What we’re reading (9/23)
“Dow Drops Nearly 500 Points To Close At New Low For 2022 On Rising Recession Fears” (CNBC). “Stocks tumbled Friday to cap a brutal week for financial markets, as surging interest rates and foreign currency turmoil heightened fears of a global recession…The major averages capped their fifth negative week in six, with the Dow giving up 4%. The S&P and Nasdaq shed 4.65% and 5.07%, respectively. It marked the fourth negative session in a row for stocks, as the Fed on Wednesday enacted another super-sized rate hike of 75 basis points and indicated it would do another at its November meeting.”
“Stock Market Continues Long Tumble As Economic Outlook Sours” (Washington Post). “Blue-chip stocks plunged to their lowest level since 2020 on Friday, continuing a bad slump that began in August as investors try to grapple with economic head winds in the United States and around the world that are only likely to worsen.”
“A Natural Gas Shortage Is Looming For The U.S.” (OilPrice.Com). “[N]atural gas prices fell by nearly a dollar per million British thermal units, helped by a respectable build in inventories. And yet, inventories remain below the seasonal average, exports are running at record rates, and producers are beginning to struggle to meet demand, both at home and abroad.”
“Is The Hyperloop Doomed?” (New York Times). “[W]hile companies have raised hundreds of millions of dollars to design and construct hyperloop systems — with projects in India, the Netherlands, Saudi Arabia and the United States — the technology remains an aspiration.”
“When Bad Things Happen To Good Stocks” (Wall Street Journal). “In this year’s market bloodbath, you might think funds with “quality” in their name—and in their holdings—would lose less money. You’d be wrong…Over the past few years, exchange-traded funds specializing in quality stocks have grown to more than $60 billion. With the S&P 500 down 20% this year, several of these ETFs have fallen even harder, losing as much as 25%.”
