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• ☕️What Else is Brewing Thursday Morning
  The United States is the world’s largest exporter of motor gasoline...
  The United States is the world’s largest exporter of motor gasoline (finished gasoline plus gasoline blending components), supplying over 16% of total global exports. U.S. motor gasoline exports in 2023 averaged 900,000 barrels per day (b/d), equivalent to about 10% of domestic consumption and enough to fill up the tanks of over 1.5 million SUVs per day, assuming an average tank size of 24 gallons.
  
  Israel is preparing for a ground war in Lebanon, the head of its military said, as its conflict with Hezbollah continues to escalate.
  
  Eric Adams, the mayor of New York City, has been indicted following a federal corruption investigation. The charges in the sealed indictment were not immediately made public.
  
  Kamala Harris and Donald Trump laid out dueling visions for the economy as they campaigned in swing states yesterday.
  
  Congress passed a short-term funding bill, which will fund the government through Dec. 20, potentially setting up another funding battle in the aftermath of the election.
  
  One passenger was killed when a person with a gun hijacked a Los Angeles city bus and led police on a chase. A suspect was arrested.
  
  The FTC is suing five companies over allegedly deceptive uses of AI.
  
  Southwest plans to cut one-third of its flights to Atlanta in a move to slash costs as it faces pressure to boost its stock price from an activist investor.
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• Dow snaps 4-day winning streak as stocks edge back from records
  Stocks stalled in tepid trading today, with most S&P 500 sectors...
  Stocks stalled in tepid trading today, with most S&P 500 sectors losing ground after two days of record closes to start the week. Focus lies ahead thanks to a packed menu of data and Fed speakers on the way tomorrow and Friday.
  

  
  
  • The S&P 500^® index (SPX) fell 10.68 points (–0.19%) to 5,722.25; the Dow Jones Industrial Average^® ($DJI) dropped 293.47 points (–0.70%) to 41,914.75; the Nasdaq Composite^® ($COMP) added 7.68 points (0.04%) to 18,082.21.
  
  
  • The 10-year Treasury note yield (TNX) climbed five basis points to 3.78% and seems stuck in a range between 3.7% and 3.8%.
  
  
  • The Cboe Volatility Index^® (VIX) rose slightly to 15.51, still near its September lows.
  
  
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• Oil prices end lower, even as Hurricane Helene disrupts Gulf output
  Oil futures finished lower Wednesday after posting strong gains a day earlier, when China’s announcement...
  Oil futures finished lower Wednesday after posting strong gains a day earlier, when China’s announcement of an aggressive monetary stimulus plan sparked a broad commodities rally.
  
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• API: US crude, product stockpiles retreated last week
  The American Petroleum Institute recorded a 4.34-million-barrel drop...
  The American Petroleum Institute recorded a 4.34-million-barrel drop in US crude oil stockpiles last week, far surpassing analysts' expectations of a 1.1-million-barrel decline. Gasoline and distillate inventories also decreased by 3.44 million barrels and 1.11 million barrels, respectively.
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• Port strike looms, portending economic gloom
  US ports are bracing for a tempest, but the ominous choppiness is in...
  US ports are bracing for a tempest, but the ominous choppiness is in the negotiating room. Dock workers on the East and Gulf Coasts are preparing to walk off the job if their union can’t negotiate a new contract with shipping companies by October 1, threatening a throwback to pandemic-era supply chain bottlenecks.
  
  The International Longshoremen’s Association union and the United States Maritime Alliance, the trade organization representing port operators, remain oceans apart in their talks. The main sticking points are worker pay and plans to automate certain container operations.
  
  The union warns that up to 45,000 port workers could strike. The labor stoppages would disrupt major ports that handle 60% of US shipping traffic, per Oxford Economics.
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