Tues., Oct. 20, 2026
[4:10 PM ET…closing prices for stocks, 3:50ish for commodities and bonds]
Tale of the Tape at the gas pump, nationwide averages, courtesy of AAA.
Fri., Feb. 27…regular $2.98…diesel $3.75
Tues., Oct. 20…regular $4.27…diesel $6.31
Diesel is stubbornly hanging well above $6.00, and is only down 21 cents from a recent all-time high. But gasoline has been ticking down.
Crude oil (WTI) was trading well over $100 this morning (caution, we rolled into a new contract so the price is down from yesterday’s level, not necessarily because of anything positive), but then it fell below $97 late morning on an unconfirmed report suggesting that Qatar and Pakistan presented a new proposal to revive negotiations aimed at ending the Iran War.
But the reports don’t seem to be accurate, and oil (and heating oil) quickly rallied back.
The fact is fighting has intensified across the Middle East and Iran has increased attacks on tankers in the Strait of Hormuz. Shipping risks remain a key concern, with maritime tracker Kpler reporting that at least 18 vessels had come under fire over the previous two weeks.
Iran’s Revolutionary Guard Corps said Tuesday that two oil tankers had caught fire after striking mines laid by its naval unit, according to the Tasnim news agency.
Separately, Iranian Foreign Ministry spokesperson Esmaeil Baqaei warned that Tehran would respond forcefully to any U.S. attack.
Stocks finished mixed a second day. Bonds stabilized.
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Some tidbits….
A South Korean data-center infrastructure company, Elice, made its trading debut overnight armed with 200% revenue growth and retail demand 400 times oversubscribed, yet the stock plunged 32%. Just an example of the recent AI jitters, though Korean trading is notoriously volatile.
We had dreadful housing data this morning. U.S. housing starts for September fell 5.2% month-on-month to a seasonally adjusted annual rate of 1.221 million, marking a third consecutive monthly decline and the lowest level since May’s six-year low of 1.182 million.
And pending home sales of existing homes fell to a record low in September, with the index of contract signings from the National Association of Realtors tumbling to its lowest reading since records began in 2001.
Elevated mortgage rates continue to weigh on construction activity, prompting builders to adopt a more cautious approach and scale back new-home inventory amid sluggish demand.
And residents of Alberta voted overwhelmingly on Monday to remain part of Canada, rejecting a campaign to try to separate the oil-rich western province from the rest of the country and further bolstering Prime Minister Mark Carney’s efforts to advance a united Canada.
With just over a third of votes counted, 75.5 percent of voters chose to remain part of Canada, with 24.5 percent seeking another vote. [This was a procedural vote that had it passed would have led to a further vote on secession.]
Carney said early in the morning, “It’s a great result for Canada, thrilled that Albertans have chosen unity. They’ve chose to build together.”
As an aside, if you ever get the opportunity, go to the Calgary Stampede one time, as I did years ago…and actually saw Kenny Chesney there! [Part of the reason I went.] The Stampede is great fun…and you can stay at a nice hotel within walking distance, so you can drink beer and eat great burgers and not have to deal with driving, yours truly with a weakness for the former.
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Milwaukee vs. Tampa Bay in the World Series. It could be highly entertaining, but Fox has to be rather worried about the ratings, which some say could be at historically low levels…two small-market teams without national ‘juice.’
Game 1, Friday in Milwaukee.
And its Ring Night at Madison Square Garden, in a few hours, as Knicks fans get to celebrate our team getting their rings and the championship banner going up in the rafters. Then it’s down to business against LeBron and his new team, the Sixers.
Dow Jones +531…+1.0% [52497]
S&P 500 +22…+0.3% [7712]
Nasdaq -6…-0.02% [26424]
Oil (WTI) $98.25*…Brent $109.10
Gold $4120
Silver $57.80
*Again, new contract…
Bitcoin: $82,512 [4:00 PM ET]
U.S. 2-yr. 4.78%
U.S. 10-yr. 5.11%
Japanese 10-yr. 2.89%
Back Wed.
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Brian Trumbore
