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On September 14th, US media reported on the 13th that FBI Director Kash Patel was questioned for mistakenly announcing a "suspect in custody" in the assassination of Charlie Kirk, a political ally of US President Trump. Following the shooting on the 10th, local police in Utah quickly arrested one person, and Patel announced the arrest on social media. However, it was later confirmed that police had arrested the wrong person, with the shooter still at large. Patel will face questioning from lawmakers about this case and broader issues at a congressional hearing next week.On September 14th, five US F-35 fighter jets were spotted landing in Puerto Rico on Saturday, just as Trump ordered an additional 10 stealth fighter jets to the Caribbean last week to combat drug cartels and address tensions with Venezuela. Photos show the aircraft landing at the former Roosevelt Roads military base in Ceiva, Puerto Rico. US helicopters, Osprey transport aircraft, other transport planes, and US military personnel have also been spotted at the base in recent days. When asked about the situation, a Pentagon duty press officer stated, "We do not have any force deployment changes to announce at this time." Sources reported last week that the Trump administration had ordered the deployment of 10 F-35 fighter jets to Puerto Rico to carry out operations against drug cartels.A fire has broken out at an oil refinery in Russias Bashkortostan and firefighting is underway, with the production site suffering minor damage, the regional governor said.British retailer Sainsburys confirmed it is in discussions to sell its Argos subsidiary to JD.com (JD.O).The Cyberspace Administration of China is soliciting public opinions on the "Regulations on Promoting and Standardizing the Application of Electronic Documents (Draft for Comments)".

NASDAQ Composite Treading Water Ahead of US Congressional Elections, CPI Data

Steven Zhao

Nov 08, 2022 17:10

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With many of the major players staying away ahead of Tuesday's U.S. congressional elections and Thursday's significant consumer inflation report, the major U.S. stock indices are trading mixed near the midpoint of the session on Monday.


The blue-chip Dow Jones Industrial Average is currently trading at 3262.61, up 159.39 or +0.49%, at 17:00 GMT. The tech-heavy NASDAQ Composite is trading at 10441.84, down 33.41 or -0.32%, while the benchmark S&P 500 Index is at 3771.75, up 1.20 or +0.03%.


If the GOP wins, a split government will result.


Republican presidential candidate Joe Biden's strategy, which may include potential broad tax increases and a windfall tax on energy companies, may be hampered by a split government, analysts say, with the GOP capturing the House of Representatives and possibly the Senate.


According to Wells Fargo economists, "in this election outcome scenario, we doubt we would make any significant revisions to our projections for GDP growth, inflation, or the federal funds rate as a result of the election."


Instead, investors see a status quo and political deadlock that prevent significant policy changes as a positive outcome for stocks.

CPI Data Available

Traders are preparing for a potential surprise in Thursday's consumer price index (CPI) report following Friday's unexpected increase in the jobless rate in the United States.


On a historical basis, economists anticipate that inflation will once more register at extraordinarily high levels.


According to FactSet, the consensus CPI report projection predicts an increase in inflation of 0.7% for October. It is anticipated that the so-called core rate of inflation, which doesn't include volatile food and energy prices, will increase by 0.5%. That would come after a reading of 0.4% for the CPI as a whole and 0.6% for the core CPI in September.


According to Factset, the consensus CPI projection calls for an annualized increase in the CPI of 8.0% and an increase in core inflation of 6.5%. From the September data, when the annual inflation rate was 8.2% overall and 6.6% for core, that would only indicate a small set of gains.

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