Top News About Business and Markets October 10, 2022 - Stash Learn

Stash Learn

Financial News

Oct 10, 2022

The Weekly Scan October 10, 2022

Find out what’s happening in the world of business this week.

Twitter LinkedIn Facebook

Welcome to the Weekly Scan. Here’s what we’re following for the week of October 10, 2022. Plus, our Certified Financial Planner™ Lauren Anastasio gives advice on how to respond to the news.

Up in smoke. President Biden announced that he’s pardoning anyone who has been convicted of marijuana possession under federal law. Roughly 6,500 people, as well as thousands from Washington, D.C., who were convicted of possession between 1992 and 2022 will be pardoned. The Biden administration is also pushing governors to pardon those convicted on a state level. Additionally, Biden said that his administration is exploring whether or not marijuana should still be considered a Class I drug, such as heroin or LSD. 

  • The takeaway: Shares of marijuana sellers jumped at the news, but many are still down almost 90% since their 2018 highs. Marijuana investments will continue to be risky and volatile as legal uncertainties remain.   

New York Times

Deal or no deal. Tesla CEO Elon Musk and Twitter have revived earlier conversations regarding Musk’s potential takeover of the social media platform. But those talks reached a conflict over one  stipulation: Musk’s offer to purchase Twitter for $44 billion is dependent on getting $13 billion in debt financing. The original deal proposal reportedly didn’t include that debt financing requirement for the deal to go through. Seven banks led by Morgan Stanley would be on the hook for financing—whether the deal goes through or not. 

  • The takeaway: If Twitter winds up going private, you could still see it as a publicly traded company in the future. Famous companies—like Hilton, Burger King, and Heinz—started out as publicly traded, then went private, and finally became public again. 


Emptying the tank. Despite pressure from the U.S., the Organization of Petroleum Exporting Countries, and its allies, collectively known as OPEC+, announced last week that it will cut oil production by 2 million barrels in November as a way to try toboost crude prices. The cut is at the far end of the expected range of 500,000 to 2 million barrels. OPEC+, which includes countries like Russia and Saudi Arabia, massively reduced production in early 2020, but has since ramped up production goals. However, crude prices have fallen to about $80 per barrel from $120 in June 2022 over recession concerns. 

  • The takeaway: Oil and gas stocks comprise only a portion of the energy sector. By investing broadly in energy, like an energy-based exchange-traded fund (ETF), you can also get exposure to green stocks including solar and wind energy companies.


Missile madness. In response to North Korea’s decision to fly a missile over Japan, the U.S. and South Korea ran their own missile drills. The U.S. also repositioned its supercarrier east of North Korea in response to the threat. Secretary of State Anthony Blinken also warned North Korea that more action could lead to problems for the country. Russia and China meanwhile have urged the U.S. not to put pressure on North Korea. The missile launch from North Korea was the country’s furthest than ever before, and Japanese residents were told to take cover as a result.

  • The takeaway: A diversified portfolio is an important component of The Stash Way®. —and you can achieve diversification  by investing across geographies. Having exposure to international securities can improve diversification and reduce risk. 


Investing made easy.

Start today with any dollar amount.
Get Started

Hooked on Stash? Tell your friends!

Get $5 for every friend you refer to Stash.
Refer friends

Hooked on Stash? Tell your friends!

Get $5 for every friend you refer to Stash.
Refer friends

Written by

Claire Grant

As the Senior Writer at Stash, Claire covers budgeting, saving, and investing advice, as well as business news. Claire has written for Stash for three years, and is passionate about making financial education and investing advice both accessible and interesting for everyone. With a background in the editorial and media industries, Claire has written blog articles, social media copy, newsletters, and more. She has a BA in Comparative Literature from Fordham University.


Invest in

By using this website you agree to our Terms of Use and Privacy Policy. To begin investing on Stash, you must be approved from an account verification perspective and open a brokerage account.