This week’s Closing Bull focuses on the bank’s quarterly profits, workers returning to their office jobs since the pandemic, Starbucks turns 50 years old, and US energy costs are skyrocketing.
Key News This Week:
Workers returning to their office jobs
Starbuck turns 50
Energy costs rising
Read the Transcript
Welcome to my financial markets’ re-cap for the week.
Before we get to the news, a quick update on the system. Well, we didn’t quite get to the bottom of this recovery, but we got a good chunk of it. I think after this we will be getting closer to new equity peaks. And the next trade will likely throw us over.
So congratulations to all that took advantage of that last forecast. We are just excited at the close today. Great trade.
So that was the system update, what was the news this week?
The S&P had its best day since March as earnings season kicked off in earnest.
Key reports this week were from the banking sector with:
Chase, which is America’s largest bank, beat quarterly profit expectations after releasing $2.1B in reserves it had set aside for loan losses.
Goldman sacks smoked analyst estimates and so did Morgan Stanley and Bank of America.
This seems to have been the basis for the recovery of the September/October blues the markets were experiencing.
In other good news, according to the wall street journal, Last week, 36% of workers in major cities were back in offices — the highest rate since the pandemic began. Sounds like people are seriously getting back to business, which is great for the economy. Long may it continue.
Did you know that Starbucks turned 50 this week, I had no idea Starbucks started business in 1971, I guess the critical mass didn’t really happen until the 1990s onwards. Good for them, there are now over 33,000 of them.
Energy costs are getting out of control. Did you know that US crude oil is up 64% this year, natural gas prices have doubled over the past six months, coal prices have hit a record, heating oil is up 68% this year…the list goes on.
This cannot go on, what happened to all the green energy that was going to make us care less about buying fossil fuels, with less use, surely they should be coming down in price…not so!
…clearly, we all need to take a look at more renewable solutions and sooner rather than later.
That’s it from me, it’s the weekend, time to down tools, have a great weekend and thanks for watching, take care and bye for now.