25 August 2022 Market Close & Major Financial Headlines: Wall Street Opened higher, Continued To Climb Closing At Session Highs. Markets Hope Jackson Hole Rate Hike Discussion By Powell Will Turn Dovish.

Summary Of the Markets Today:

The Dow closed up 323 points or 0.98%,
Nasdaq closed up 1.67%,
S&P 500 up 1.41%,
WTI crude oil settled at 93 up 6.80% for the week,
USD $108.34 down 0.34%,
Gold $1769 up 0.39%,
Bitcoin $21,639 down 0.61% – Session Low 21,352,
10-year U.S. Treasury 3.039% unchanged

Today’s Economic Releases:

In the week ending August 20, the 4-week moving average for seasonally adjusted initial unemployment claims was 247,000, an increase of 1,500 from the previous week’s revised average. The previous week’s average was revised down by 1,250 from 246,750 to 245,500. It appears, based on the unemployment insurance claims, that the economy has stabilized – and has stopped slowing.

The second estimate of real GDP for 2Q2022 “improved” from the advance estimate’s -0.9% to -0.6%. The inflation index remained at 7.1%. This continues to show a two-quarter contraction of the economy (see chart below) which historically has resulted in a recession call.

The Kansas City Fed manufacturing index slowed considerably in August 2022 but remained slightly positive. The month-over-month composite index was 3 in August, down from 13 in July and 12 in June. The slower pace in factory growth was driven by a decrease in activity in wood products, machinery, computer products, and transportation equipment manufacturing.

A summary of headlines we are reading today:

The Inflation Reduction Act Falls Short On Emissions Regulation
UBS Sees $125 Oil In The Coming Months
Sky-high rents hit the aircraft market as Boeing jets top $300,000 a month
Shares of Dollar Tree fall after company cuts guidance, citing investments in competitive pricing
Federal ‘ghost gun’ regulations go into effect after judges reject challenges
Why even more Americans are arming up with AR-15 guns
Bonds & Stocks Bid Despite Rate-Hawknado Ahead Of J-Hole Pow-Wow
Bond Report: 10- and 30-year Treasury yields post sharpest declines in a month ahead of Powell’s Jackson Hole speech

These and other headlines and news summaries moving the markets today are included below.

The Market in Perspective

Here are the headlines moving the markets.
	The Inflation Reduction Act Falls Short On Emissions Regulation When, early this year, the U.S. Supreme Court of the United States (SCOTUS) throttled the Environmental Protection Agency’s (EPA) authority to reduce carbon emissions on the grounds that Congress should pass a law specifically addressing the problem, we imagine that lobbyists who worked for the electric utility industry, so assiduously skilled in delaying any climate action, took the cynical advice offered by the Financial Times resident PR expert, Rutherford Hall. He advised clients to position fossil fuel stuff as concern Read more at: https://oilprice.com/The-Environment/Global-Warming/The-Inflation-Reduction-Act-Falls-Short-On-Emissions-Regulation.html
	UBS Sees $125 Oil In The Coming Months Swiss UBS strategists predict that oil will rebound to $125 in the coming months as fundamentals point to higher prices, spare capacity is ebbing and inventories are at multi-year lows. In a Thursday research note, UBS responded to Saudi comments to the effect that OPEC+ could cut production at any time, citing a disconnect between fundamentals and oil futures prices. The bank also noted coming disruption to oil markets when a European ban on Russian seaborne oil imports goes into effect in December. “The European Union Read more at: https://oilprice.com/Latest-Energy-News/World-News/UBS-Sees-125-Oil-In-The-Coming-Months.html
	Oil Prices Sink As Fed Speech Looms Crude oil prices sank on Thursday afternoon while the market was eyeing the Federal Reserves speech for clues about future interest rate hikes. At 3:00 p.m., ET, WTI had slipped $1.90 per barrel (-2.00%) to $92.99, with Brent crude slipping $1.33 (-1.31%) to $99.89sinking under $100 again. The downward trend is just the latest swing on Thursday as the market attempts to understand the impact that a rate hike will have on crude oil demand compared to the impact that an OPEC+ production cut would have on supply. Federal Reserve Chairman Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Sink-As-Fed-Speech-Looms.html
	EU Urges Major Economies To Strengthen Climate Pledges The European Union considers that current climate actions from the world’s largest polluters are insufficient and will call on countries to strengthen their emission-reduction commitments ahead of this years climate summit in November, Reuters reported on Thursday, citing a draft document it had seen. All members of the EU combined represent the third-largest polluter in the world after China and the United States. The EU has a target to reduce its greenhouse gas emissions by at least 55% below 1990 levels by 2030 and become Read more at: https://oilprice.com/Latest-Energy-News/World-News/EU-Urges-Major-Economies-To-Strengthen-Climate-Pledges.html
	Is There Enough Land For Our Ambitious Renewable Energy Agenda? According to the International Energy Agency (IEA), avoiding the worst impacts of climate change will necessitate the addition of 630 gigawatts of new solar power and 390 gigawatts of new wind power per year by 2030 four times the growth rate in 2020. For solar power, it amounts to building the world’s largest current solar farm nearly every day, reports Yale Environment 360. The problem is that the rapid expansion of large-scale solar and wind farms requires enormous land acquisitions in a world where land is increasingly Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/Is-There-Enough-Space-For-A-Renewable-Energy-Revolution.html
	TotalEnergies Denies Accusations That It Supplied Fuel To Russian Army A French minister on Thursday demanded clarification regarding a report in a local newspaper that Frances supermajor TotalEnergies was involved in a joint venture supplying jet fuel for fighter jets of the Russian army. On Wednesday, the French newspaper Le Monde published an article in which its reporters write that The French oil and gas giant and its local partner Novatek manage a gas field whose product, once transformed into kerosene, is used to fuel Russian fighter planes engaged in the war in Ukraine. Frances Read more at: https://oilprice.com/Latest-Energy-News/World-News/TotalEnergies-Denies-Accusations-That-It-Supplied-Fuel-To-Russian-Army.html
	Here’s how Peloton CEO Barry McCarthy’s turnaround plan is going Peloton investors are fleeing after the company’s discouraging fourth quarter. But CEO Barry McCarthy is trying to convince them to stick around. Read more at: https://www.cnbc.com/2022/08/25/heres-how-peloton-ceo-barry-mccarthys-turnaround-plan-is-going.html
	Sky-high rents hit the aircraft market as Boeing jets top $300,000 a month The cost to rent aircraft has surged this year as travel demand returned while planes are in short supply. Read more at: https://www.cnbc.com/2022/08/25/sky-high-rents-hit-the-aircraft-market-as-boeing-jets-top-300000-a-month.html
	Shares of Dollar Tree fall after company cuts guidance, citing investments in competitive pricing Shares of Dollar Tree fell after the company cut its financial outlook for the year as it invests in offering more competitive prices at its Family Dollar stores. Read more at: https://www.cnbc.com/2022/08/25/dollar-tree-shares-fall-after-company-cuts-guidance-invests-in-competitive-pricing.html
	Peloton shares plummet after company reports a big loss and declining revenue Peloton has pursued sweeping changes, including price hikes and a shift to emphasizing subscriptions, that have yet to fully pay off. Read more at: https://www.cnbc.com/2022/08/25/peloton-pton-reports-q4-2022-losses-mount.html
	‘Aquaman,’ ‘Shazam’ sequels postponed amid Warner Bros. Discovery slate shuffle The release dates for the sequels to “Aquaman” and “Shazam” are being shuffled, as Warner Bros. Discovery seeks to cut costs following its pricey merger. Read more at: https://www.cnbc.com/2022/08/24/aquaman-shazam-postponed-amid-warner-bros-discovery-slate-shuffle.html
	Federal ‘ghost gun’ regulations go into effect after judges reject challenges Rules that put kits used to build “ghost guns” in the same legal category as traditional firearms went into effect after judges declined requests to halt them. Read more at: https://www.cnbc.com/2022/08/24/federal-ghost-gun-regulations-go-into-effect-after-judges-reject-challenges.html
	Qantas CEO blames ‘little government support’ and Covid for lagging some of its peers Australia’s national carrier posted its third consecutive year of losses before tax of $1.19 billion Australian dollars. Read more at: https://www.cnbc.com/2022/08/25/qantas-ceo-blames-little-government-help-and-covid-for-lagging-peers.html
	Stocks making the biggest moves midday: Peloton, Salesforce, Dollar Tree and more These are the stocks posting the largest moves midday. Read more at: https://www.cnbc.com/2022/08/25/stocks-making-the-biggest-moves-midday-peloton-salesforce-dollar-tree-and-more.html
	IRS to refund a ‘very welcome’ $1.2 billion in late-filing fees for nearly 1.6 million taxpayers The IRS will waive penalties for many Americans who late-filed tax returns during the pandemic. Here’s how to know if you qualify. Read more at: https://www.cnbc.com/2022/08/25/irs-refunding-1point2-billion-in-late-filing-fees-for-nearly-1point6-million-.html
	Why even more Americans are arming up with AR-15 guns What’s behind the popularity of the AR-15, and what responsibility do gun makers have when their products are used in mass shootings? Read more at: https://www.cnbc.com/2022/08/25/why-even-more-americans-are-arming-up-with-ar-15-guns.html
	PGA Tour bolsters prizes, benefits as it competes with LIV Golf for player loyalty The PGA Tour announced increased prizes, new player benefits, and player commitments. Read more at: https://www.cnbc.com/2022/08/24/pga-tour-bolsters-prizes-in-competition-for-loyalty-with-liv-golf-.html
	Bonds & Stocks Bid Despite Rate-Hawknado Ahead Of J-Hole Pow-Wow Another wave of hawkish FedSpeak today (George, Bostic, Harker, and Bullard in increasingly ominous policy terms) prompted further tightening in STIRs… Source: Bloomberg …but stocks (once again) just shrugged it off as hope remains that Powell punts tomorrow… Source: Bloomberg If there is still anyone left believing that Powell will pivot tomorrow, … Read more at: https://www.zerohedge.com/markets/bonds-stocks-bid-despite-hawknado-ahead-j-hole-pow-wow
	TWTR Shares Jump As Judge Tells Twitter Musk Additional Data Demands “Seems Warranted” The judge at the center of the Delaware case between the world’s richest man and Twitter, ruled that the social media company must give some additional bot information to Elon Musk, as some added data “seems warranted,” but the judge also rejected Musk’s full data request as “absurdly broad,” according to Bloomberg. This sent TWTR shares higher… Twitter will be required to … Read more at: https://www.zerohedge.com/markets/twtr-shares-jump-judge-tells-twitter-musk-additional-data-demands-seems-warranted
	The Existence Of Bitcoin Is A Political Paradox Authored by Andrew Keir via BitcoinMagazine.com, Bitcoin is an apolitical monetary protocol for humanity, birthed in a world so deeply entangled and confused by a captured system of political power, influence and violence… “Every time we witness an act that we feel to be unjust and do not act we become a party to injustice. Those who are repeatedly passive in the face of injustice soon find their character corroded into servility.“ – Jullian Assange, “Conspiracy as Governance,” 2006 A deep irony exists when we live in a world that has become so deeply polarized and politicized. So much so that an immutable, apolitical system of scarce information — of value — has manifested into existence. As a protocol, Bitcoin is absolutely apolitical. It is indifferent to any political beliefs or ideology. It is decisiv … Read more at: https://www.zerohedge.com/crypto/existence-bitcoin-political-paradox
	CIO Of World’s Largest Hedge Fund Warns “You’re Not Going To Be Able To Avoid” Pain From Fed’s Actions The Fed faces a “tough dilemma”, warns Greg Jensen, co-CIO of Bridgewater Associates, noting that they are going to have to keep raising rates despite the fact that the economy is slowing. “On the margin, that’s bearish,” Jensen notes, because while commentators (and Fed Speakers) argue that The Fed will have to tighten more than they have (and that you “shouldn’t fight The Fed”), “the markets don’t reflect that.” And as we noted earlier, financial conditions (reflecting market-implied expectations) are now easier than when The Fed started hiking rates… Read more at: https://www.zerohedge.com/markets/cio-worlds-largest-hedge-fund-warns-youre-not-going-be-able-avoid-pain-feds-actions
	Train drivers at three more operators vote to strike Workers at Chiltern, Northern Trains, and Transpennine Express will walk out in a dispute over pay. Read more at: https://www.bbc.co.uk/news/business-62668997?at_medium=RSS&at_campaign=KARANGA
	Kids told to wear extra layers to cut energy bills One nursery is telling children to bundle up to keep heating down as firms call for state help. Read more at: https://www.bbc.co.uk/news/business-62672964?at_medium=RSS&at_campaign=KARANGA
	CO2 supply fears re-emerge as CF Fertilisers plant halts production Carbon dioxide is used in the slaughter of pigs and chickens as well as packaging and fizzy drinks. Read more at: https://www.bbc.co.uk/news/business-62673421?at_medium=RSS&at_campaign=KARANGA
	Inflation’s harsh realities on display as Fed officials meet By Christopher Rugaber Jackson Hole (US) A half-hour drive or so from the resort where the high priests of international finance – leading economists and central bank officials – have convened in Jackson Hole, Wyoming, to discuss the world’s economic challenges, Ash Hermanowski oversees Read more at: https://economictimes.indiatimes.com/markets/stocks/news/inflations-harsh-realities-on-display-as-fed-officials-meet/articleshow/93780673.cms
	Tech View: Nifty50 shows signs of weakness; support seen at 17,480 “Today’s price behavior is looking like one akin to the resumption of a downtrend from the intraday highs of 17,726 level. Hence, in the next trading session, if the Nifty50 slips below 17,499, weakness may extend towards 17,345 that would also result in the breach of the 20-day SMA (around 17,480),” said Mazhar Mohammad of Chartviewindia.in Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-shows-signs-of-weakness-support-seen-at-17480/articleshow/93779729.cms
	Who’s the biggest bull? DIIs have left FIIs behind in last 7 years Over the last 23 years beginning FY 2000, DIIs have invested $90.6 billion in the Indian equity market. The report pointed out that a large part of the DII flows ($86.7 billion) was recorded over the last eight years (FY16-23YTD). Read more at: https://economictimes.indiatimes.com/markets/stocks/news/whos-the-biggest-bull-diis-have-left-fiis-behind-in-last-7-years/articleshow/93774275.cms
	The Margin: Samsung could launch a crypto platform next year, reports say Samsung is considering a cryptocurrency platform, according to South Korean media, joining several companies in applying for licenses to run virtual exchanges Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7116-3624F62ED831%7D&siteid=rss&rss=1
	Bond Report: 10- and 30-year Treasury yields post sharpest declines in a month ahead of Powell’s Jackson Hole speech Long-dated bond yields slip from their highest levels since June as traders eye monetary policy chatter. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7115-BEADC1914557%7D&siteid=rss&rss=1
	The Margin: What are Pell grants? Biden student loan forgiveness includes $20,000 for Pell grant recipients Here’s how to check if you’re a Pell grant recipient, and what to know about Pell grant requirements Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7115-359ACE212C53%7D&siteid=rss&rss=1

25 August 2022 Market Close & Major Financial Headlines: Wall Street Opened higher, Continued To Climb Closing At Session Highs. Markets Hope Jackson Hole Rate Hike Discussion By Powell Will Turn Dovish.

Summary Of the Markets Today:

Today’s Economic Releases:

The Market in Perspective

The Inflation Reduction Act Falls Short On Emissions Regulation

UBS Sees $125 Oil In The Coming Months

Oil Prices Sink As Fed Speech Looms

EU Urges Major Economies To Strengthen Climate Pledges

Is There Enough Land For Our Ambitious Renewable Energy Agenda?

TotalEnergies Denies Accusations That It Supplied Fuel To Russian Army

Here’s how Peloton CEO Barry McCarthy’s turnaround plan is going

Sky-high rents hit the aircraft market as Boeing jets top $300,000 a month

Shares of Dollar Tree fall after company cuts guidance, citing investments in competitive pricing

Peloton shares plummet after company reports a big loss and declining revenue

‘Aquaman,’ ‘Shazam’ sequels postponed amid Warner Bros. Discovery slate shuffle

Federal ‘ghost gun’ regulations go into effect after judges reject challenges

Qantas CEO blames ‘little government support’ and Covid for lagging some of its peers

Stocks making the biggest moves midday: Peloton, Salesforce, Dollar Tree and more

IRS to refund a ‘very welcome’ $1.2 billion in late-filing fees for nearly 1.6 million taxpayers

Why even more Americans are arming up with AR-15 guns

PGA Tour bolsters prizes, benefits as it competes with LIV Golf for player loyalty

Bonds & Stocks Bid Despite Rate-Hawknado Ahead Of J-Hole Pow-Wow

TWTR Shares Jump As Judge Tells Twitter Musk Additional Data Demands “Seems Warranted”

The Existence Of Bitcoin Is A Political Paradox

CIO Of World’s Largest Hedge Fund Warns “You’re Not Going To Be Able To Avoid” Pain From Fed’s Actions

Train drivers at three more operators vote to strike

Kids told to wear extra layers to cut energy bills

CO2 supply fears re-emerge as CF Fertilisers plant halts production

Inflation’s harsh realities on display as Fed officials meet

Tech View: Nifty50 shows signs of weakness; support seen at 17,480

Who’s the biggest bull? DIIs have left FIIs behind in last 7 years

The Margin: Samsung could launch a crypto platform next year, reports say

Bond Report: 10- and 30-year Treasury yields post sharpest declines in a month ahead of Powell’s Jackson Hole speech

The Margin: What are Pell grants? Biden student loan forgiveness includes $20,000 for Pell grant recipients

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