were 0.1 percentage point above forecast. CNBC
A meeting summary of the central bank officials revealed that the Federal Reserve was split on their half-point interest rate cut. CNBC
Hurricane Milton made landfall as a Category 3 on Florida’s Gulf Coast last night, bringing wind speeds of 120 mph along with over a dozen tornados. More than 3 million homes and businesses are without power this morning. 1410
Tampa General Hospital, which sits in a high-risk flood zone and once again under a mandatory evacuation, used the AquaFence to protect from the rising flood waters for the second time in the last two weeks. The fence, which costs anywhere from $350-$1,000 per linear foot, is made of one-inch-thick panels that secure to the ground and can withstand high winds while protecting buildings from flood waters. The fence is re-usable; up to 60 times. Morning Brew
Amazon is testing adding automated mini warehouses to Whole Foods supermarkets. The new store format allows shoppers to buy products from its online store and mass-market supermarket chain while they browse Whole Foods, then pick them up at checkout. CNBC
Tesla CEO Elon Musk will unveil the company's new driverless robotaxi during a live event tonight at 10 pm ET. 1410
The Department of Justice revealed on Tuesday that it’s considering recommending a breakup of Alphabet’s Google, a move that comes two months after a federal court found Google acted as an illegal monopoly to secure its position as the No. 1 search engine. What exactly does that mean? The judge will likely consider a few items, but may include the following:
- Forcing Google to stop its exclusivity agreements with phone companies that set it as the default browser.
- Ordering Google to share its search engine data with competitors, including the data used in AI-assisted search features.
- Limiting Google’s ability to use other websites to train its AI, which would decimate its edge in the AI race.
Morning Brew
Mountain Dew unveiled a new logo that…actually features a mountain. Morning Brew
The Tropicana, Las Vegas' third-oldest hotel-casino, was demolished in a controlled implosion to make space for $1.5B Major League Baseball stadium. 1410
The 2024 WNBA Finals kick off tonight (8 pm ET, ESPN) with the New York Liberty taking on the Minnesota Lynx in a best-of-five series. ESPN
Seattle Kraken's Jessica Campbell becomes NHL's first full-time female assistant coach. ESPN
The Royals lost to the Yankees last night, 3-2. They’ll get another shot at a win tonight in Game 4. ESPN
A mother bear known as 128 "Grazer" won this year's Fat Bear Week competition, her second consecutive win. The annual popularity contest, launched in 2014, promotes conservation efforts at Alaska's Katmai National Park, home to an estimated 2,200 brown bears. 1410
A severe geomagnetic storm could bring the northern lights to a big swath of the country this week. The forecast for today and tomorrow says the "aurora may become visible over much of the northern half of the country, and maybe as far south as Alabama to northern California." Axios
Wells Fargo Advisors Financial Network did not assist in the preparation of this report, and its accuracy and completeness are not guaranteed. The opinions expressed in this report are those of the author(s) and are not necessarily those of Wells Fargo Advisors Financial Network or its affiliates. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Additional information is available upon request.
Leslie Darrington
Managing Partner, Financial Advisor
October 9th, 2024
Stock futures slightly lower this morning, interest rates slightly lower with the 10 year US treasury yield at 4.03%, oil lower at $73.28 and gold slightly higher at $2,637. CNBC
US stock markets closed higher yesterday, with the S&P 500 +1.0%, Dow +0.3% and the Nasdaq +1.5%. CNBC
Applications to refinance a home fell 9% for the week, and applications for a mortgage to purchase a home are flat for the week. The average interest rate for a 30-year fixed rate mortgage increased to 6.36%. CNBC
US regulators finalized rules yesterday requiring water utility operators to replace all lead pipes used in water lines within 10 years. The regulation, first announced in November, also requires utilities to test all water systems used by elementary schools, the first-ever national requirement. 1410
The Justice Department suggested it is considering breaking up Alphabet's Google, weeks after a U.S. judge ruled the company holds a monopoly in the search market. CNBC
Boeing's talks with striking workers have stalled for now. The company withdrew a contract offer for about 33,000 machinists who have been on strike since mid-September, adding that further talks "do not make sense at this point." CNBC
Disney World, Universal Studios, and Sea World among theme parks to close as central Florida braces for Hurricane Milton. CNBC
Walmart expands pet care offerings, including veterinary care and grooming, to five locations in Arizona and Georgia. CNBC
McDonald’s sued several major meat producers, alleging that they conspired to limit their supplies and jack up prices. Morning Brew
Home Depot ordered all of its corporate employees, including senior management, to work one eight-hour retail shift every quarter so they could “truly understand the challenges and opportunities our store associates face every day.” CNBC
WeightWatchers said it will offer cheaper copycat versions of Novo Nordisk’s weight loss drug, Wegovy. 1410
Engineers at MIT demonstrate a solar-powered desalination system (where salt is removed from water) that requires no external batteries. 1410
Over a dozen states sue TikTok, accusing the social media platform of harming children's mental health through addictive algorithms, operating illegal money transmissions, and violating consumer protection laws. 1410
OpenAI signs a deal with Hearst—the publishing giant responsible for Esquire, Cosmopolitan, and more—that will provide direct citations to Hearst's content via ChatGPT. 1410
Swedish automaker Volvo announced deputy CEO Björn Annwall will step down from his current role as part of a management reshuffle. CNBC
China imposed tariffs on EU brandy imports following the bloc's tariffs on Chinese electric vehicles; France, which supplies 99% of China's brandy imports, is expected to be hard-hit. 1410
New York Jets fire head coach Robert Saleh after 2-3 start to the NFL season. ESPN
Tests confirm that New Orleans Saints quarterback Derek Carr suffered an oblique injury on Monday night’s loss to the Kansas City Chiefs. ESPN
KC Royals back home this evening; Game 3 against the New York Yankees starts at 6:08 CST. ESPN
Luis Tiant, Cuban-born three-time MLB All-Star pitcher, passed away at age 83. ESPN
Study suggests elephants remember former zookeepers by scent more than a decade after separation; the findings shed light on the long-term memory and social relationships of the animals. 1410
Wells Fargo Advisors Financial Network did not assist in the preparation of this report, and its accuracy and completeness are not guaranteed. The opinions expressed in this report are those of the author(s) and are not necessarily those of Wells Fargo Advisors Financial Network or its affiliates. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Additional information is available upon request.
Leslie Darrington
Managing Partner, Financial Advisor
October 8th, 2024
Stock futures higher this morning, interest rates unchanged with the 10 year US treasury yield around 4.03%, oil lower at $75.80 and gold little changed at $2,666. CNBC
Hurricane Milton strengthened to a Category 5 yesterday before weakening to Category 4 today; the storm is expected to weaken further before making landfall on Florida’s west coast as a Category 3. Tampa, which is currently in the center of the storms path, hasn’t taken a direct hit since 1921. 1410
People aren’t migrating to Florida anymore (thanks to Hurricanes like Milton and Helene). Tampa’s housing supply is up 58% with demand down 10% in August from the year prior. Prospective buyers are getting priced out of the housing market due to home and flood insurance rates skyrocketing as much as 400% over the past 5 years. Morning Brew
The Supreme Court is hearing its first oral arguments of the 2024-25 term today. The case, Garland v. VanDerStok, surrounds a 2022 regulation on so-called “ghost guns”—untraceable firearm components made through 3D printing, kits, and parts. 1410
Apple could launch a ring to rival Samsung by 2026, according to a recent report from CCS Insight. The ring is embedded with various sensors to track health metrics like heart rate. CNBC
A Delaware bankruptcy judge approved FTX’s reorganization plan almost two years after the crypto exchange spiraled into bankruptcy. Almost all FTX creditors will make money on the company’s bankruptcy: $1.19 for every dollar. CNBC
Uber is giving users the ability to opt for fully electric vehicles by default when they order a ride. CNBC
Amazon’s fall Prime Day kicked off this morning; Walmart is holding it’s “Holiday Deals” event, and Target is having “Circle Week.” Axios
A California federal judge ordered Google to offer alternatives to its Google Play store as part of a final ruling in Epic Games’ antitrust lawsuit against the tech giant. 1410
SpaceX successfully launched the European Space Agency's Hera spacecraft from Florida yesterday. The car-sized spacecraft will embark on a two-year journey to investigate the effects of NASA's 2022 Double Asteroid Redirection Test, a 495-foot-wide moon orbiting the larger asteroid Didymos. 1410
KC Chiefs beat the New Orleans Saints, 26 – 13 last night. ESPN
Kansas City and Minnesota are the only 5-0 teams in the NFL. ESPN
The Chiefs have now won 11 games in a row, including the playoffs and the Super Bowl. ESPN
Andy Reid has been the with the Chiefs for 12 years and has had a five game winning streak in every year. ESPN
Chiefs wide receiver Rashee Rice will undergo surgery to repair a torn LCL in his knee today; although his long term outcome is positive, he is most likely out the rest of this season. CBS Sports
KC Royals beat the New York Yankees, 4-2 in Game 2. The series is currently tied; Game 3 will be on Wednesday at 7pm. ESPN
American scientists Victor Ambros and Gary Ruvkun won the Nobel Prize in medicine for discovering microRNA. Morning Brew
Two pioneers of artificial intelligence – John Hopfield and Geoffrey Hinton – won the Nobel Prize in physics for helping create the building blocks of machine learning that is revolutionizing the way we work and live but also creates new threats to humanity, according to Hinton. AP News
Renowned gospel and soul singer Cissy Houston—mother of Whitney Houston—passed away yesterday at her home in New Jersey while receiving hospice care for Alzheimer's disease. The two-time Grammy winner was 91. 1410
Wells Fargo Advisors Financial Network did not assist in the preparation of this report, and its accuracy and completeness are not guaranteed. The opinions expressed in this report are those of the author(s) and are not necessarily those of Wells Fargo Advisors Financial Network or its affiliates. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Additional information is available upon request.
Leslie Darrington
Managing Partner, Financial Advisor
October 7th, 2024
Stocks lower this morning, interest rates higher with the 10 year US treasury at 4.00%, oil higher at $76 and gold higher around $2,678. CNBC
US stock markets closed higher Friday following the September jobs report showing the highest jobs growth in six months. CNBC
Hurricane Milton is projected to make landfall in Florida on Wednesday as a Category 3, with 51 of the 67 counties declaring a state of emergency. 1410
The US adult obesity rate reversed its trend and actually dropped by 2% between 2020 and 2023. No direct evidence links the change to weight loss drugs such as Wegovy, Zepbound, and others, but it seems “highly likely” that they played a major roll. One in eight American adults has used one of the drugs, which can result in a total body weight loss of 3%-12%. Morning Brew
An mRNA vaccine is shown to protect against C. difficile bacteria in mice; roughly one in eleven elderly patients who contract the infection in a healthcare setting dies within one month. 1410
Tesla will reveal its robotaxi this week, a fully autonomous taxi. CNBC
Amazon Prime Big Deal Days are Tuesday, October 8th and Wednesday, October 9th. Morning Brew
Google’s share of the US search ad market is projected to fall below 50% next year for the first time in more than a decade. Morning Brew
Today marks one year since the Gaza-based militant group Hamas launched attacks on Israel, killing over 1,200 people and taking over 250 people hostage; 97 people still remain in captivity. Israel’s subsequent war in Gaza has killed over 41,900 people. 1410
European Union member states vote to raise tariffs on Chinese electric vehicle imports to 45%, up from 10%. 1410
Five of the countries top college football teams lost on Saturday; it marked the fifth time in 20 years that five teams in the top 11 lost on the same day. Alabama lost to Vanderbilt, Tennessee lost to Arkansas, Missouri lost to Texas A&M, Michigan lost to Washington, and USC lost to Minnesota. ESPN
LeBron James, 39, and his son, Bronny, 20, made NBA history last night when they became the first father-son due to play together in the same NBA game (let alone on the same team). ESPN
Shohei Ohtani lead the Los Angeles Dodgers to a Game 1 win over San Diego Padres in the NL Division Series. ESPN
New York Liberty tops Las Vegas Aces to advance to WNBA finals. ESPN
KC Royals will have another shot at a win against the New York Yankees tonight. ESPN
KC Chiefs will play the New Orleans Saints at Arrowhead tonight. ESPN
“Joker” sequel tops the domestic box office with $40M revenue, falling short of the expected $50M-$60M haul. 1410
Wells Fargo Advisors Financial Network did not assist in the preparation of this report, and its accuracy and completeness are not guaranteed. The opinions expressed in this report are those of the author(s) and are not necessarily those of Wells Fargo Advisors Financial Network or its affiliates. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Additional information is available upon request.
Leslie Darrington
Managing Partner, Financial Advisor