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• ☕️What Else is Brewing Tuesday Morning
  Activist investor takes $1 billion stake in Pfizer. The...
  Activist investor takes $1 billion stake in Pfizer. The firm Starboard Value has amassed a stake in the pharma giant, which has struggled after reaching new heights during the pandemic, in hopes of turning the company around. It’s reportedly reached out to former Pfizer CEO Ian Read and former finance chief Frank D’Amelio to help right the Big Pharma ship. Starboard thinks the current CEO has lost the company’s former focus on keeping costs down and investing in new drugs. Pfizer’s shares cost roughly half what they did at their 2021 high.
  
  American scientists Victor Ambros and Gary Ruvkun won the Nobel Prize in medicine for discovering microRNA.
  
  The Supreme Court refused to consider the Biden administration’s appeal of an order blocking its efforts to require emergency abortion care in Texas. Meanwhile, Georgia’s highest state court reinstated a ban on abortion after six weeks.
  
  Sen. Elizabeth Warren of MA and Rep. Madeleine Dean of PA sent letters to General Mills, Coca-Cola, and PepsiCo urging them to stop engaging in “shrinkflation.”
  
  Cissy Houston, a Grammy winner and mother of another powerhouse singer, Whitney Houston, has died at age 91.
  
  Some Spirit Halloween stores will convert to Spirit Christmas stores after the fall holiday.
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• Oil prices extend gains, lifting Brent crude towards $80 on fears of wider Middle East conflict
  Oil prices settled more than 3% higher on Monday, with...

  Oil prices settled more than 3% higher on Monday, with Brent surpassing $80 per barrel for the first time since August as the increased risk of a region-wide Middle East war jolted investors out of record bearish positions amassed last month.

  
  

  Brent crude futures rose by $2.88, or 3.7%, to settle at $80.93 per barrel. U.S. West Texas Intermediate futures advanced by $2.76, or 3.7%, to $77.14 per barrel.

  
  

  Last week, Brent rose more than 8% and WTI advanced by more than 9% week-on-week, the most in more than a year, after Iran's Oct. 1 missile barrage against Israel raised concerns that the response from Israel would aim at Tehran's oil infrastructure.

  
  

  If that happens, oil prices could rise by another $3 to $5 per barrel, said Andrew Lipow, president of Lipow Oil Associates.

  
  

  Rockets fired by Iran-backed Hezbollah hit Israel's third-largest city, Haifa, early on Monday. Israel, meanwhile, looked poised to expand ground incursions into southern Lebanon on the first anniversary of the Gaza war that has spread conflict across the Middle East.

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• U.S. stocks close sharply lower as 10-year Treasury yield climbs above 4%
  U.S. stocks ended sharply lower Monday after the Dow...

  U.S. stocks ended sharply lower Monday after the Dow Jones Industrial Average finished last week at a record high, as Treasury yields climbed above 4% for the first time since August.

  
  

  The Dow Jones Industrial Average dropped 398.51 points, or 0.9%, to end at 41954.24. This is the index's largest one-day point and percentage decline since September 6.

  
  

  The S&P 500 declined 55.13 points, or 1%, to finish at 5695.94. This is the index's largest one-day point and percentage decline since September 6.

  
  

  The Nasdaq Composite fell 213.95 points, or 1.2%, to close at 17923.90.

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• Chevron Sells Canadian Oil Sands, Duvernay Shale Assets for $6.5B
  Chevron said the divestitures are part of its...

  Chevron said the divestitures are part of its plans to sell $10 billion to $15 billion worth of assets by 2028 following the company’s
  acquisition of Hess Corp. for $53 billion.

  
  Chevron’s indirect subsidiary Chevron Canada Ltd. said Oct. 7 that it and a related entity had agreed to sell interests in the Athabasca Oil Sands project and the Duvernay Shale to Canadian Natural Resources Ltd.
  
  In exchange for Chevron Canada’s 20% interest in Athabasca and 70% interest in the Duvernay, the company will receive $6.5 billion cash. The assets subject to the agreement contributed 84,000 boe/d, net of royalties, to Chevron in 2023.
  
  Chevron has previously said it expected its Duvernay assets to fetch about $500 million, suggesting that the Athabasca assets made up the lion’s share of the sale price.
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• Milton Becomes a Major Hurricane as It Barrels Toward Florida
  Forecasters said Hurricane Milton was expected to bring significant rain...
  Forecasters said Hurricane Milton was expected to bring significant rain and battering winds to parts of Florida by midweek. On Monday morning, the storm rapidly intensified into a Category 4 storm.
  

  Milton’s exact path was still being mapped, but forecasters said there was growing confidence that a powerful hurricane with life-threatening hazards would affect portions of the Florida West Coast.

  
  

  There is also a chance that Milton will weaken slightly. Even if it loses some strength, this could mean the storm grows and the hurricane becomes even larger at landfall, increasing the dangerous effects over a much larger area.

  
  
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