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Good morning! Check out the latest trending headlines:
Chrome rival: OpenAI (OPENAI) launched its AI-powered web browser, ChatGPT Atlas, in a direct challenge to search giant Google (GOOG) (GOOGL).
Activist campaign: Six Flags (FUN) surged as NFL star Travis Kelce teamed up with Jana Partners to push for changes at the theme park operator.
Profit-taking: Gold saw its steepest one-day decline since 2013, dragging related miners lower. But analysts believe this is not the end of the bullion’s rally.
Even as Washington moves ahead with its financial lifeline for Argentina, the peso (ARS:USD) fell to a record low on Tuesday, approaching the weakest limit of the government’s trading band. Traders are offloading the peso as they expect the currency to devalue further after this weekend’s midterm elections.
Stepping in: To help stabilize the market, the U.S. Treasury sold more dollars through Banco Santander (SAN) in Argentina’s currency market. This was aimed at capping Argentina’s official exchange rate near the top of the trading band, Bloomberg reported. The Treasury already sold U.S. dollars for Argentine pesos at least three times this month. FX traders estimate that the department sold more than $200M last Friday to buy pesos. The latest dollar sale followed Argentina signing a $20B currency stabilization deal with the U.S.
Treasury Secretary Scott Bessent said the deal was a “bridge to a better economic future for Argentina” and not a bailout. “We do not want another failed state in Latin America, and a strong, stable Argentina as a good neighbor is explicitly in the strategic interest of the U.S.,” he added. Efforts are on to secure a $20B debt facility from U.S. banks for Argentina, but collateral remains a challenge. “Argentina’s long record of defaults and dependence on foreign financing argues for caution,” Pantheon Macroeconomics noted.
China ties: Meanwhile, the Trump administration wants to limit China’s influence in Argentina. Bessent spoke to Argentine Economic Minister Luis Caputo about curbing China’s ability to access the South American country’s resources, The Wall Street Journal reported. They also discussed giving the U.S. expanded access to Argentina’s uranium supply. China is Argentina’s second-largest trading partner and has invested across several sectors, from telecommunications to mining. (Comments)
Here’s the latest Seeking Alpha analysis
2 Signs A Market Correction Might Be Around The Corner
MSTY: Weekly Instead Of Monthly Distributions From This 198% Yielding ETF
Gold, Silver, GDX & Silver Miners: Digging Into The Recent Correction
PDI: Solid Fund But Struggling To Generate Excess Earnings (Rating Downgrade)
Berkshire’s OxyChem Deal: Warren Buffett Provides A Model For Investing In An Overpriced Market
What else is happening…
Tesla (TSLA) Q3 preview: The bullish, bearish and neutral takes.
Texas Instruments (TXN) CEO flags slower chip market recovery.
Netflix (NFLX) stock slides as Brazil tax dispute hits profit, margins.
NBA returns to NBC (CMCSA) as part of massive $76B media deal.
Buyer interest: Warner Bros. Discovery (WBD) begins strategic review.
DraftKings (DKNG) forays into prediction markets with Railbird deal.
Amazon’s (AMZN) robot army may be even bigger than anticipated.
Walmart (WMT) halts job offers for candidates who need H-1B visas.
Some student loan forgiveness, over $3B in farmer aid set to resume.
Trump-Putin summit in Budapest shelved as Ukraine negotiations stall.
Today’s Markets
In Asia, Japan flat. Hong Kong -0.9%. China -0.1%. India closed.
In Europe, at midday, London +0.9%. Paris -0.2%. Frankfurt -0.1%.
Futures at 7:00, Dow flat. S&P +0.1%. Nasdaq flat. Crude +1.7% to $58.19. Gold -0.9% to $4,070.30. Bitcoin -0.7% to $107,648.
Ten-year Treasury Yield -1 bp to 3.96%.
On The Calendar
Companies reporting today include AT&T (T) and IBM (IBM).
See the full earnings calendar on Seeking Alpha, as well as today’s economic calendar.
