In the First Weeks back from August’s Recess, Congress and the Senate face some “Must-Pass” Pieces of Legislation

Political News

Before leaving for the August break, Democrats did so following a few impressive wins for the Biden agenda. However, with midterms just around the corner, the Senate returns with some “must-pass” legislation in front of them with the need for bipartisan cooperation. The issue? Political tensions have just hit what some would deem the “tip.”

This week will begin the last working period for the House before midterms in November. Senate is set to return to work for two weeks in October but agreed that all lawmakers, from both chambers, will be using the last days in D.C. to seek wins in passing meaningful legislation.

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Biden says he was “Not Smearing all Republicans,” just some

Political News

Yesterday, President Biden made a direct attack on the “MAGA Republicans” who are seen as the most loyal to Donald Trump and his way of conducting the law and order of the United States. Biden said, "We have a choice.” Adding, “Trump and the MAGA Republicans made their choice. We can work to have a better America or we can continue down this sliding path to oblivion where we don't want to go."

As he went to Milwaukee, Wisconsin to speak to union leaders and advocates of the union, Biden said that he was “not smearing all Republicans,” but was slamming those who would defend the January 6th Capitol Riots.

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Uniper Warns the Worst is yet to come concerning Gas and Oil Flow and Prices

World News

Uniper is one of the largest energy companies in all of Germany. Moreso, all of Europe, and today it warned the worst is yet to come surrounding concerns of Russian gas supplies to Europe falling to near zero this winter, thus contributing to spiking gas prices. Klaus-Dieter Maubach, the Uniper CEO, said, “I have said this a number of times now over this year and I’m educating also policymakers. Look, the worst is still to come.”

“What we see on the wholesale market is 20 times the price that we have seen two years ago — 20 times. That is why I think we need to have really an open discussion with everyone taking responsibility on how to fix that.”

Gazprom, the Russian energy giant, canceled its major pipeline’s flow to Europe which sparked the initial fears that most of Europe could be forced to ration energy. Uniper was also hit largely due to the limited gas flow coming from Russia.

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What’s Ahead for the Market this Week?

Economic News

As markets open up today after the extended holiday break, the news will dictate if they finish terribly as they did on Friday. The loss on Friday of all three major averages added to a third straight week of the negative downturn as unemployment rose to 3.7%.

This week, Jerome Powell will speak at the Cato Institute’s 40th Annual Monetary Conference just a day after the Fed is poised to release its Beige Book report. Apple will be hosting its fall product launch event on Wednesday. This year, the unveiling of all devices and technology will be held in person. Two new iPhones, a new Apple Watch, and new AirPods are set to be shown with a possible announcement of Mac and iPad lines coming next month. Apple is a major weight factor in the S&P 500 as it accounts for nearly 7%+ in the index.

Earnings will also be big this week with companies such as Kroger, DocuSign, and GameStop all hosting earnings calls.

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Contractor behind Navy Scandal Flees home and Sparks State-Wide Search

Political News

After pleading guilty to “orchestrating a major United States Navy corruption scandal,” a military contractor some call “Fat Leonard” is on the run after he cut his ankle monitor off and fleed his house. He removed the tracker over the weekend, which triggered a welfare check from the Supervisory Deputy United States Marshal Omar Castillo.

As he and his officers arrived at the home, they found it empty, which sparked a search of the home and the surrounding area. Neighbors of Fat Leonard said that multiple U-Haul trucks were also being investigated due to them being outside of the house all week long. Omar Castillo says “it appears clear Francis had been planning his escape for some time.”

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