Oil Prices Moving Up on Monday - Taking Energy Stocks Higher
Crude futures are surging after a ...
Crude futures are surging after a weekend flare-up of tensions between Israel and Hezbollah along the Lebanon border, exacerbated today by the Libyan National Army's call for a production shutdown in the country's eastern oilfields amid growing unrest.
Meanwhile, Exxon Mobil took the opportunity to release its annual energy report, where it says that carbon emissions won't drop until 2030, and warns that increased adoption of electric vehicles won't be enough to offset the impact of surging energy demand caused by a rising population. Not unlike the average global temperature, XOM is lingering within range of all-time highs at midday.
U.S. stocks today are mixed, with the Dow Jones Industrials posting a new record high. Weakness in chip stocks today is weighing on the broader market. Stocks have carryover support from last Friday, when Fed Chair Powell said "the time has come for policy to adjust." Also, energy stocks are climbing today, with WTI crude oil up more than +3% at a 1-week high
The numbers: The Commerce Department said Monday that orders at U.S. factories for long-lasting goods, such as new cars or machinery, jumped 9.9% in July.
Economists had forecast a 4% rise in orders for durable goods — products made to last at least three years.
Orders have risen in five of the last six months. However, they dropped 6.9% in June due to weak aircraft orders.
Excluding the volatile transportation sector, orders were up 0.2% in July after a 0.1% gain in the prior month.
Another measure in the report seen as a bellwether for business investment — core capital-goods orders, which exclude volatile sectors like transportation and defense — slipped 0.1% last month after a 0.5% rise in June.
US And China Will Sit Down And Talk Things Over Later This Week
Jake Sullivan, the national security advisor to President Joe Biden,...
Jake Sullivan, the national security advisor to President Joe Biden, will embark on a three-day diplomatic trip to China starting on Tuesday. He will meet with China’s foreign minister, Wang Yi, in the latest get-together designed to ease tensions between the countries that grew rocky after the US shot down a Chinese spy balloon that entered US airspace last year. Topics of discussion are expected to include limiting the trafficking of fentanyl, China’s support for Russia and its invasion of Ukraine, and tariffs on Chinese imports like semiconductors and EVs.
Coco Gauff begins the defense of her US Open crown today: Novak...
Coco Gauff begins the defense of her US Open crown today: Novak Djokovic will be doing the same on the men’s side while looking for the 25th Grand Slam singles title of his career, which would break a tie with Margaret Court for the overall record. Aryna Sabalenka and Carlos Alcaraz, who are parked on the other side of the women’s and men’s brackets, respectively, are the betting favorites. Sportsbooks have no odds on how many $23 Honey Deuces will be sold at the tournament yet, but smart money says you should take the over.
Apple is reportedly unveiling new iPhones, watches, and AirPods as part of a product launch on Sept. 10, per Bloomberg. The iPhone 16 will be available on Sept. 20.
Americans can receive free Covid-19 tests through the mail beginning next month.
The NFL will decide at a meeting this week if private equity can invest in its franchises.
Oasis is rumored to finally be getting back together to perform shows in England next year.
Black Myth: Wukong, a new Chinese video game, posted huge numbers on Steam but also came under fire for allegedly trying to censor players.
Babe Ruth’s famous “called shot” jersey was sold for over $24 million at auction, becoming the most expensive piece of sports memorabilia in history.
