Written by Gary
SP 500 wobbles after setting all-time intraday high, but Nasdaq extends record climb as traders await week of key economic data (SPY down and flat).
Here is the current market situation from CNN Money | |
North and South American markets finished mixed as of the most recent closing prices. The Bovespa gained 1.21%, while the IPC led the S&P 500 lower. They fell 1.14% and 0.06% respectively. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
Number Of U.S. Drilled But Uncompleted Wells Drops 27% In A YearThe number of drilled but uncompleted wells (DUCs) in the U.S. shale patch has declined by 27 percent since the peak in June 2020, the Energy Information Administration (EIA) has estimated. DUCs allow exploration and production companies to pump crude oil and natural gas at a lower cost, so its no surprise that the number of DUCs has dropped since the peak in June 2020. Back then, operators shut in production because of the low oil and natural gas prices and the crash in global oil demand in the pandemic. E&P firms have tightened spending | |
China Starts Up Second-Biggest Hydropower Dam In The WorldChina has launched power generation from the first operational units at a massive new hydropower dam, which is the worlds second-largest after the Three Gorges dam, again in China, The Associated Press reported. Despite environmentalists criticizing China for putting up massive dams on the Yangtze River and its tributaries, Chinese authorities proceed with hydropower construction as they seek to reduce the carbon footprint of electricity generation in the country. The Baihetan Dam, built by the Chinese Three Gorges Corporation, will be the | |
U.S. Natural Gas Prices Jump To 29-Month High On Extreme WeatherU.S. natural gas prices jumped last week and early on Monday amid a tight natural gas market and expectations of high demand for electricity in hotter than usual weather in many parts of the United States. As of 8:19 a.m. EDT on Monday, the U.S. benchmark natural gas price at the Henry Hub was trading at above $3.50 per million British thermal units (MMBtu)at $3.549, up by 1.52 percent. This was the highest price for the prompt futures in 29 months. On Thursday last week, the Energy Information Administration (EIA) reported net injections | |
Iran Grapples With Major Oil Worker StrikeOil and petrochemical workers from 60 companies across eight Iranian provinces are now on strike demanding higher wages and better contractual conditions, Iran International reported, adding that the strikes have been intensifying since last week. The London-based Iran-focused outlet explained that the strikes follow a change in the way people rehired in the countrys oil industry. Retiring full-time workers are being replaced with employees hired on a temporary contract basis. After 20 years of this practice, to date there are more than | |
U.S. Shale Producers Stick To Output DisciplineDespite a strong rebound in oil prices, seeing them hit three-year highs, U.S. shale oil producers are sticking to their output discipline, Reuters reports, citing rig count data and industry insiders. While West Texas Intermediate has passed the $70-per-barrel mark that makes a lot more shale output profitable, producers are wary of bringing back too much production too quickly. Under other circumstances, drillers would have been adding rigs consistently, but this year, the rig count has been swinging between weekly additions and declines, according | |
Why Namibia Could Become The Biggest Oil Story of the DecadeWhat we think is shaping up to potentially be the last great onshore oil discovery in the world has just announced encouraging results in the first section of its second well in Namibias giant Kavango Basin, and modern history suggests that first well successes are rarely reversed. Thats huge news for investors in the junior explorer, Reconnaissance Energy Africa (TSXV:RECO, OTC:RECAF), that slipped into this massive play before the supermajors had time to blink. What looks to have been a brilliantly timed acquisition | |
Juul agrees to $40 million settlement in North Carolina teen marketing lawsuitJuul Labs has agreed to pay North Carolina $40 million and change its business practices in the state. | |
‘Robust’ immune response seen in ‘mix and match’ Covid vaccine studyMixing and matching Covid vaccines made by Pfizer-BioNTech and AstraZeneca-Oxford generates a “robust” immune response, a study led by Oxford University found. | |
Shares pop on trading debut of Electric Last Mile, the latest speculative EV company to go publicShares of Electric Last Mile began trading Monday on the Nasdaq, adding to a growing list of speculative SPAC-backed electric-vehicle start-up companies. | |
Renault inks gigafactory deals with Chinese and French firmsAutomaker is not unique in focusing on the production of batteries for electric vehicles. | |
Dr. Scott Gottlieb says daily new Covid cases in the U.S. won’t ever go to zero“We’re always going to have some level of spread,” the former FDA chief told CNBC on Monday. “We’re not going to try to get this down to zero cases a day.” | |
How Porsche went from sports cars to SUVs … and EVsPorsche is one of the most legendary names in sports cars. Purists were skeptical about its move toward SUVs, but it proved successful. Can it repeat with EVs? | |
Here are 5 ways to spend money that can actually make you happierYou may be ready to spend more money, but will it bring you joy? Researcher Elizabeth Dunn details five happy spending strategies. | |
Vaccines work against Covid ” but not enough people are getting the shots, U.S. doctor saysThe more the virus spreads, the greater the risk of new Covid variants that can evade current vaccine protection, says Vanderbilt professor William Schaffner. | |
The Covid delta variant has ‘exploded’ in the UK ” and it could be a blueprint for the U.S.From vaccines to variants, the U.K.’s experience of Covid-19 has often been a harbinger of things to come for other countries. | |
‘F9’ has highest opening weekend of the pandemic with $70 million box office haul“F9” tallied $70 million in box office receipts during its opening weekend, the most of any movie released in the wake of the coronavirus pandemic. | |
Moody’s says these Indian infrastructure firms are better positioned to withstand Covid disruptionsIndia suffered a devastating second wave when reported coronavirus cases jumped sharply between February and early May. | |
Singapore wants to be an e-commerce hub as Asia’s digital economy growsSingapore is working with global internet companies like Google to further transform itself into a leading e-commerce hub in the region. | |
NHC Monitoring Two Atlantic Basin Disturbances And One Hurricane In Eastern Pacific ÂNHC Monitoring Two Atlantic Basin Disturbances And One Hurricane In Eastern Pacific  The National Hurricane Center (NHC) is tracking multiple weather disturbances forming in the Atlantic basin and a hurricane in the Eastern Pacific. Beginning in the Atlantic, where a disturbance is located about 190 miles east-southeast of Hilton Head Island, South Carolina, has about 70% odds of tropical cyclone formation over the next 48 hours. The US Air Force is expected to deploy their reconnaissance aircraft this afternoon and monitor the storm. Meanwhile, a second disturbance is producing thunderstorms over the eastern tropical Atlantic Ocean. It has a 20% chance of forming over the next 48 hours. Slow development of the storm may allow it to form later in the week and approach the Lesser Antilles Wednesday night. “There can be some gradual development with this as it tracks across the Atlantic and it is possible that this can gain enough organization to become a tropical depression during the first half of the week,” Ac … | |
Turley: Why Giuliani’s Suspension Should Worry All LawyersTurley: Why Giuliani’s Suspension Should Worry All Lawyers Authored by Jonathan Turley, Below is my column in The Hill on the suspension of Rudy Giuliani by the New York Bar. The widespread hatred for Giuliani may be blinding many to the more troubling aspects of the opinion by the New York Supreme Court. Here is the column: This week, New York’s Supreme Court took the extraordinary step of suspending Rudy Giuliani, former federal prosecutor and counsel to former President Trump, from practicing law. As a long-standing critic of Giuliani for his baffling, | |
The Experiment Is Over: Labor Market Normalizing In Republican States, Remains Broken In Blue StatesThe Experiment Is Over: Labor Market Normalizing In Republican States, Remains Broken In Blue States Exactly one month ago, when we observed that with 23 – all republican – states announcing at least some form of early reduction in pandemic-related unemployment insurance benefits ahead of the September expiration at the federal level… … in hopes of unclogging labor supply and easing the unprecedented labor shortage gripping America which has manifested in record numbers of job openings which nobody wants due to Uncle Sam’s generous weekly benefits… | |
Make-A-Wish Foundation Says It Won’t Help Terminally-Ill Kids Unless Their Entire Family Is VaccinatedMake-A-Wish Foundation Says It Won’t Help Terminally-Ill Kids Unless Their Entire Family Is Vaccinated Authored by Paul Joseph Watson via Summit News, The Make-a-Wish Foundation says it won’t help terminally ill children unless the child and their entire family has taken the COVID-19 vaccine, prompting actor Rob Schneider to end his relationship with the charity. Yes, really. Make-a-Wish president and CEO Richard Davis made the announcement in a video released last week, stating, œAll wish participants, including your wish kid and any siblings, will need to be two weeks past completion of either a one-dose or a two-dose vaccine.
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Spain, Malta and Portugal restrict non-vaccinated travellersUK travellers will have to prove they have been fully vaccinated against coronavirus on arrival. | |
Nissan to create thousands of UK jobs in battery investmentThe carmaker is set to announce a major expansion of battery production in Sunderland. | |
Greensill auditor under investigation by watchdogSaffery Champness’s work for Sanjeev Gupta’s financial backer is being probed by the FRC. | |
Should you book profits in Dodla Dairy after 48% jump in debut trade?Most analysts had advised subscribing to the issue for listing gains as well as for the long term, but with a strong start in the secondary market, some of them say investors should book profits. | |
Ashish Kacholia cashes in on KIMS listing gainsThe KIMS stock made a debut on the bourses with a 22 per cent gain from the issue price of Rs 825 but closed the day 2 per cent lower. | |
Nirmala Sitharaman announces Rs 1.1 lakh crore loan guarantee scheme for Covid affected sectorsThe interest rate on loans from banks under this scheme would be capped at MLCR plus 2 per cent. | |
Earnings Outlook: Micron earnings: Investors need assurance that memory chip prices aren’t peakingMicron Technology Inc.’s earnings and outlook later this week should shed some light on whether investors’ fears that memory chip prices are peaking are overblown. | |
: A quarter of 65-year-old Americans will have ‘severe need’ for long-term careHere’s why you may want to explore long-term care services when planning your retirement | |
NewsWatch: S&P 500 wobbles after setting all-time intraday high, but Nasdaq extends record climbThe S&P 500 and the Nasdaq Composite establish fresh intraday all-time highs Monday morning, but the Dow lags behind its peer indexes, weighed by a slump in Boeing Co. and Chevron Corp. shares. |
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