What we’re reading (10/11)
“Nasdaq Falls Into Bear Market After Volatile Day” (Wall Street Journal). “The S&P 500 and the Nasdaq Composite fell Tuesday in volatile trading, upended by Bank of England Gov. Andrew Bailey’s remark that the U.K. central bank’s plan to rescue pension funds hit by interest-rate increases will end as scheduled Friday. The Nasdaq Composite slipped into a bear market, its second of the year. The S&P 500 and the Dow are already in bear markets, defined in Wall Street parlance as a decline of 20% or more from a recent peak.”
“US Stocks Trade Mixed As Investors Struggle To Regain Momentum Ahead Of Earnings Deluge And Inflation Data” (Insider). “Thursday's inflation report will be a key moment for US stocks, JPMorgan said Tuesday in a note. If Consumer Price Index data clocks in above 8.3%, markets could see another swift 5% sell-off, the bank said, with other shocks to the market potentially bringing the S&P 500 down to around 3,000 by the end of the year.”
“Federal Officials Trade Stock In Companies Their Agencies Oversee” (Wall Street Journal). “More than 2,600 officials at agencies from the Commerce Department to the Treasury Department, during both Republican and Democratic administrations, disclosed stock investments in companies while those same companies were lobbying their agencies for favorable policies. That amounts to more than one in five senior federal employees across 50 federal agencies reviewed by the Journal.”
“How Does The Russo-Ukrainian War End?” (Timothy Snyder). “Here I would like to suggest just one plausible scenario that could emerge in the next few weeks and months. Of course there are others. It is important, though, to start directing our thoughts towards some of the more probable variants. The scenario that I will propose here is that a Russian conventional defeat in Ukraine is merging imperceptibly into a Russian power struggle, which in turn will require a Russian withdrawal from Ukraine. This is, historically speaking, a very familiar chain of events.”
“NATO To Hold Nuclear Deterrence Exercise As Russia Rages At Ukraine” (Washington Examiner). “An annual NATO exercise focused on nuclear weapons deterrence will take place next week in a regular show of force displayed against the backdrop of the war in Ukraine.”
