đźšš Keep On Trucking

Plus, a new HBO doc claims to have cracked the true identity of Bitcoin's creator.

October 05, 2024

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Hi All - Happy Saturday and welcome back to Street Tweets from The Street Sheet. 

Today we're going to start this edition talking about trucks. Heavy trucks to be more precise - those more than 14,000 pounds in gross vehicle weight. Why?

Because sales of these big rigs fell in September. Now, it wasn't anything too crazy. The figure came in at a seasonally adjusted annual sales rate (SAAR) of 477 thousand. In May 2009, this figure came in at a low of 180 thousand SAAR. They also dipped at the beginning of the pandemic, falling to a low of 288 thousand SAAR in May 2020.

They've also jumped to a new record high of 570 thousand SAAR in April 2019.

TLDR: we're not too far off that April 2019 record high, but, we're also not trending in the right direction.

Some experts note that heavy truck sales decline sharply prior to a recession. I'm not suggesting that's where we're heading, but the numbers are worth noting. Keep on trucking everyone.

Market Review:

Stocks rose on Friday after a stronger-than-expected jobs report, boosting confidence in the economy. The S&P 500 gained 0.9%, while the Nasdaq Composite jumped 1.22%, and the Dow Jones Industrial Average hit a record high, rising 0.81%.

The rally followed news that nonfarm payrolls increased by 254,000 in September, well above the 150,000 forecast. The unemployment rate also ticked down to 4.1%, defying expectations.

Tech giants like Tesla, Amazon, and Netflix led the Nasdaq's outperformance, while financials surged 1.6%, with JPMorgan and Wells Fargo up more than 3% each. Small-cap stocks also rallied, with the Russell 2000 climbing 1.5%.

Despite a turbulent start to October, the major indexes ended the week higher, and oil prices surged 9% due to escalating conflict in the Middle East, boosting energy stocks to their best weekly performance since October 2022.

Market Preview:

  • On Monday, October 7, we’ll see the Consumer Credit report at 3:00 pm, followed by a speech from St. Louis Fed President Alberto Musalem at 6:30 pm.

  • Tuesday, October 8 starts with the NFIB Optimism Index at 6:00 am, followed by the U.S. Trade Deficit report at 8:30 am. At 12:45 pm, Atlanta Fed President Raphael Bostic will be speaking.

  • Wednesday, October 9 is a busy one. At 9:15 am, Dallas Fed President Lorie Logan gives a speech then we get the Wholesale Inventories report at 10:00 am. The FOMC Minutes from the September meeting will be released at 2:00 pm, and the day wraps up with a speech from San Francisco Fed President Mary Daly at 6:00 pm.

  • On Thursday, October 10, the day begins at 8:30 am with several reports, including Initial Jobless Claims, the Consumer Price Index (CPI), Core CPI, and the Year-over-Year CPI. At 10:30 am, Richmond Fed President Tom Barkin will speak, and at 11:00 am, New York Fed President John Williams will make remarks.

  • Finally, Friday, October 11 will feature the Producer Price Index (PPI) at 8:30 am, including Core PPI and year-over-year data. At 9:45 am, Austan Goolsbee will give opening remarks again, followed by Consumer Sentiment at 10:00 am, and Lorie Logan will close out the week with a speech at 10:45 am.

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But who regulates the regulators?

Listen to this:

“… wires are getting so crowded that some prospective data center customers are being told they may have to wait until next decade to get the power they’re seeking.”

Um, what? That’s wild and makes me think of two things:

  1. Once again, Blackstone (BX) was early to bet on the next big thing in commercial real estate. Remember, they staged a $10 billion takeover of data center operator QTS in 2021.

  2. Unless we’re missing something, the only way to satisfy this power demand is via Nuclear, no? Makes you want to read this article we published a few weeks ago.

You can disregard the “vote accordingly” tidbit because we try to be as nonpartisan as possible here.

What caught my eye was obviously the chart and the statistics. We actually just wrote about one way to potentially bring shelter costs down, at least on the rental side of the equation.

Our argument: build more luxury properties. Click here to read and if you enjoy it, sign up.

  • Master the market in 5 minutes per day

  • Hot stock alerts sent directly to your phone

  • 150,000+ active subscribers and growing fast!

Is this the October Surprise?

Please reply with who you think Satoshi Nakamoto is, we’d love to hear your thoughts.

This truly did blow my mind. Have a great weekend everyone.

TRIVIA

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