Wall Street Today | US Jobs Report Likely to Show Subtle Progress for Fed

Moomoo Recap US wrote a column · Nov 28, 2022 08:21

MACRO

US Jobs Report Likely to Show Subtle Progress for Fed

The latest reading of the US labor market on Friday is expected to show job growth on more of the downward glide path sought by Federal Reserve policy makers in their fight to beat back inflation.

Payrolls are projected to have risen about 200,000 in November, a second month of decelerating gains. Such growth, while moderating, is nonetheless consistent with solid hiring that will extend the Fed’s rate-hiking campaign into 2023. The report will be the last of its kind before the central bank’s final policy meeting of the year.

Globalized Supply Chain Brings More-Turbulent Food Prices

Food and drink, like many manufactured goods from cars to iPhones, often include components from around the world. American pizzas can be topped with ham from Spain and Mexican sauce. Scotch whisky is sometimes made with Ukrainian barley. Overall, almost a quarter of global food exports now have a foreign component, according to data from the World Trade Organization.

"When people think of globalized trade, they don’t think that one of the major components of globalization was the food chain,“ said Susan Wachter, a professor at the Wharton School of the University of Pennsylvania, who studies inflation. “The increased complexity of that food chain makes food supply extremely vulnerable to supply shocks,” she added.

Inflation Boosts U.S. Household Spending by $433 a Month, on Average, Moody’s Finds

While down slightly from than the $445 monthly figure in September, stubbornly high inflation is stretching the typical budget. "Despite weaker-than-expected inflation in October, households are still feeling the squeeze from rising consumer prices," said Bernard Yaros, an economist at Moody's.

SECTORS

Online Shoppers Spent a Record Amount on Thanksgiving

Thanksgiving Day online spending hit a record of $5.29 billion, an increase of 2.9% year over year, according to Adobe, which tracks sales on retailers’ websites. Typically, shoppers spend about $2 billion to $3 billion online in a day, according to Adobe.

That increase was driven by demand, not inflation, according to Vivek Pandya, lead analyst at Adobe. Online sales haven’t been driven higher by inflation like store sales, since e-commerce is largely made up of electronics, apparel and other durables that have stayed stable in price or declined compared to groceries, he said.
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COMPANY

Exxon Mobil Has a Potash Problem in the Permian Basin

A vital crop nutrient that lies underground near oil and natural-gas reserves is holding back $Exxon Mobil (XOM.US)$'s development of a key asset in the booming $Permian Resources (PR.US)$ Basin.

Unlike many of its rivals in the largest U.S. oil patch, the Texas oil company shares a sizable chunk of its land with mining companies that extract potash and other minerals used to produce fertilizer from underground mines, blocking drillers' direct access to bounties of oil-soaked rocks.

Chevron Gets U.S. License to Pump Oil in Venezuela Again

The U.S. said it would allow $Chevron (CVX.US)$ to resume pumping oil from its Venezuelan oil fields after President Nicolás Maduro’s government and an opposition coalition agreed to implement an estimated $3 billion humanitarian relief program and continue dialogue in Mexico City on efforts to hold free and fair elections.

Biden administration officials said the license prohibits PdVSA from receiving profits from Chevron’s oil sales. The officials said the U.S. is prepared to revoke or amend the license, which will be in effect for six months, at any time if Venezuela doesn’t negotiate in good faith.

Musk's Twitter Slides Say 'We're Recruiting' Following Job Cuts

$Twitter (Delisted) (TWTR.US)$ is hiring, according to slides from a company talk tweeted by owner Elon Musk, following sweeping job reductions in a cost-cutting drive since the billionaire took over the social network.The first slide had the words "We're recruiting" with no further details. Musk, who didn't say when he gave the talk, has undertaken a dramatic restructuring that initially cut the firm’s headcount in half.

Disney Is the Biggest Winner — And Loser — At the Thanksgiving Box Office

This year’s Thanksgiving box office was both feast and famine for $Disney (DIS.US)$.

While “Black Panther: Wakanda Forever” added $64 million to its domestic tally during the five-day time frame, Disney’s latest animated feature “Strange World” failed to lure in moviegoers, generating just $18.6 million between Wednesday and Sunday and a dismal $11.9 million for the traditional three-day opening.

Source: Bloomberg, Dow Jones, CNBC

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