The Rebrew Intelligencer
And ye shall know the truth, and the truth shall make you free. John 8:32
Nasdaq Climbs 1.11 Per Cent as Chip Shares Rebound, While Banks Slip and Yields Stay Above 5.1
The Nasdaq Recovers From Its Worst Week Since June, but Banks Fall About 2 Per Cent and the Dow Ends a Shade Lower.
Intel Wins an Upgrade, Amazon Wins a Price Target, and the Ten-Year Treasury Goes On Paying Better Than 5.1 Per Cent to Anyone Willing to Wait.
NEW YORK, Oct. 19 (Special). Technology shares bounced on Monday after the Nasdaq's worst week since June. The Nasdaq composite gained 290.85 points, or 1.11 per cent, to close at 26,430.89. The Standard and Poor's average of five hundred stocks rose 31.29 points, or 0.41 per cent, to 7,690.73. The Dow Jones average of thirty industrials slipped 36.38 points, or 0.07 per cent, to 51,966.03.
Market reports gave the same reason: investors came back to the companies that sell and supply artificial intelligence after last week's sell-off. Chip makers led. Intel rose about 2.4 per cent after analysts at JPMorgan upgraded it, and Advanced Micro Devices gained 1.8 per cent. Micron and Sandisk rose on a better feeling about memory chips, and Amazon gained after Morgan Stanley raised its price target and called it a top pick, citing its cloud business. CoreWeave, the data-center renter whose bonds unsettled the market last week, rose early but closed slightly lower.
The rally came against a bond market that gave it no help. The yield on the 10-year Treasury note stood above 5.1 per cent, and that is the rate that sets the price of mortgages and most other long loans. Utilities were the weakest sector of the day, and homebuilders' own sentiment index fell to its lowest since 2012.
Banks went the other way. Charles Schwab fell about 2.6 per cent, Wells Fargo about 2.5, Citigroup about 2.1 and JPMorgan Chase about 1.8, and bank shares weighed on the Dow.
Meta, SpaceX and Tesla are among the companies due to report earnings this week, and the market's mood on chips will turn on what they say about their own spending. The Nasdaq remains about 4.7 per cent below its 52-week high, by one report's count.
By Wire
Rays Beat Guardians 7 to 3 and Will Meet the Brewers in the World Series
Tampa Bay Won the Last Three Games of the American League Series After Trailing 2 to 1, and Freddy Peralta Was Named Its Most Valuable Player.
ST. PETERSBURG, Fla., Oct. 19. The Tampa Bay Rays beat the Cleveland Guardians 7 to 3 at Tropicana Field on Monday night in the sixth game of the American League Championship Series and won it four games to two. Cleveland had led the series 2 to 1. The Rays won the last three, two of them in Cleveland. It is their third American League pennant and their first since 2020. Freddy Peralta was named the series' most valuable player.
They will play the Milwaukee Brewers, who won 103 games in the regular season and swept the Los Angeles Dodgers for the National League pennant. The Brewers have the home field. The first game is Friday, Oct. 23, at American Family Field in Milwaukee. Neither club has ever won a World Series: the Brewers lost in 1982, and the Rays in 2008 and 2020.
Hundreds Arrested in Paris as Protests Over Living Costs Turn Violent
Prime Minister Lecornu Puts the Weekend's Arrests Near 1,200 Nationwide, With More Than 150 Police Officers Injured; Later Counts Run Higher.
PARIS, Oct. 19. Nationwide protests on Saturday against the cost of living and against conditions and cuts in the schools gave way, in Paris and other cities, to clashes with police, looting and fires set by masked groups. Prime Minister Sébastien Lecornu said about 1,200 people had been arrested and more than 150 police officers injured. France 24 later reported at least 2,400 arrests, and Paris police put the arrests in the capital region at 855. All figures are the officials' own and are subject to change.
President Emmanuel Macron said there was no place for violence in France, and that those who attacked prefectures and shops would be prosecuted and punished. The weekend has opened a debate in France over how the police handle large crowds.
Seven Upstate Suppliers to Spend $82 Million on Parts for Scout Motors
About 200 Jobs Are Promised at Existing Plants in Spartanburg, Duncan and Piedmont; the Largest Share Goes to Stamping Steel.
SPARTANBURG, S.C., Oct. 14. Scout Motors chief executive Scott Keogh announced on Oct. 14 that seven suppliers in the Upstate will invest a combined $82 million and add about 200 jobs to make parts for the Scout Traveler sport utility vehicle and Scout Terra pickup, which are to be assembled at the company's plant at Blythewood. The suppliers are expanding facilities they already operate, in Spartanburg, Duncan and Piedmont.
Spartanburg Steel is the largest at $40 million and 60 jobs, for stamping components. Magna Drive follows with $15 million and 30 jobs, and KV Final with $14 million and 50. Rochling Automotive and Magna Mirrors put in $5 million and 15 jobs each, Cooper Standard $3 million and 15 jobs, and Bant Boru, the smallest, $270,000 and 15 jobs.
Strange but True
Shark Stuck in Busan Canal Is Named the City's Honorary Ambassador
BUSAN, South Korea, Oct. 13. A shark about 3.5 metres long, first seen in a narrow canal at the city's North Port on Sept. 18, has stayed there through two failed attempts to guide it back to sea, one with water jets and one with a net that was abandoned after a two-hour chase for fear it would snag on rocks. The city has since stopped trying, officials saying the water should stay warm enough for the animal through October. On Sept. 29 Busan named it an honorary public relations ambassador, after a poll on the city's Instagram account in which 91 per cent of about 8,000 voters approved, and Korean newspapers report more than a million visitors to the canal.
Walker Who Left Chile in 1998 Swims the Channel After the Tunnel Says No
DOVER, England, Oct. 5. Karl Bushby, a former British paratrooper, came ashore at Shakespeare Beach after swimming from France, about 20 hours in the water over three days, to finish by sea what he had set out to do on foot. He left Punta Arenas, Chile, on Nov. 1, 1998, to walk home to his mother's house in Hull without using a plane, train, boat or vehicle, and has covered about 30,000 miles through 29 countries. The operator of the Channel Tunnel refused him leave to walk through its service tunnel, citing safety. He had about 240 miles still to walk to Hull and hoped to arrive by the end of the month.
What's Brewing in Real Estate
Builders' Confidence Falls to 29, Lowest Since 2012, as 43 Per Cent Cut Prices
The National Association of Home Builders Index Fell Three Points, With Buyer Traffic Down to 18 and Mortgage Rates Above 7 Per Cent.
WASHINGTON, Oct. 19. The National Association of Home Builders and Wells Fargo reported Monday that their index of builder confidence fell three points in October to 29, the lowest reading since June 2012. Of the builders surveyed, 43 per cent cut prices this month, up from 38 per cent in September and 35 per cent in August, and the average cut was 6 per cent. Some 65 per cent used sales incentives, the 19th straight month at 60 per cent or more.
The association blamed mortgage rates that have climbed well above 7 per cent, higher energy and material costs, and worse conditions for labor and lots. Its measure of prospective buyer traffic fell five points to 18, and sales expectations for the next six months fell five points to 32. Current sales conditions fell two points to 33. Apart from the first weeks of the pandemic in 2020, traffic at new-home communities is at its lowest since April 2012.
The rates are the lender's doing as much as the builder's. Freddie Mac's latest weekly average on a 30-year mortgage was 7.40 per cent, and the 10-year Treasury yield on which lenders price such loans closed Monday above 5.1 per cent. By regions, on three-month averages, the Northeast stood at 38, the Midwest at 40, the South at 30 and the West at 26.
The Editor's Desk
On Walking, and the Tunnel.
We read that a gentleman left Chile on foot in 1998, crossed twenty-nine countries and some thirty thousand miles, and was refused leave to walk the last of it through the Channel tunnel, whereupon he swam. We have walked to Pelzer. We know what it is to be told that the road is not meant for pedestrians, and we know also that the pedestrian is generally right.
Slow and steady wins the race, we remarked at breakfast, as Ecclesiastes teaches. Mrs. Langston set down her teacup and said the text is 'the race is not to the swift, nor the battle to the strong,' Ecclesiastes, ninth chapter, and that it says nothing about slow and steady, and nothing whatever about tortoises. We have taken the point.
We hold the tunnel's refusal a poor way to treat a man bound for his mother's house, and the operator is owed a letter. We shall write it as soon as we have found out whose railroad it is.
Letters to the Editor
The Parking Meter Has Learned to Text
Dear Editor: I pulled in on Main Street to post a letter and found that the meter would take my money only through a telephone program, which wished first to know my name, my address and whether I would like to hear about offers. I had wanted forty minutes and a stamp. I paid with a coin I found in the car, and the machine did not know what to make of it. [We would have walked. ED.]
A Postal Patron, Augusta Road
Seven Subscriptions to Watch One Ball Game
Dear Editor: I am told the World Series begins Friday. I am also told that to see it I must hold a subscription to a service I have not heard of, and another to see the pregame, and a third to be told what I have just seen. In my father's day a man put a radio on a shelf and was done. I should like the radio back. [The shelf is still in the kitchen. ED.]
A Baseball Man, Pleasantburg Drive
The Code Is in the Other Room
Dear Editor: To read my own bank statement I am sent a six-figure code by telephone message. The telephone is in the front hall. By the time I have walked to it and back, the code has expired, and I am sent another. I have now walked to the hall eleven times and consider that I have earned the statement. [Our nephew would simply have had the telephone in his hand. ED.]
A Depositor, Stone Avenue
Have a word for Mr. Langston? Write to the Editor. Any letter the paper prints runs word for word.
Around Town
The Weather.
A reliable forecast for Greenville could not be had by press time. The barometer, back on its nail, reads Change, as it has every day since it came home, and the Editor holds that on this point it has never been wrong.
The Packard.
The Packard is still in the ditch. The nephew Dewey has asked that it be left there until a film he has made of it has been viewed a hundred thousand times. The Editor has asked that the tow truck be called on Thursday.
Advertisements
Hollis Tire and Battery, Laurens Road
Four new tires, mounted and balanced, from $389, with the alignment checked free.
Winter is coming and so is a flat. Open Monday to Saturday.
Fenwick Piano Tuning, Buncombe Street
A full tuning at your house, $140, and the piano is left as clean as we found it.
Telephone before noon for a visit the same week.
Calloway Furnace and Air, Pleasantburg Drive
Furnace inspection and filter, $89, before the cold arrives and not after.
Every inspection is written down, and the writing is left with you.
Mr. Pruitt's Telephone Charging Cables, Haywood Road
A cable six feet long, $14, so that the telephone may be used and a chair sat in at the same time.
Mr. Pruitt will exchange any cable that fails within the year.
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