What has caused the Sudden Turnaround in the Possibility of a “Red Wave” in November?

Political News

Just a year ago today, the calls of a “Red Wave” took over Washington D.C. as the GOP was sure that it would easily capture the majority in both the House and in the Senate. However, recent events have changed the momentum and have also changed the mood surrounding positivity. The possibility of an absolute “smashing victory” from the Republicans is slowly becoming something of the past.

There are multiple reasons for the sudden turnaround in the political battleground:

• The GOP’s “enthusiasm” edge is shrinking

• Republicans are cutting ad spending in battleground Arizona while pouring cash into safer Ohio

• Republicans appear spooked about abortion

• Persuadable voters are trending toward Democrats

• A Democratic victory in a bellwether election

• Biden's approval may be ticking up (although it's still poor)Mitch McConnell is downplaying expectations in the Senate

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More Republicans Endorse Josh Shapiro after Doug Mastriano was seen wearing a Confederate Military Uniform

Political News

After photos leaked of Doug Mastriano, the Republican State Senator of Pennsylvania, wearing a Confederate military uniform seven more Republican party members have announced their endorsements to his opponent, Josh Shapiro. One month earlier, nine Republicans voiced their support for Josh Shapiro as they claimed Doug Mastriano is an “extremist threatening American Democracy.”

Names such as Michael Chertoff and Mario Civera lead the Republicans now backing the Democratic nominee. In response, Josh Shapiro claimed he was “proud” to receive the endorsements and said these Republican leaders “are putting our Commonwealth ahead of partisan politics in order to come together and move Pennsylvania forward.”

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Indonesia signs Two Major Economic Bills with China and South Korea

World News

A law has been passed in the Indonesian parliament that solidifies its membership in the Regional Comprehensive Economic Partnership which makes it the latest country to join the growing trade bloc. As well as joining in on the China-backed group, lawmakers also agreed upon a bilateral trade pact with South Korea.

Zulkifli Hasan, the Indonesian Trade Minister, said that the RCEP would work to boost trade within the country, direct investments, and eventually increase the country’s GDP by 0.07%. He said, "We describe this agreement as a tollway to enter the global market, and it is time for Indonesia to storm the international markets.”

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Futures bounce back after a Tough Monday Session

Economic News

Futures were on the rise this morning following a rough Monday trading session for investors. Dow Jones futures traded 231 points higher, S&P 500 futures traded 0.9% higher, and the NASDAQ futures traded 1.1% higher. The WTI shed 1% as well as natural gas futures dipping.

Monday was the stock market’s second-straight loss with the Dow shedding 184 points, the S&P 500 shedding 0.67%, and the NASDAQ losing 1.02%. Some of the gains made over the summer have been given back after Jerome Powell blew the market up with a speech that indicated the Fed will be continuing to raise rates no matter what the economic pain is.

Investors today will get multiple key figure updates such as the economy’s health, the FHFA home pricing index, the Consumer Confidence survey, and the Labor Statistics’ Job Openings.

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Mississippi Declares a State of Emergency due to Flooding and Water Treatment Plant Issues

Political News

Tate Reeves, the Governor of Mississippi, declared a state of emergency after multiple days of excessive rainfall led to issues within the Jackson water treatment plants as well as low water pressures throughout the city. The low pressure specifically raised concern for firefighters.

The Mississippi Emergency Management Agency will begin to distribute drinking water and non-potable water to Jackson’s 150,000 residents. The National Guard has also been called in to aid in this process. Tate Reeves said, "I get it. I live in the city. It's not news that I want to hear. But we are going to be there for you."

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