US Government Shutdown Update

US Govn't |Student loan repayments start| Tesla Q3 deliveries

Author

The One Read
October 02, 2023

Welcome Back,

The US avoids a shutdown, by kicking the can for another 45 days.

Together with Underdog Fantasy 🤝🏽

Market Headlines 👀 

  • US government shutdown averted for the time being with a 45 day bill signed.

  • US student loan repayments have officially resumed for 40m Americans.

  • Pershing Square run by Bill Ackman has received approval from the SEC in a new investment vehicle to bring companies public - SPARC.

  • Tesla (TSLA) announces its Q3 delivery numbers coming in at 435,059 vehicles delivered; est: 461,640.

  • Apple (AAPL) issues software update to address iPhone 15 overheating problem.

    S&P 500 Heat Map

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Recap Around the Street 🧠

Interesting that institutional buy side refuses to chase the equity rally. The overweight to bonds has only increased from the beginning of the year. Who can blame them with the 2-year treasury yield exceeding the S&P 500 earnings yield (the only other time this has occurred in recent memory was dotcom era)?(Contributed by Benjamin Lavine, CIO at 3D/L Capital).

US EIA (Energy Information Adminstration) shows global oil demand reaching a new high at ~102 mm bbl/day. Last gasp before the exhaustive collapse?(Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Source: Bloomberg

Market Preview 🎞️

  • Tuesday, October 3rd: JOLTS job openings

  • Wednesday, October 4th: MBA mortgage applications; ADP Employment report

  • Thursday, October 5th: Weekly jobless claims

  • Friday, October 6th: Non-farm payrolls and unemployment data; US consumer credit card data

  • —> Podcast spotlight: Pounding the Table 👊 : listen now; where you will find in-depth analysis around these highlights, read company deep dives, and interviews with public CEO's!

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That’s all for today, folks! We’ll be back around the same time Thursday with a curated list of important news, economic data and market highlights. 

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