Missing In Climate Action At The COP30

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Listen on the go! A daily podcast of Wall Street Breakfast will be available by 8:00 a.m. on Seeking Alpha, iTunes, Spotify.Getty ImagesGood morning! Here is the latest in trending:All about Nvidia: The S&P 500 now tracks closer to the AI darling than its 500 components, while SoftBank unloaded its entire stake in the company for $5.8B.Getting confusing: In the absence of government data, ADP previously estimated that 42K jobs were added in October, but then said private payrolls fell by 11,250 each week.Next stop: The U.S. House is set to vote on ending the longest-ever government shutdown. Elsewhere in Washington, the Supreme Court extended a pause on SNAP benefits.The latest round of U.N. climate talks, known as COP30, is making headlines this week in Brazil. Ironically, the country has been expanding its fossil fuel industry, with crude oil recently topping soybeans as its top export. State-owned company, Petrobras (PBR), has also been pushing for controversial drilling near the mouth of the Amazon River, while there was outrage over the destruction of the Amazon rainforest to build new infrastructure, including a four-lane highway, to accommodate the thousands of climate delegates in Belém. Petrobras poised to start production at next Buzios oil platformQuote: This is "the COP of truth,” Brazilian President Luiz Inácio Lula da Silva declared at the summit. "Climate change is not a threat to the future – it is a tragedy of the present. We need roadmaps so that humanity, in a just and planned way, can overcome its dependence on fossil fuels, halt and reverse deforestation, and mobilize resources for these purposes. Crossing 1.5°C is a risk we cannot take."As part of his vision, Lula argued that "just and equitable" energy transitions in developing countries could be financed by revenues from oil exploration. That means that crude and gas can stick around longer than once expected, which was echoed in the latest IEA report. The agency outlined that fossil fuel demand may continue rising until 2050, revising earlier expectations of a rapid shift to cleaner energy and signaling that climate targets are likely to be missed. EU ministers race to set new climate target ahead of COP30What about America? The U.S. didn't send any official delegation to COP30, with President Trump recently declaring that climate change was the "greatest con job ever perpetrated on the world." Despite the rhetoric, the buildout of renewable energy capacity stateside continues at a rapid pace due to things like the AI boom, helping boost clean energy shares and the S&P Global Clean Energy Index (SPGTCLEN), which is up 46% YTD. Contrast that to the more modest 7% YTD gain of the S&P 500 Energy Sector Index (SP500-10), given rising inventories from "drill, baby, drill" and OPEC+, as well as sluggish demand growth across the globe.Here's the latest Seeking Alpha analysisS&P 500: 8 Stock Market Red Flags, 3 Ways To Potentially Profit From A Big Decline5 Best Dividend Stocks To Hold In Uncertain TimesCoreWeave: An Incredible AI BargainS&P 500: The Correction Is Over (Technical Analysis)Avoid These 3 Dividend Traps Before They Wreck Your Retirement Income What else is happening...AMD CEO: AI market is faster than anything we've seen before.Michael Burry accuses tech giants of artificially inflating profits.FedEx (FDX) rallies on favorable guidance amid holiday rush.Trump said to host Wall Street CEOs for dinner at the White House.Target (TGT) lowering prices on 3,000 items this holiday season.Google (GOOGL) accused of using Gemini AI to snoop on users.General Motors (GM) directs suppliers to pull back China supply chains.The latest on IBM's (IBM) quantum efforts and fault-tolerant computing.Oil drilling off California coast? Newsom calls plan 'dead on arrival.'SA Asks: Should Fannie, Freddie take stakes in tech companies?Today's MarketsIn Asia, Japan +0.4%. Hong Kong +0.9%. China -0.1%. India +0.7%.In Europe, at midday, London -0.2%. Paris +1%. Frankfurt +0.1%.Futures at 6:30, Dow +0.2%. S&P +0.3%. Nasdaq +0.6%. Crude -0.7% to $60.59. Gold +0.4% to $4,131.20. Bitcoin -0.5% to $104,890.Ten-year Treasury Yield -3 bps to 4.09%.On The CalendarCompanies reporting today include Cisco Systems (CSCO) and Circle Internet (CRCL).See the full earnings calendar on Seeking Alpha, as well as today's economic calendar.