13 July 2023 Market Close & Major Financial Headlines: Wall Street Rallies Into Fourth Day Closing At Session Highs

Summary Of the Markets Today:

  • The Dow closed up 48 points or 0.14%,
  • Nasdaq closed up 1.58%,
  • S&P 500 closed up 0.85%,
  • Gold $1,965 up $2.80,
  • WTI crude oil settled at $77 up $1.46,
  • 10-year U.S. Treasury 3.761% down 0.100 points,
  • USD Index $99.76 down $0.76,
  • Bitcoin $31,675 up $1412,

*Stock data, cryptocurrency, and commodity prices at the market closing.


Click here to read our Economic Forecast for July 2023


Today’s Economic Releases Compiled by Steven Hansen, Publisher:

The Producer Price Index‘s (PPI) growth has declined to 0.1% year-over-year (PPI less foods, energy, and trade is up 2.6% year-over-year). The goods portion of the PPI growth is now DOWN 4.2% year-over-year whilst the services portion is up 2.3% year-over-year. The bottom line here is that except for labor costs – inflation has mostly disappeared in the production portion of the economy. Interestingly, there is little correlation between inflation and the change in the cost of labor.

In the week ending July 8, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 246,750, a decrease of 6,750 from the previous week’s revised average. The previous week’s average was revised up by 250 from 253,250 to 253,500.

My worries last month that a dockworker’s strike would affect trade fortunately never materialized. The Ports of Los Angeles and Long Beach handle over 40% of all containerized cargo entering the United States. In June 2023 imports declined 18% year-over-year (same as last month) whilst exports declined 3% year-over-year (improved from -6% last month). In general, a decline in imports normally signals a slowing of consumer demand.

 

Here is a summary of headlines we are reading today:

  • Oil Prices Jump As Libya’s Largest Oilfield Goes Offline
  • Future Of Oil Demand Is Brighter Than You’ve Been Told
  • U.S. Natural Gas Loses Ground As Europe Leans On Solar Power
  • Russia’s Oil Exports Plunge To The Lowest Level Since March 2021
  • Actors union will join writers on strike, shutting down Hollywood
  • Stocks rise a fourth day on upbeat inflation data, S&P 500 and Nasdaq close at highest levels in 2023: Live updates
  • June wholesale prices rise less than expected in another encouraging inflation report
  • Russia To Overtake Saudi Arabia As The Largest OPEC+ Oil Producer
  • Market Snapshot: S&P 500 hovers near 4,500 as U.S. stocks climb for 4th day

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

The Market in Perspective

Here are the headlines moving the markets.

The Rise Of Perovskite: A Quantum Leap In Solar Panel Efficiency

With huge amounts of investment being pumped into developing new renewable energy technologies and improving existing equipment worldwide, we are seeing innovations in traditional green energy sources. Solar panels are getting more efficient, capable of generating energy even when the sun’s not shining, and wind turbines are getting bigger and stronger. This shows that renewable energy operations are not rigid, that technologies can evolve, and the appearance of a solar or wind farm today may not be the same as that in 50 years. This also…

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/The-Rise-Of-Perovskite-A-Quantum-Leap-In-Solar-Panel-Efficiency.html

Oil Prices Jump As Libya’s Largest Oilfield Goes Offline

Oil prices were rising on Thursday afternoon as supply outages continue to pile up in oil markets. This morning, Libya’s Oil Minister Mohamed Oun confirmed to Argus Media that the 70,000 bpd El Feel oilfield had been shut down by protestors. Argus reported that the protestors were angered by the recent arrest of former finance minister Faraj Boumtari in Tripoli. Rumors surfaced on social media this morning that Libya’s giant Sharara field was also shut down, but Libyan news outlet Al-Ahrar tv confirmed that the oilfield continued to…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Jump-As-Libyas-Largest-Oilfield-Goes-Offline.html

Pressure Builds On Chinese Steel Sector As Prices Plummet

Via AG Metal Miner   China’s major steelmakers recently warned of a “very challenging” H2 that could impact steel prices. As noted in news reports quoting the China Iron & Steel Association (CISA), this goes against earlier expectations of improvement in the sector. According to a June 30 report from Bloomberg, officials from China Baowu Steel Group, Ansteel Group, Hesteel, and Hunan Iron & Steel Group cited low demand. Other factors include lagging profitability and pressure to cut costs for creating a “very…

Read more at: https://oilprice.com/Metals/Commodities/Pressure-Builds-On-Chinese-Steel-Sector-As-Prices-Plummet.html

Future Of Oil Demand Is Brighter Than You’ve Been Told

Oil demand’s future is rosier than the common narrative would have you believe, according to a report released today by Energy Outlook Advisors. According to energy analyst and the report’s author Anas Alhajji, the hope that oil demand will decrease as the world transitions to clean energy is built on a lot of hype and wishful thinking. China—the world’s largest investor in renewable energy—and India still use coal as the primary source of electricity generation. As these countries add green energy, it will have minimal…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Future-Of-Oil-Demand-Is-Brighter-Than-Youve-Been-Told.html

Lapis Lazuli Corridor Ushers In New Trade Opportunities For Eurasia

Via the Jamestown Foundation During a regional conference held in Ashgabat, Turkmenistan, in May 2023, President Serdar Berdimuhamedov underscored the paramount importance of the Lapis Lazuli international transit corridor. He emphasized how further development of this landmark project would revolutionize the regional transportation system, propelling it to new heights of efficiency and connectivity (Turkmenportal.com, February 27; Khaama.com, May 30). The multimodal east-west corridor—which is still under development, though some…

Read more at: https://oilprice.com/Geopolitics/International/Lapis-Lazuli-Corridor-Ushers-In-New-Trade-Opportunities-For-Eurasia.html

Nationalizing UK Water Companies Will Only Result In Higher Bills

There are few more revolting images than human feces streaming into Britain’s rivers and seas. Not just the stench, but also environmental damage and closed beaches. The ongoing sewage debacle has driven righteous anger with Britain’s privatized water companies and the imposition of large fines. But the situation may not be so simple. These “storm overflows” prevent an even worse fate during heavy downpours: poo flowing back into people’s homes and onto streets. It’s also not easy to solve. Increasing the treatment…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Nationalizing-UK-Water-Companies-Will-Only-Result-In-Higher-Bills.html

The West Loses Grip On China’s Auto Market As Domestic Carmakers Boom

In China, domestic automakers are starting to overtake Western companies, marking a big win for Beijing’s domestic industrial policies and signaling the potential end to decades of dominance by Western automakers. In fact, local auto brands produced in China made up 54% of the wholesale car market for the first half of 2023, The Wall Street Journal noted earlier this week. This is up from 48% a year prior and marks the second 6 month period wherein local brands have surpassed foreign ones in a row.  It’s no secret that NEVs are leading…

Read more at: https://oilprice.com/Energy/Energy-General/The-West-Loses-Grip-On-Chinas-Auto-Market-As-Domestic-Carmakers-Boom.html

OPEC Raises 2023 Oil Demand Forecast

OPEC has lifted its crude oil demand forecast for 2023, to 2.4 million barrels per day (bpd), according to the group’s latest Monthly Oil Market Report (MOMR) released on Thursday. OPEC’s expectation for this year’s oil demand is an upward revision of 100,000 bpd from last month’s forecast.  Global oil demand next year is expected to grow by 2.2 million bpd “on the back of a continued rebound in Chinese economic activity, and firm growth in other non-OECD countries.” Meanwhile, OPEC is expecting Non-OPEC…

Read more at: https://oilprice.com/Energy/Crude-Oil/OPEC-Raises-2023-Oil-Demand-Forecast.html

Gazprom Keeps Gas Flowing Despite Dispute With Ukraine’s Naftogaz

Kremlin-controlled gas giant Gazprom has maintained gas flows to Europe via Sokhranovka point despite an ongoing transit dispute with Ukraine’s Naftogaz. Ukrainian transit flows have remained stable at slightly above 40 million cubic meters per day according to data from Gazprom, as reported by Energy Intelligence.   Gazprom CEO Alexei Miller had earlier threatened to slap sanctions on Naftogaz as it continues to pursue an arbitration case for non-payment of transit  fees by Gazprom. According to Naftogaz…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Gazprom-Keeps-Gas-Flowing-Despite-Dispute-With-Ukraines-Naftogaz.html

U.S. Natural Gas Loses Ground As Europe Leans On Solar Power

For decades, natural gas has been Europe’s primary source of electricity, meaning natural gas prices have largely determined electricity producer prices. However, following Russia’s invasion of Ukraine, Europe’s power utilities have accelerated the build-out of renewable energy, particularly solar, capacity while cutting back on electricity generation from fossil fuels. Indeed, Europe’s utilities generated a record 10.4% of electricity from solar sources in June, more than double solar’s share in the continent’s energy mix since 2018…

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/US-Natural-Gas-Loses-Ground-As-Europe-Leans-On-Solar-Power.html

ExxonMobil To Acquire Denbury In $4.9B Deal

Giant E&P company Exxon Mobil (NYSE:XOM) has agreed to acquire the developer of carbon capture, utilization and storage (CCUS) solutions, Denbury Inc. (NYSE:DEN) in an all-stock transaction valued at $4.9B, or $89.45/share, good for a mere 1.9% premium to Wednesday’s closing stock price. Denbury recycles CO2 through its Enhanced Oil Recovery (EOR) operations, and uses it to produce environmentally-friendly, carbon-negative Blue Oil. The company owns the largest CO2 pipeline network in the U.S. at 1,300 miles, including nearly 925 miles of CO2…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/ExxonMobil-To-Acquire-Denbury-In-49B-Deal.html

Rising Russian Oil Prices Test Western Resolve

The reason why oil traded above $100 for much of 2022 is due to fears that it would be effectively withdrawn from global markets as a result of Western sanctions, slashing global oil supply by millions of barrels every day. While that did not pan out in the past year, with every passing day we are getting closer to testing the resolve of western leaders to make sales of Russian oil above $60 illegal. As Bloomberg reports, at a time when Russian oil exports are finally starting to decline, the price of Russian oil at one of its Western ports…

Read more at: https://oilprice.com/Energy/Crude-Oil/Rising-Russian-Oil-Prices-Test-Western-Resolve.html

Russia’s Oil Exports Plunge To The Lowest Level Since March 2021

Total oil exports out of Russia slumped by 600,000 barrels per day (bpd) in June, to the lowest level in more than two years, according to estimates by the International Energy Agency (IEA) in its Oil Market Report published on Thursday. Russia’s oil exports declined by 600,000 bpd to 7.3 million bpd in June, which was the lowest level of oil exports from the country since March 2021, per IEA’s estimates. Revenues have also plunged, both compared to May and to the levels at this time last year. Russia’s estimated export revenues…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-Oil-Exports-Plunge-To-The-Lowest-Level-Since-March-2021.html

Russia To Overtake Saudi Arabia As The Largest OPEC+ Oil Producer

Saudi Arabia will lose its status as the largest OPEC+ oil producer to Russia as it begins the unilateral cut of 1 million barrels per day (bpd), with the Kingdom pledging to pump around 9 million bpd in July and August—the lowest level in two years.   Excluding the deep cuts during the pandemic, a Saudi production of just around 9 million bpd would be the lowest level the world’s top crude oil exporter has pumped since 2011. “The Kingdom’s crude output is set to plunge to a two-year low of around 9 mb/d in July…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-To-Overtake-Saudi-Arabia-As-The-Largest-OPEC-Oil-Producer.html

IEA Cuts Oil Demand Growth Forecast For First Time This Year

Persistent economic headwinds have prompted the International Energy Agency (IEA) to cut its global oil demand growth forecast for the first time this year. The agency continues to see a record-high global oil demand in 2023, at 102.1 million barrels per day (bpd), its closely-watched Oil Market Report showed on Thursday. However, the pace of growth in demand was lowered by 220,000 bpd from last month’s projection, the first downward revision to oil demand growth for this year from the IEA. “Persistent macroeconomic headwinds, apparent…

Read more at: https://oilprice.com/Energy/Energy-General/IEA-Cuts-Oil-Demand-Growth-Forecast-For-First-Time-This-Year.html

Actors union will join writers on strike, shutting down Hollywood

The dual strikes will result in the stoppage of film and television productions.

Read more at: https://www.cnbc.com/2023/07/13/sag-actors-union-goes-on-strike-joining-hollywood-writers.html

Former Celsius CEO arrested, company agrees to pay $4.7 billion settlement

Ex-Celsius CEO Alex Mashinsky was arrested on federal securities fraud charges as the FTC announced a $4.7 billion settlement with the bankrupt crypto exchange.

Read more at: https://www.cnbc.com/2023/07/13/former-celsius-ceo-arrested-company-agrees-to-pay-4point7-billion-settlement.html

Stocks rise a fourth day on upbeat inflation data, S&P 500 and Nasdaq close at highest levels in 2023: Live updates

The S&P 500 and Nasdaq Composite closed at their highest closing levels since April 2022.

Read more at: https://www.cnbc.com/2023/07/12/stock-futures-today-live-updates.html

St. Louis Fed President Bullard says he’s stepping down in August

The St. Louis Federal Reserve announced Thursday that Jim Bullard will step down from his post as president, effective Aug. 14.

Read more at: https://www.cnbc.com/2023/07/13/st-louis-fed-president-bullard-says-hes-stepping-down-in-august.html

What investors need to know about the crossover between A.I. and crypto

Large language learning models aren’t going away, but crypto’s blockchain technology could help harness at least part of the societal risk, some say.

Read more at: https://www.cnbc.com/2023/07/13/what-investors-need-to-know-about-the-crossover-between-ai-and-crypto.html

Record heat meets record wildfires in Canada, and scientists say this is the new reality

Record-high temperatures add fuel to the record wildfire season in Canada, with more heat and wildfires yet to come this year.

Read more at: https://www.cnbc.com/2023/07/13/canada-record-heat-meets-record-wildfires-new-reality-say-scientists.html

XRP surges after win in court battle with SEC, and ex-CEO of Celsius arrested: CNBC Crypto World

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Cory Klippsten of Swan Bitcoin reacts to the arrest of Celsius’ former CEO, and a ruling in the court battle between the SEC and Ripple.

Read more at: https://www.cnbc.com/video/2023/07/13/xrp-surges-win-court-battle-sec-ex-ceo-celsius-arrested-crypto-world.html

June wholesale prices rise less than expected in another encouraging inflation report

The PPI for final demand rose 0.1%. Economists surveyed by Dow Jones were expecting an increase of 0.2%.

Read more at: https://www.cnbc.com/2023/07/13/ppi-june-2023-wholesale-prices-rise-less-than-expected.html

Ukraine war live updates: Missing Russian general reportedly detained; ‘massive’ overnight strikes by Iranian drones hit Kyiv

Kyiv endured a third consecutive night of airstrikes from Russia that coincided with the NATO summit in Vilnius focused on Ukraine aid.

Read more at: https://www.cnbc.com/2023/07/13/russia-ukraine-live-updates.html

Elon Musk’s Twitter files data-scraping lawsuit against unknown defendants

Elon Musk’s X Corp., the parent company of Twitter, filed a lawsuit against four unknown entities last week over charges of data-scraping on Twitter.

Read more at: https://www.cnbc.com/2023/07/13/elon-musk-owned-twitter-files-data-scraping-lawsuit-against-unknowns.html

These 10 states are running America’s best economies for residents

While the fate of the national economy is still unclear, these ten states are well-equipped to handle almost anything, including a recession.

Read more at: https://www.cnbc.com/2023/07/13/these-10-states-are-running-americas-best-economies-for-residents.html

These 10 states are America’s worst economies, leaving populations at risk

With recession still a risk, these are the states with the weakest economies that would take the biggest hits, based on CNBC’s Top States for Business study.

Read more at: https://www.cnbc.com/2023/07/13/these-are-the-10-states-with-americas-worst-economies.html

Biden administration to provide free Covid vaccines to uninsured Americans this fall through end of 2024

The HHS program aims to maintain broad access to Covid shots and treatments after the federal government shifts those products to the commercial market.

Read more at: https://www.cnbc.com/2023/07/13/biden-hhs-to-provide-free-covid-vaccines-for-uninsured-through-2024.html

Russia To Overtake Saudi Arabia As The Largest OPEC+ Oil Producer

By Charles Kennedy of OilPrice.com,

Saudi Arabia will lose its status as the largest OPEC+ oil producer to Russia as it begins the unilateral cut of 1 million barrels per day (bpd), with the Kingdom pledging to pump around 9 million bpd in July and August—the lowest level in two years.

Excluding the deep cuts during the pandemic, a Saudi production of just around 9 million bpd would be the lowest level the world’s top crude oil exporter has pumped since 2011.

“The Kingdom’s crude output is set to plunge to a two-year low of around 9 mb/d in July and August, leaving it trailing behind Russia as the bloc’s top crude producer,” the International Energy Agency (IEA) said in its Oil Market Report on Thursday.

Read more at: https://www.zerohedge.com/commodities/russia-overtake-saudi-arabia-largest-opec-oil-producer

30% Of Americans Believe Breaking The Law Over ‘Climate Crisis’ Is Justified

Environmental protest group Just Stop Oil hit the headlines again last week after disrupting play twice at the Wimbledon tennis tournament in the United Kingdom, as they called for the government to stop all new oil, gas and coal projects.

As Statista’s Anna Fleck reports, protests over the environment have been on the rise in the country, with the group having also taken action at the World Snooker Championship and the rugby union Premiership final.

Public disturbances, whether interrupting sporting matches, halting traffic or vandalizing art, have prompted an array of responses from the public.

But what is the perspective of those abroad: is breaking the law ever acceptable for the sake of

Read more at: https://www.zerohedge.com/political/30-americans-believe-breaking-law-over-climate-crisis-justified

Watch: America’s ‘AI Czar’ Kamala Harris Explains “First Of All, It’s Two Letters”

Authored by Steve Watson via Summit News,

Ladies and Gentlemen of America, this is who will become your leader if the doddering 80 year old Biden falls on a sandbag and cracks his skull open…

It’s Kamala Harris, explaining for those who are not aware what exactly AI is.

“I think the first part of this issue that should be articulated is AI is kind of a fancy thing. First of all, it’s two letters. It means artificial intelligence.”

“The machine is taught — and part of the issue here is what information is going into the machine that will then determine — and we can predict then, if we think about what information is going in, what then will be pr …

Read more at: https://www.zerohedge.com/political/watch-americas-ai-czar-kamala-harris-explains-first-all-its-two-letters

Senior Russian Commanders Detained, Including ‘Missing’ Surovikin, After Wagner Mutiny: Report

Gen. Sergei Surovikin, who was the deputy commander of Moscow’s military operation in Ukraine, has not been seen in public since Wagner’s short-lived mutiny of June 23-24. There were earlier, unconfirmed reports of his arrest and even speculation that he had quietly coordinated with Wagner chief Yevgeny Prigozhin during the uprising. Some reports have suggested that he’s dead, but that has remained on the level of unconfirmed rumor.

But more information was revealed this week when a reporter asked one of Russia’s top lawmakers, Andrei Kartapolov, over Surovikin’s whereabouts. The general is “taking a rest,” Kartapolov – who serves as the head of Duma’s defense committee – said on video. “He is unavailable right now,” the lawmaker, also said, before hurrying quickly away.

The Wall Street Journal is reporting Thursday that at least 13 senior military officers have been detained in the wake of the Wagner uprising. Further, 15 other …

Read more at: https://www.zerohedge.com/geopolitical/senior-russian-commanders-detained-including-missing-surovikin-after-wagner-mutiny

Using agency staff to cover strikes ruled unlawful

Bosses can no longer use agency staff to cover striking workers during walkouts, the High Court rules.

Read more at: https://www.bbc.co.uk/news/business-66187748?at_medium=RSS&at_campaign=KARANGA

Anchor Brewing: America’s oldest craft brewery shuts after 127 years

The owner of Anchor Brewing said it could not overcome the hit from the pandemic.

Read more at: https://www.bbc.co.uk/news/business-66193315?at_medium=RSS&at_campaign=KARANGA

UK economy ‘listless’ with little growth in four years

The economy shrank by 0.1% in May and has barely grown since 2019 before the pandemic.

Read more at: https://www.bbc.co.uk/news/business-66179998?at_medium=RSS&at_campaign=KARANGA

Ahead of Market: 10 things that will decide D-Street action on Friday

“Nifty is likely to consolidate in the range of 19300 – 19570 and until this range is decisively breached on either side we can expect the sideways price action to continue. Overall, the trend is positive, and Nifty is undergoing time-wise correction. The crucial support zone stands at 19360 – 19320 while the resistance zone is placed at 19550 – 19570,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/ahead-of-market-10-things-that-will-decide-d-street-action-on-friday/articleshow/101735297.cms

PB Fintech, 2 Tata group stocks among top 10 midcaps MFs sold in June

The list includes two Tata group companies along with new-age stock PB Fintech

Read more at: https://economictimes.indiatimes.com/markets/web-stories/pb-fintech-2-tata-group-stocks-among-top-10-midcaps-mfs-sold-in-june/articleshow/101726289.cms

Bandhan Bank Q1 Preview: PAT seen falling up to 14% in a soft quarter

Bandhan Bank’s Q1FY24 results are expected to be weak due to a sequential decline in loan growth and seasonably weak quarter, with net profit projected to fall up to 14%. However, the bank anticipated loan and deposit growth to be 20% above industry

Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/bandhan-bank-q1-preview-pat-seen-falling-up-to-14-in-a-soft-quarter/articleshow/101733463.cms

Market Snapshot: S&P 500 hovers near 4,500 as U.S. stocks climb for 4th day

The S&P 500 index was on the cusp of 4,500 on Thursday as U.S. stocks climbed for a fourth day, led by technology stocks, and traded at fresh 15-month highs following the latest batch of economic data, which bolstered hopes for a soft landing for the U.S. economy.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-722A-920CC6D68D01%7D&siteid=rss&rss=1

Help Me Retire: I’m 52, single with no kids and only $190,000 in 401(k) assets. ‘I don’t want to die alone and forgotten in my home.’ What should I do?

Have a question about your own retirement savings? Email us at HelpMeRetire@marketwatch.com

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-722A-2652CFD11DC2%7D&siteid=rss&rss=1

Ripple token not a security in retail sales, judge rules in partial win for crypto

A federal judge ruled that Ripple Labs’ crypto token, XRP, is not a security when sold on digital asset exchanges to the general public.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-722B-48657E26E421%7D&siteid=rss&rss=1

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