Written by Gary
Wall street futures are higher as it tries to keep its rebound rally going (SPY +0.2%). The biggest premarket movers: Coca-Cola, Johnson & Johnson, Netflix, Verizon.
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. | |
Could This Be The Most Promising Oil Play Of The Decade?No oil discovery narrative appears to have captured investor attention this year as much as Reconnaissance Africas (TSXV:RECO, OTC:RECAF) acquisition of the rights to Namibias giant, 6.3-million-acre Kavango Basin, which was followed in short order by two confirmations of an active petroleum system. Its captured our attention for several reasons; not the least of which is that onshore discoveries are pretty much a thing of the past, except in the final frontier of Africa, where Namibiawhich has never produced a barrel | |
Hedge Funds Won Big On OPEC SpatMoney managers continue to take profits on oil futures and options contracts after crude prices hit multi-year highs in early July. Hedge funds and other portfolio managers were net buyers of the most traded petroleum contracts in the latest reporting week, but most of the purchases consisted of buying back to close out short positions at a profit. Overall, money managers bought the equivalent of 24 million barrels worth of petroleum contracts in the week to July 13, according to estimates of Reuters market analyst John Kemp, | |
Gold Prices Show That Oil Is Still CheapOil prices have tanked over the past two weeks, suffering from fears of additional OPEC supply hitting the market, the shattering of demand optimism over Delta variant fears, and unfavorable fuel inventory data. WTI was trading at $65.99/bbl early Tuesday, with Brent at $68.24, levels they crossed two months ago. That marks a sharp trend reversal after taking out multi-year highs just weeks ago, which naturally begs the question of whether the oil price run-up had run too far, too fast. The oil bulls will be happy to hear that oil prices | |
10 Things You Never Knew About OilFrom OPEC to U.S. shale, from fracking to negative oil prices, from endless political debates to inventories, the fossil fuel industry is never short on headlines. But the industry has a few lesser-known tidbits that might come as a surprise to even the savviest oil industry connoisseur. In no particular order, here is our top 10 list of things you never knew about oil. Number 10 on our list was not inspired by DC Comics, although its easy to see why one would think so. Superhero fans might be surprised–and perhaps giddy–to learn | |
Surprise Crude Inventory Build Sends Oil Prices DownThe American Petroleum Institute (API) on Tuesday reported a build in crude oil inventories of 806,000 barrels for the week ending July 16, bringing the total 2021 crude draw so far to a hair under 50 million barrels, using API data. Analysts had expected a loss of 4.333 million barrels for the week. In the previous week, the API reported a draw in oil inventories of4.079 million barrels, largely in line with analyst predictions fora draw of 4.333 million barrels. The price of a WTI barrel had risen more than 50% so far this year, but | |
China Buys Less Saudi Crude As It Slams The Brakes On Oil ImportsSaudi Arabia remained Chinas single largest crude oil supplier in June, ahead of Russia, although Saudi shipments to the worlds top oil importer fell by 19 percent last month amid lower overall imports, according to official Chinese customs data cited by Reuters. In June 2021, China imported 1.75 million barrels per day (bpd) of Saudi crude oil, Chinas General Administration of Customs said on Tuesday. This volume was higher than the 1.62 million bpd crude oil imports from Russia, keeping the Kingdom ahead of Russia as Chinas | |
5 things to know before the stock market opens WednesdayDow futures rose Wednesday as Wall Street tried to keep its rebound rally going. Nasdaq futures slipped. | |
Stocks making the biggest moves premarket: Coca-Cola, Johnson & Johnson, Netflix, Verizon & moreThese are the stocks posting the largest moves before the bell. | |
Philip Morris CEO defends the company’s intentions to buy inhaler maker VecturaPhilip Morris CEO Jacek Olczak defended the tobacco company’s plans to buy an inhaler maker, saying nothing will stop its efforts to “leave smoking behind.” | |
Transports stocks are in correction territory ahead of earnings. Here’s what to watchThe transports stocks have hit a roadblock as several companies such as CSX and Southwest prepare to release earnings. Two traders share what they’re watching. | |
The beta Covid variant is causing concerns in Europe, should we be worried?There are quiet concerns in parts of Europe about the Covid mutation known as the “beta” variant that was first discovered in South Africa. | |
Tech company TCS renews NYC Marathon rights and will spend $280 million on race sponsorshipsTCS has also become the new title sponsor of the London Marathon. | |
Johnson & Johnson expects $2.5 billion in global sales from Covid vaccine this yearGlobal sales of the Covid vaccine in the quarter were $164 million. | |
Coca-Cola quarterly revenue tops 2019 levels; company raises full-year forecastShares of Coke have risen 2% this year, giving the company a market value of $241 billion. | |
Ulta Beauty’s first mini shops in Target will open in August as both retailers chase new customersThe scaled-down shops will feature curated merchandise from more than 50 prestige beauty brands, including Clinique, MAC Cosmetics and Ariana Grande. | |
Covid appears to be the ‘Achilles’ heel’ for Southeast Asian economies, says JefferiesMany economies in Southeast Asia have struggled to get to grips with Covid in their countries, says Sean Darby from Jefferies. | |
WHO chief warns that the world is going into the ‘early stages of another wave’WHO’s Tedros Adhanom Ghebreyesus also criticized the vaccine discrepancies between wealthy and low-income countries. | |
U.S. life expectancy dropped by 1.5 years in 2020, biggest drop since WWIIThe pandemic and drug overdoses helped drive the biggest one-year drop in average life expectancies in the U.S. last year, according new data from the CDC. | |
Dr. Vin Gupta encourages J&J vaccine recipients to get a Pfizer or Moderna boosterDr. Vin Gupta explains why he’s encouraging patients who received the single-shot J&J Covid vaccine to get a Pfizer or Moderna booster shot. | |
Dozens Killed After China’s Henan Hit With Worst Rainstorms In 1,000 YearsDozens Killed After China’s Henan Hit With Worst Rainstorms In 1,000 Years Large areas of China’s central Henan province were inundated with floodwaters on Wednesday following the worst rainfall in 1,000 years, according to Reuters. From Saturday to Tuesday, 26.5 inches of rain fell on Zhengzhou, surpassing the annual average of around 24 inches. Just on Tuesday, 8.2 inches fell in a single hour. Zhengzhou, the capital of Henan, is a massive industrial hub. The largest iPhone assembly plant, operated by Foxconn, said operations have yet to be affected. They released a statement that said: “no direct impact on our facility in that location to date,” adding it was closely monitoring the situation. However, Nissan Motor halted production at its facility due to devastating floodwaters. The extent of the damage to businesses in the city and across the province is unknown. | |
Blain: Markets “Are Bouncing Off The Walls”Blain: Markets “Are Bouncing Off The Walls” Authored by Bill Blain via MorningPorridge.com, Tuesday was an œInteresting  day in markets. Monday’s full-on wobble in global equities reversed into a buying binge as investors sensed the opportunity to buying a cheap market, at pretty much the same price it was the day before when they sold because it was an expensive market. What had changed? Precisely nothing. You could dig into the details and guess on Monday people got scared of the ongoing consequences of Covid. On Tuesday the market voted again and decided the pandemic isn’t an issue ¦ Basically it’s a market bouncing off the walls, looking for something to trade around. The fundamental divide between Equities anticipating recovery and Bonds pricing in recession continues.. Its contradictory ¦ but, hey, that’s what makes some folks sellers and others buyers. | |
Rand Paul Asks DoJ To Investigate Fauci For Lying To CongressRand Paul Asks DoJ To Investigate Fauci For Lying To Congress During an otherwise routine hearing before the Senate, Sen. Rand Paul and Dr. Anthony Fauci clashed once again over whether President Biden’s top COVID advisor had lied to Congress when he insisted back in May that the NIH hadn’t finance gain-of-function research at the Wuhan Institute of Virology (Dr. Fauci also furiously pushed back on the assertion that COVID-19 may have leaked from the lab, before suddenly changing his tune). A clearly frazzled Dr. Fauci hurled insults at Sen. Rand Paul (a medical doctor) – “you don’t know what you’re talking about”, he shouted. However, after the dust settled, several reporters, including a reporter for the Washington Post, stepped up to point out that Dr. Fauci was, in fact, wrong. As we reported as far back as March, the NIH – which Dr. Fauci has been in charge of for decades – helped finance ‘gain-of-function’ research involving bat coronaviruses (research overseen by Dr. Shi ‘Batwoman’ Zhengli) via a third-party: EcoHealth Alliance.
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Futures, Treasury Yields Extend Gains, Bitcoin Storms Back Over $31,000Futures, Treasury Yields Extend Gains, Bitcoin Storms Back Over $31,000 US equity futures, European bourses and Treasury yields rose for a second day clawing back much of the week’s losses that were sparked by fears over spiking COVID-19 cases, as well as the “peak growth” and “peak inflation” narratives, as bargain hunters helped the S&P 500 to all but erase Monday’s slide in a rally led by cyclicals such as industrial stocks even though the dollar notched further gains on concerns over the impact of a fast-spreading coronavirus variant. œThe correction we had is healthy to clear some of the excess out of the market and to get better balancing between growth and value, Â Katie Koch, Goldman Sachs Asset Management’s co-head of fundamental equity, said on Bloomberg Television. œFrom a long-term perspective we are really still very constructive on equity markets, so we’d encourage clients to be overweight risk assets. At 7:00am, emini S&P futures were up 11.50 points or 0.26% to 4,326; Dow Jones futures rose 176 or 0.51% and Nasdaq futures were up 4.5% or 0.03%. Bitcoin recovered from its drop below 30,000 jumping back over $31,000 ahead of a conference that sees Elon Musk, Jack Dorsey and Cathie Wood speak on cryptos. | |
‘Catastrophic’ backlog at driving licence body, warns unionMPs are told bad decisions by DVLA managers resulted in a “catastrophic” processing backlog of 1.4 million cases. | |
UK property sales at new record as boom peaksSales surged during June but analysts say the property boom has peaked as stamp duty holidays are withdrawn. | |
M&S to cut Christmas products in Northern IrelandChairman Archie Norman says customs checks will mean higher prices and less choice for customers. | |
The Ratings Game: Mister Car Wash on track to double market share from about 5% as loyalty program gives it a competitive edge, analysts sayAnalysts initiated coverage of Mister Car Wash Inc. on Tuesday, assigning mostly bullish ratings to the only pure-play car wash company on public markets, after an initial public offering in late June. | |
Earnings Results: After worst quarter yet for new subscribers, Netflix says rebound won’t be as fast as Wall Street expectsNetflix Inc. shares fell in after-hours trading Tuesday, after the streaming service revealed its worst quarter yet for adding new subscribers and said the current quarter would have fewer additions than Wall Street expected. | |
Earnings Results: United Airlines to Wall Street: Profit should return next quarterUnited Airlines Holdings Inc. reported another quarterly loss on Tuesday, telling investors they will have to wait another quarter for profit. |
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