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- The rise in oil costs drove stock volatility as the debate over whether inflationary pressures are temporary or will derail the economy heated up. Traders also weighed in on a claim that China is broadening its campaign to include banks.
- In a light trading day, the S&P 500 gave up previous gains and fell for the second time in a row. With a rising power crisis from Europe to Asia stimulates demand for oil ahead of winter, west Texas intermediate crude soared above $80 a barrel for the first time since late 2014. Aluminum has reached a 13-year high. While the cash market was closed for Columbus Day, Treasury futures declined.
- After tightening their grip on industries ranging from private education to digital gaming, housing, and insurance, investors have been on the lookout for what China's authorities could target next. Nevertheless, traders have been concerned by the commodities boom, with supply constraints complicating the outlook for policymakers trying to strike a balance between the removal of support and fears that growth has peaked.
- The third-quarter earnings season begins this week with financial firm reports. That, according to economists, will be the next major test for the stock market at a time when macroeconomic concerns are generating doubts about how much further values can be stretched.
- Elsewhere, Bitcoin surpassed $57,000 for the first time since May, owing to a variety of factors, including reduced concerns about regulatory actions in the US and China, as well as increased confidence about a prospective SEC approval of a cryptocurrency ETF (Exchange-Traded Fund).