Written by Gary
Florida hospitals are overrun as state fights one of the worst Covid outbreaks in the U.S. (SPY +0.1%). S&P 500, Dow rise to intraday records after consumer inflation meets estimates.
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. | |
| EIA Lowers Oil Production Expectations For 2022U.S. crude oil production this year will average 11.1 million bpd and will rise to 11.8 million bpd in 2022, the Energy Information Administration said in its latest Short-Term Energy Outlook – down from its previous forecast. The agency added that the most recent monthly data on production, from May, showed a daily average of 11.2 million, which the agency expects to remain relatively unchanged until about October when it would start rising. The rise would continue through 2022, according to the EIA. The U.S. rig count has been on the rise lately, |
| Big Oil Is Spending Big On Dividends And Debt, Not Clean EnergyBig Oil divested assets worth $198 billion in the five years to 2020, BloombergNEF has calculated, but has not used the proceeds to invest in green energy. Instead, the report says, the proceeds from the divestmentsfour times greater than what Big Oil spent on green energy in the periodwere used to pay down debt, distribute dividends, and launch new oil and gas projects. In light of the recently released report by the Intergovernmental Panel on Climate Change, this will likely infuriate some. On the other hand, in light of surging |
| Oil Prices Fall On Modest Inventory DrawOil prices took another plunge today after the Energy Information Administration reported a crude oil inventory decline of 400,000 barrels for the week to August 6, significantly less than expected. This compared with an unexpected build of 3.6 million barrels reported for the previous week that weighed prices down last week. It also compares with a modest inventory draw of a little over 800,000 bpd estimated by the American Petroleum Institute, reported a day earlier. Analysts had expected an inventory draw of 1.05 million barrels for the first |
| Exxon Continues To Shed Shale AssetsExxonMobil has started marketing gas assets in the Fayetteville Shale in Arkansas, the US supermajors spokeswoman Julie King told Reuters on Wednesday. Since before the pandemic, Exxon has been marketing and divesting assets, focusing on key strategic operations such as the Permian Basin, Guyana, and Brazil. 90 percent of our upstream investments in resource additions, including in Guyana, Brazil, and the U.S. Permian Basin, generate a 10 percent return at $35 per barrel or less, Exxons chairman and chief executive Darren |
| The U.S. Calls On OPEC+ To Boost Production As Gasoline Prices SoarOil prices dipped early on Wednesday after the White House called on the OPEC+ group to increase oil production more than they had planned in order to tame rising gasoline prices that could derail the global economic recovery. OPEC and its Russia-led allies had already agreed to ease their collective cuts by 400,000 barrels per day (bpd) every month beginning this month as demand is picking up after last years lockdowns. Following the public pressure from the United States on OPEC+ to raise oil supply, oil prices slumped early on |
| Texas Midland Pumped 15% Of All U.S. Crude Oil In 2020The Midland basin in Texas produced an average of 1.68 million barrels per day (bpd) of crude oil last year, accounting for 15 percent of all crude output in America, the Energy Information Administration (EIA) said on Tuesday, citing data from Enverus. In addition to crude oil, the Midland basin also produced a lot of dry natural gas5.4 billion cubic feet per day (Bcf/d) in 2020, which made up roughly 6 percent of the entire dry natural gas production in the United States last year. Since the start of the shale revolution in the 2010s, |
| Rocket Lab and space factories start-up Varda sign deal for three spacecraftRocket Lab will provide Varda Space Industries three Photon spacecraft to support the start-up’s first in-space manufacturing missions. |
| Florida hospitals are overrun as state fights one of the worst Covid outbreaks in the U.S.Hospitals across Florida are now being pushed to the limit as the state fights one of the worst Covid-19 outbreaks in the nation, fueled by the delta variant. |
| A new Microsoft solar project shows how climate and racial equity are getting connectedMicrosoft’s deal with Volt Energy, a Black-owned solar power firm, shows how the pledge to be 100% renewable energy should include underserved communities. |
| Billionaire philanthropist John Arnold says donor-advised funds are ‘wealth-warehousing vehicles’Philanthropist John Arnold said donor-advised funds are hoarding more than $100 billion in charitable gifts that should be going to communities in need. |
| Native American college students found strength in their heritage that helped them get through the pandemicNative American college students struggled during the pandemic as Covid ripped through their tribes. But they found strength in their heritage that helped them persevere. |
| ‘This is what really scares me:’ Surging Covid cases in kids drove U.S. teachers union decision to support vaccine mandatesA surge of Covid cases in kids led the nation’s second-largest teachers union to back vaccine mandates for educators as schools prepare for to reopen this fall. |
| BP says Australia is an ideal place to scale up green hydrogen productionHydrogen has a diverse range of applications and can be deployed in sectors such as industry and transport. |
| Impossible Foods is bringing its meatless sausage to grocery storesImpossible Foods is bringing its meatless sausage to U.S. grocery stores. |
| Vaccine passports gain traction as delta variant threatens travel reboundThe idea of vaccine passports is gaining traction in public opinion and private enterprise as the delta variant threatens the travel rebound, a survey finds. |
| Southwest Airlines warns that delta Covid variant is hurting bookings, lowers outlookSouthwest Airlines says the delta variant is sparking trip cancellations. |
| Cyberfraud shifts to gaming, travel and leisure, report findsAs digital fraud attempts rise, cybercriminals are targeting the gaming and travel and leisure industries, a report finds. Here’s what consumers need to know. |
| Canceling The Constitution: Biden Hailed For Violating Rule Of Law To Extend Eviction MoratoriumCanceling The Constitution: Biden Hailed For Violating Rule Of Law To Extend Eviction Moratorium Authored by Jonathan Turley, Below is my column in the Hill on the extension of the eviction moratorium ” a move that his White House Counsel and most legal experts told him was unconstitutional. However, according to the Washington Post, Speaker Nancy Pelosi encouraged Biden to call Harvard Professor Laurence Tribe who reportedly advised hm that he had the authority. I have had many (and sharp) disagreements with Tribe over the years (including profane and personal attacks) but there is usually some good-faith underlying disagreement in controversies like impeachment. This is not such a case. I fail to see the credible basis for telling a President that the CDC can use the same authority that five justices just declared it did not have. |
| MRNA Plunges On Gamma UnclenchingMRNA Plunges On Gamma Unclenching As we noted earlier in the year in one of our detailed explanations of market action, historically speaking, gamma squeezes have been primarily associated with markets dropping, not rising. This is because often as markets start to selloff, traders seek downside protection by purchasing put options. As traders buy puts, dealers (who are short those puts) must short stock to hedge themselves, further adding to the downward momentum driving a stock’s price lower. This ends up turning into a œreflexive fear-based feedback loop (as opposed to the greed-based call buying gamma squeeze). In the case of MRNA, which has exploded higher in recent weeks (best performer in the S&P this year) – on the heels of positive gamma-squeezing WSB traders, that negative squeeze is very much in evidence today. The last few weeks have ‘bullish’ interest in MRNA soar on WSB… until today…
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| Accenture Breached: Hackers Will Release Data “In Coming Hours”Accenture Breached: Hackers Will Release Data “In Coming Hours” Accenture, the consulting giant that was spun off from the rest of now-defunct accounting giant Arthur Andersen following the collapse of Enron, has been targeted by a ransomware hacker who claims to have penetrated the firm’s defenses and will release a cache of stolen data in several hours, CNBC reports.
Washington reporter Eamon Javers broke the news via tweet, though there were whispers about the hack earlier in the day.
The hackers reportedly used ransomware, and have offered to … |
| Removing People’s Options “Is A Piss Poor Way” To Address InequalityRemoving People’s Options “Is A Piss Poor Way” To Address Inequality Authored by Bruce Wilds via Advancing Time blog, Recently I stumbled upon an interesting and informative YouTube video on the environment that gives information on both sides of the question, “is there a climate change crisis?” A fella who has studied this subject indicated there is not and what we are being told by many so-called experts is more hype than truth. An example is that while he agreed that the earth’s oceans were being over-fished, he saw the answer to be growing more of our fish in fish farms. As far as the sea rising, he reminded viewers that Holland is nine feet below sea level, surrounded by dikes, and doing fine.
Still, the world is changing, and as I delved deeper into his views of how society should face its current challenges I became a bit disturbed. Conceding he was generally a liberal, he espoused the message it would be a win-win for the environment to bring the rest … |
| Google may cut pay of staff who work from homeThe tech giant has developed a calculator that lets staff see the effects of remote working. |
| Post Office to fight six appeals in IT scandalMore appeal cases are being heard after hundreds of sub-postmasters were wrongly accused of stealing. |
| White House urges action on oil as gasoline prices riseThe global recovery could falter if major oil-producing nations do not increase supply, says the White House. |
| Midcaps, smallcaps recover after BSE’s clarification on new ruleBSE’s new surveillance measure will be applicable only on securities worth Rs 20 or above and having a market capitalization of less than Rs 1,000 crore. |
| Analysts suddenly gung ho on this PSU bank, see up to 50% upsideMotilal Oswal Securities has hiked its earnings estimates by 47 per cent for FY22 and 22 per cent for FY23 post the bank’s Q1 numbers. |
| StanChart says return to pre-Covid purchasing power of consumers to be gradual, unevenAccording to the report, the experience of certain countries where labour force participation rates are yet to reach levels seen before the pandemic despite relatively better vaccination coverage and a faster pace of recovery could apply to India too. |
| July 2021 CPI: Year-over-Year Inflation UnchangedWritten by Steven Hansen According to the BLS, the Consumer Price Index (CPI-U) year-over-year inflation rate was 5.4 % year-over-year (unchanged from the reported 5.4 % last month). The year-over-year core inflation (excludes energy and food) rate declined from 4.5 % to 4.3 %.
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| The Ratings Game: Weight Watchers shares sink 27% as consumers put health goals on hold to enjoy the summerWW International, the company formerly known as Weight Watchers, was downgraded at Jefferies |
| The Moneyist: My sister’s husband died, but his ex-wife’s name is still listed on the mortgage of his $400,000 house. What happens now?‘My sister is getting ready to retire and be on a fixed income. The balance of the mortgage is approximately $150,000.’ |
| The Moneyist: ‘I wonder if he married me for monetary reasons’: I want to buy a home without putting my husband of 7 years on the deed‘He wanted half from the sale of the house I inherited from my mother.’ |
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