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Hurricane Sandy Pushes New York Stock Exchange to Halt Trading Since 9/11

World’s Largest Stock Exchange Closes, Agriculture Trading Won’t Happen Today and Maybe Tuesday

By , Farms.com

It’s probably safe to say that we’ve entered into a new era of trading, as it was announced today that the world’s largest stock exchange – the New York Stock Exchange (NYSE) will not be trading any futures today over the development of Hurricane Sandy, which is projected to hit New York City the hardest and has already responsible for 65 deaths in the Caribbean. The NYSE is responsible for futures trading in contracts in energy, agriculture and foreign exchange. The NYSE is expected to re-open again for business as usual on Tuesday, but some say it could be even later. It’s on a rare occasion that the NYSE would close - the last time it shut down operations was during 9/11.

 


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U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again

Video: U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again


The market was hoping for a US-China trade deal, but we got a trade “truce” for now from the keenly awaited Trump-Xi meeting at the APEC Summit.
China commits to minimum purchase commitments of 12 MMT of U.S. soybeans during the “current season” and a minimum of 25 MMT annually through 2028.
U.S. Treasury Sec Bessent said other Asian countries have agreed to buy additional 19 MMT of US soybean.
Soybean futures trading above $11 now- they normally tend to rally to $12.
As expected, US Fed cuts interest rates by -0.25% again in October to 3.75%–4.00%. No further cuts promised for this year but trade looking out to the Dec FOMC.
The Bank of Canada cut interest rates to 2.25% but raised concern over trade war damage.
Soy meal futures, remarkably, have had 14 consecutive higher close sessions. A bull market in soybeans is a bull market in soy meal!
Cattle futures lower as funds unwind out of cattle for now due to Trump headlines and objective to lower beef prices.
All major stock indices climb to new record highs. It was Mag 7 reporting week, which had mixed results. But we now have the first $5 trillion company in Nvidia!