Good Morning Everyone!

Remember, in the short-term there's always a reason to sell. But we’re not short-term players.

Price as of 4 pm EST, 10/19/22; % YTD

MARKET UPDATE

10Y yield: hit year-to-date highs

Fed Pivot? Maybe Pause?

• Bullard expects the Fed to end its front loading of hikes by next year

U.K Prime Minister Liz Truss is stepping down as UK Prime Minister

• Shortest-serving leader in British history

Crude 86 +1%

• Crude higher on news the Chinese government debating whether to reduce time people visiting the country have to spend in quarantine

• Investors called Biden’s plan to buy oil at $70 to return to the SPR “Biden Put”

• Energy companies can invest knowing they will get at least $70

Tesla (NASDAQ:TSLA)    

• Elon: “demand “a little harder” near term but Tesla not concerned

• Elon talked about recessions in China and Europe (U.S. pretty good)

• Auto gross margins missed

Union Pacific (NYSE:UNP)     

• $3.19 vs. street $3.06

• Reducing fiscal year carload growth from 4-5% to 3%

• As Elon said: “demand/volumes a little harder near term”

• CSX reports tonight

Netflix (NASDAQ:NFLX)

Taiwan Semiconductor (NYSE:TSM)

Hermes               

Earnings

CRYPTO UPDATE

FTX (CRYPTO: FTT) recovery plan for Voyager

Plaid launches first web3 product

• “Wallet Onboard”

• Simple integration to +300 Ethereum wallets

• Exploring more product offerings in web3 space, other blockchains

• Replicating existing products in web3 (ex: identity verification)

Bitcoin Fear & Greed

MEME OF THE DAY

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