The energy sector is off to a lower start, pressured by weakness in the major equity futures as market participants are worried about a higher-for-longer interest rate environment.
WTI crude oil futures are higher and outpacing Brent crude contracts in negative territory as traders weigh in an uncertain outlook for global demand, geopolitical tensions, and positive economic data from China. There was no settlement for WTI on Monday due to Presidents Day, but crude futures were moderately lower amid a quiet session as demand concerns were in focus. In China, tourism revenue during the Lunar New Year holiday (ended Saturday) rose by over +47% y/y, surpassing pre-covid levels. The government today announced its largest-ever reduction in the benchmark mortgage rate to support the housing market. As attacks on ships in the Red Sea continue, the Iran-aligned Houthis hit at least four more vessels since Friday. According to Reuters, the United States has proposed a draft calling for a temporary ceasefire in the Israel-Hamas war which opposes a major ground offensive by its ally Israel in Rafah.
Natural gas futures are lower as the NOAA 6-10 day forecast on Monday afternoon puts a high probability of temperatures everywhere East of the Mississippi running above normal.
War causes Israel’s economy to shrink by nearly 20%. Israel’s...
War causes Israel’s economy to shrink by nearly 20%. Israel’s GDP contracted by 19.4% on an annualized basis in the final quarter of 2023, far more than forecast, as the country’s economy buckled following Hamas’s Oct. 7 attack and its ensuing war in Gaza. Companies were left without 300,000 reservists, who were conscripted into the military, while restrictions on Palestinians entering Israel from the West Bank led to labor shortages in sectors like construction. Consumer spending took a nosedive in Q4, down 27% from the prior quarter, while government spending surged 88%.
California is getting hit with more winter storms that could unleash flooding, hail, high winds, and even tornados over the next several days.
The EU opened a formal investigation into whether TikTok violated online content rules, including failing to safeguard children.
The crew of a cargo ship was forced to abandon their vessel after being attacked by Houthis in the Red Sea, the first time a crew had to abandon ship since the militant group began striking commercial vessels last year.
Israel said it would begin a ground offensive in Rafah if Hamas did not release the remaining hostages by Ramadan, which begins in less than three weeks.
Nintendo shares fell nearly 6% following a report that the release of its Switch 2 console would be delayed until 2025.
Nvidia is pulling up from the logo like its Caitlin Clark. Last week,...
Nvidia is pulling up from the logo like its Caitlin Clark. Last week, the AI chips giant surpassed Amazon and Alphabet to become the third most valuable company in the US behind Apple and Microsoft. As for the markets overall, the three major indexes lost ground last week following hotter than expected inflation reports. They can’t fall anymore today, though, because the stock market is closed for Presidents Day.
Retail earnings season begins on Tuesday. The American shopper (aka most of you) will be the star of the show this week when Walmart and Home Depot report their earnings for the holiday quarter. Nvidia will also try to keep its historic hot streak going when it reports on Wednesday—expectations are through the roof.
And even if you are, it’s cheaper than in the past. Natural gas prices...
And even if you are, it’s cheaper than in the past. Natural gas prices have fallen to their lowest levels since 1995, thanks to record production and the warmest American winter on the books, the FT reported. US natural gas production reached its highest point in history in December, hitting 105.5 billion cubic feet a day in the Lower 48 states. Meanwhile, Americans haven’t felt the need to crank up the heat given the mildest winter since reliable records began in the 1950s. Surging supply and minimal demand have caused natural gas prices to plummet 50% in just one month.
No one thought Jimmy Carter would be around to celebrate this Presidents...
No one thought Jimmy Carter would be around to celebrate this Presidents Day, with yesterday marking one year since the 99-year-old former commander-in-chief entered hospice care. Happy Presidents Day to Jimmy and everyone else.
Carter’s remarkable longevity makes him among the 6% of patients who enter hospice care to remain alive one year later. But hospice and palliative care professionals say they’re not surprised. They hope Carter’s story raises awareness about the benefits of accessing hospice earlier and its focus on pain management, comfort, and quality of life.
Apple is expected to be fined ~$539 million by the EU, its first-ever fine from the bloc, over allegations it thwarted music streaming competitors like Spotify on its platforms.
The UN’s highest court, the International Court of Justice, will open a hearing today over Israel’s occupation of Palestinian territories.
Israel’s cabinet rejected calls by some allies to recognize a Palestinian state without Israeli input, but suggested it was open to direct talks with Palestinians.
Oppenheimernabbed seven awards, including Best Picture, at the British Academy Film Awards.
