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Tag Archives: stumble
NFL Week 14 Power Rankings: Don’t count out 49ers with Mr. Irrelevant at QB; new No. 1 after Chiefs stumble
The San Francisco 49ers are down to their third quarterback, a rookie who was the last pick in the entire draft last April.
That means Mr. Irrelevant is now quite relevant.
Brock Purdy is now the starting quarterback for the 49ers, a team built to win right now. Purdy, a rookie from Iowa State, took over Sunday against the Miami Dolphins when Jimmy Garoppolo went down with a season-ending ankle injury.
Purdy stepped in and helped lead the 49ers to a 33-17 victory over the Dolphins. The 49ers lost Trey Lance to a knee injury earlier this season and now have lost Garoppplo. It’s hard to imagine a team overcoming those types of losses to win it all, but the way the 49ers are constructed, it’s not out of the question.
Purdy displayed a confidence Sunday that allowed him to play winning football. It helps that he has a bevy of talent around him, especially skill-player talent. It also helps that he has a defense on the other side that can dominate games.
The 49ers weren’t great on offense against Miami, but Purdy finished 25 of 37 for 210 yards, two touchdown passes and one pick — impressive numbers for a guy who didn’t expect to play and probably didn’t take more than a handful of reps with the starters over the past month.
49ers coach Kyle Shanahan is one of the best offensive minds in the game, and he made it easy on Purdy, which he will do as long as he’s the starter. That’s the 49ers way. Running the ball is the foundation of the offense, which makes it easy on any quarterback under center.
That isn’t to say the 49ers are a lock to play in the Super Bowl with Purdy. But don’t count them out just yet.
The 49ers were surging before the Garoppolo injury, but still have to be considered one of the best teams in the NFC. They remain seventh in my Power Rankings this week. Some will say that’s too high with the loss of Garoppolo. But I believe in Shanahan, and Purdy has the ability to operate just fine in this offense.
The big question is whether he can win a game when things aren’t going the right way. If the running game isn’t clicking, can Purdy throw it well enough to win a big game?
That’s for down the line. For now, he showed Sunday he’s more than capable of playing in the league. It wasn’t too big for him. That’s a great sign.
It’s why Mr. Irrelevant is now really truly relevant in the race to the Super Bowl.
Biggest Movers
|
Rk |
Teams |
Chg |
Rcrd |
|
|---|---|---|---|---|
1 |
|
They just keep on winning games as Jalen Hurts continues to move up the MVP rankings. The offense is dominant and the run defense was better against the Titans. | 1 | 11-1-0 |
2 |
|
They would be the top seed in the AFC if the playoffs started today. They have righted things after a lull a few weeks ago. | 2 | 9-3-0 |
3 |
|
They got off to a slow start against the Colts, but in the fourth quarter they showed why they are a legitimate Super Bowl contender. They are good on both lines, which matters. | 2 | 9-3-0 |
4 |
|
As long as they don’t play the Bengals, they are just fine. Cincinnati beat them three times in 2022, including last week. Don’t worry much about this group. | 3 | 9-3-0 |
5 |
|
They are 10-2 as they head to their bye, but there are still questions about this team. The defense has to be better. | 1 | 10-2-0 |
6 |
|
They have righted their season with four straight victories, showing they will be a factor in the AFC by beating the Chiefs. Samaje Perine was outstanding in that game. | 2 | 8-4-0 |
7 |
|
Without Jimmy Garoppolo for the rest of the season, they face a real challenge. Rookie Brock Purdy was good against Miami, but can it stay that way? Do they sign Baker Mayfield? | — | 8-4-0 |
8 |
|
Tua Tagovailoa and the offense struggled against the 49ers. But injuries up front didn’t help. Now comes a big game against the Chargers and Justin Herbert. | 5 | 8-4-0 |
9 |
|
The injury to Lamar Jackson is concerning, but it doesn’t look like it will end his season. Even so, the offense has been unsteady with him. | — | 8-4-0 |
10 |
|
Geno Smith is playing outstanding football, carrying this team on offense. The defense is still shaky, which is a concern. | 6 | 7-5-0 |
11 |
|
The tie against the Giants could help them when it comes to the playoffs. They head into their bye this week losing just once in the last eight games. | 2 | 7-5-1 |
12 |
|
They tied Washington, and now face a monster division game with the Eagles. The playoffs are still very much a strong possibility. | 3 | 7-4-1 |
13 |
|
That was a beat-down in Philadelphia against the Eagles. They did nothing right. Teams have limited Derrick Henry the past two weeks, which isn’t a good thing. | 3 | 7-5-0 |
14 |
|
They showed some fight in rallying against the Vikings, but they came up just short. Mike White did some good things in that game after a slow start as they head to Buffalo to play the Bills. | 3 | 7-5-0 |
15 |
|
They just can’t seem to get anything going in terms of consistency. Losing to the Raiders to drop to 6-6 hurts their playoff chances, and they face a must-win game with Miami coming to town. | 3 | 6-6-0 |
16 |
|
That last-second touchdown drive to beat the Saints could be what gets this team going for their playoff push. Tom Brady looked lifeless for much of the game, but he did it when it counted. | 3 | 6-6-0 |
17 |
|
Mac Jones and the passing game had major problems against the Bills. Is the offense fixable with Matt Patricia? | 3 | 6-6-0 |
18 |
|
Deshaun Watson was rusty in his return to game action for the first time in two years. But the defense saved the day with two touchdowns against the Texans. | 1 | 5-7-0 |
19 |
|
Don’t look now, but the Lions are still alive in the playoff race after dominating the Jaguars. The offense is good and the defense is better than it’s been. Now they face a big game with the Vikings. | 3 | 5-7-0 |
20 |
|
They’ve won three straight to give themselves a chance to make the playoffs. Josh Jacobs continues to have big games, and Davante Adams is showing why he was acquired in the trade. | 3 | 5-7-0 |
21 |
|
Aaron Rodgers beat the Bears again. Same old story. At 5-8, they are barely alive, but they are still playing games that matter. | 3 | 5-8-0 |
22 |
|
Kenny Pickett has won three of his past four starts, showing improvement along the way. He is taking care of the ball and doing enough to move the ball. | 4 | 5-7-0 |
23 |
|
Their playoff chances are slipping away, even in a bad division. Two straight close losses have put them in a bad position. | 5 | 5-8-0 |
24 |
|
They were ambushed by the Lions and looked awful in getting blown out. The defense is a major problem. | 4 | 4-8-0 |
25 |
|
The defense was outstanding against the Bucs, but wilted late in the loss. They are done as they head to their bye. This season has been a flop. | 4 | 4-9-0 |
26 |
|
They come off their bye with questions about Kliff Kingsbury’s future. They have to play well down the stretch, or changes could be coming. | 1 | 4-8-0 |
27 |
|
The Jeff Saturday excitement has waned. They are one of the bigger flops this season, as the Matt Ryan experiment seems to have failed. | — | 4-8-1 |
28 |
|
They come off their bye thinking about next year. Can Steve Wilks keep the job if the Panthers play well down the stretch? | — | 4-8-0 |
29 |
|
They showed some fight against Seattle, but it doesn’t matter. With all the injuries, including shutting down Matthew Stafford for the season, they are done. | — | 3-9-0 |
30 |
|
Justin Fields came back, but they still can’t beat Aaron Rodgers. Like Rodgers said, he owns the Bears. The Bears are eliminated from the playoffs – as if they had a chance. | — | 3-10-0 |
31 |
|
The defense continues to play well, but the offense is awful. Russell Wilson isn’t very good right now. Nice trade. | — | 3-9-0 |
32 |
|
They find new ways to lose games, but it’s the same story. They are bad as they head to Dallas to play the Cowboys. | — | 1-10-1 |
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As Lakers stumble early, Russell Westbrook trade possibilities linger: Shams’ Inside Pass Notebook
We are one week into the NBA season and teams across the league are still working on finding their footing on and off the floor. Playing and rotation styles are still being figured out. It is still far too early to make changes in most situations, and as front-office officials travel with their respective teams, attend draft scouting events and begin to identify this season’s prospective trade targets, everyone involved understands the trade market tends to take 20-to-30 games to develop.
Contending teams are working on themselves internally while postseason hopefuls are playing for strong starts to the season. Even in the midst of competition, the buyers and sellers always reveal themselves as the campaign inches closer to the February trade deadline.
In the middle of it all this year, stand the Los Angeles Lakers.
Off to an 0-3 start, the Lakers will be a pivotal team in this season’s trade market because the expectations are the franchise will continue to scan options using Russell Westbrook’s expiring $47 million deal and up to two unprotected first-round picks (2027, 2029). The Lakers lost to the Trail Blazers, 106-104, on Sunday — giving up a 98-90 lead with 4:42 left in the game, when coach Darvin Ham inserted Westbrook back into the game.
GO DEEPER
Shams’ Inside Pass: As Lakers stumble early, Russell Westbrook trade possibilities linger
After Sunday’s game, Ham and Westbrook answered questions about Westbrook’s fourth-quarter stint, which included missing both attempted shots and a 16-foot jumper that the former league MVP took — and missed — with 30 seconds remaining in the game and 18 seconds on the shot clock with the Lakers up 102-101.
The Lakers were impressed with Ham’s coaching acumen, his no-nonsense attitude and his ability to project as an authority figure when he went through the head coaching search process. Those traits have been put to the test from the very beginning of his tenure.
As The Athletic’s Jovan Buha reported in August, Ham was given the authority to bench Westbrook down the stretch of games, and potentially remove him from the starting lineup. Ham was the lone coaching candidate to express the fortitude necessary to be able to bring Westbrook off the bench when needed, sources say. Westbrook was used in a reserve role in the final game of the preseason in Sacramento on Oct. 14, but the Lakers went back to Westbrook in a starting spot to start the season.
In the very early stages of the season, Westbrook has had some spurts of solid defense and energy plays, but has also shot just 28.9 percent from the field and 8.3 percent from 3-point land. As a team, the Lakers are shooting just 21 percent from 3. While Anthony Davis and LeBron James have played at their usual high level to start the year and Lonnie Walker IV and Juan Toscano-Anderson have been bright spots, the Lakers are still trying to find the best rotations to provide shooting and playmaking around their Big 2.
The Lakers and Pacers extensively discussed a potential deal sending Myles Turner and Buddy Hield to L.A. during the offseason, as The Athletic reported in early October, but no deal formed ahead of training camp. The Lakers and Pacers discussed several packages, but Indiana’s demand for both of the Lakers’ first-round picks in 2027 and 2029 prevented a deal from coming to fruition. Turner suffered an ankle sprain during warmups before the Pacers’ season opener last Wednesday, but is expected to return soon.
In a perfect world, the Lakers had hoped Westbrook would find a complimentary role in Ham’s system, but as sources have told The Athletic over the past month, the organization planned to keep an open mind with trade opportunities to improve the team. Potential trade partners across the league have wanted one or two unprotected first-rounders from the Lakers in all deal frameworks, which creates a battle over price and value.
Several more trade avenues are expected to open as the season goes on, as teams fall out of the postseason race and turn their attention toward top prospects Victor Wembanyama and Scoot Henderson.
Charlotte’s Terry Rozier emerged as a trade target for the Lakers in the offseason and their interest in him remains high, multiple sources tell The Athletic. The Lakers and Hornets held discussions about a possible three- or four-team trade during the summer, and hold him in high regard among their possible trade possibilities, but the dynamic Hornets guard’s availability will be entirely predicated on the franchise’s direction for the future and its play as the season goes on. Despite LaMelo Ball being sidelined with a Grade 2 ankle sprain and Rozier recently suffering his own sprained ankle, the Hornets and coach Steve Clifford are off to a 2-1 start in the Eastern Conference.
The Lakers have also held preliminary discussions with the Spurs in recent weeks, sources said, showing interest in three-and-D wing Josh Richardson. The 6-foot-5 Richardson has averaged nearly 13 points to start the season, shooting 47.1 percent on 5.67 three-point attempts per game. So expect the Lakers to continue to keep tabs with the Spurs, Hornets and Pacers as a potential trade partner as the season wears on.
For now, the Lakers appear determined to give the current roster a proper sample size of 20-to-25 games and assess their needs. Lakers vice president of basketball operations Rob Pelinka is tasked with balancing the team’s current state versus the future when using the only two first-round picks eligible to be traded for the remainder of this decade. And for the Lakers, the proper deal will take patience, strategy, internal resolve and growth.
More NBA news and notes as the season gets going…
The Timberwolves and center Naz Reid have engaged in contract extension talks as Reid starts his fourth season, sources said.
Minnesota has also engaged in extension discussions with guard Jaylen Nowell, but the fourth-year guard is expected to bypass a new deal and enter unrestricted free agency next offseason, according to sources. Nowell, a dynamic scorer, is averaging 15 points in three games to start this season.
In addition to the Hawks, the Suns have recently been engaged in talks with the Bucks on a potential Jae Crowder trade, sources said. Milwaukee has registered interest in the veteran forward who has remained away from the Suns’ organization as both sides work toward a trade. Miami is also believed to be among the current suitors for Crowder, according to league sources.
(Top Photo: Adam Pantozzi/NBAE via Getty Images)
Denver Broncos stumble again in 19-16 overtime loss to LA Chargers
The Denver Broncos nearly set a franchise record in penalty yards and, yet, somehow the defense kept them in this game. The Los Angeles Chargers drove the ball a lot, but stalled in the red zone. In overtime, a muffed punt by Montrell Washington sealed their fate in overtime giving the Chargers an easy field goal to win 19-16.
In-Game Updates
4:55 PM MT: Albert Okwuegbunam was a surprise healthy scratch for tonight’s game. With rookie Greg Dulcich back from IR, it appears the doghouse for Albert O is getting a little more extreme.
6:14 PM MT: Denver won the opening coin toss and deferred possession to the second half. Not sure if it would matter either way. The offense hasn’t done much at the beginning or end of either half.
6:33 PM MT: Russell Wilson and the Broncos offense overcame two early penalties by Lloyd Cushenberry and Cam Fleming to drive down the field for the first score of the game. Brandon McManus would kick a 51-yard field goal to give Denver an early 3-0 lead.
6:45 PM MT: After getting the ball back the Broncos would get back to back big plays to got up 10-0 over the Chargers. The first was a 37-yard pass to Jerry Jeudy on third and long, then Wilson found rookie Greg Dulcich open for a 39-yard touchdown pass.
7:02 PM MT: Justin Herbert and the Chargers responded with a 15-play, 82-yard drive of their own that was capped by a 6-yard touchdown run by Austin Ekeler to cut the lead back to a field goal at 10-7.
7:19 PM MT: The Broncos announced that DL Dre’Mont Jones would be questionable to return to the game with a neck injury. He was back in the game after just a few plays.
7:27 PM MT: With about a minute to go in the half, the Chargers were able to tie things up 10-10 apiece. They had their hopes for a touchdown dashed on back-to-back plays by Baron Browning. First, he sacked Justin Herbert then deflected his third down pass.
7:31 PM MT: Getting the ball back with just 53 seconds in the half was all Wilson and the Broncos needed. Wilson connected with KJ Hamler on a 47-yard bomb that ultimately led to points and a 13-10 halftime lead for Denver at halftime. Full second quarter recap.
8:02 PM MT: The Chargers marched right down the field on their opening second half possession, but Denver’s defense stiffened in the red zone to force another field goal attempt. Los Angeles would tie things up at 13 midway through the third quarter.
8:23 PM MT: Denver’s third quarter woes continued through this game. They scored zero, while the Chargers scored on their first possession and are in field goal range to start the fourth quarter on their second. Full third quarter recap.
8:26 PM MT: Beleaguered rookie cornerback Damarri Mathis had three defensive pass interference calls against him in this game, but he never let up. He came up big on fourth down to break up a pass to get Denver the ball back.
8:40 PM MT: After punting back to the Chargers, the Broncos defense had to come back out for another drive. Justin Herbert’s first pass was tipped by K’Wuan Williams where it was intercepted by Baron Browning at the Chargers 30-yard line. The offense would do nothing with that opportunity except give Brandon McManus a 47-yard field goal attempt that put Denver back on top 16-13.
8:54 PM MT: Denver’s defense went penalty crazy on the Chargers next drive. With 4 minutes to go in the game, the Chargers added a field goal to tie the game at 16. However, Denver has 151 penalty yards, which is the most the team has recorded in a single game in over forty years.
9:13 PM MT: Both teams were unable to do much in the final minutes and the game is heading to overtime all tied up at 16.
9:32 PM MT: With overtime running low and the Broncos defense forcing a second three and out in overtime, P.J. Locke was blocked into Montrell Washington for the muffed punt that was recovered by the Chargers where they would boot a 39-yard field goal for the 19-16 victory.
Game Preview
The Denver Broncos (2-3) are on the road on Monday Night Football to take on their AFC West rival Los Angeles Chargers (3-2). A win by either team will keep them within striking distance of the AFC West leading Kansas City Chiefs.
The 2022 regular season is still relatively young, but for the Broncos they already have their backs against a wall in the AFC West. They lost to the Las Vegas Raiders two weeks ago and if they lose again tonight to the Chargers then all could be lost. Head Coach Nathaniel Hackett noted that winning division games is important, but the focus now is just getting a win period.
“For us, we are 0-1 right now in the West,” Hackett said last week. “The past is the past right now. We have to find a way to win a football game. It happens to be a West opponent which makes it more exciting because it’s a rivalry. It’s a very good football team. We have to get out there and we have to get after it.”
All the narratives that have been building around this Broncos’ team through five games could be destroyed by a strong performance and a win against a playoff-caliber team like the Justin Herbert-led Chargers.
Kickoff is set for 6:15 p.m. Mile High time on Monday, October 17, 2022 at SoFi Stadium in Inglewood, California. You can watch the live stream of the game through FuboTV or on NBC.
My Prediction
In partnership with DraftKings Sportsbook, I am covering all my picks this year on TallySight. Our staff is fairly confident the Broncos will lay another egg in this game as all but myself predicted a loss to the Chargers tonight. I was the lone optimist who thinks the Broncos can actually win this game.
Broncos vs. Colts score: Matt Ryan, Russell Wilson stumble as Indianapolis barely wins ugly defensive battle
The Broncos and Colts each entered Thursday night’s AFC showdown battered and bruised, with little offense to show for it. And boy did they keep that up in their prime-time “competition.” Injuries, three-and-outs and forced throws headlined the ugly contest, with Russell Wilson and Matt Ryan taking turns seemingly trying to outdo each other in negative plays. The back-and-forth was so brutal, it turns out, that neither side could reach the end zone in four quarters, combining for six field goals to deadlock in a 9-9 tie that necessitated overtime. The Colts proceeded to win the coin toss, add another field goal, and stuff Denver on a fourth-and-1 in the red zone to secure the 12-9 victory.
The Broncos previously entered halftime up 6-3 thanks to a pair of Brandon McManus field goals, but both teams went into the break — and then later overtime — looking, frankly, like losers. Indy’s win improves the team to 2-2-1, while Denver falls to 2-3 on the year with the defeat. But both teams still have major questions to answer moving forward.
Here are some takeaways from Thursday’s sloppy showdown:
Why the Colts won
It wasn’t because they played a complete game, or anything resembling one, that’s for sure. Ryan was hooting and hollering on his way into the locker room after getting the win, no thanks to he or basically the entire Colts offense. Ryan, 37, looked every bit his age flailing around a collapsing pocket, taking a beating that included six sacks and plenty more hits. It’s a wonder he was still standing upright to lead the go-ahead drive in OT. But give credit to Alec Pierce and Michael Pittman Jr., who made the most of the oft-suspect throws Ryan sent their direction. And definitely give it to the defense, which was without Shaquille Leonard but absolutely manhandled whatever Denver was doing with the ball in its hands. DeForest Buckner led the way up front, headlining a four-sack effort that also pressured Wilson into a pair of rookie-esque interceptions. But the entire “D” stepped up when it mattered most, forcing the Broncos into an 0-for-4 finish in the red zone.
Why the Broncos lost
That superstar QB they traded for, and gave $235 million? Yeah, he just might be broken. Wilson once again showed life at the last second, nearly guiding Denver to a come-from-behind OT win, but for the preceding four quarters, he operated like one of the most uncomfortable, inaccurate starters in the NFL. Gone was almost any inclination to push the ball downfield, despite another stellar effort from Courtland Sutton. Gone was most pocket awareness, hence the four sacks, absorbed at inopportune times. And gone was the clutch decision-making, with Russ most egregiously forcing two throws — one deep, one in the end zone — that wound up picked. Denver’s defense wiped the floor with Ryan, nearly winning the game on its own accord despite losing veterans like Josey Jewell to injury. But yet again Nathaniel Hackett’s unit could not function cohesively. Mike Boone showed playmaking ability in place of Javonte Williams, but it didn’t matter once they sniffed the end zone.
Turning point
The moment the game kicked off, seeing as it guaranteed 60+ minutes of preseason-quality football? No, you might look instead at Hackett’s decision to go for it on fourth-and-1, with 2:38 to go in OT, and the Colts fresh off a field-goal drive. The coach could’ve played it safe and trotted McManus back out for another field goal of his own, playing for a 12-12 tie and hoping Indy botched its next possession. But he kept Russ on the field, surely cognizant of his failure to trust the star QB in the team’s Week 1 prime-time loss, and dialed up a pass. Wilson promptly chose to fire into traffic, and Indy easily deflected the ball to seal the victory.
Play of the game
It’s fitting that the most exciting play of this game came on what very nearly could’ve been the blunder of the game: Sutton’s 51-yard deep catch, which he had to wrestle away from his own teammate. Wilson had tons of trouble pushing the ball downfield against Indy, but Sutton showed elite concentration and hands to help his QB out in the third quarter, going up and over rookie counterpart Montrell Washington to secure the play. Too bad it came in a losing effort.
What’s next
The Broncos (2-3) will hit the road on Oct. 17 for a matchup with the rival Chargers (2-2) on “Monday Night Football.” The Colts (2-2-1), meanwhile, will return home for a rematch with the rival Jaguars (2-2), who shut them out 24-0 in Week 2.
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Q4 off to shaky start as stocks stumble, but oil jumps
LONDON, Oct 3 (Reuters) – The final quarter of the year got off to a shaky start on Monday, with world stocks languishing at their lowest levels since late 2020 – when the global economy was still reeling from the COVID-19 pandemic.
Oil prices jumped more than 4% as the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, said it would consider reducing output, while sterling rallied after the British government said it would reverse a controversial tax cut that had rocked UK markets.
But sentiment across markets remained frail given worries that aggressive interest rate hikes from the U.S. Federal Reserve and others raise global recession risks.
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European equity markets were a sea of red, with the STOXX 600 index down 0.4%, pulling back from earlier losses of 1.4% (.STOXX). Shares in beleaguered Swiss bank Credit Suisse (CSGN.S) fell around 10% in early trading, reflecting market concern about the group as it finalises a restructuring programme due to be announced on Oct. 27.
Asian stocks mostly fell in holiday-thinned trade although Japanese markets found support on strong energy and semiconductor shares (.N225).
U.S. stock futures were mixed and MSCI’s world equity index (.MIWD00000PUS) fell to its lowest level since late 2020.
News of the British government’s tax U-turn didn’t appear to lift broader sentiment but probably helps to calm market worries about fiscal excess, said Kallum Pickering, senior economist at Berenberg Bank in London.
“Markets seem to have lowered their expectations for the BoE bank rate while gilt yields have fallen further from their recent highs. Less tight financial conditions may ease the near-term shock on economic performance,” said Pickering.
MSCI’s 47-country world stocks index rallied 10% between July and mid-August. But aggressive Fed rate hikes soon came swinging back in, and that index has plunged 15% since, leaving it down 25% and $18 trillion so far this year.
Central banks in Australia and New Zealand meet this week and are expected to deliver further rate increases.
Oil prices rallied on reports what OPEC+ will this week consider cutting output by more than 1 million barrels a day, for its biggest reduction since the pandemic, in a bid to support the market. Brent crude futures rose more than 4% to almost $89 a barrel and U.S. West Texas Intermediate crude was up 4.5%, at $83 a barrel.
UK RESPITE
Britain’s battered pound was up around 0.4% at $1.12085 and its government bond yields fell, pushing their price up, following the UK policy reversal , .
“From a market perspective, it is a good step in the right direction. It will take time for markets to buy the message but it should ease the pressure,” said Jan Von Gerich, chief analyst at Nordea. “Questions still remain and sterling will likely remain under pressure.”
London’s FTSE-100 stock index was down 0.5% (.FTSE), falling in line with other markets.
Japan’s yen meanwhile briefly fell as low as 145.4 to the dollar even as Japan’s finance minister, Shunichi Suzuki, said that the government would take “decisive steps” to prevent sharp currency moves.
It was the first time the yen has fallen through the 145 barrier since Sept. 22, when Japan intervened to prop up its currency for the first time since 1998.
Trade across Asia was generally subdued. South Korea had a national holiday and China entered its “Golden Week” break on Monday. Hong Kong is closed for a public holiday on Tuesday.
Gold was just 0.4% firmer to $1,665.79 an ounce .
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Reporting by Dhara Ranasinghe, additional reporting by Sam Byford in TOKYO; Editing by Hugh Lawson and David Evans
Our Standards: The Thomson Reuters Trust Principles.
Retailers Stumble Adjusting to More Selective Shoppers
This hasn’t been the year retailers planned for.
After two years of navigating the pandemic — which brought record online sales and shoppers willing to buy all manners of items, to the point that the global supply chain became strained — executives knew a new normal would take shape.
Sales might slow, the thinking went, but people would still want TVs, fashionable dresses and throw pillows. So, with supply chain issues in mind, companies stocked up. But this spring it became clear that those items weren’t selling quickly enough. As people watched the prices of food and gas rise, their spending became more selective, leaving retailers with shelves of inventory they couldn’t get rid of.
The magnitude of the miscalculation was crystallized this week in a batch of quarterly earnings from major retailers like Walmart and Target, which showed a mix of declining sales of discretionary goods and lower profits. A number revised their guidance, lowering expectations for both sales and profits for the rest of the year. A glut of inventory weighed on companies’ balance sheets: Inventory at Walmart rose 25 percent from this time last year. At Target, it increased 36 percent. And Kohl’s said inventory was up 48 percent.
“Since our last earnings call in May, a weakening environment, high inflation and dampened consumer spending are having broad implications across much of retail, especially in discretionary categories like apparel,” Michelle Gass, the chief executive of Kohl’s, said on a call with analysts. “Given our penetration in these categories, this is disproportionately impacting Kohl’s.”
Taken together, the results show that the robust sales retailers grew accustomed to during the course of the pandemic have ceased — and the consumer landscape that awaits may be more austere than what they prepared for. (There were exceptions. Home Depot, for instance, said sales were still strong, driven by home improvement projects.) On earnings calls, executives said lower- to middle-income consumers were the most hesitant to spend. Stores are responding by pushing more discounts and highlighting private-label brand to shoppers, and, in some cases, canceling billions of dollars’ worth of orders with vendors. It remains to be seen which strategies will be most effective.
Inflation F.A.Q.
Card 1 of 5
Inflation F.A.Q.
What is inflation? Inflation is a loss of purchasing power over time, meaning your dollar will not go as far tomorrow as it did today. It is typically expressed as the annual change in prices for everyday goods and services such as food, furniture, apparel, transportation and toys.
“The last two years was great for retailers because consumers were buying everything they had to offer,” Liza Amlani, founder of Retail Strategy Group, which works with brands on their merchandising and planning strategies. “They just can’t do that anymore. You have to understand what the consumer wants more now than ever.”
In July, U.S. retail sales were virtually unchanged, according to data from the Commerce Department released Wednesday. Excluding the sales of gas and cars, retail sales actually increased 0.7 percent. But 85 percent of U.S. consumers said that inflation is altering the way they shop, according to a survey released this week from Morning Consult.
Most retailers are hoping this pullback period is only temporary. In the meantime, companies are trying to signal to customers that it’s worth doing what spending they do in their stores. Kohl’s, for instance, said that its private-label brands outperformed the national ones it carries last quarter, and that shoppers gravitated toward buying more basic apparel that could be worn with many different outfits.
Retailers are also turning to the familiar strategy of discounting merchandise to entice shoppers to open their wallets. It’s one they didn’t have to deploy for most of the pandemic, when people showed they were willing to pay full price for a wide range of items. Target, Walmart and Ross Stores all said they have marked down goods in recent weeks. In turn, retailers like BJ’s Wholesale Club — even if they were content with their balance sheets — said they lowered prices on some categories in order to stay competitive. Robert Eddy, chief executive at BJ’s Wholesale Club, even said that the company was willing to “alter the scope and the depth of those promotions” for the holiday season.
The strategy of discounting might not actually get to the root cause, analysts say.
“There is a point at which lower prices don’t trigger incremental demand because the consumers already have it,” said Simeon Siegel, a managing director at BMO Capital Markets. “It’s not an indication that the company is dead. It’s not an indication that they’re never going to buy it again. They just need the time lag.”
Retailers need to realize that consumers are thinking differently, Mr. Siegel said. Some big-ticket purchases — like an exercise bike, living room couch or patio grill — will happen just once. In other cases, the amount of time between purchasing and replenishing will be longer. A person might now buy a candle every few months, compared to doing it every month in the early stages of the pandemic when they were home more often. And more people are choosing to spend their money on things like air travel and movie tickets this summer compared to last.
With all of these variables, lowering prices might not trigger the demand a retailer wants, Mr. Siegel said. It might simply just cut into a company’s profits.
For the stores that did see sales growth, like the big-box retailers Walmart and Target, most of that volume was attributed to higher food prices. Groceries have narrower margins than, say, a retailer’s private-label dress brand, and the shift in sales from one category to another affects the company’s overall profitability.
Understand Inflation and How It Affects You
Along with pricing, retailers need to figure out how to deal with their inventory issues, especially with the all-important holiday season just a few months away.
“Getting through the inventory levels allows them to have a cleaner store, a cleaner supply chain,” said Bobby Griffin, equity research analyst at Raymond James. “They won’t be able to predict it perfectly, but getting through excess inventory will give them more flexibility to try to adapt to what the holiday is throwing at them.”
For all the challenges, some retailers saw a brighter path ahead. While inventory at TJX, the owner of the T.J. Maxx and Marshall’s chains, was up 39 percent for the quarter, the company said it was comfortable at that level because they had want shoppers actually wanted.
“They’re looking for an exciting treasure hunt, an entertaining shopping experience in stores,” Ernie Herrman, TJX’s chief executive, said in a call with analysts, “and along with that value equation, we continue to provide those two things.”
Isabella Simonetti contributed reporting.
Stocks stumble on new growth fears, dollar extends rally By Reuters
© Reuters. FILE PHOTO: A man wearing a protective mask, amid the coronavirus disease (COVID-19) outbreak, walks past an electronic board displaying Shanghai Composite index, Nikkei index and Dow Jones Industrial Average outside a brokerage in Tokyo, Japan, March 7,
By Tommy Wilkes
LONDON (Reuters) – Stocks fell again on Monday and the dollar rocketed to a new two-decade high as worries about higher interest rates and a tightened lockdown in Shanghai deepened investors’ fears that the global economy is headed for a slowdown.
After a bruising session on Friday in which U.S. stocks sold off sharply as another rise in long-dated U.S. Treasury yields unnerved investors, markets were set for a rocky start to the week, with most indexes in the red.
Central banks in the United States, Britain and Australia all raised interest rates last week, and investors are bracing for more tightening as policymakers try to get on top of soaring inflation.
There was plenty more for investors to worry about on Monday aside from tightening financial conditions.
No let-up appeared in China’s zero-COVID policy, with Shanghai tightening the city-wide lockdown for 25 million residents.
Speculation that Russian President Vladimir Putin might declare war on Ukraine in order to call up reserves during his speech at “Victory Day” celebrations also hurt market sentiment. Putin has so far characterised Russia’s actions in Ukraine as a “special military operation”, not a war.
Despite the sharp rise in rates, not all investors think a slowdown is imminent.
“We continue to believe investors should position for the reality of inflation now, rather than the chance of a recession soon,” said UBS Global Wealth Management strategists.
Wall Street headed for another weaker open with the stock futures down 1%, while Nasdaq futures shed 0.9%. U.S. 10-year bond yields reached a new 3-1/2 year high of 3.179%.
The Euro STOXX weakened 0.56%, while lost 0.21%.
MSCI’s main emerging market stocks index fell to its lowest level since July 2020.
The fell 0.5%, leaving it not far from the 17-month intraday low reached on Friday.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.27% and 2.53%. Chinese blue chips eased 0.8%, while in offshore markets the yuan fell to 6.765 per dollar, another 18-month low.
Investors are also tense ahead of the U.S. consumer price report due on Wednesday. Only a slight easing in inflation is forecast, and certainly nothing to prevent the Federal Reserve from hiking by at least 50 basis points in June.
Core prices are actually seen rising by 0.4% in April, the monthly rate accelerating from 0.3% in the previous month, even as the annual pace dips a bit due to base effects.
DOLLAR DOMINANCE
With investors juggling so many worries, one place they are looking for safety is in the dollar, which is soaring against most other currencies.
The , which measures the greenback against a basket of currencies, rose as much as 0.4% to 104.19, the latest in a string of 20-year highs.
“Risk appetite is fragile and yield spreads continue to suggest further upside on the Dollar Index,” said Sean Callow, a senior FX strategist at Westpac.
“We look for ongoing demand for DXY (the dollar index) on dips, with 104 already being probed and still potential for a run towards 107 multi-week.”
The soaring dollar is hammering other currencies. The euro dropped back below $1.05 while the Japanese yen fell to its weakest since 2002.
Expectations that the Fed will move more aggressively in raising interest rates are supporting the dollar, as is a sense among investors that the U.S. economy will hold up better than a euro zone hit hard by the fallout from the war in Ukraine.
But interest rates are also rising in the euro zone. On Monday, Germany’s 10-year bond yield hit a new highest level since 2014, buoyed by hawkish policymaker Robert Holzmann saying on Saturday that the European Central Bank should raise interest rates three times this year to combat inflation.
The diary is full of Fed speakers this week, giving them plenty of opportunity to keep up the hawkish chorus.
Oil prices see-sawed after the Group of Seven nations committed on Sunday to banning or phasing out imports of Russian oil over time.
was last quoted down 1.07% at $111.21, while dropped 1.16% to $108.51.
Gold was down 0.7% at $1,869 an ounce, having struggled recently to gain any traction as a safe haven.
NBA Power Rankings: James Harden catapults 76ers to No. 1; Lakers’ stumble continues; Jazz starting to peak?
1
76ers
2
Jazz
3
Bucks
4
Heat
5
Grizzlies
6
Suns
7
Mavericks
8
Celtics
9
Timberwolves
10
Nuggets
11
Bulls
12
Warriors
13
Clippers
14
Pelicans
15
Hawks
16
Raptors
17
Hornets
18
Cavaliers
19
Nets
20
Lakers
21
Kings
22
Thunder
23
Pacers
24
Spurs
25
Wizards
26
Knicks
27
Pistons
28
Magic
29
Rockets
30
Trail Blazers
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Gold jumps, stocks stumble as Ukraine crisis deepens
NEW YORK, Feb 17 (Reuters) – Gold prices jumped to an eight-month high and safe-haven debt rose on Thursday after U.S. President Joe Biden said there was every indication Russia planned to attack Ukraine, while Moscow accused Washington of ignoring its security demands.
A gauge of global equities fell more than 1% despite strong corporate earnings in Europe as the standoff over Ukraine deepened. Russian-backed separatists and Ukrainian forces accused each other of firing shells across a cease-fire line as Britain said Russia sought to fabricate a pretext to invade. read more
In a sign of increasing alarm about Ukraine, U.S. Secretary of State Antony Blinken told the UN Security Council this is “a moment of peril” for the lives and safety of millions of people regarding Russia’s potential invasion of Ukraine. Russia denies planning to invade its neighbour.
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U.S. and German government bond yields fell, and oil slid as talks entered their final stages to resurrect a 2015 nuclear deal that would allow Iran to resume oil exports to clients such as South Korea. Losses were capped by the growing tension between major energy exporter Russia and the West.
Investors already were looking toward the long weekend with Monday a U.S. holiday when markets will be closed, said Marc Chandler, chief market strategist at Bannockburn Global Forex.
“You as a market participant are not incentivized to be fighting the risk-off mood ahead of the weekend when anything can happen,” Chandler said.
The pan-European STOXX 600 index (.STOXX) fell 0.74% while MSCI’s gauge of stocks across the globe (.MIWD00000PUS) shed 0.85%.
On Wall Street, the Dow Jones Industrial Average (.DJI) fell 1.19%, the S&P 500 (.SPX) lost 1.18% and the Nasdaq Composite (.IXIC) dropped 1.47%.
Asia MSCI’s broadest index of Asia-Pacific shares (.MIAP00000PUS) eked out a 0.15% rise.
Worries about a super-hawkish Federal Reserve rate-tightening campaign eased overnight after minutes of its latest policy meeting signaled a measured, even dovish stance. read more
Ukraine concerns led investors to buy government debt. Yields on the U.S. 10-year Treasury note dropped 8.2 basis points to 1.963%, while yields on Germany’s 10-year government bond slid 0.2 basis points to 0.229%.
The Russia-Ukraine crisis has unnerved investors who also must monitor the Fed and efforts by other central banks to fight soaring global inflation.
“There’s a lot of confusion right now and everybody’s crystal ball is pretty cloudy,” said George Mateyo, chief investment officer at Key Private Bank, speaking of both of Ukraine and how the Fed might tighten monetary policy.
The U.S. economy has weathered COVID-19’s hit on the economy well, with GDP and corporate earnings at peak levels, which bodes well for the market, he said.
“It’s going to be a challenging year, but not a dire year,” Mateyo said. “Expect some volatility this year, but don’t abandon risk altogether, don’t get super defensive. There’s a lot of missed opportunities inside the market.”
Spot gold added 1.5% to $1,895.77 an ounce after rising close to the key $1,900 mark.
Oil prices fell more than 2% before easing. U.S. crude futures fell 1.56% to $92.20 per barrel and Brent was at $93.30, down 1.59% on the day.
The dollar , also regarded as a safe haven, initially rose against most currencies but gains subsided and the greenback was later marginally lower – a sign investors were not yet panicking about the Russia-Ukraine tensions.
However the Japanese yen, a currency investors often buy as a safe-haven, hit its strongest since Feb. 7.
The dollar index fell 0.058% as the yen strengthened 0.42% at 114.98 per dollar.
The euro down 0.06% to $1.1366.
Bitcoin last fell 4.62% to $42,047.23.
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Reporting by Herbert Lash, additional reporting by Tommy Wilkes in London, Kevin Buckland and Selena Li in Tokyo; Editing by Kim Coghill, Kirsten Donovan and Barbara Lewis
Our Standards: The Thomson Reuters Trust Principles.