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• Market Outlook for Tuesday
  The Institute for Supply Management’s manufacturing index is due for release Tuesday, which outside...
  The Institute for Supply Management’s manufacturing index is due for release Tuesday, which outside of inflationary periods (i.e., now), tends to be one of the more important economic indicators for financial markets, given its record as a bellwether.
  
  The ISM report is due out at 10 a.m. Eastern, when the job openings and construction spending reports also come out. Monthly auto sales also will be released throughout the day.
  
  Pfizer PFE, Caterpillar CAT, Uber Technologies UBER report after the close, Starbucks SBUX and Electronic Arts EA highlight the day’s earnings reports. Pfizer lowered its sales guidance while Caterpillar beat Wall Street earnings estimates and Uber reported a surprise profit.
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• ☕️What Else is Brewing Tuesday Morning
  The US Women’s National Team drew Portugal 0–0, meaning they’ll advance to the knockout round...
  The US Women’s National Team drew Portugal 0–0, meaning they’ll advance to the knockout round at the World Cup. But it was nervy.
  
  Sad news: Angus Cloud, the 25-year-old actor who played Fez on Euphoria, has died. And Paul Reubens, the actor best known for creating the character Pee-wee Herman, also died, at age 70, after battling cancer.
  
  Taco Bell was hit with a proposed class-action lawsuit claiming the chain advertised its Mexican Pizzas and Crunchwraps as having more than double the fillings they actually do.
  
  A zoo in China has denied claims that its bears are really people in bear suits after videos surfaced of the bears standing on two legs.
  
  
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• California wants to know what your car is doing with your data
  California’s new privacy regulator—the only agency in the US devoted solely to privacy issues—has...
  California’s new privacy regulator—the only agency in the US devoted solely to privacy issues—has announced its first investigation, and it plans to probe whether your smart car is too smart. The watchdog’s enforcement division plans to examine what manufacturers are doing with the data collected from internet-connected autos, including location data that is highly sought after by advertisers, info on driver behavior coveted by insurance companies, and data from cameras and apps.
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• Diamondback Energy misses profit estimates on weaker gas prices
  July 31 (Reuters) - U.S. shale oil producer Diamondback...

  July 31 (Reuters) - U.S. shale oil producer Diamondback Energy (FANG.O) missed Wall Street estimates for second-quarter profit on Monday, as gas prices took a hit from easing supply concerns.

  
  

  Natural gas prices have fallen nearly 63% from last year when Western sanctions on Russia after the Ukraine war crimped supplies.

  
  

  Diamondback said its average unhedged realized prices for natural gas tumbled nearly 85% to 94 cents per million cubic feet, sending its shares down 1.7% after the bell.

  
  

  The company's production rose 18.3% to 449,912 barrels of oil equivalent per day (boepd) for the reported quarter, boosted by its recently purchased oil and gas producers, Lario Permian and FireBird Energy.

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• House bill seeks to level anti-oil IRA tax rules
  A bipartisan group of US House representatives, led by Reps. Mike Carey, R-Ohio, and Vicente Gonzalez,...
  A bipartisan group of US House representatives, led by Reps. Mike Carey, R-Ohio, and Vicente Gonzalez, D-Texas, have proposed legislation aimed at fixing provisions in the Inflation Reduction Act that critics say disproportionately hurt oil and gas producers. The Promoting Domestic Energy Production Act would allow the industry to take a deduction for intangible drilling costs in line with comparable industries and could clear Congress later this year as part of a package of wider budgetary measures.
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