Business

Dow Jones Reverses On Hot Inflation Data; JPMorgan, UnitedHealth Rally On Earnings

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The Dow Jones Industrial Average reversed lower Friday amid weaker-than-expected U.S. retail sales data. Dow Jones stocks JPMorgan (JPM) and UnitedHealth (UNH) rallied following better-than-expected earnings results.




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September retail sales were flat, missing Econoday estimates for a 0.2% rise. Meanwhile, consumer sentiment topped estimates with a 59.8 reading in September, above estimates for a 58.8 reading. Lastly, University of Michigan One-Year Inflation Expectations came in hotter than expected, at 5.1% in October vs. the 4.7% rate in September. The UoM Inflation Expectations measures the percentage that consumers expect the price of goods and services to change during the next 12 months.

Stock Market Today: Earnings Season Heats Up

Friday started with a busy mix of earnings news. Banks JPMorgan, Morgan Stanley (MS), Citigroup (C) and Wells Fargo (WFC) reported. So did healthcare giant UnitedHealth.

Citigroup shares fell less than 1% shortly after the company’s report. JPM stock rallied 2% after better-than-expected third-quarter results, while Morgan Stanley shares declined 3% on weak earnings and sales. UNH shares rose 2% on strong results, along with a positive outlook. And Wells Fargo stock jumped 3% despite missing earnings estimates.

Delta Air Lines (DAL) rallied more than 2% on an analyst upgrade, following its third-quarter report on Wednesday. Grocery chains Kroger (KR) and Albertsons (ACI) traded sharply lower, after the companies confirmed Kroger would buy Albertsons, in a bid to better compete with Walmart (WMT) and Amazon (AMZN).

Electric-vehicle leader Tesla (TSLA) reversed 1.6% lower Friday. Among the Dow Jones industrials, tech titans Apple (AAPL) and Microsoft (MSFT) were modestly higher after today’s stock market open.

Cardinal Health (CAH), ConocoPhillips (COP), Denbury (DEN) and Vertex Pharmaceuticals (VRTX) — as well as Dow Jones stocks Chevron (CVX) and Merck (MRK) — are among the top stocks to watch. Keep in mind that the ongoing stock market correction is a time for investors to sit on the sidelines and build watchlists of top growth stocks.

Cardinal Health and Vertex are IBD Leaderboard stocks. Chevron and Conoco were featured in this week’s Stock Near A Buy Zone column, along with two other top stock ideas. Vertex was IBD’s Stock Of The Day on Friday. Merck was Tuesday’s IBD 50 Stocks To Watch pick.

Dow Jones Today: Treasury Yields, Oil Prices

After Friday’s opening bell, the Dow Jones Industrial Average reversed 0.1% lower, while the S&P 500 moved down 0.3%. The tech-heavy Nasdaq composite turned down 0.8% in morning action.

Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) was down 0.2%, and the SPDR S&P 500 ETF (SPY) rose 0.1%.

The 10-year Treasury yield declined Friday, falling to 3.88% following Thursday’s brief jump above 4%. That jump came after inflation data showed prices in September rose 0.4%, hotter than the expected 0.2% increase.

Meanwhile, U.S. oil prices lost about 2% Friday, sending West Texas Intermediate futures below $88 a barrel. Oil prices are threatening to give back a large part of Thursday’s rebound.

Stock Market Rally Attempt

On Thursday, the Dow Jones Industrial Average sold off as much as 1.6% before closing with a 2.8% advance. The tech-heavy Nasdaq composite reversed an early dive of more than 3% into a 2.2% climb. The Nasdaq staged its best comeback since Feb. 24, according to Dow Jones Market Data.

Thursday’s The Big Picture commented, “With the market in correction mode, investors should be tracking companies that handily beat earnings results and have strong upside reactions. They could be among the stock market’s leaders if the market is able to extend its rebound.”

Thursday was Day 1 of the stock market’s latest rally attempt, so investors now await a follow-through day, which can occur as early as Tuesday of next week. A follow-through day confirms the beginning of a new uptrend. Be mindful that not all follow-throughs work, so it’s important to raise exposure slowly and methodically, as the uptrend proves itself.

Check out IBD Stock Lists, like the IBD 50 and Stocks Near A Buy Zone, for stock ideas.

Five Dow Jones Stocks To Watch Now

Dow Jones Stocks To Watch: Chevron, Merck

Energy giant Chevron found support at its 50-day line Thursday, with a near-5% advance. Shares are consolidating below a 182.50 buy point ahead of the company’s Oct. 28 earnings release. Chevron shares fell 1.2% early Friday, tracking lower with oil prices.

CVX stock boasts a strong 98 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup. Investors can use the IBD Composite Rating to easily gauge the quality of a stock’s fundamental and technical metrics.

Dow Jones member and IBD 50 stock Merck is closing in on a double bottom’s 93.12 buy point, according to IBD MarketSmith pattern recognition. The relative strength line hit a new high this week, as the stock decisively regained its key 50-day moving average. Third-quarter earnings results are due Oct. 27 before the opening bell.

Merck shares fell 0.1% Friday morning.

4 Top Growth Stocks To Watch In The Current Stock Market Correction

Top Stocks To Watch: Cardinal, Conoco, Denbury, Vertex

IBD Leaderboard stock and medical leader Cardinal Health is shaping a flat base that has a 72.38 buy point, according to IBD MarketSmith chart analysis. Shares of the drug distribution heavyweight are again receiving support around their key 10-week moving average, per Leaderboard commentary. Earnings are due Nov. 4. Shares traded up 0.7% Friday.

Energy giant ConocoPhillips regained a 118.49 buy point in a cup with handle amid Thursday’s 5.5% advance. The stock’s RS line hit a new high Thursday, illustrating strong stock market outperformance. Earnings are due Nov. 3. Shares moved down 1.1% Friday.

Denbury tested its cup base’s 94.05 buy point Thursday, briefly giving up that level before closing above it. Shares broke out earlier this week following reports that Exxon Mobil (XOM) is considering a takeover. Shares are in the 5% chase zone that runs up to 98.75, though the market remains in a correction. The company will report earnings are Nov. 3. Shares dipped 0.75% Friday.

Biotech leader Vertex Pharmaceuticals continues to build a flat base with a 306.05 buy point and an early entry at 296.90. Its RS line made a new high this week, confirming the biotech leader as a key stock to watch. VRTX stock found support at its 50-day line Thursday. Earnings are due out Oct. 27. Shares traded up 0.8% Friday.

Join IBD experts as they analyze leading stocks in the current stock market rally attempt on IBD Live

Tesla Stock

Tesla stock rose 2.1% Thursday, reversing from big morning losses. Shares are still at their lowest level since early July and about 47% off their 52-week high. Tesla stock fell 1.6% Friday morning.

The EV giant’s third-quarter results are Oct. 19. Tesla is expected to earn an adjusted $1.03 per share on sales of $22.4 billion.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks, Apple shares rallied 3.4% Thursday, rebounding from new recent lows. Still, shares are around 22% off their 52-week high and below their 50- and 200-day lines. Apple stock moved up 0.3% Friday.

Microsoft rose 3.8% Thursday, rebounding from this week’s 52-week low price. The software giant is about 33% off its 52-week high. Microsoft shares gained 1% early Friday.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.

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US

House Jan. 6 committee votes to subpoena Trump, “the one person at the center” of what happened on Jan. 6

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Jan. 6 hearings resume for what could be last public hearing

03:21

Committee aides would not say whether they had any further engagement with Trump or former Vice President Mike Pence about testifying. Pence said this summer that he’d “consider” testifying before the committee.

Rep. Bennie Thompson, the committee chair, said last month that the committee plans to put together an interim report in mid-October, with a final report to come before the end of the year, after the midterm elections.

The committee held a series of public hearings over the summer that were also broadcast nationally. The hearings showed never-before-seen video from the attack but also showed video testimony from Trump administration officials about his refusal to accept election results and plans by his allies to replace electors in battleground states that President Joe Biden won while also threatening local and state elections officials. 

Thompson confirmed over the summer that the committee has been having “conversations” with the Justice Department about the phony elector plan. In the June 21 public hearing, committee member Rep. Adam Schiff said those fake electors ultimately met on Dec. 14, 2020, in Arizona, Georgia, Michigan, Pennsylvania, New Mexico, Nevada and Wisconsin, signing documents claiming they were duly elected electors from their state. 

The committee said that GOP Sen. Ron Johnson of Wisconsin wanted to hand deliver alternate, fraudulent electors to Pence ahead of the joint session of Congress, according to texts the committee provided.

The hearings highlighted Trump and his allies’ pressure campaigns on different branches of government to overturn the 2020 election results, including the former president’s attempt to install environmental lawyer Jeffrey Clark at the helm of the Justice Department, attorney John Eastman’s argument to Pence that he had the power to override the Electoral College, and Rudy Giuliani’s attempts to influence local and state elections officials.

The hearings also featured in-person testimony from former Trump administration officials, a former Fox News political editor, a Capitol police officer, a rioter who pleaded guilty, among others.

The hearings included bombshell revelations about Trump’s reaction to the Jan. 6 attack.

Hutchinson and other former White House aides testified – both in person and on video testimony – that they knew Trump had lost the election and that pushing the narrative that he had won was a lie. Sarah Matthews, a former deputy press secretary, testified that as violence erupted at the Capitol, the press office was arguing over Trump’s response and seemed taken aback that a colleague didn’t want to condemn the rioting because doing so would be “handing a win to the media.”

“I couldn’t believe that we were arguing over this in the middle of the West Wing .. And so, I motioned up at the TV and said, ‘Do you think it looks like we’re f’ing winning? Because I don’t think it does,'” Matthews said. 

In that same hearing, the committee played a never-before-seen video showing Trump rehearsing to give a statement on Jan. 7, 2021. Even after the mayhem of Jan. 6 and that Congress had certified the Electoral College count, Trump refused to say he had lost the election. 

“I would like to begin by addressing the heinous attack yesterday, and to those who broke the law, you will pay,” Trump said in the footage. “You do not represent our movement, you do not represent our country, and if you broke the law — can’t say that. I already said you will pay…”

“But this election is now over. Congress has certified the results,” he continued, before stopping and presumably addressing his aides. “I don’t want to say the election’s over. I just want to say Congress has certified the results without saying the election’s over.” 

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Sports

MLS 2022 playoffs: ranking the teams from best to worst | MLS

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1) Los Angeles FC

Regular season finish: 1st in Western Conference (Supporters’ Shield winners)

Strengths: The talent boasted by Los Angeles FC is unparalleled in MLS in 2022. Steve Cherundolo made subtle changes to the squad he inherited from Bob Bradley at the start of the year to point the club in the right direction. Now, LAFC are so strong that Gareth Bale has largely been used only as an impact substitute.

Weaknesses: While LAFC were unstoppable over the summer, the Supporters’ Shield winners somewhat staggered over the line with just three wins in their final nine fixtures. Some teams get hot for the playoffs. LAFC may have gotten cold.

2) Philadelphia Union

Regular season finish: 1st in Eastern Conference

Strengths: In many ways, the Philadelphia Union are the most complete team in MLS: Jim Curtin’s side boasts the best attack and defence in the league. Andre Blake is the best goalkeeper in the playoffs while Daniel Gazdag is a difference-maker in the attacking third – he registered 22 goals and six assists in 2022.

Weaknesses: The Union could come undone against opponents that employ a low defensive block. They are among MLS’s most potent teams when they have space to exploit in quick transition, but sometimes lack the tools to break through when that space is denied.

3) CF Montreal

Regular season finish: 2nd in Eastern Conference

Strengths: CF Montreal have largely flown under the radar this season, but Wilfried Nancy has emerged as one of the best coaches in MLS. Ismael Kone and Victor Wanyama give the Canadians one of the strongest midfield platforms in the league while Nancy’s possession-heavy approach gives them control in most matches they play.

Weaknesses: Djordje Mihailovic and Romell Quioto are the attacking difference-makers for CF Montreal. It is therefore inconvenient that the former has struggled to find his best form since an injury in June while the latter is still sidelined after picking up a knock on international duty for Honduras last month. Without those two, CF Montreal could be predictable in the final third.

4) New York City FC

Regular season finish: 3rd in Eastern Conference

Strengths: Experience. As defending MLS Cup champions, New York City FC know what it takes to go all the way. Nick Cushing’s team finished the regular season with three straight wins and have managed to get many of their best players back on the pitch following a difficult spell of injuries. If Maxi Moralez, Héber, Santi Rodriguez, Talles Magno and Sean Johnson can find form, NYC FC’s individual talents could carry them a long way.

Weaknesses: The sight of NYC FC back at full-strength could be something of an illusion. Alex Callens still isn’t fully fit while Keaton Parks hasn’t completed a full 90 minutes since May, and Magno is a doubt after suffering a shoulder injury on Decision Day. What’s more, this team lost its best player (Taty Castellanos) and head coach (Ronny Deila) midway through the season. They have been missed. Muscle memory may not be enough.

5) Nashville SC

Nashville are a gritty team and could be tough to dislodge in the playoffs. Photograph: Mark Humphrey/AP

Regular season finish: 5th in Western Conference

Strengths: There is good reason to believe Nashville are built for the playoffs. While they underwhelmed over the regular season, they still finished with one of the best defensive records in the Western Conference. Nashville scored more set-piece goals than any other MLS team in 2022 while Hany Mukhtar won the Golden Boot. Nashville don’t concede many and usually take their chances – that could be a winning formula in the postseason.

Weaknesses: Last year, nobody managed to beat Nashville at home until they fell to Philly in the Eastern Conference semi-finals. This year, though, Geodis Park has been a far easier place to visit – only Houston had a poorer home record in the Western Conference over the regular season. Nashville are also prone to lapses when defending set-pieces, having conceded 11 times from freekicks and corners in 2022.

6) LA Galaxy

Regular season finish: 4th in Western Conference

Strengths: This summer saw both Los Angeles teams make big-name signings, but the Galaxy appear to have made the better deal. Riqui Puig’s arrival changed the landscape for Greg Vanney’s team with the former Barcelona midfielder settling in quickly. Puig has established a connection with Javier Hernandez, who has scored 11 goals in his last 12 games.

Weaknesses: The Galaxy conceded 51 goals in 34 regular-season games. Vanney’s team are susceptible to the counter-press, giving opponents something to target in quick transition. If the Galaxy have to grind out results, as the postseason often demands, they could struggle.

7) Austin FC

Regular season finish: 2nd in Western Conference

Strengths: Austin FC have gone from second-worst in the West to second-best in the space of just 12 months. Only LAFC scored more regular season goals in the Western Conference than Josh Wolff’s team, with Q2 Stadium now renowned for creating one of the loudest (and greenest) atmospheres in MLS. Then there’s Sebastian Driussi, who has registered 22 goals and five assists so far this year.

Weaknesses: Real Salt Lake could be a bad match-up for Austin FC in the first round. Wolff’s team can sometimes be too ponderous in possession and this could play into RSL’s hands with Pablo Mastroeni’s side proven in their ability to spoil matches (see last year’s unexpected postseason run). They will need to make a conscious effort to keep the ball moving as quickly as possible.

8) New York Red Bulls

Regular season finish: 4th in Eastern Conference

Strengths: The New York Red Bulls do as the New York Red Bulls do. Their press is the thing that could give them a chance in the playoffs with RBNY among the best at stopping opponents getting into their passing rhythm. That makes them tough to beat. Few MLS teams are as clear on their style of play as Gerhard Struber’s side which means everyone in the XI knows their roles and responsibilities.

Weaknesses: No team has as much postseason baggage. They have famously never managed to get their hands on MLS Cup despite being a founding member of the league, and Struber’s team may not have the individual talent to end their wait for glory. They also lack the firepower of some of their rivals.

9) FC Dallas

Jesus Ferreira is one of the best young players in MLS. Photograph: Jerome Miron/USA Today Sports

Regular season finish: 3rd in Western Conference

Strengths: FC Dallas have made great strides since finishing 11th in the Western Conference last season. Nico Estevez has given his team a clearer tactical identity, with Jesus Ferreira emerging as one of the best young players in the league (the USMNT striker scored 18 times in 33 regular season appearances).

Weaknesses: While the addition of Arriola and Sebastian Lletget gave FC Dallas some much-needed experience, Estevez’s team is still a young one. If the Texans can keep their core together they could challenge for MLS Cup next year, but this year’s playoffs may have come too early in their development as a group.

10) FC Cincinnati

Regular season finish: 5th in Eastern Conference

Strengths: FC Cincinnati score goals. Lots of them. After three straight ‘Wooden Spoon’ seasons, the appointment of Chris Albright as general manager and Pat Noonan as head coach marked the start of a turnaround, with the attacking trio of Luciano Acosta, Brenner and Brandon Vazquez arguably the most dangerous in MLS this season – between them, they registered 46 goals and 33 assists.

Weaknesses: If FC Cincinnati’s attack makes them a danger in every match they play, their defence makes them vulnerable too. The Decision Day performance against DC United demonstrated the good and the bad of Noonan’s team with the opposition never truly out of the match. Cincy will create chances, but they will also allow plenty of them.

11) Inter Miami

Regular season finish: 6th in Eastern Conference

Strengths: Gonzalo Higuain enters the playoffs as the hottest striker in MLS. The Argentinian will retire after the postseason, but his record of 14 goals in his last 16 games paints the picture of a player who still has plenty left to offer. Higuain’s partnership with Alejandro Pozuelo has given Inter Miami a different dimension in the second half of the season.

Weaknesses: Only two teams conceded more regular season goals in the Eastern Conference than Inter Miami. Higuain and Pozuelo make Phil Neville’s team dangerous in the attacking third, but neither player offer much on the defensive side of the ball. Opponents who break the first line of Inter Miami’s press will find a lot of space to exploit.

12) Minnesota United

Emanuel Reynoso is crucial to Minnesota’s playoff hopes. Photograph: Anthony Souffle/AP

Regular season finish: 6th in Eastern Conference

Strengths: MLS has become The Land Of The Number 10 in recent times and Emanuel Reynoso is one of the best in the league. If Reynoso is allowed to play his natural game, the Loons have a good chance of a run.

Weaknesses: Bakaye Dibassy’s season-ending injury has shaken Minnesota United’s defence with Adrian Heath’s team more fragile without the Malian at the back. Dibassy allowed Minnesota to play with a high line and keep things compact in the centre of the pitch. Now, they no longer have that ability and are giving opponents more time on the ball.

13) Orlando City

Regular season finish: 7th in Eastern Conference

Strengths: Orlando City have already demonstrated their usefulness in knockout soccer this year by winning the US Open Cup. They have a knack for producing the goods when it matters most, as shown by their comeback victory over Columbus Crew on Decision Day. Orlando will be underdogs in the playoffs, but that has suited them in the past.

Weaknesses: No team conceded as many goals on the counter attack in the regular season as Orlando City. Oscar Pareja is a proven MLS head coach, but he has so far failed to stamp an identity on this particular group of players. Orlando want to be a possession-heavy team, yet lack the talent and conviction to do so.

14) Real Salt Lake

Regular season finish: 7th in Western Conference

Strengths: Some teams relish the pressure of the postseason and Real Salt Lake were certainly one of those teams last season as they made an unexpected run to the Western Conference finals with shock wins over Seattle and Sporting KC. Pablo Mastroeni’s side enjoy playing the role of spoilers and they will enjoy the chance to be party-poopers once again at a sold-out Q2 Stadium in the first round.

Weaknesses: It goes against logic that a team that concedes as many chances as Real Salt Lake have even made the playoffs. Mastroeni doesn’t have much firepower to make use of in the final third either, so if any opponent can stop RSL from getting runners into the box, they could stop them as an attacking outfit entirely.

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Business

Retail sales September 2022:

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Customers shop at the GU Co. store in the SoHo neighborhood of New York, US, on Friday, Oct. 7, 2022.

Gabby Jones | Bloomberg | Getty Images

Consumer spending was flat in September as prices moved sharply higher and the Federal Reserve implemented higher interest rates to slow the economy, according to government figures released Thursday.

Retail and food services sales were little changed for the month after rising 0.4% in August, according to the advance estimate from the Commerce Department. That was below the Dow Jones estimate for a 0.3% gain. Excluding autos, sales rose 0.1%, against an estimate for no change.

Considering that the retail sales numbers are not adjusted for inflation, the report shows that real spending across the range of sectors the report covers retreated for the month.

A Bureau of Labor Statistics report Thursday indicated that consumer prices rose 0.4% including all goods and services, and 0.6% when excluding food and energy.

Miscellaneous store retailers saw a decline of 2.5% for the month, while gasoline stations were off 1.4% as energy prices declined.

A slew of other sectors also posted drops, including sporting goods, hobby, books and music stores as well as furniture and home furnishing stores, both of which posted a -0.7% drop, while electronics and appliances were off 0.8% and motor vehicle and parts dealers fell 0.4%.

General merchandise store sales rose 0.7%. Gainers also included online stores, bars and restaurants, clothing retailers and health and personal care stores, all of which saw 0.5% increases.

While the gains for the month were muted, retail sales rose 8.2% from a year ago, matching the rise in the consumer price index. Shoppers remain generally flush with cash though there are indications of late that they are dipping into savings to make ends meet.

The Fed has enacted multiple interest rate hikes aimed at reducing inflation and bringing the economy back into balance. Markets expect the central bank to raise rates up to 1.5 percentage points more through the end of the year.

A separate report Thursday showed that import prices fell 1.2% in September, slightly more than the 1.1% estimate. Exports declined 0.8%.

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Science

Massive Energy Beam Pointed at Earth Appears to Break the Laws of Physics, Scientists Say

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Image: Concept art of the neutron star merger and jet. Image: Elizabeth Wheatley (STScI)

ABSTRACT breaks down mind-bending scientific research, future tech, new discoveries, and major breakthroughs.

An intense jet of energy in space appears to be traveling seven times faster than the speed of light—a feat that is considered physically impossible in our universe. Though this rapid pace is only an optical illusion, according to a new study, it still represents a blast of energy shooting towards us at very nearly the speed of light. 

The Hubble Space Telescope (HST) has captured incredible views of the jet—which was ignited by an unprecedented collision between two hyperdense objects, called neutron stars—that led to one of the most important breakthroughs in astronomical history at the time it was discovered in 2017. 

While the jet did not actually break the cosmic speed limit, it raced right up to the edge of this impassable threshold, reaching at least 99.97 percent of the speed of light, which translates to about 670 million miles per hour. Scientists led by Kunal Mooley, an astrophysicist at the California Institute of Technology, used Hubble and other telescopes to clock the jet’s “superluminal motion,” meaning the trippy illusion of faster-than-light speed, in a study published on Wednesday in Nature. 

“We have demonstrated in this work that precision astrometry with space-based optical and infrared telescopes is an excellent means of measuring the proper motions of jets in neutron-star mergers,” Mooley and his colleagues said in the study. “The James Webb Space Telescope (JWST) should be able to perform astrometry much better than that with the HST, owing to the larger collecting area and smaller pixel size.”

The crash between these neutron stars was so explosive that it created ripples in the very fabric of spacetime, known as gravitational waves. Even though the merger happened a whopping 140 million light years away, scientists were still able to detect these subtle waves when they passed through Earth in August 2017.  

The event, named gravitational wave (GW) 170817 after the date it was discovered, quickly earned a momentous place in space history. For starters, it was the first time that scientists had ever identified waves from a merger between two neutron stars. A handful of gravitational waves formed by mergers between black holes had been discovered at that point, but collisions between neutron stars had remained elusive. 

The nature of the objects is important because black hole mergers do not produce visible light, and can only be spotted through the novel process of gravitational wave astronomy. In contrast, collisions between neutron stars, which are compact roiling objects formed by the explosive deaths of large stars, do produce luminous blasts of radiation. 

The possibility of capturing two different signals of the same event—in this case with gravitational waves and a light signal—can produce a wealth of insights that are impossible to discern from only one observational technique.

For this reason, scientists hustled to get as many telescopes as possible pointed at the place in the sky where GW170817 originated to look for the radiant explosion from the mergers, including the jets that these events shoot out into space. Sure enough, the brilliant aftermath of the collision was spotted by dozens of telescopes, which followed the eruption as it faded. The achievement marked a major advance in the field of multi-messenger astronomy, which describes the observation of multiple types of signals from the same event.

Now, five years later, Mooley and his colleagues have added more detail to this astronomical mosaic with observations from Hubble, as well as from the European Space Agency’s Gaia observatory and several radio arrays on Earth involved with the field of very-long-baseline interferometry (VLBI). The team was able to see the jet slamming through a blob of material that had been blasted into space from the merger, which accelerated the mass to high speeds. 

By measuring the motion of the blob, the researchers were able to show that the jet appears to be outpacing the speed of light sevenfold. As far as we know, nothing can travel faster than the speed of light, except for the expansion of the universe itself. The illusory effect of the superluminal motion stems from the ultra-relativistic speed of the jet, which is traveling just slightly slower than the light it emits. 

The matter in the jet is just barely trailing its luminous light particles, known as photons, from our perspective on Earth. Because of this effect, photons that the jet emits in the early phases of its eruption can end up arriving at Earth around the same time as photons emitted at later stages, because the jet is more or less keeping pace with its own light output. This trippy phenomenon makes it seem as if the jet is moving faster than light-speed, a result that would shatter our understanding of physics, when in fact the jet is merely moving near light-speed, a result that is still pretty dang mind-boggling.

With this new study, Mooley and colleagues have presented a roadmap for discovering similar features in future unions of neutron stars. These efforts might unravel some of the mysteries of these explosive events, such as the potential link between neutron star mergers and highly luminous flashes known as short gamma-ray bursts. 

“Our study represents, to our knowledge, the first proper motion constraint on the Lorentz factor”—which is a special measurement of moving objects—“of a gamma-ray-burst jet indicating ultra-relativistic motion,” the researchers said in the study.

“The combination of optical astrometry and radio VLBI measurements (with current observing facilities) may be even more powerful, and could deliver strong constraints on the viewing angles of neutron-star mergers located as far away as 150 megaparsecs,” equivalent to nearly 500 million light years, “as long as they have favorable inclination angles and occur in relatively dense environments compared with GW170817,” the team concluded.

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Business

Get inflation-proof bonds paying 9.62 percent while there is still time

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With another painful inflation report showing rapidly increasing prices for rent, food, medical care, electricity and heating fuel in September, people are searching for a safe place for their savings.

If you have money to spare — parked in a low-paying savings account — the Treasury Department’s Series I savings bond is paying 9.62 percent right now, the highest yield since the bond debut in 1998.

But you only have a short window, until the end of October, to take advantage of the rate. Savers who want to lock in that rate for an additional six months have until Friday, Oct. 28 to make their I bond purchase to ensure that it will be issued by the Oct. 31 deadline.

Here’s why that cutoff period is important.

There are two components to the return for an I bond: a fixed rate and an inflation-adjusted rate. The fixed rate of return and the semiannual inflation rate are announced by the Treasury Department at the start of May and November every year.

While the fixed rate stays the same for the life of the 30-year bond (and is zero right now), the inflation rate adjusts every six months based on changes in the consumer price Index for all Urban Consumers.

Prices rose in September and ensure tough interest rates to come

Although inflation is still at historically high levels, the latest numbers show a slight slowdown, according to newly released data from the Bureau of Labor Statistics.

Some indexes declined in September, including those for used cars and trucks and apparel. Consumer price increases were partly offset by a 4.9 percent decline in the gasoline index. So, it is likely that the inflation index part of the I bond could see a rate drop in November.

However, investors who buy I bonds before Nov. 1 will still get the 9.62 percent rate for the first six months they hold the bonds. But you have to get your confirmation email for the purchase of your I bond by 11:59:59 p.m. Eastern time on Oct. 28 to ensure you lock in the rate.

Here are some things you need to know about purchasing an I bond.

— To buy an electronic I bond, you must first set up an account at TreasuryDirect.gov.

— Individuals can purchase up to $10,000 in I bonds in a calendar year. For married couples, each spouse can purchase up to the $10,000 limit.

— Don’t buy an I bond with money you think you’ll need soon. This is not the place to put funds you need to access in case of an emergency expense such as a major car repair. Those funds should stay in your savings account. You have to hold an I bond for 12 months from the issue date before it can be redeemed.

— If you cash in the bond in less than five years, you lose the last three months of interest. Once your I bond is five years old, there is no interest penalty if you cash it in.

This key Treasury bond is paying a high rate. Here is how to buy it.

— If you have never set up a TreasuryDirect account before, take the guided tour on the website and be sure to read the directions carefully to minimize any issues. People who encounter problems will find it hard to reach a live person to help. Wait times for assistance at 844-284-2676 can be long. (Calls are accepted from 8 a.m. to 5 p.m. Eastern time, Monday through Friday).

— Given the problems some people have had setting up a TreasuryDirect account, don’t procrastinate. Get it done now. Don’t wait until Oct. 28. Savers searching for information or help to resolve an issue about I bonds have flooded TreasuryDirect, causing much longer waits than usual.

— If you have trouble setting up an online account, you’ll need to get paperwork signed by your bank. If that happens, it’s not likely you’ll make the Oct. 28 deadline.

I initially tried to buy an I bond in June. TreasuryDirect said it had difficulty verifying the information I provided. I wasn’t told why there was an issue.

What to know about the inflation index bonds paying 9.62 percent

“We are not provided with any information related to issues with the account verification,” an automatic email from TreasuryDirect said.

Because of the problems verifying my information, I had to complete an account authorization form and mail it to a Treasury site in Minneapolis. The first email from TreasuryDirect said “the average approval takes 10-15 days but may be longer based on the volume of forms we receive.”

A few weeks after I mailed in the form, I received an email acknowledging Treasury had received my form and that the approval process could take up to 13 weeks for review and processing. It was good they managed my expectations. Two weeks later, I received yet another email from TreasuryDirect saying the hold on my account was removed, and I could make my I bond purchase.

If you have trouble setting up a TreasuryDirect account on your first try, you are unlikely to be able to meet the Oct. 28 deadline to take advantage of the 9.62 percent rate. There’s just not enough time to navigate the verification process.

But with inflation still high, I bonds will continue paying significantly more than a savings account or certificate of deposit even after the rate resets in November. So don’t give up if you hit a snag in the process.

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Sports

Commanders vs. Bears score, takeaways: Washington ends four-game skid, beats Chicago thanks to goal-line stand

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Carson Wentz and the Washington Commanders got back into the win column on Thursday night, as they defeated the Chicago Bears 12-7 in a thrilling ending. The Bears had a chance to score the game-winning touchdown on fourth-and-goal with just seconds remaining, but Darnell Mooney could not haul in a Justin Fields pass at the goal line.

Carson Wentz completed 12 of 22 passes for 99 yards with zero touchdowns and zero interceptions. Justin Fields completed 14 of 27 passes for 190 yards, one touchdown and one interception, and also rushed for 88 yards. Rookie running back Brian Robinson recorded his first career start for Washington, and he rushed 17 times for 60 yards and the game-winning score.

This was a tale of two halves in some ways. With how Washington and Chicago played out the first two quarters, it looked like we may not see a touchdown for the second consecutive Thursday night game. The only points scored in the first half came via a Commanders field goal — the product of a nine-play, 57-yard drive which included 32 penalty yards. However, things finally somewhat opened up in the second half.

Early in the third quarter, Fields hit Dante Pettis on a deep, 40-yard pass for the first touchdown of the game. Wentz then went to work with a sense of urgency, going 65 yards on 13 plays. However, Scott Turner’s offense stalled in the red zone, and the Commanders had to settle for their second field goal of the game. Washington’s offense wasn’t getting much done, so the special teams had to step up in a pivotal juncture.

On Washington’s next possession, Wentz and Co. went three-and-out. Punter Tress Way booted the ball deep, and Bears rookie returner Velus Jones muffed the punt just yards from his own end zone. It was recovered by Washington, and Robinson punched in his first career score two plays later to take a 12-7 lead.

Down five points with just 1:49 remaining in the fourth quarter, Fields and the Bears offense took over. After a 13-yard rush by David Montgomery, Fields scrambled for 39 yards to get to the Washington 5-yard line. Chicago had four plays to try to punch it in, but was unable to. 

Let’s take a look at what went down in Chicago on Thursday night. 

Why the Commanders won

If you were to just look at the box score, it doesn’t seem like Washington won this game. That’s because the Commanders came up big in big moments. The special teams recovered a muffed punt in the fourth quarter that led to Washington’s only touchdown of the game, and then the defense shined at important times. 

The Bears scored just seven points on Thursday night. It should have been more, but this Commanders defense held strong with its backs to the wall, and with the game on the line. Chicago had four chances to gain 5 yards and win the game in the fourth quarter, but it was unable to. Darrick Forrest broke up a pass in the end zone on third-and-goal, and then Benjamin St-Juste called game on fourth-and-goal with his defensive stop. We’ll talk about that a little bit later.

Why the Bears lost

The Bears recorded 392 yards of total offense compared to the Commanders’ 214 yards, but still scored five fewer points. You know what it came down to? The offensive play-calling, and then falling apart in the red zone.

The Bears did go 2-for-2 in the red area against the Minnesota Vikings last week, but they went 0-for-3 in the red zone against the New York Giants two games ago — and it cost them the game. The Bears took their red zone struggles to a new level on Thursday night, as they went 0-for-3 FROM INSIDE WASHINGTON’S 5-YARD LINE. That’s right, the Bears had the ball inside the Commanders’ 5-yard line three separate times Thursday night, and came away with ZERO points. 

Fields threw an interception on the first trip inside the 5; the Bears were stopped on fourth down at the 1-yard line in the second quarter and then Chicago failed to punch in what could have been the game-winning score in the final stanza. In all seriousness, the Bears would be 4-2 instead of 2-4 if they knew what to do in the red zone. 

There’s conversations to be had about the Bears offense in general and how they handle Fields as a quarterback, but this game came down to red zone performance.  

Turning point

This game came down to the final play. On fourth-and-goal, St-Juste made this stop on Mooney. It looked like the Bears wideout was across the goal line for a moment, but he hadn’t established possession. As Mooney came down, he reeled in the pass, but landed out of bounds and was not over the goal line. It’s been said that football is a game of inches.

Play of the game

The Bears would have never had a chance to win the game on fourth-and-goal if it weren’t for this play. With 1:06 remaining in the game, Fields scrambled for 39 yards to get Chicago to Washington 5-yard line. This was a pretty incredible sequence that ended up not mattering since the Bears failed in the red zone. 

What’s next

The Commanders return to Washington next week, where they will play host to Aaron Rodgers and the Green Bay Packers next Sunday. The Packers host the New York Jets this weekend. As for the Bears, they will remain in the prime-time spotlight next week. They travel to Foxborough to take on the New England Patriots on “Monday Night Football.” Bill Belichick takes on his former team in the Cleveland Browns this Sunday. 

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Technology

2023 BMW M2 Zandvoort Blue Displayed At Motorclassica In Australia

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At the beginning of the month, BMW Australia announced it would privately unveil a new M car at the Motorclassica 2022 event at Melbourne’s Royal Exhibition Building from October 7 to October 9. The M2 G87 was officially revealed earlier this week, so the automaker’s Aussie division can finally show how a select group of people was allowed to peek at the new performance coupe ahead of its global premiere.

The BMW M2 unveiled in a closed-room setting was finished in Zandvoort Blue, an exclusive solid paint introduced with the second-generation M2. Some will recall a similar shade was applied back in mid-2016 for the retrolicious 2002 Hommage concept, but the G87 is the first production car to get the paint. It’s combined here with the optional carbon fiber roof and the M anniversary badges to mark 50 years of the performance division.

A closer look reveals the 2023 M2 pre-production prototype was a right-hand-drive car with the optional Shadowline headlights denoted by the dark accents. In a bid to appeal to enthusiasts, BMW decided to showcase its smallest M car with the six-speed manual gearbox. The eight-speed M Steptronic transmission will also be offered Down Under to please both worlds.

The Motorclassica 2022 wasn’t all about the M2 since BMW M brought some of its greatest hits. Relevant examples include the iconic 3.0 CSL (E9) “Batmobile” and its spiritual successor, the M3 CSL (E46). There was also some fresh metal on display, including the M3 Touring looking downright menacing in Individual Frozen Black.

The sinister super wagon was contrasted by the colorful 8 Series Gran Coupe M850i Jeff Koons. Other notable mentions include the M4 GTS, the purely electric i4 M50, and the production-ready XM in Cape York Green with striking gold accents.

As you have probably heard by now, BMW M is not done quite yet celebrating half a century since it was founded as November will bring us the 3.0 CSL. Essentially an M4 CSL with a manual gearbox, more power, and a bespoke retro body, the exclusive coupe will be limited to 50 units at €750,000 a pop.

Source: BMW Australia / YouTube

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Science

Mummified dinosaur’s skin was gnashed by ancient crocs

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CNN
 — 

The skin of a 67-million-year-old dinosaur has revealed bites and gashes from an ancient crocodile, and how its flesh was ripped apart may explain why it became mummified.

Skin decays much more easily than bone so it’s extremely rare to find fossilized dinosaur skin.

New research on a 7-meter (23-foot) long Edmontosaurus, a type of plant-eating hadrosaur, found near the town of Marmarth, North Dakota, in 1999 has shed light on what factors allowed the skin to survive through the eons.

“The bite marks were really unexpected. It had been thought that soft tissue wouldn’t preserve if it was damaged prior to burial, so the carnivore damage is what really started us thinking about how these fossils form in the first place,” said Stephanie Drumheller-Horton, a paleontologist at the The University of Tennessee’s department of Earth and planetary sciences, a coauthor of the new study.

Paleontologists used to think that a dinosaur, or any prehistoric creature, needed to be buried extremely rapidly for soft tissue to be preserved – but this was not the case for this poor hadrosaur.

The researchers think bite marks on the hadrosaur’s arm came from an ancient relative of a crocodile, but they’re not sure what kind of animal clawed or gnashed its tail – although it was likely bigger. It’s not clear whether the injuries to its arm and tail killed it or whether they were inflicted by scavengers after its death.

However, it was the dinosaur’s misfortune that allowed its skin to preserve, Drumheller-Horton explained.

“To try to put it in the least disgusting way possible – puncturing the skin allowed the gases and liquids associated with later decomposition to escape. That left the hollowed out skin behind to dry out. Naturally mummified skin like this can last for weeks to months in even fairly wet environments, and the longer it lasts, the more likely it is to be buried and undergo fossilization,” she said.

The bluish color of the fossilized skin isn’t thought to reflect what it would have been when the dinosaur was alive. However, a high iron content in the rocks during the fossilization process may have affected it.

While often depicted as greenish gray, what color most dinosaurs were is largely unknown. Studies on fossilized dinosaur feathers have revealed that some were surprisingly colorful.

The hadrosaur’s skin, however, has provided a lot of information about the size and patterns of scales across the dinosaur’s body as well as the amount of muscle mass – based on how expansive the skin is in that area.

“Skin decomposes much more easily than bones, so it takes different and less commonly observed processes to preserve the skin long enough to be buried and fossilized,” said research coauthor Clint Boyd, a senior paleontologist at the North Dakota Geological Survey.

He said that there were perhaps fewer than 20 true dinosaur “mummies,” with complete to nearly complete sets of remains with soft tissue.

“To put it in context I have found thousands of fossils in my career, but only one of those preserved skin impressions (an imprint of the skin, not the actual preserved skin itself) and I’ve never found one myself that had the skin preserved,” Boyd said via email.

The research was published in the journal PLOS One on Wednesday.

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World

Russia Urges Evacuation of Occupied Kherson, Steels for Ukrainian Advance

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KYIV, Ukraine—Russian-installed officials in occupied areas of Ukraine amplified calls for residents to leave the south as Kyiv’s forces step up their campaign to retake the region and Russia builds fortifications to thwart their advance.

Ukraine has recaptured vast swaths of land in southern Kherson as its forces push toward the regional capital, having severed key Russian supply lines with attacks on bridges and other infrastructure Moscow has used for months to keep its troops equipped and send in reinforcements.

“It’s no secret that shelling of Kherson region is dangerous first and foremost for civilians,” Kirill Stremousov, the Russian-appointed deputy head of Kherson, said in a video address on Friday, adding that attacks on a dam across the Dnipro River could cause major floods in the region.

Mr. Stremousov asked people not to panic and reiterated calls from Russian officials for Kherson residents to leave for Russian cities “to avoid casualties among the civilian population” as Russia worked to push Ukrainian forces back. He described the evacuations as “rest and recreation” trips.

A motorist drives by a Ukrainian tank in the eastern region of Donetsk.



Photo:

anatolii stepanov/Agence France-Presse/Getty Images

A member of Ukraine’s territorial defense takes Russian ammunition left behind in the Kharkiv region.



Photo:

Francisco Seco/Associated Press

Some 350 people want to leave Kherson, according to Volodymyr Saldo, the region’s Russian-appointed leader, cited by Russian state news agency TASS. He said the recommendation to leave was voluntary.

Calls for an evacuation from Kherson come amid growing concerns among Russian pundits and pro-Kremlin public figures that Moscow’s lines of defense risk collapsing, despite a military mobilization of tens of thousands of Russian men who were meant to stabilize Russia’s position and shore up its control over occupied areas.

Russian military bloggers supportive of the invasion of Ukraine have lambasted the country’s military leadership after reports of numerous front-line deaths this week among the newly mobilized men. Many new recruits are arriving in Ukraine with minimal training and often outdated equipment, according to analysts and Ukrainian officials.

Videos posted to social media show some Russian prisoners of war identifying themselves as mobilized soldiers, recounting their journeys to the front line and details of their capture by Ukrainian troops. Russian military bloggers, who aren’t subject to the censorship imposed at state media outlets that whitewash Russia’s campaign, have dismissed official figures that play down the country’s losses.

Kremlin spokesman Dmitry Peskov this week acknowledged that mistakes were made during the mobilization process and said that measures are being taken to fix them.

A girl stands outside the remains of her school in Konstantinovka, in the Donetsk region.



Photo:

yasuyoshi chiba/Agence France-Presse/Getty Images

The Kremlin has been under pressure to escalate in Ukraine as Kyiv’s forces bear down on Russian troops defending occupied territory, seeking to recapture as much land as possible before the onset of winter and the logistical challenges it brings. Western and Ukrainian officials say Russia’s stock of advanced weaponry is being depleted after months of intense combat.

Russia has launched missile strikes against infrastructure across Ukraine this week, but its campaign to take territory has stalled since July, and fortunes on the battlefield have dramatically turned since Kyiv staged a lightning advance that recaptured most of the northeastern Kharkiv region last month and retook a large part of the Kherson region from Russia.

Unable to move forward in the south and north, Russian forces have focused on accomplishing a task that has eluded them for months: seizing the city of Bakhmut in the eastern Donetsk region, which would open up their route to the major population centers of Slovyansk and Kramatorsk.

The U.K.’s Defense Ministry said on Friday that Russia’s forces had made tactical advances toward the center of Bakhmut and captured two settlements next to the city.

“Russia continues to prosecute offensive operations in central Donbas and is, very slowly, making progress,” the ministry said, referring to the eastern area made up of the Donetsk and Luhansk regions. “However, its overall operational design is undermined by the Ukrainian pressure against its northern and southern flanks, and by severe shortages of munitions and manpower.”

This week’s strikes on civilian infrastructure across Ukraine, Moscow’s response to Kyiv’s attack on a strategic bridge that links Russian territory with the occupied Crimean Peninsula, went some way toward appeasing hard-liners in Russia’s leadership and nationalists clamoring for President

Vladimir Putin

to officially declare war on Ukraine and reorganize the military leadership.

Satellite images from Wednesday show repair work on the Kerch Bridge after a major blast damaged a vital link for Russian troops fighting in Ukraine. Cargo truck drivers waited in long lines for days to leave Russian-occupied Crimea. Photo: Maxar Technologies/Associated Press

The Institute for the Study of War, a U.S.-based think tank, says that in the absence of such decisions, “the Kremlin remains trapped in a cycle of appeasing its pro-war constituencies but retaining Russian President Vladimir Putin’s vision of a limited war in Ukraine that is incompatible with their demands and expectations.”

The missile barrage this week was Russia’s broadest and most intense of the war, targeting electricity substations and other objects with more than 80 missiles and drones. Ukraine’s air defenses shot down roughly half of the Russian missiles on Monday, but the attacks have continued throughout the week.

“Russian rockets are still capable of driving Ukraine into bomb shelters,” Ukrainian President

Volodymyr Zelensky

said in a video address posted on Friday. “But none of our people are shaking there. Ukrainians sing in the shelters.”

Russia’s Investigative Committee said Friday that an ammunition depot blew up in the Belgorod region, which borders Ukraine, as a result of shelling by the Ukrainian army. The incident left people dead and wounded, the committee said. Kyiv didn’t immediately comment.

—Georgi Kantchev contributed to this article.

Write to Matthew Luxmoore at Matthew.Luxmoore@wsj.com

Georgian volunteers in Kyiv gather at the funeral of a comrade killed fighting for Ukraine.



Photo:

Efrem Lukatsky/Associated Press

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