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• Stock Market Outlook for Friday
  S&P futures vs fair value: -30.00. Nasdaq futures vs fair...
  S&P futures vs fair value: -30.00. Nasdaq futures vs fair value: -134.00. Separately, oil prices slipped back below $80.00/bbl, down 1.0% to $79.11/bbl.
  
  The S&P 500 futures are down 30 points and are trading 0.5% below fair value. The Nasdaq 100 futures are down 134 points and are trading 0.9% below fair value. The Dow Jones Industrial Average futures are down 194 points and are trading 0.4% below fair value.
  
  The spiciest action on Wall Street yesterday was in the bond market, where surging Treasury yields sent a clear signal about the US economy: Not only is it not in a recession, it’s downright vibrant. With yields on long-term government debt hitting their highest levels since 2011, investors are placing bets that the Fed will keep interest rates elevated for longer so inflation doesn’t reverse its decline
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• Hurricane Hilary Approaches
  Tropical Storm...
  Tropical Storm Hilary, which formed in the Pacific off the coast of Mexico and is moving northwest, has strengthened into a hurricane and is expected to bring heavy rain and flash flooding to the southwestern US into next week. California, Nevada, and Arizona are forecast to receive 2 to 10 inches of rain, including in drought-stricken areas.
  
  Hurricane Hilary is expected to turn into a Category 4 hurricane today before weakening to a tropical storm over the weekend as it approaches California. Track its trajectory here.
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• China Evergrande just filed for Chapter 15 bankruptcy protection
  The filing from the world's most indebted developer, which had about ...
  The filing from the world's most indebted developer, which had about $340 billion in liabilities by the end of 2022, came amid a real-estate crisis and its spillover impact on the economy in China.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for September delivery...
  Benchmark U.S. crude oil for September delivery rose $1.01 to $80.39 a barrel Thursday. Brent crude for October delivery rose 67 cents to $84.12 a barrel.
  
  Wholesale gasoline for September delivery fell 5 cents to $2.82 a gallon. September heating oil rose 7 cents to $3.09 a gallon. September natural gas rose 3 cents to $2.62 per 1,000 cubic feet.
  
  
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• Dow ends almost 300 points lower, stocks fall for third straight day
  U.S. stocks closed lower on Thursday, with the selloff in equities...
  U.S. stocks closed lower on Thursday, with the selloff in equities gathering steam in late-day trade, as government bond yields touched their highest level in about 16 years. The Dow Jones Industrial Average DJIA shed about 291 points, or 0.8%, ending near 34,473, while the S&P 500 index SPX closed 0.8% lower and the Nasdaq Composite Index COMP fell 1.2%, according to preliminary FactSet Data. Equities were lower across the board, with only the S&P 500’s energy sector scoring gains on Thursday of 1.1%. Bond yields were once again a big driver in the market. Higher long-term Treasury rates make borrowing costs more expensive for households, the government and corporations, which can pinch earnings, economic growth, and the stock market. Federal Reserve minutes of the July policy meeting showed central banks remain concerned about containing inflation, which could lead to additional rate increases.
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