Written by Gary
CDC says the 7-day average of daily U.S. Covid cases surpassed the peak seen last summer (SPY +0.2%). Home prices skyrocket to a 40-plus year high.
Here is the current market situation from CNN Money | |
European markets are mixed. The DAX is higher by 0.06%, while the CAC 40 is leading the FTSE 100 lower. They are down 0.43% and 0.07% respectively. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
Shale Giants Hit Hard By Poor Hedging DecisionsThe lack of growth in shale production, currently inching higher but primarily from DUC- Drilled but Uncompleted wells, has been largely attributed to capital discipline. Shale companies have spoken almost in unison that the higher prices now being seen would not be enough to deter them from the balance sheet repair and shareholder returns strategy in lieu of growth that many embarked upon a year and a half ago. A factor that has not been widely reported is the level of hedging losses that are stripping away much of the upside presented by the | |
Is The Worlds Hottest Oil Play About To Surprise Markets Again?Kavango Basin oil exploration is lighting up again with a series of big announcements on Friday by the junior explorer behind what we consider is the most exciting onshore play in a decade. After stunning markets with two consecutive confirmations of an active petroleum system in Namibias giant Kavango Basin, Reconnaissance Energy Africa (TSX.V: RECO, OTCMKTS:RECAF) has now initiated an ambitious 450-kilometer 2D seismic acquisition, expects to release more comprehensive results from their first well and launched an impressive community | |
The Sun Is Shining On Solar Stocks This SummerAfter struggling for weeks trying to work out details of how to pay for the legislation, a bipartisan group of lawmakers is reportedly close to finishing their behind-the-scenes negotiations and unveil a $1.2T infrastructure bill. The bill includes $550B in new spending, with analysts generally bullish about its chances of passing in the Senate, though its fate in the House remains uncertain. The newest issue of Barron’s has analyzed several infrastructure plays that could benefit from the new federal spending with the likes of Caterpillar (NYSE:CAT), | |
Pirates Plague Mexicos Offshore Oil PlatformsIncidents of piracy in the Mexican waters in the Gulf of Mexico have led to calls to Mexicos Navy to increase its presence in the area where pirate attacks on vessels and oil platforms have been rising in recent years. According to InSight Crime, Mexicos authorities have failed to adequately respond and proactively work to prevent pirate attacks in the southern part of the Gulf of Mexico. Last year, the U.S. Maritime Administration issued warnings after four reported attacks on vessels in the Bay of Campeche area in the southern Gulf | |
Oil Prices Continue To Fall On Delta VariantOil prices started August in the red, and kept falling into the afternoon, with both benchmarks trading down more than 3% near Mondays close. The price of a WTI barrel slipped $2.54 (-3.43%) per barrel on Monday at 4:30 p.m. EDT, end the day at $71.41, while the Brent crude benchmark was trading down $2.35 (-3.12%) at $73.06. The catalyst for the sharp Monday drop is a surge in the number of Delta variant coronavirus cases in the worlds largest oil importer, China. Any dent in oil demand in this large of an importer will be felt in | |
Russia Boosts July Oil Production As OPEC+ Allies Pump MoreRussia saw its oil production rise for the first time in three months in July as OPEC+ continued to ease the production cuts and planned maintenance at some Russian oilfields ended. Russias crude oil and condensate production combined stood at around 10.46 million barrels per day (bpd) in July, up by 0.3 percent from June, according to Bloomberg estimates based on preliminary data from Russias Energy Ministry. In May and June, Russias crude and condensate production was lower despite the higher quota the leader of the non-OPEC | |
5 things to know before the stock market opens TuesdayDow futures gained more than 150 points Tuesday, a day after the 30-stock average gave up early gains and lost nearly 100 points. | |
Bud Light and Corona flex brand strength to stand out in a crowded hard seltzer aisleNewcomers to hard seltzer are using the heft of legacy beer brands to edge out the category’s first movers, White Claw and Truly. | |
PepsiCo to sell Tropicana and other juice brands for $3.3 billionPepsiCo announced Tuesday that it has agreed to sell Tropicana, Naked and other North American juice brands to a French private equity firm for $3.3 billion. | |
Under Armour shares surge as earnings top estimates, retailer hikes outlookUnder Armour said 2021 revenue will rise at a low-20s percentage, compared with a previous outlook of a high-teen percentage increase. | |
Footwear company Wolverine Worldwide buys Lululemon competitor Sweaty Betty for $410 millionThe footwear retailer is adding premium women’s activewear brand Sweaty Betty to its portfolio as it expands its categories, geographies and online sales. | |
Mall owner Simon Property says sales at its centers returned to pre-pandemic levels in JuneSimon Property Group saw sales at its shopping malls and outlet centers bounce back to pre-pandemic levels in its latest fiscal quarter. | |
Another shipping crisis strikes, threatening delays to Black Friday shoppingThe holiday shopping season could be marred by out-of-stock goods and shipping delays as the floods in Europe and China hit already strained supply chains. | |
Covid: Return to office depends on whether workforce is vaccinated, Dr. Celine Gounder saysDr. Celine Gounder explains why it’s important to have a vaccinated workforce when employers are considering a return to the office. | |
Cramer says Robinhood is a buy even after its rocky IPOThe “Mad Money” host said the reaction to Square’s planned Afterpay acquisition shows the benefits of Robinhood expanding into new services. | |
Cramer says it is the ‘height of irresponsibility’ to invest in Chinese stocks right now“Mad Money” host Jim Cramer urged the show’s viewers to forgo investments in Chinese stocks due to the uncertain regulatory environment. | |
Charts suggest S&P 500 may struggle in August while gold looks set to rally, Cramer says“Mad Money” host Jim Cramer analyzes charts from technician Larry Williams that offer insight into how gold and the S&P 500 may trade this month. | |
Louisiana reinstates mask mandate to combat delta variantIn response to climbing coronavirus case totals and hospitalizations, Louisiana became the second state in the nation to revive its mask mandate on Monday. | |
CDC says 7-day average of daily U.S. Covid cases surpassed peak seen last summer“While we desperately want to be done with this pandemic, Covid-19 is clearly not done with us,” CDC Director Dr. Rochelle Walensky said. | |
SEC’s Gensler Says Increased Regulation Will Drive More Crypto Adoption Ahead Of Key SpeechSEC’s Gensler Says Increased Regulation Will Drive More Crypto Adoption Ahead Of Key Speech Tuesday could be a critically important day for cryptocurrency regulation in the US. President Biden’s SEC chief, Gary Gensler, promised to rid cryptocurrency markets of “fraud” and “manipulation” even before being confirmed. And since taking office, he has promised to reform the patchwork of regulations currently governing the space. While his intentions remain vague to the thousands of investors trying to parse his intentions – as Bloomberg pointed out, a team of analysts at Goldman dug through 29 hours of Gensler’s lectures at MIT (any interested parties can find the first in the series of Gensler’s lectures here) – Gensler offered a glimpse during an interview with | |
Watch: White House COVID Response Coordinator Says It’s “Time To Impose Vaccine Requirements”Watch: White House COVID Response Coordinator Says It’s “Time To Impose Vaccine Requirements” Authored by Steve Watson via Summit News, In a briefing Monday, the Biden Coronavirus Response Coordinator Jeffrey Zients announced that œit’s time to impose some requirements where COVID vaccines are concerned. Zients referenced Biden’s comments from last week where the latter talked about giving people cash in exchange for being vaccinated, but added that this doesn’t go far enough. œLast week the president called on states and local governments to use funding they have received, including from the American Rescue Plan, to give $100 to anyone who gets fully vaccinated, Zientz said, adding œIf financial incentives like these help us get more shots in arms, we should use them. œBut in addition to incentives, it’s time to impose some requirements based on the realities of different risks unvaccinated indi … | |
Futures Rebound From Latest Chinese Regulatory Scare As Tencent CrashesFutures Rebound From Latest Chinese Regulatory Scare As Tencent Crashes US equity futures rebounded from the latest China regulatory scare which saw shares of Tencent plunge as much as 11% after Chinese state media criticized online gaming as œopium for the mind, fueling investor concerns that the companies’ popular games could be swept up into a broader regulatory crackdown. As China watcher Victor Shih noted, this showed that “even when you comply with every party dictate, you can be labeled an ‘opium’ or ‘poison’.” But even though Eminis dipped briefly below 4380 when the Tencent news hit overnight, they have since rebounded and were trading up 15.50 or 0.35%, rising to 4,395. Dow futures were up 160 points or 0.461% and Nasdaq futs added 0.08% or 11 points. Here are some of the biggest U.S. movers today, courtesy of BBG: Clorox (CLX) falls 8.5% after the household products company reported net sales and adjusted earnings per share for the fourth quarter that missed even the lowest analyst estimate. CureVac (CVAC) Arcturus T … | |
Beijing Denounces Video Games As “Spiritual Opium”, Tencent Tumbles After Imposing LimitsBeijing Denounces Video Games As “Spiritual Opium”, Tencent Tumbles After Imposing Limits Update (0745ET): As CNBC’s Eunice Yoon reports, Beijing has now republished the original Economic Information Daily article with a much softer tone, including removing the phrase “spiritual opium”. Did Beijing perhaps underestimate how these new restrictions impacted the market? * * * China’s broad-based crackdown on perceived anti-social tendencies of its biggest corporations continued on Tuesday with a new industry being targeted: video games. Beijing’s latest attempt to rein in the excesses of capitalistic development – and reassert the “primacy of socialism”, as Reuters described it – came Tuesday in the form of an article published by the Xinhua-affiliated “Economic Information Daily” which offered up a scathing critique of China’s video-game industry and its impact on minors. The article asserted (citing anecdotal reports from teenagers) are spending up to 8 hours a day playing the country’s most popular game: “Honor of Kings”. … | |
Rishi Sunak warns young home working may hurt their careerThe chancellor says being in the office helped him build strong relationships when he started out. | |
Greggs to create 500 jobs as it plans 100 more storesThe bakery chain swings back to profit and says it plans to keep expanding on the High Street. | |
Bank fraud: ‘I had £9,000 stolen from my account’Scam victims are having difficulties getting bank support after losing cash, consumer group Which? says. | |
Bharti Airtel Q1 results: Consolidated PAT dives 63% QoQ to Rs 284 cr, misses estimates; sales rise 4%The telecom operator, however, reported a 4.3 per cent sequential rise in consolidated revenues to Rs. 26,854 crore for the reported quarter, which was above estimates. | |
HDFC Q1 results cheer up Street; analysts see up to 31% upsideEdelweiss said HDFC’s relatively safer assets provide comfort and Covid-19 does deepen its competitive moats. The crisis has touched HDFC too, it said, but the outcomes have been better than initially thought of. | |
SBI, Infosys among 5 fundamental stocks that may outperform NiftyA healthy earnings season is helping domestic benchmark equity indices sail through the headwinds of a possible third wave of Covid, commodity-led inflation and volatility around the US Fed taper talk. The market is likely to continue to take support from ongoing corporate earnings season, upcoming RBI’s MPC meeting and a slew of macro data. Analysts say that the strategy of selecting stocks based on themes is yielding decent results. “We expect the same trend to continue citing buoyancy in the broader market. However, traders should limit their leveraged exposure and prefer hedged positions for overnight trades,” says Ajit Mishra, VP – Research, Religare Broking.Here are 5 stocks that analysts say can beat the Street in the next few months: | |
June 2021 CoreLogic Home Prices: Home Price Gains Skyrocket To 40-plus Year HighWritten by Steven Hansen Despite the economic ups and downs brought on by the pandemic, the housing market is still going strong. As supply and demand pressures endure and construction costs spike, in June, home price gains reached the highest annual growth since 1979.
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Deep Dive: Semiconductor stocks are rallying ” and they still look like bargainsStellar earnings are propelling chip makers’ shares, which trade cheaply compared with the broader stock market. | |
Futures Movers: Oil prices stabilize after Monday slideOil futures trade modestly higher Tuesday, consolidating after a dive in the previous session blamed on worries about the spread of the delta variant of the coronavirus that causes COVID-19. | |
Market Extra: Climate risk is hitting home for state and local governmentsAcross the U.S., state and local governments and the bond market that helps them are taking increasingly proactive, if piecemeal, steps toward making their communities ready for extreme weather and pollution scenarios that once seemed unimaginable. |
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