Monday Watch

Today's Headlines

Bloomberg:               

• Financial Crisis Redux Looms in Asia as Major Currencies Crack.  
• Meloni’s Right-Wing Bloc Set for Big Win in Italian Election.  
• Pound Plunge Extends as UK’s Kwarteng Signals More Tax Cuts.
  
• A Week After Fiona, Just Over Half of Puerto Rico Has Power.
• Asian Stocks Poised to Drop in Rocky Start to Week: Markets Wrap.  
• Oil Edges Higher After Rout With Demand Outlook to the Fore.
• John Paulson on Frothy US Housing Market: This Time Is Different.
  
• Stock Traders Brace for a Steeper Dive as Fed Ups Recession Fear.  
• Most Democrats Say Ditch Biden as Nominee in Post-ABC Poll.  
• New York City’s Empty Offices Reveal a Global Property Dilemma.  
• One Bitcoin Equals One Bitcoin Becomes the Narrative as the Drop Gets ‘Too Painful’.  
• One Week with the iPhone 14 Pro Max: Apple’s Not-So-Dynamic Island.

Wall Street Journal:

• Ukrainian Forces Push East of Kupyansk, Expanding Offensive.
• Buying the Stock-Market Dip Has Been Backfiring.
• Slide in Transportation Stocks Flashes Warning About Economy.
• A Gore-Kerry Political Climate Hit. They want the World Bank to guarantee climate lending losses.
• ‘Democracy’ by and for the Elites. Tocqueville predicted that an ‘immense and tutelary power’ would replace genuine popular rule.
• The U.S. Is Running Short of Land for Housing.
• Italian Right Is On Course to Win Elections.
• Iran’s Hard-Line Government Faces Growing Unrest Over Women’s Rights.
• Short Sellers Upended a Small Farm Real-Estate Company. This Is What It Looked Like.

Barron's:

• Had bullish commentary on (HUM), (UNH), (EW), (PODD), (ABMD), (ABBV), (HZNP), (APA), (GNRC) and (F).

Fox News:

• Murder capital of America hiring citizens to help stop soaring crime.
• European leader warns countries to be ‘better prepared’ to handle China.

CNBC:

• New minimum tax could hit Berkshire Hathaway and Amazon hardest, study shows.
• Meet the most powerful Hollywood player you might not have heard of: Superagent Bryan Lourd.
• Atlanta Fed President Bostic expects job losses but says there’s a really good chance to get to 2% inflation without killing the economy.

Zero Hedge:

• GOP Leader McCarthy Unveils 'Commitment To America' Plan.
• This only happens when we are about to enter a recession.
• Tehran Summons Western Ambassadors For "Meddling" As Protest Death Toll Climbs To Over 40.
• Macro Pulse Early Warning: Need A Bigger Boat.
• Meloni's Right-Wing Alliance Wins Clear Majority In Italian Elections. 
• As Few As Ten Congressional Districts May Decide The 2022 Midterm Elections. 
• Goldman Trading Desk Warns About A Whole Lot Of Pent-Up Stock Selling In Q4.
• Mob Of People Spontaneously Ransack Wawa Convenience Store In Philadelphia.
• Weekend News Round Up - Newsquawk Asia-Pac Market Open.
• Nancy Pelosi Booed At NYC Festival: 'Doesn't Bode Well For Dems Ahead Of Mid-Terms'.
• Washington Post Columnist Calls For The End Of Impartiality And Balance In Journalism.
• Pfizer CEO Has COVID For Second Time In Two Months.
• West Point Turns Over 40+ Pages Of Mostly Blacked Out CRT Emails.
• North Korea Fires Ballistic Missile Ahead Of VP Kamala Harris' Visit To South.
• White House Sent Multiple Nuclear Warnings To Kremlin Via Backchannels.
• Watch: Fire Breaks Out At World's Largest Produce Market In Paris.
• Drowning Of Russian Executive Latest In A String Of Mysterious Deaths.
• Friday Was The Highest Put Option Volume Session In History.
• About Those Rumors Of A Chinese "Coup".
• 2022-2030: Transformation Or Stagnation?
• The latest on sentiment & positioning: extreme but still not total panic.
• London Banks Prepare For Possible Blackouts.
• Finland Shuts Borders With Russia As Military Age Men Flee.
• EU Commission President Threatens Italy On Eve Of Election, Says Brussels Has 'Tools' If Wrong Parties Win.
• Europe's Energy Crisis Will Not Be "A One Winter Story".
• As Democracy Dies In The EU, Von Der Leyen Reveals Its Sins.
• US Inflates Debt Away After Historic Pandemic Binge; Comes At Risk.
• Will 2024 Be 1984?
• California Legalizes 'Human Composting'.
• Biden CDC Awarded Millions To Soros-Funded Activist Group Suing DeSantis. 
• How Could We Have Been So Naive About Big Tech?
• Nuclear War Is "Possible" For 1st Time Since Cold War: US Commander.
• Why Orwell Matters.
• Dozens Of Chicago Inmates Scored PPP Loans To Make Bond.
• China's "Zombie" Housing Market Could Persist Due To Lack Of Marriages.
• GOP Lawmaker Pushes To End COVID Emergency After Biden Says 'Pandemic Is Over'.
• Strong Dollar Fatigue: Japan's Yen Intervention Will Not Work. How Can It?

MarketWatch.com:         

• Brace yourself: The Fed will inflict ‘some pain’ with its 75-basis-point rate hike. Here’s how to protect your wallet and your portfolio.  
• Home values in August saw their largest monthly decline since 2011. Some cities see house prices drop by 3%.  
• Tropical Storm Ian strengthens as it heads toward Cuba, Florida.

NewsMax:

• Gordon Chang: 'Something Is Terribly Wrong' in China.  
• Blaine Holt: 'Something Is Up' With China and Xi Jinping.
• Dick Morris: Dems Try to Beat Trump in Court, Rather Than Ballot Box.

TheGatewayPundit.com:

• Newly Unsealed Court Documents Reveal FBI Got Warrant For Beverly Hills Raid of 1,400 Safe-Deposit Boxes, Seizure of $86 Million in Cash by Misleading Judge.
• Biden’s Former Press Sec. Jen Psaki Says if the Midterms Are a “Referendum on the President” Democrats Will Lose (VIDEO).
• Mike Lee Speaks Out on China’s Special Status at UN – After Years of Delivering US Jobs to Communist China (VIDEO).
• Recent Speech by Italy’s New Leader Giorgia Meloni Shows Her Love for God, Family and Homeland. 
• GOP Holds Largest Lead on Major Issues in More than 30 Years as Midterm Looms Large for Nation in Crisis.
• MUST SEE VIDEO: Nancy Pelosi GETS BOOED OFF STAGE at Global Citizen Music Festival in DEEP BLUE NEW YORK CITY.
• Top Vaccine Expert and FDA Adviser Says Young Healthy People Should NOT Get the New Booster Shot – No Clear Evidence of Benefit.
• Dilbert Cartoon Cancelled from 77 Newspapers After Incorporating Anti-Woke Plotlines.
• Chaos Erupts as Large Group of Juveniles Brazenly Loot and Destroy Wawa Food Market in Philadelphia (VIDEO).
• STUNNING Report in The Atlantic: Did Famous Doctor’s COVID Shot Make His Cancer Worse?
• PEAK 2020: 240 Pound Plus-Size Model Scores Exclusive in ‘Women’s Health’ Magazine – Was Recently Refused Ride at Horse Farm Due to Weight Limit.
• “People Don’t Want Their Children Sexualized!” – HUNDREDS of Parents and Students Protest Depraved Trans Teacher with Massive Fake Boobs and Nipples at Oakville Trafalgar High School (VIDEO).
• BREAKING BIG: Wisconsin County Takes Control Away from Dominion – Approves Hand Recount of Governor, Lieutenant Governor and U.S. Senator Race in November Election.

The Epoch Times:

• Professor Pleads Guilty to Concealing Ties With China While Receiving Funds From NASA.
• Chinese Openly Oppose Regime’s Zero-COVID Policy Ahead of CCP Party Congress.

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 867,627 Reports(+2,042 from prior week) Through September 16th, 2022.
  

SKirsch.com:

• Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.

Covid-19(Data, Maps, Graphs):

• Our World in Data:  New Global Covid-19 Cases(7-day rolling average graphs). New US Covid Hospital Admissions/ICU Admissions/Deaths
  
• FT.com:  Fully Vaccinated by Country(graph). Global Lockdown Stringency Index(map).
• Bloomberg.com:  International Travel Restrictions.  Case Graphs by State.
  
• NYTimes.com:  County Trends and Clusters. Local ICU Occupancy.
  
• Brown School of Public Health:  Covid Severity by State/County(map).  US Hospital Capacity(region).
  
• CovidActNow:  Covid Severity/Infection Rate by Metro Area.
  
• KFF:  US Vaccinations by Race/Ethnicity.
  
• Carnegie Mellon: Covid-Like Symptoms in Community. Covid Symptom Searches on Google. Covid-Related Dr.Visits.  Restaurant Visits. Wearing Masks. (graphs)
  
• Safegraph.com:  Commerce Patterns(graphs). 
• COVID Money Tracker. Tracking the Covid response.
  

Night Trading

• Asian indices are -2.0% to -1.5% on average.
• Asia Ex-Japan Investment Grade CDS Index 165.5 +8.25 basis points.
• China Sovereign CDS 104.5 +7.75 basis points.
• Bloomberg Emerging Markets Currency Index 47.57 -.09%.
• Bloomberg Global Risk-On/Risk Off Index 44.4 +1.5%.
• Bloomberg US Financial Conditions Index -1.14 -12.0 basis points 
  
• Volatility Index(VIX) futures 30.3 +1.3%. 
• Euro Stoxx 50 futures n/a.
• S&P 500 futures -.17%.
• NASDAQ 100 futures -.26%.

Morning Preview Links

Earnings of Note

Company/Estimate

Before the Open:

• None of note
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• The Chicago Fed National Activity Index for Aug.

10:30 am EST

• The Dallas Fed Manufacturing Activity Index for Sept. is estimated to rise to -12.0 versus -12.9 in July.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Mester speaking, German IFO Guidance report and the 2Y T-Note auction could also impact trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

BOTTOM LINE: Asian indices are lower, weighed down by commodity and industrial shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower.  The Portfolio is 25% net long heading into the week.

Today's Headlines

Bloomberg:   

• Iran Launches Artillery Against Militants in Northern Iraq.
• Germany’s Scholz in Saudi Arabia as Gas Crunch Bites Economy.  
• Europe’s First Cold Snap Is Early Test for Continent in Crisis.  
• European Industry Buckles Under Weight of Soaring Energy Prices.
  
• Ukraine Latest: War Reaches Seven Months; Putin to Speak Friday.   
• Italian Election Threatens to Shatter Quiet in Its Bond Market.
  
• Rampant Dollar Threatens to Break China’s Tight Grip on the Yuan.
• Fed Finally Vanquishes Stocks From Asset Allocation Throne.  
• Powell Says Economy May Be Entering ‘New Normal’ After Covid.  
• Wall Street Risks a Breaking Point After Week of Monetary Mania.
• Spooked Traders Just Piled Into Stock Protection at Record Rate.
• Rocket Scientist Turned Quant Says Inflation Is Here for Awhile.
• ‘They’re in a State of Fear’: CEOs Are Worried About Quiet Quitting.  
• Florida Faces Uncertainty as Forecasters Decode Ian’s Path.  
• GM’s Commitment to Electric Cars Still Has Skeptics.
• SEC Ramps Up Scrutiny of Private Equity Firms’ Writedowns.
• Your Saturday Briefing: A Bad Week for Wall Street.

Wall Street Journal:

• Pension Funds Brace for Private-Equity Losses.
• Carbon-Credit Surplus Could Soon Turn to Shortage.
• Clock on Ukraine Aid Is Ticking in Washington.
• Parents of Donor-Conceived Children Face New Calls for Candor.
• I Committed Journalism, and Princeton Told Me Not to Communicate. The university transforms a shield against sexual harassment into a sword against the student press.
• Italy’s Election Front-Runner Sheds Far-Right Image, Courts the West.
• Big Tech’s New Anti-Hacking Strategy: Trust No One.
• Iran Escalates Use of Force to Break Up Protests.

Fox News:

• El Paso mayor, residents react to migrant crisis as thousands cross border.

CNBC:

• Tech stocks just had their worst two-week stretch since the start of the pandemic.
• From the Fed to Europe’s currency crisis, here’s what’s behind this selloff in financial markets.
• Bed Bath & Beyond’s merchandise problems will make it hard to pull off a turnaround.

Zero Hedge:

• Biden Family Worked To Sell American Gas To China, GOP Lawmaker Says Citing Whistleblower.
• EU Commission President Threatens Italy On Eve Of Election, Says Brussels Has 'Tools' If Wrong Parties Win. 
• How Big A Problem Is America's Shrinking Oil Reserve?
• China Lays Out Official Position On Ukraine War At UN Assembly.
• Hartnett: The Great Bond Crash Of 2022.
• Poland Begins Handing Out Iodine Pills On Fears Of Ukraine Nuclear Plant Meltdown.
• Conservative Group Asks IRS To Deny Tax Exemptions To Zuckerberg For 2020 Election Grants.
• LAPD Reports 'Troubling' Increase In Armed Robberies.
• Say Only What We Want To Hear, Or We Will Take Away Your Livelihood.
• Ramping Up Renewables Can’t Provide Enough Heat Energy In Winter.
• Venezuela Empties Prisons And Sends Criminals To US Border: House Republicans.
• Germany: Greens Plan To Ban Native Germans From A Third Of Jobs To Promote 'Diversity'.
• The US Empire Is Accelerating Toward Global Conflict On Two Fronts: Johnstone.
• House Passes Election Bill That Makes It Harder To Decertify Presidential Results.
• Hiding In Plain Sight: The Looming Health Care Cost Fight.
• Psychopathic Leftist Intolerance And The Death Of Cayler Ellingson.
• Grassroot Election Integrity Movement Sweeps Battleground States.
• Victor Davis Hanson: Martha's Meltdown Model.
• A 'Significant Threat To National Security': China Has Been Embedding Scientists At Los Alamos For Decades.
• "No Longer Employed": Administrator At $60K Per Year NYC School Out After Project Veritas Exposé.
• Big Swinging DXY after Sterling decimation and weak global data - Newsquawk US Market Wrap.
• Risk Of Global Recession In 2023 Rises Amid Simultaneous Rate Hikes.

MarketWatch.com:            

• Home values in August saw their largest monthly decline since 2011. Some cities see house prices drop by 3%.
•  ‘We have yet to see a peak in food inflation’: Food prices haven’t risen so steeply since 1979, with one grocery staple up nearly 40%.
  
• Don’t look for a stock market bottom until a soaring dollar cools down. Here’s why.  
• Here’s what Costco is saying about inflation — and a membership fee increase.
  
• Opinion: 4 reasons you should buy energy stocks right now if you are a long-term investor.

NewsMax:

• Trump Calls Midterms 'Referendum' on Pelosi, Dems' Ruinous Agenda.

TheGatewayPundit.com:

• New Poll: 77 Percent of Voters Fed Up With ‘Anti-Justice’ Democrat Candidates and Won’t Vote For Them.
• Biden’s FBI Sends 25-30 Agents to Home of Pro-Life Author and Father of 7 – Arrest Him.
• WOW! Joe Biden Wraps His Arm Around Elton John, Then Tells Crowd, “It’s All His Fault We’re Spending $6 Billion on HIV and AIDS this Month” (VIDEO).
• Florida Election Crimes Chief Dies, Issued Dire Warning Weeks Before Death.
• Trump Remembers Cayler Ellingson: “18 Years Old, Was Targeted and Killed, Run Down in Cold Blood… by a Radical Left Maniac” (VIDEO).
• HUGE VICTORY: NYC’s Largest Police Union Wins Vaccine Mandate Case – Judge Rules Vaccine Mandates “INVALID”.
• California Bans Sale of Natural Gas Heaters by 2030.
• Kevin McCarthy Releases GOP Commitment to America – A Safe List of Platitudes that Is as Uninspiring as He Is Authentic – Did Frank Luntz Write This?
• Dem City Clerk Abruptly Retires After She’s Threatened With Lawsuit For Refusing To Allow Same Number of GOP Poll Challengers As Democrats In Upcoming MI Election.

The Epoch Times:

• European Business Group Warns of Loss of Confidence in China.

Twitter:

• @IGSquawk - Weekend markets update: #DAX 12308 unch. #DOW 29610 +0.01% #FTSE 7031 +0.03% #HANGSENG 17825 +0.14% #GBPUSD 10852 -0.01% #EURUSD 9684 -.08% #USDJPY 14333 -0.03%

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 865,585 Reports(+1,922 from prior week) Through September 9th, 2022. 

SKirsch.com:

• Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.

Covid-19(Data, Maps, Graphs):

• Our World in Data:  New Global Covid-19 Cases(7-day rolling average graphs). New US Covid Hospital Admissions/ICU Admissions/Deaths
  
• FT.com:  Fully Vaccinated by Country(graph). Global Lockdown Stringency Index(map).
• Bloomberg.com:  International Travel Restrictions.  Case Graphs by State.
  
• NYTimes.com:  County Trends and Clusters. Local ICU Occupancy.
  
• Brown School of Public Health:  Covid Severity by State/County(map).  US Hospital Capacity(region).
  
• CovidActNow:  Covid Severity/Infection Rate by Metro Area.
  
• KFF:  US Vaccinations by Race/Ethnicity.
  
• Carnegie Mellon: Covid-Like Symptoms in Community. Covid Symptom Searches on Google. Covid-Related Dr.Visits.  Restaurant Visits. Wearing Masks. (graphs)
  
• Safegraph.com:  Commerce Patterns(graphs).

Weekly Scoreboard*

 

S&P 500 3,676.70 -5.1%

 

 

 

 

 

 

 

 

 

 

 

 

Weekly Market Wrap by Edward Jones.

Indices

• DJIA 29,329.80 -4.3%

• NASDAQ 10,773.91 -5.4%

• Russell 2000 1,668.80 -7.2%

• S&P 500 High Beta 58.42 -8.9%

• Goldman 50 Most Shorted 167.47 -12.5%

• Wilshire 5000 36,773.04 -5.44%

• Russell 1000 Growth 2,169.48 -5.0%

• Russell 1000 Value 1,368.31 -5.7%

• S&P 500 Consumer Staples 721.20 -2.37%

• MSCI Cyclicals-Defensives Spread 1,088.48 -1.34%
  

• NYSE Technology 2,540.45 -7.1%

• Transports 12,012.27 -6.2%

• Utilities 974.03 -3.71%

• Bloomberg European Bank/Financial Services 68.27 -4.7%

• MSCI Emerging Markets 36.04 -4.9%

• HFRX Equity Hedge 1,443.11 -.42%

• HFRX Equity Market Neutral 912.10 +.41%

Sentiment/Internals

• NYSE Cumulative A/D Line 445,279 -1.98%

• Bloomberg New Highs-Lows Index -2,545 -815
  

• Crude Oil Commercial Bullish % Net Position -28.9 -1.0%

• CFTC Oil Net Speculative Position 227,057 +5.9%

• CFTC Oil Total Open Interest 1,498,059 +1.20%

• Total Put/Call 1.35 +10.8%

• OEX Put/Call .71 -49.6%

• ISE Sentiment 65.0 -15.0 points
  

• NYSE Arms 1.14 +175.0% 
• Bloomberg Global Risk-On/Risk-Off Index 43.9 +4.5%
• Bloomberg Financial Conditions Index + Bubbles 1.93 -24.0 basis points
  

• Volatility(VIX) 30.1 +17.2%
• DJIA Intraday % Swing 2.03% +99.0%

• CBOE S&P 500 Implied Correlation Index 50.26 +9.4%

• G7 Currency Volatility (VXY) 12.15 +1.1%
  

• Emerging Markets Currency Volatility (EM-VXY) 11.77 -.43%

• Smart Money Flow Index 14,398.74 -3.0%
• NAAIM Exposure Index  29.59 -4.27 points
  

• ICI Money Mkt Mutual Fund Assets $4.584 Trillion +.7%

• ICI Domestic Equity Long-Term Mutual Fund/ETFs Weekly Flows +$11.542 Million

• AAII % Bulls 17.7 -32.2%

• AAII % Bears 60.9 +32.4%

Futures Spot Prices

• CRB Index 277.85 -.37%

• Crude Oil 79.0 -8.1%

• Reformulated Gasoline 239.71 -1.3%

• Natural Gas 6.79 -12.4%
• Dutch TTF Nat Gas(European benchmark) 185.5 euros/megawatt-hour -.67%
  

• Heating Oil 324.26 +1.4% 
• Newcastle Coal 412.0 (1,000/metric ton) -5.3%
  

• Gold 1,646.80 -1.73%
• Silver 18.91 -3.6%
  

• S&P GSCI Industrial Metals Index 414.67 -1.2%

• Copper 334.90 -5.70%

• US No. 1 Heavy Melt Scrap Steel 360.0 USD/Metric Tonne +1.41%

• China Iron Ore Spot 96.15 USD/Metric Tonne -1.13%

• Lumber  434.70 -7.5%

• UBS-Bloomberg Agriculture 1,514.10 -.58%
• US Gulf NOLA Potash Spot 600.0 USD/Short Ton -3.2%
  

Economy

• Atlanta Fed GDPNow Forecast +.3% -20.0 basis points
  

• ECRI Weekly Leading Economic Index Growth Rate -10.3% +.2 percentage point
  
• Bloomberg US Recession Probability Next 12 Months 50.0% unch.
  

• NY Fed Real-Time Weekly Economic Index 1.82 -34.3%

• US Economic Policy Uncertainty Index 128.79 +3.1%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 236.23 -1.39:  Growth Rate +15.8% -.1 percentage point, P/E 15.6 -.6 point

• Citi US Economic Surprise Index 10.90 +8.6 points

• Citi Eurozone Economic Surprise Index 4.1 +14.9 points

• Citi Emerging Markets Economic Surprise Index 1.30 +3.1 points

• Fed Fund Futures imply 0.0%(unch.) chance of +25.0 basis point rate hike, 26.3%(-2.0 percentage points) chance of +50.0 basis point hike and 73.7%(+2.0 percentage points) chance of +75.0 basis point hike on 11/2 to 3.75-4.0%
  

• US Dollar Index 112.82 +2.89%

• MSCI Emerging Markets Currency Index 1,603.49 -.75%
  

• Bitcoin/USD 18,760.70 -5.0%

• Euro/Yen Carry Return Index 143.23 -2.84%
  

• Yield Curve(2s/10s) -50.75 -7.25 basis points
  

• 10-Year US Treasury Yield 3.66% +21.0 basis points
  

• Federal Reserve's Balance Sheet $8.782 Trillion -.18%

• U.S. Sovereign Debt Credit Default Swap 23.70 +9.5% (New Series)
  

• Illinois Municipal Debt Credit Default Swap 217.03 +8.3%
  

• Italian/German 10Y Yld Spread 232.0 +4.0 basis points
  

• China Sovereign Debt Credit Default Swap 101.26 +37.0%
  

• Brazil Sovereign Debt Credit Default Swap 280.0 +13.7%
  

• Israel Sovereign Debt Credit Default Swap 40.46 +2.5%

• South Korea Sovereign Debt Credit Default Swap 49.13 +51.4%

• China Corp. High-Yield Bond USD ETF(KHYB) 26.32 -1.81%

• Atlanta Fed Low Skill Wage Growth Tracker YoY +6.3% unch.
• Zillow US All Homes Rent Index YoY +12.5% unch.
• US Urban Consumers Food CPI YoY +11.4% unch.
  
• Cleveland Fed Inflation Nowcast Core PCE YoY +4.68% unch.: CPI YoY +8.19% -2.0 basis points
  
• 10-Year TIPS Spread 2.37% -2.0 basis points

• TED Spread 45.25 +4.0 basis points

• 2-Year Swap Spread 40.5 +2.25 basis points
  

• 3-Month EUR/USD Cross-Currency Basis Swap -24.5 -5.75 basis points

• N. America Investment Grade Credit Default Swap Index 106.14 +19.0%
  

• America Energy Sector High-Yield Credit Default Swap Index 365.0 +4.6% 
• Bloomberg TRACE # Distressed Bonds Traded 380.0 +33.0
  

• European Financial Sector Credit Default Swap Index 142.08 +17.7%
  

• Emerging Markets Credit Default Swap Index 316.41 +.72%
  

• MBS 5/10 Treasury Spread 170.0 +13.0 basis points
  
• iShares CMBS ETF 46.07 -1.73%
• Avg. Auto ABS OAS .62 -5.0 basis points

• M2 Money Supply YoY % Change 5.3 unch.
  

• Commercial Paper Outstanding 1,228.60 +1.70%

• 4-Week Moving Average of Jobless Claims 216,750 -2.7%
  

• Continuing Claims Unemployment Rate 1.0% unch.
  
• Kastle Back-to-Work Barometer(entries in secured buildings) 47.50 +9.4% 

• Average 30-Year Fixed Home Mortgage Rate 6.55% +27.0 basis points
  

• Weekly Mortgage Applications 264,700 +3.8%

• Weekly Retail Sales +10.9% -.2 percentage point
  
• OpenTable US Seated Diners % Change from 2019 -1.6% -3.0 percentage points
• Box Office Weekly Gross $58.2M -29.1%
  

• Nationwide Gas $3.69/gallon -.00/gallon

• Baltic Dry Index 1,720 +6.7%

• China (Export) Containerized Freight Index 2,475.97 -5.1%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 55.0 +15.8%
• Truckstop.com Market Demand Index 57.19 +4.2%

• Rail Freight Carloads 251,126 +4.3%
• TSA Total Traveler Throughput 2,351,488 +25.0%
• US Covid-19:  112 infections/100K people(last 7 days total). 6.4%(-.8 percentage point) of peak on 1/14/22(1,740) -14/100K people from prior report
  
• US Covid-19:  New patient hospital admissions per 100K -81.6%(-1.9 percentage points) from peak 7-day avg. of 1/9/22-1/15/22
  

Best Performing Style

• Large-Cap Growth -5.2%

Worst Performing Style

•  Small-Cap Growth -8.1%
  

Leading Sectors

• Foods -2.4%

• Homebuilding -2.8%
  

• Pharma -3.4%

• Utilities -4.0%

• Steel -4.3%
  

Lagging Sectors

• Computer Hardware -9.9%
  

• Airlines -10.6%
  

• Alt Energy -12.9%

• Oil Service -13.9%
  

• Gambling -14.3%
  

Weekly High-Volume Stock Gainers (0)

• None of note
  

Weekly High-Volume Stock Losers (87)

• FSK, PEB, DCP, CSQ, ALLO, LPLA, PFLT, PK, EFC, AB, RDNT, KKR, C, ALLY, FLR, CTLT, APO, LYV, FLNC, EPD, FNF, MPC, ARES, LADR, BEPC, QTWO, CEQP, PLNT, NAVI, DOCU, STEM, ABR, MPWR, AMPS, CLR, WSC, UAL, F, ORC, CC, AAL, DBRG, GTLB, ARLP, DICE, MPLX, ATRC, MMP, YETI, KEX, SIL, EDR, MP, STR, RCL, ET, MC, SD, STR, MC, BSM, LNG, SAFE, WES, CPE, PAA, CZR, KRP, VTYX, DVN, NFE, DSGN, DXC, MGY, RRC, SLB, HAL, AR, PI, EQT, CWH, AIR, LPI, AEHR, APA and PTEN
  

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change