Written by Gary
U.S. jobless claims total 375,000, matching estimate (SPY -0.02%). Stocks making the biggest moves premarket: Palantir, CyberArk, Utz, eBay.
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. | |
The Dawn Of A New Era In Deepwater DrillingA new era in deepwater drilling is about to begin. With the sanctioning of the Anchor project super-major operator, Chevron, NYSE: CVX) signaled that it was ready to risk billions tapping the ultra-high pressure, Lower Wilcox Tertiary play, some 35,000 feet below the mudline. At least two other projects are in advanced FID status with several more under review. In this article we will look at some of the key players in this final frontier for the Gulf of Mexico, and why they are gearing up to exploit this remote reservoir. We will | |
Oil Sands Producers Will Need Federal Support To Go GreenCanadas oil industry, which operates one of the worlds most emission-intensive ways of pumping crude, has recently pledged to work to make the oil sands net-zero emission by 2050. But the industry says it cannot do it alone as billions of dollars of investments will be needed to decarbonize the oil sands operations. Canadas federal government has a part to play in supporting net-zero oil sands, and it should pay most of the tab for making the industry greener, top executives at the major Canadian oil firms say. | |
Is Gold Heading To $5,000?Asset bubbles may now be too big to burst, creating a situation that Central Banks around the world might be unable to control. If it all comes crashing down, we think theres only one place to be Gold. The precious metal could rise as high as $3,000 to $5,000 per ounce in the next 3-5 years. Thats according to the same fund manager who predicted the 2016 gold rally. As cited by Bloomberg, Diego Parrilla, manager of the $250-million Quadriga Igneo fund that called the last gold rally, massive long-term | |
A Major Rift Remains Within OPECConflicts and major disagreements within OPEC usually go unnoticed as member states use consultation and decision-making mechanisms that prevent a public mess. The UAEs recent decision to do the unexpected was therefore a shock to the international oil market. Although a production deal has been struck, the recent conflict could be a sign that more instability can be expected in the near future. The most recent disagreement over an increase of the baseline production rights, pits the UAE and Saudi Arabia, OPECs de-facto leader | |
U.S. Shale Scrambles To Reinvent ItselfThe U.S. oil industry continues to show capital disciplinea concept that was rather unpopular in the shale patch prior to the 2020 oil crash and crisis. Since last years market collapse and the bankruptcies it claimed, U.S. exploration and production companies have changed their priorities quite dramatically. No one is drilling for the sake of production growth as demand is still recovering from the 2020 decline. But everyone wants to attract shareholders and reward existing stockholders with more dividends and healthier balance | |
Peak Gasoline Demand Forecasts Aren’t Scaring Big OilLast week, President Joe Biden came out with an executive order aimed at making half of all new vehicles sold in 2030 electric (battery electric, fuel cell, and plug-in hybrid vehicles). The move is the latest in Biden’s plan to fight climate change, in this case by targeting emissions from cars and trucks. Surprisingly, the three leading Detroit automakers General Motors (NYSE:GM), Ford (NYSE:F), and Chrysler parent Stellantis N.V. (NYSE:STLA) issued a joint statement supporting Biden’s ambitious plan. The three have announced their shared | |
How to handle Medicare if you’re returning to the U.S. after living overseasAnyone who turns 65 while living abroad, with plans to return to the U.S., should familiarize themselves with the rules that apply to Medicare enrollment. | |
Stocks making the biggest moves premarket: Palantir, CyberArk, Utz, eBay and othersThese are the stocks posting the largest moves before the bell. | |
Mayo Clinic: COVID Breakthrough Risk May Be Much Lower With Moderna Than PfizerThe pre-print study suggested the Pfizer vaccine was 34 points less effective in preventing infection last month, at least in one state, NBC New York reports. | |
5 things to know before the stock market opens ThursdayU.S. stock futures were little changed Thursday morning following another record-setting session for the S&P 500 and Dow Jones Industrial Average. | |
Cass Freight Index: U.S. freight volumes return to pre-pandemic levels in July, costs go higherThe Cass Freight Index for July shows U.S. freight volumes returning to pre-pandemic levels, but the cost of shipping remains elevated. | |
Here’s why herd immunity from Covid is ‘mythical’ with the delta variantAchieving herd immunity with Covid vaccines when the highly infectious delta variant is spreading is likely to be impossible, leading experts say. | |
More than 80% of the new UNESCO World Heritage Sites are on these 2 continentsUNESCO’s World Heritage Committee just named 34 sites to the prestigious World Heritage List, representing two years’ worth of site nominations. | |
Dr. Peter Hotez applauds CDC’s endorsement of vaccines for pregnant women in light of dangerous antivaccine rhetoricDr. Peter Hotez explains the danger of misinformation when it comes to pregnant women and Covid. | |
Alaska Airlines is considering Covid vaccine mandates for staffAlaska Airlines would become the latest carrier to require that staff are vaccinated against Covid-19. | |
Mississippi health official says state will see a lot of Covid deaths in coming daysRising numbers of Covid cases and hospitalizations in Mississippi will inevitably lead to more deaths, according to the state’s health officer. | |
Stocks making the biggest moves after the bell: Lordstown Motors, eBay, Sonos and moreThese are the stocks posting the largest moves Wednesday after the bell. | |
What Kevin O’Leary is telling every CEO to start investing in. It’s not blockchain‘Shark’ Kevin O’Leary says Covid led business giants like Nike to massive increases in direct-to-consumer sales, and the future is the same for small companies. | |
WHO official pleads with Caribbean islanders to ‘wake up’ and get vaccinated“We have limited bed capacity and limited ICU capacity in our small islands … our health systems will become overwhelmed very quickly,” Etienne said. | |
LA To Require Vaccination For Indoor Spaces, Including Restaurants, Bars, Gyms, StoresLA To Require Vaccination For Indoor Spaces, Including Restaurants, Bars, Gyms, Stores Authored by Steve Watson via Summit News, KTLA News reported Wednesday that the city council has unanimously voted to introduce vaccination requirements in order to enter indoor spaces, including restaurants, bars, gyms and even stores. The report notes that the council œvoted to direct the city attorney to draft an ordinance requiring patrons to have at least one dose of the vaccine to be able to enter the indoor public spaces. Entertainment centers like stadiums, concert venues and movie theaters will also fall under the ordinance. Council President Nury Martinez declared that œIt’ … | |
Carson Block Reveals He Closed His Tesla Short In His Fund’s First Client Letter Since Its 2015 FoundingCarson Block Reveals He Closed His Tesla Short In His Fund’s First Client Letter Since Its 2015 Founding Noted short seller Carson Block took to television Thursday morning to discuss his very first investor letter and outline the state of his investment positions. It was the first letter Block sent to clients since starting his fund in 2015, according to the NY Times. Among the most notable shifts in attitude was Block’s take on Tesla: the fund manager said he is no longer short the name and has “no plans to revive it,” according to Bloomberg. œTesla shorts have focused on Tesla’s lack of scale to compete in EVs with GM, Ford, VW, etc., Block argued on Thursday morning. œThey are correct in that lack of scale would have been the death of Tesla. But they were looking at the wrong scale. Tesla is here not because it has scale in terms of manufacturing base or unit sales. It has scale because of its capital base. œThe market cap, the luster, the à lan of Elon, is still there,  Block said in his letter. | |
Futures Hit Fresh Record High Ahead Of PPI, Claims DataFutures Hit Fresh Record High Ahead Of PPI, Claims Data Another day, another all time high in US equity futures with spoos trading at the nice, round 4,444 on Thursday morning, while Dow futures also hit a record high on Thursday ahead of earnings reports from companies including Walt Disney and data expected to show a jobs market recovery was on track. Yet while nothing can stop the relentless juggernaut in US stocks, global equity markets fluctuated on Thursday, with European shares taking a pause after an eight-day rally of record highs on a mixed batch of earnings as Asian shares failed to follow a strong close on Wall Street with fears about the spread of the Delta variant of the coronavirus weighing on sentiment even as tame U.S. inflation eased fears the Federal Reserve would rush to reduce its economic support. As of 715am S&P futures were up 4 points to 4,444, Dow futures traded up 43 points or 0.12% and Nasdaq futures were 4.75 higher or 0.03% to 15,024. Treasury 10Y yields rose as high as 1.36%, reversing the drop after yesterday’s stellar 10Y auction as a 30Y auction looms; the dollar nudged higher while copper prices jumped after workers at a mine in Chile threatened to strike. Bitcoin dropped to $45,000. | |
Australian Capital Canberra Enters 7-Day “Hard” Lockdown, Joining Melbourne And SydneyAustralian Capital Canberra Enters 7-Day “Hard” Lockdown, Joining Melbourne And Sydney Just a few hours ago, the Australian capital of Canberra joined Sydney, Melbourne and their surrounding areas by entering a strict lockdown after public health authorities identified the city’s first COVID case in a year. On Thursday, authorities confirmed another 3 cases, all linked to the first case. Meanwhile, health authorities in Australia have been tightening restrictions on travel, leaving some Aussies who live abroad trapped in their home country because of a few hundred COVID cases. The Capital Territory’s Chief Minister Andrew Barr announced earlier this week that the “hard” seven-day lockdown would begin at 1700 local time on Thursday (meaning it started a few hours ago). But judging by the repeated extensions in Sydney and Melbourne, the capital territory lockdown will likely remain in place for weeks, if not months.
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UK economy rebounds as Covid restrictions easeRetail, restaurants and hotels show strong growth between April and June but data misses forecasts. | |
Tui boss: UK falling behind European travel recoveryUK bookings lag the rest of Europe amid shifting Covid travel restrictions, the travel giant says. | |
Boohoo boss: ‘We’re not a throwaway fashion brand’The boss of fast fashion retailer Boohoo tells the BBC it is committed to being more sustainable. | |
Market Exuberance: Are we near the Shiller mark that can trigger pain?The current market conditions, marked by a sharp increase in the asset prices in the equity markets without being impacted by stringent lockdowns, are challenging the notions of irrational exuberance once again. | |
Eicher Motors Q1 results: Co reports consolidated PAT at Rs 237 cr, meets estimateThe company’s consolidated total revenue from operations surged 141 per cent year-on-year to Rs. 1,974.30 crore for the reported quarter, which was higher than analysts’ estimate. | |
BPCL Q1 results: Net profit sinks 28% YoY to Rs 1,502 cr, misses estimates; sales rise 77%The company’s sales in the reported quarter surged 77 per cent on-year to Rs 89,687 crore, which was sharply higher than estimates. | |
The Ratings Game: Unity Software stock jumps 10% as analysts credit it with dodging Apple’s online-ad crackdownUnity Software Inc. shares rose Wednesday after analysts applauded the gaming-software company’s growth and its ability to dodge a major change Apple Inc. made to online ads. | |
: Apple’s hot antitrust autumn: Storm clouds are forming from multiple directionsThe decision in a landmark antitrust case could come by the end of the month, but that is far from the only antitrust concern bearing down on Apple Inc. | |
Earnings Results: Lordstown stock jumps after EV maker says ‘limited production’ to start next monthLordstown Motors Corp. shares rallied more than 8% late Wednesday after the electric-vehicle maker said it is ready to start “limited production” of its electric pickup truck in September, with first deliveries early next year. |
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