Written by Gary
Powell’s dovish J-Hole speech drives Wall Street higher (SPY +0.8%). Taper or no taper, market set to hit an intermediate top.
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.|
Texas may soon get one more electricity supplier after Tesla filed an application with the states Public Utility Commission to sell power directly to consumers, CNBC reports. Earlier this year, in March, Bloomberg reported that the luxury EV maker that doubles as energy storage developer as well was secretly building a massive battery storage facility right outside Houston. The more than 100 MW facility, according to the report, could power some 20,000 households on a hot summer day. This is not the first megabattery Tesla
The Gulf of Mexico offers some good growth opportunities thanks to the quality assets BHP operates there, Australias Woodside Petroleums chief executive Meg ONeill told MarketWatch. “One of the things that I think is really exciting about the merger is it does give us a substantially increased growth optionality when we look at the quality assets in the Gulf of Mexico, the quality assets we have here in Australia and then other opportunities in places like Trinidad, Tobago, Mexico and Senegal,” she said in an interview. BHP
Mexicos state-owned oil firm Pemex has restored part of the oil production suspended after Sundays fatal fire that killed seven people, but the pace of output recovery could be slower than expected because of technical issues including well re-connection, sources familiar with the matter have told Reuters. Mexicos crude oil production was reduced by more than 400,000 barrels per day (bpd) early this week after a fire on a Pemex-operated platform in the Bay of Campeche in the Gulf of Mexico killed seven people and wounded another
The biggest oil producers in the U.S. Gulf of Mexico started evacuating offshore platform workers on Thursday and some shut in oil and gas production ahead of tropical storm Ida which is expected to become a hurricane in the Gulf in the coming days. Chevron, Shell, BP, BHP, and Equinor have removed workers from offshore platforms in the Gulf, spokespeople for the companies told Reuters. BP, Shell, and BHP have also started to shut in production at platforms. Equinor was getting ready to move workers away from the Titan platform, while Chevron and
Oil prices rose early on Friday and were on course to post their biggest weekly gain since October last year as Gulf of Mexico oil operators started evacuating personnel and shutting in production ahead of a hurricane expected to pass through the Gulf in the weekend. As of the start of trading today, WTI Crude was up 1.66 percent at $68.54 and Brent Crude traded at $72.13, up 1.49 percent. Despite Thursdays retreat, oil prices were set on Friday for a large weekly gain of around 9 percent, driven by a more optimistic demand outlook with
Brazil and its tiny neighbors Guyana and Suriname have recently risen to prominence with major oil discoveries despite what most would see as an unfavorable environmentthe energy transition seems to be moving ahead at full speed and oils days should be numbered. Only they arent. And the future of oil appears to be offshore. Brazil will come to account for a quarter of global offshore oil output by 2025, a recent report by GlobalData said. This would mean South Americas largest country would be supplying some 1.3 million
CDC director says schools with large Covid outbreaks generally aren’t following federal mask and vaccine guidance
CDC Director Dr. Rochelle Walensky said that reopened schools struggling with large-scale Covid outbreaks generally aren’t following federal guidelines.
Dr. Ezekiel Emanuel told CNBC on Friday the coronavirus will start “dying out” once more Americans, especially those under the age of 12, get vaccinated.
Dollar General’s post-earnings drop has led the stock to a key technical juncture, says Inside Edge Capital Management founder Todd Gordon.
The drugstore chain is chasing new growth opportunities and trying to stay relevant as more people buy items and fill prescriptions online.
Critics are buzzing about “Shang-Chi and the Legend of the Ten Rings” ahead of its debut on Sept. 3.
Big players in the industry like McDonald’s and Chipotle have not yet mandated Covid-19 vaccines for restaurant staff.
The teams at Moderna, Pfizer and BioNTech recount the historic race to develop Covid-19 vaccines in a newly released documentary by CNBC.
The Fratzog ” a made up word by a designer ” was initially used by Dodge from 1962 through 1981.
Peloton said Friday that the U.S. Department of Justice and the Department of Homeland Security have subpoenaed the fitness equipment maker.
The world economy could lose $2.3 trillion because of delayed vaccinations, with developing nations losing the most, the Economist Intelligence Unit said.
Airbnb, Verizon, Walmart, and others are rushing to support the thousands of refugees that have been evacuated from Afghanistan in recent days.
Fire Rips Through MassiveÂ Chinese Residential Skyscraper
A high-rise apartment building in Dalian, a city in Northeast China’s Liaoning Province, is engulfed in flames. Around 1030 ET, images and video began populating on social media about the building fire.
According to media report, the building is called Kaixuan International Building and has a unique shape with a middle structure that connects two towers (it was not immediately clear if the building belongs to that other conflagration, Evergrande). The tower complex reportedly houses 818 people in 419 condos. Footage from a distance shows the building’s middle section, and the left tower is ablaze.Â
State-run media outlet the Global Times tweeted, “no casualties have been reported yet. The cause of the fire is under investigation.” A video attached to the tweet shows debris falling off the building.Â
Wall Street Reacts To Powell’s Dovish Nothingburger Speech
It was (at least a few weeks ago), supposed to be the most highly anticipated central banking event of the summer, where Jerome Powell was expected to reveal the timeline of the coming taper; instead it ended up being a marketwide dovish catalyst which sent stocks surging to new all time highs, the dollar sliding and yields sharply lower, as the best Powell could do – even as he said thatÂ the central bank could begin reducing its monthly bond purchases this year, something everyone knew well by now – was mention the latest FOMC Minutes as a guidepost to tapering, all the while repeating that inflation may be transitory and is not in itself a catalyst to tighten.
The bottom line, and the reason for the market’s dovish eruption: Powell provided no explicit taper signal, as he likely wants to see more jobs reports for accumulated evidence that ‘substantial further progress’ on the labor market is being made, while dismissing soaring inflation as transitory.
Spoos rose during the address, rising above the nice, round 4,500 number for the firs time. Ten-year Treasury yields nudged slightly lower to around 1.33%.
Watch: Crowds Still Throng Kabul Airport Entrances Despite Continued ‘High Terror Threat’
At a moment US military officials are urging crowds to stay away from congregating at the heavily guarded gates to Kabul international airport, the Pentagon and other allied militaries areÂ simultaneously warning that the threat of more ISIS-K attacks to come remains “high”.
Reporters for Bloomberg observed Friday that “Large crowds milled around Kabul’s international airport on Friday despite repeated warnings of more terrorist attacks.”Â
Just days away from the Aug.31 deadline for the full US troop pullout, it’s further being reported that the “window has all but closed” on civilian evacuations, especially for the tens of thousands of Afghans still hoping to get out. Likely the US is poised to begin …
Capitol Police Officer Who Killed Ashli Babbitt Reveals Identity In TV Interview
Authored by Zachary Stieber via The Epoch Times (emphasis ours),
Capitol Police Lt. Michael Byrd was cleared of wrongdoing after shooting and killing Ashli Babbit during the Capitol riot on January 6, 2021.
The U.S. Capitol Police officer who shot dead an unarmed woman inside the Capitol on Jan. 6 on Thursday defended his actions, claiming he issued verbal warnings before opening fire.
Capitol PoliceÂ Lt. Michael Byrd said he shot Ashli Babbitt as she tried to climb through a broken window into the Speaker’s Lobby, adjacent to the House chamber, because he feared she and others inside the building would get into the chamber, where Congress members were hiding after the Capitol was breached.
The supermarket chain joins others in the food and drink industry demanding a special help with visas.
The central bank’s chairman says it could slow asset purchases this year but is in no rush to raise rates.
The UK’s farmers are warning of a backlog of as many as 70,000 pigs that should have been slaughtered.
All the 11 major S&P sectors were up, with energy, materials and communication services jumping 1 per cent each.
At the time, the company’s management suggested that better days lay ahead. Kotak Institutional Equities believes they indeed do.
Even in the absence of so called ‘taper tantrum’, if we look at the global scenario in isolation, markets seem to have developed froth with bloated valuations, thereby warranting a major correction as a measure of self-check and a balancing act, if they have to remain in a sustainable bull market for a longer period.
: ‘I’ll be robbed twice in one lifetime’: Retirees fearing financial disaster wait for pension rescue
Retirees struggle to stay afloat while waiting for restoration of pension benefits. Here are some of their stories.
Fed Chairman Jerome Powell in his closely watched speech from Jackson Hole on Friday, said that he supported starting to slow down the pace of the central bank’s asset purchases this year.
Market Snapshot: Powell’s dovish Jackson Hole speech drives Dow higher, pushes S&P 500 and Nasdaq to intraday records
The S&P 500 and the Nasdaq rise to intraday records late-morning Friday, after Federal Reserve Chair Jerome Powell said at the Jackson Hole central bankers’ symposium that he supported scaling back the central bank’s bond purchases this year, without signaling specific timing.
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