20July2022 Market Close & Major Financial Headlines: Wall Street Closes Higher After Last Session Bounce, Gold Slips To 15-Month Low, WTI Crude Slips Below 100 Again, Home Sales Fall Sharply

Biden Fails To Declare Climate Emergency, Vows To Use Executive Power

As anticipated, U.S. President Joe Biden refrained from declaring a climate emergency, which would grant him additional powers to deal with a national climate crisis, during his speech Wednesday at the site of a former coal plant in Massachusetts. Citing a staggering $145 billion in damages caused by extreme weather events just last year, and calling the climate crisis a clear and present danger, in a live stream, Biden told those gathered in Massachusetts that his administration would use its executive powers to tackle the

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Biden-Fails-To-Declare-Climate-Emergency-Vows-To-Use-Executive-Power.html

The World Is Ready For A Renewable Gas Revolution

An Australian advert hyped up the future of renewable gas this month in a bid to start raising public knowledge of new green energy projects that could eventually change our home energy use. Automakers and many energy majors have already set their sights on green hydrogen, but there is little public awareness of the potential shift away from natural gas to hydrogen and other alternatives. While it may be a long way off until universal access to these energy sources, the marketing drive starts now, as energy providers hope consumers

Read more at: https://oilprice.com/Energy/Energy-General/The-World-Is-Ready-For-A-Renewable-Gas-Revolution.html

Gazprom Preparing To Restart Flows To Europe Thursday

With Europe on edge over the possibility that Russia will cut off gas flows, new grid data now shows that orders via the Nord Stream 1 pipeline have been made for Thursday, easing some of the panic that has prompted the EU to call on member states to reduce gas usage 15%. Germany’s energy regulator has confirmed that Russian state-run Gazprom has renominated gas flows for July 21st at 30% capacity for the Nord Stream 1 pipeline, ZeroHedge noted on Twitter. The renominations for Nord Stream 1 were also confirmed by Reuters.

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Gazprom-Preparing-To-Restart-Flows-To-Europe-Thursday.html

Putin: Even Launch Of Nord Stream 2 Can’t Help With Europe’s Gas Shortage

Even if Russia were to start Nord Stream 2 tomorrow, the gas flows through it would be unable to alleviate much of the natural gas shortages in Europe, Russian President Vladimir Putin said on Wednesday, adding that he had warned German Chancellor Olaf Scholz about this. Germany actually never certified the twin link of the Nord Stream pipeline from Russia to Germany. Russia completed the Nord Stream 2 project last year, but Germany halted the certification of the project late in 2021. After Russia invaded Ukraine at the end of February 2022, Germanysuspended

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Putin-Even-Launch-Of-Nord-Stream-2-Cant-Help-With-Europes-Gas-Shortage.html

Too Hot For Solar Power: Europe’s Heat Wave Makes Solar Panels Less Efficient

The record-breaking heat wave in Europe doesn’t mean record solar power generation, as extremely high temperatures actually reduce the efficiency of solar panels. As temperatures in the UK hit the highest-ever on record at over 40 degrees Celsius (104 F) this week, solar power output hasn’t set records and is unlikely to do so amid very high temperatures, scientists say. On Tuesday, a provisional temperature of 40.3 C (104.54 F) was recorded at Coningsby in the UK, the UK’s Met Office said, adding that it was the first time on record temperatures

Read more at: https://oilprice.com/Alternative-Energy/Solar-Energy/Too-Hot-For-Solar-Power-Europes-Heat-Wave-Makes-Solar-Panels-Less-Efficient.html

Saudi Arabia’s Ability To Pump More Oil Limited

Saudi Arabia has limited additional crude oil production capacity, Wall Street Journal sources revealed on Wednesday. The sources, who are said to be familiar with Saudi Arabia’s oil production capabilities, were not named. The mystery surrounding Saudi Arabia’s crude production capabilities has grown in recent weeks amid a tight oil market, Europe’s energy crisis, and the United States’ battle with high retail gasoline prices. Large oil producers such as Saudi Arabia thought to be one of the only possible swing producers

Read more at: https://oilprice.com/Energy/Crude-Oil/Saudi-Arabias-Ability-To-Pump-More-Oil-Limited.html

From Gap to GameStop, there’s a retail executive exodus underway — and more departures are coming

Major leadership changes have become more frequent as the retail sector stares down a more challenging backdrop.

Read more at: https://www.cnbc.com/2022/07/20/three-reasons-why-retail-executives-are-quitting-getting-fired.html

Mattel inks deal with Elon Musk’s SpaceX to produce line of toys

Mattel inked a multiyear deal with Elon Musk’s SpaceX, the companies announced on Wednesday, to create a line of space-inspired toys.

Read more at: https://www.cnbc.com/2022/07/20/mattel-inks-deal-with-elon-musks-spacex-to-produce-line-of-toys.html

Netflix’s earnings results mark a pivot point for the streaming giant, for better or worse

Netflix’s second-quarter results may serve as a flag-in-the-ground moment for the company, for better or worse.

Read more at: https://www.cnbc.com/2022/07/20/netflixs-earnings-results-mark-pivot-point-for-streaming-giant-for-better-or-worse.html

June home sales fall 5.4% from May, as prices set yet another record

The median price of an existing home sold in June set yet another record at $416,000, an increase of 13.4% year over year.

Read more at: https://www.cnbc.com/2022/07/20/june-home-sales-fall-5point4percent-from-may-as-prices-set-yet-another-record.html

Macy’s speeds up plans to open smaller stores outside of malls

Macy’s plans are part of a bid to evolve with its customers’ shopping preferences coming out of the Covid pandemic.

Read more at: https://www.cnbc.com/2022/07/20/macys-speeds-up-plans-to-open-smaller-stores-outside-of-malls.html

Bath & Body Works lowers outlook, citing consumer caution during high inflation

Bath & Body Works lowered its second-quarter and full-year sales guidance, citing inflation and a more difficult macroeconomic environment.

Read more at: https://www.cnbc.com/2022/07/20/shares-of-bath-body-works-fall-after-company-lowers-sales-guidance-citing-more-cautious-consumers-.html

Our takes on Amazon and Apple heading into next week’s earnings reports

The CNBC Investing Club analyzes two new analyst reports Wednesday, looking at Apple and Amazon ahead of the tech giants’ earnings reports next week.

Read more at: https://www.cnbc.com/2022/07/20/our-takes-on-amazon-and-apple-heading-into-next-weeks-earnings-reports.html

4 takeaways from the Investing Club’s ‘Morning Meeting’ on Wednesday

Lots of Club names making news on Wednesday, including Halliburton, Bausch Health, Apple, and Amazon.

Read more at: https://www.cnbc.com/2022/07/20/4-takeaways-from-the-investing-clubs-morning-meeting-on-wednesday.html

Biden announces new climate change programs, but no emergency declaration

President Biden announced the new climate change initiatives during a speech at a former coal-fired plant in Somerset, Massachusetts.

Read more at: https://www.cnbc.com/2022/07/20/biden-announces-new-climate-change-programs-no-emergency-declaration.html

Complaints about airlines have surged – here’s how travel stacks up now vs before Covid

Between staffing shortages, pilot strikes, lost luggage, and massive lines, air travel in 2022 has not been easy.

Read more at: https://www.cnbc.com/2022/07/20/air-travel-complaints-nearly-tripled-in-may-from-same-month-in-2019.html

Latest photos of European heat wave show future ‘normal’ as London fire department has the busiest day since WWII

Europe is buckling under a heat dome and wildfires spreading rapidly due to extreme drought. Climate change is making extreme weather more frequent.

Read more at: https://www.cnbc.com/2022/07/20/europe-heat-wave-photos-london-fire-department-busiest-day-since-wwii.html

How to buy your first car without going broke

Car prices are at an all-time high right now. Here are tips to help you buy your first car on a budget. (Spoiler alert: It’s probably not your dream ride.)

Read more at: https://www.cnbc.com/2022/07/20/how-to-buy-your-first-car-without-going-broke.html

Stocks making the biggest moves midday: Netflix, Las Vegas Sands, Bath & Body Works, and more

These are the stocks posting the largest moves in midday trading.

Read more at: https://www.cnbc.com/2022/07/20/stocks-making-the-biggest-moves-midday-netflix-las-vegas-sands-and-more.html

Strengthening Ties With Iran, Putin Meets With Supreme Leader In Tehran

On the heels of President Biden’s trip to the Middle East, which was aimed in part at galvanizing a regional alliance against Iran, Russian President Vladimir Putin on Tuesday visited Tehran in a move that promises to bolster cooperation between two targets of the U.S. empire.

“It’s the definition of pushback,” Ali Vaez, the Iran project director and senior adviser to the president of the International Crisis Group tells The Wall Street Journal. “They now share a vision of a coalition of sanctioned states, comprised of countries like Iran, Russia, China, Venezuela.”

In a rare foreign excursion during Russia’s war in Ukraine, Putin met with Iran Supreme Leader Ayatollah Ali Khamenei and President Ebrahim Raisi, along with Turkish President Tayyip Erdogan.

Since Covid hit Iran in Feb 2020, only two presidents have gotten this close to Khamenei: Assad in May and Putin today.

This observation is of course based on pictures released by Khamenei’s office. pic.twitter.com/jPtAflJ55c

— Kian Sharifi (@KianSharifi) July 19, 2022

“Our relations are developing at a good pace,”

Read more at: https://www.zerohedge.com/geopolitical/strengthening-ties-iran-putin-meets-supreme-leader-tehran

“He’s A Public Employee. Fire his A**”: Critics Call For Harbaugh To Be Canned For Coming Out As Pro-Life

Authored by Jonathan Turley,

University of Michigan football head coach Jim Harbaugh is facing calls for his termination after he went public with his pro-life views. Harbaugh is a devout Catholic and said that “I believe in having the courage to let the unborn be born.” The response has been overwhelming and furious, but it is unlikely that Harbaugh (who just signed signed a 5-year, $36.7 million contract) will be canned. It is an interesting comparison to the successful campaign recently to force a NFL coach to withdraw his comments about Jan. 6th. Yet, if critics had their way, both coaches would be fired for holding dissenting views on such issues.

Read more at: https://www.zerohedge.com/political/hes-public-employee-fire-his-critics-call-harbaugh-be-canned-coming-out-pro-life

Tesla Q2 Earnings Preview: Eyes Are On China, Volume Growth, Margin Expansion & Delivery Guidance

Tesla is set to report earnings after the bell today amidst a number of ongoing Tesla news items and social scandals surrounding Elon Musk, which include but are not limited to:

Musk’s $40+ billion Twitter purchase in the midst of being litigated in a Delaware Chancery Court, the results of which may have an impact on Musk’s holdings of Tesla

Tesla’s two new factories coming online despite the company laying off workers from its San Mateo office and cuts of as much as 3.5% of its global workforce this past quarter

Tesla’s head of AI and Autopilot resigned from the company just days ago

A broad, ongoing NHTSA investigation into Tesla’s Autopilot and Full Self-Driving features

Elon Musk’s 76-year-old father running around claiming he’s been put on Earth to inseminate as many “high class” women as possible

Oh, and of course, the earnings themselves…

Wall Street expectations are calling for $1.83 a share for the second quarter on revenue of $16.88 billion. The company’s deliveries for Q2 missed expectations and there has been widespread concern about the company’s business in China, which has been hampered by Covid lockdowns and supply chain issues.

…

Read more at: https://www.zerohedge.com/markets/tesla-q2-earnings-preview-eyes-are-china-volume-growth-margin-expansion-delivery-guidance

Dutch Farmers Prepare To Fight Government Overreach By Gaining Financial Freedom With Bitcoin

Authored by Jesse Willms via BitcoinMagazine.com,

As government entities continue to oppress farmers in the Netherlands, Bitcoin stands ready to help those in need…

Dutch Freedom Farmers! https://t.co/apusQNMhaN

— The more things change…. (@GKBoris) July 7, 2022

It’s week four of the Dutch farmers’ uprising in the Netherlands and there is no sign of a resolution as farmers refuse to give up their farms and the government refuses to back down on regulations requiring farmers to reduce their nitrogen beyond the point that they can continue farming.

Inspired by the Canadian Freedom Truckers, farmers from Italy and Germany around the world are also rebelling against government overreach and supporting the Dutch populist movement to take back their rights.

The Dutch government issued a plan in June laying out nitrogen emission reductions, largely targeting the country’s agriculture industry

Read more at: https://www.zerohedge.com/crypto/dutch-farmers-prepare-fight-government-overreach-gaining-financial-freedom-bitcoin

Union suspends Heathrow refueling staff strike

A three-day strike from Thursday to Sunday by Heathrow Aviation Fuel Services staff is called off.

Read more at: https://www.bbc.co.uk/news/business-62240728?at_medium=RSS&at_campaign=KARANGA

EU told to prepare for Russian gas shut-off

Countries urged to cut use by 15% until March, with the target becoming mandatory if Russia halts supplies.

Read more at: https://www.bbc.co.uk/news/business-62230201?at_medium=RSS&at_campaign=KARANGA

Trains canceled and delayed after heatwave damage

Disruption continued on Wednesday as repair work takes place across the UK’s rail network.

Read more at: https://www.bbc.co.uk/news/business-62234461?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty50 forms bearish candle as bulls indecisive at high

The small body of negative candle after the gap up opening signaled reluctance of the market to conquer further highs after the sharp positive opening, said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He believes the market could see consolidation or minor downward correction in the short term.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-forms-bearish-candle-as-bulls-indecisive-at-high/articleshow/93008495.cms

Vijay Kedia stays put in the majority of stocks despite up to 60% fall

​Vaibhav Global, down 60 percent, emerged as the worst performer from his portfolio in last year. However, he added 1,55,000 equity shares of the Gems and jewelry player during the quarter and increased his stake to 1.95 percent from 1.86 percent.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/down-up-to-60-in-a-year-kedia-stays-put-in-majority-of-the-stocks/articleshow/93003164.cms

Chart Check: This Tata Group stock is showing signs of strength which could take it to a fresh 52-week high

After hitting a 52-week high of Rs 298 on 17 November 2021, the stock failed to hold on to the momentum. It closed at Rs 228 on 18 July 2022 which translates into a downside of over 23 per cent.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/chart-check-this-tata-group-stock-is-showing-signs-of-strength-which-could-take-it-to-fresh-52-week-high/articleshow/92999697.cms

The Tell: Stock-market bottom or bear market bounce? What traders want to see as S&P 500 extends gain

U.S. stocks are building on a big bounce, but skeptics say they aren’t convinced the selloff is over.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7FE2-FF71E7502D5E%7D&siteid=rss&rss=1

Metals Stocks: Gold prices fall back to a more than 15-month low

The big question now is: can the yellow metal hold above $1,700 per ounce?

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7FDC-C1F59AA4CD1E%7D&siteid=rss&rss=1

The Conversation: Here’s a harsh reality check on using trees and carbon capture to fight climate change

There are many proposals for removing carbon dioxide, but most make a difference only at the edges.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7FE1-1DA45AB8BAE3%7D&siteid=rss&rss=1