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U.S. crude oil rose 1 % on Friday, topping $83 per barrel as consumer prices eased and inventories fall. The recent oil rally has stalled out with West Texas Intermediate largely flat this week, ahead 0.38%, after booking four-straight weeks of gains. U.S. crude oil and gasoline inventories also fell for the week ended July 5, in a sign that summer fuel demand may be finding some life. OPEC and the International Energy Agency once again sent conflicting demand signals. JPMorgan sees a global oil demand gain of 1.4 million bpd this year.
Persons: John Evans, Brent, Natasha Kaneva, Kaneva Organizations: West Texas, Reserve, JPMorgan, International Energy Agency, Colorado State University Locations: China, Gulf, Hurricane
Oil rises on cooling U.S. inflation but heads for weekly dip
  + stars: | 2024-07-12 | by ( ) www.cnbc.com   time to read: +2 min
Brent crude futures rose 33 cents, or 0.4%, to $85.73 a barrel by 0300 GMT. U.S. West Texas Intermediate crude futures climbed 46 cents, or 0.6%, to $83.08 a barrel. Indications of strong summer fuel demand in the U.S. also kept prices buoyed. Jet fuel demand on a four-week average basis was at its strongest since January 2020. The strong fuel demand encouraged U.S. refiners to ramp up activity and draw from crude oil stockpiles.
Persons: Brent, stoking, Jerome Powell, Jun Rong, Emril Jamil Organizations: Brent, . West Texas, Federal Reserve, Fed, IG, Jet, Gulf Locations: United States, U.S
Shares of small- and midsize companies, or "SMID caps" for short, have lagged behind their large-cap peers in recent years, including 2024. Large caps may lead for a while longer, Oppenheimer researchers wrote in a July 9 note. AdvertisementOppenheimerHowever, SMID caps have quietly but consistently built momentum throughout this year, even though they haven't broken out yet. "Each of these unconfirmed averages are maintaining above prior breakout levels and their 200-day average," Oppenheimer researchers wrote. Within SMID caps, Oppenheimer is especially bullish on midsize growth stocks.
Persons: , Oppenheimer Organizations: Service, Nvidia, Business, Medicines, Zeta Global
Oil prices tick up as crude, gasoline inventories ease
  + stars: | 2024-07-11 | by ( ) www.cnbc.com   time to read: +2 min
Oil prices edged higher on Thursday as crude stocks fell after U.S. refineries ramped up processing and as gasoline inventories eased, signaling stronger demand. U.S. West Texas Intermediate (WTI) crude rose 36 cents, or 0.5%, to $82.47 a barrel. U.S. crude inventories fell by 3.4 million barrels to 445.1 million barrels in the week ended July 5, far exceeding analysts' expectations in a Reuters poll for a 1.3 million-barrel draw. Gasoline stocks fell by 2 million barrels to 229.7 million barrels, much bigger than the 600,000-barrel draw analysts expected during the U.S. Fourth of July holiday week. Lower interest rates decrease the cost of borrowing, which can boost economic activity and oil demand.
Persons: Brent, Beryl, Price, CME's, Jerome Powell Organizations: . West Texas, U.S, of, Petroleum, Federal Locations: Los Angeles , California, U.S, CME's FedWatch
Goldman Sachs raised its price target on Tesla, but it still sees a a decline for the electric vehicle maker. Analyst Chris Pierce upgraded his rating to buy from hold and assigned a $160 price target on Carvana, implying shares could jump 27.3%. His $77 price target on Walmart suggests the stock could jump nearly 10.2% over the next 12 months. Analyst Peter Keith assumed coverage of the retailer with a neutral rating and $156 price target, suggesting shares can add 5.7% over the next year. LLY YTD mountain LLY year to date — Pia Singh 5:51 a.m.: Goldman raises Tesla price target, but still sees stock slide Don't expect Tesla's recent momentum to last, according to Goldman Sachs The bank raised its price target on the electric vehicle maker to $248 from $175.
Persons: Tesla, Goldman Sachs, Eli Lilly, Needham, Chris Pierce, Pierce, — Pia Singh, Jefferies, Corey Tarlowe, Tarlowe, Piper Sandler, Peter Keith, Keith, Carter Gould, Gould, Goldman, Mark Delaney, Fred Imbert Organizations: CNBC, Barclays, Jefferies, Walmart, Fox Robotics, EV, Tesla Locations: Tuesday's
Oil prices rebounded on Wednesday following three days of declines after an industry report showed U.S. crude and fuel stockpiles fell last week, indicating steady demand, and the outlook for interest rate cuts improved. U.S. West Texas Intermediate (WTI) crude rose 26 cents to $81.67 a barrel, after falling 1.1% in the previous session. Following Powell's comments investors continued to put a nearly 70% probability on a Fed rate cut in September. The outlook for higher oil prices was also supported by a U.S. Energy Information Administration (EIA) report on Tuesday showing global oil demand will outpace supply next year, reversing a prior forecast for a surplus. In Texas, oil and gas companies restarted some operations on Tuesday after Hurricane Beryl lashed the state, while some facilities sustained damage and power had not been fully restored.
Persons: WTI, Hurricane Beryl, Brent, Jerome Powell, Beryl Organizations: Brent, . West Texas, American Petroleum Institute, U.S . Federal, ANZ, U.S . Energy Information Administration Locations: Maricopa, Kern County , California, Texas, Hurricane, U.S
Oppenheimer raised its year-end S&P 500 target to 5,900, the second-highest target on Wall Street. The shift makes the firm the second-most bullish on Wall Street. "Just like before, it's a matter of the fundamentals, where they stand right now," John Stoltzfus, Oppenheimer's chief investment strategist, told CNBC. A handful of tech stocks have been doing the heavy lifting for the benchmark index, giving investors pause about how sustainable the current rally is. Correction: July 9, 2024 — An earlier version of this story misstated the date from which Oppenheimer's target indicates 6% upside.
Persons: Oppenheimer, John Stoltzfus, , Stoltzfus, It's, Goldman Sachs, Marko Kolanovic — Organizations: Service, CNBC, Security, Federal Reserve, UBS, JPMorgan . Locations: Monday's
Despite the pullback, a primary uptrend remains in place for the CAC 40, in addition to the related iShares MSCI France ETF (EWQ) . Both proxies for French stocks appear to be finding their footing, which suggests that the market is welcoming the latest news regarding the election. Once the final outcome is determined, it would be natural for investors to respond favorably to the removal of uncertainty, particularly given the oversold status of French stocks. This suggests a counter-trend phase of outperformance is possible for French stocks versus U.S. stocks. Recent stabilization in many French stocks shows a positive reaction to widespread intermediate-term oversold conditions, which we gauge using the weekly stochastic oscillator.
Persons: LVMH Moet Hennessy Louis Vuitton, Katie Stockton Organizations: CAC, CNBC, NBC UNIVERSAL Locations: France, EWQ
Oil little changed as investors eye impact of storm Beryl on Texas
  + stars: | 2024-07-08 | by ( ) www.cnbc.com   time to read: +2 min
Oil prices were little changed as investors eyed energy supply disruption, with the largest ports in Texas shut before Tropical Storm Beryl likely strengthens into a hurricane and makes landfall on Monday. Brent crude futures inched up 11 cents, or 0.1%, to $86.65 a barrel as at 0042 GMT after closing down 89 cents on Friday. U.S. West Texas Intermediate crude was at $83.08 a barrel, down 8 cents, after settling down 72 cents in the previous session. Lower interest rates can boost economic activity and increase crude oil demand. Investors were also watching for any impact from elections in the UK, France and Iran last week on geopolitics and energy policies.
Persons: Beryl, Corpus Christi, Tony Sycamore, Baker Hughes BKR.O, Sycamore, Masoud Pezeshkian Organizations: Tropical, Brent, . West Texas, Texas City, Energy, Administration, Sunday Locations: Texas, Corpus Christi, Houston, Galveston, Freeport, Corpus, Sydney, U.S, France, Iran
Though CIO Michael Landsberg of Landsberg Bennett Private Wealth Management says the conditions don't justify a cut, he says there might be one. "I think if Chairman Powell had not said, we're gonna get a rate cut, we wouldn't be having these discussions because earnings growth has been really strong. Against that backdrop, Landsberg says, investors should focus on companies generating strong earnings growth. "The major indices are continuing to rally based on strong earnings growth. Earnings growth is the name of the game for this stock market right now," he said in additional notes to CNBC.
Persons: Michael Landsberg, Landsberg Bennett, Powell, we're, CNBC's, he's, Landsberg, They've, Stryker Organizations: U.S . Federal, Wealth Management, Fed, West Texas, CNBC, Trade Locations: Landsberg, China, U.S
Chief investment strategist John Stoltzfus raised his year-end S & P 500 target to 5,900 from 5,500. This change could benefit the 11 S & P 500 sectors as this "innovation cycle" shows signs of being both "cyclical and secular coupled with cross generational demographic needs." .SPX YTD mountain S & P 500, YTD The lion's share of this year's gains — the S & P 500 is up more than 16% in that time — has been driven by AI. The strategist's initial 2024 target was 5,200. The highest current S & P 500 target belongs to Evercore ISI at 6,000.
Persons: Oppenheimer, John Stoltzfus, It's, Stoltzfus, Organizations: CNBC, Market, Nvidia, Reserve Locations: Friday's
Brent crude trades above $87, sets highest levels since April
  + stars: | 2024-07-05 | by ( ) www.cnbc.com   time to read: +2 min
Oil prices for Brent crude hit their highest level since April on Thursday, holding above $87 after data the previous day showed a decline in U.S. inventories. Oil prices for Brent crude hit their highest level since April on Thursday, holding above $87 after data the previous day showed a decline in U.S. inventories. Brent crude futures were up 21 cents, or 0.2%, at $87.55 a barrel by 1922 GMT. In the previous session, Brent gained 1.3% to settle at $87.34 for its highest close since April 30. Those gains followed a larger than expected decline in U.S. crude stocks.
Persons: Brent, WTI, Martin King, King, Tamas Varga, Rosneft Organizations: Brent, . West Texas, U.S, Independence, U.S . Energy Information Administration, Reuters, RBN Energy, U.S . Federal Reserve, Saudi Aramco, OPEC, UBS Locations: Gaza, France, United Kingdom, Novorossiisk, Saudi, Asia, Oman, Dubai, OPEC, Swiss
US stocks tested record highs on Friday after the June jobs report sent bond yields tumbling. The US economy added 206,000 jobs in June, but the unemployment rate ticked higher to 4.1%. The higher unemployment rate raised hopes for imminent interest rate cuts from the Federal Reserve. AdvertisementUS stocks tested record highs on Friday after the June jobs report sent bond yields lower. The April jobs report was also revised lower to 108,000 jobs added that month, down from the initial reading of 165,000.
Persons: , Quincy Krosby, Krosby, Brent, Bitcoin Organizations: Federal Reserve, Service, Federal, Treasury, Manufacturing, PMI Locations: Texas
Oil prices slip after data points to cooling U.S. economy
  + stars: | 2024-07-04 | by ( ) www.cnbc.com   time to read: +1 min
Oil prices fell in early trade on Thursday after U.S. employment and business activity data came in weaker than expected, in signs the economy may be cooling in the world's top oil consuming nation. Separately, the ADP Employment report showed private payrolls increased by 150,000 jobs in June, below a consensus predicting an increase of 160,000, and after rising by 157,000 in May. However, weaker economic data may add to the Federal Reserve's arguments to start cutting rates, analysts said, a move that would be supportive for the oil markets as lower rates could boost demand. "The direction of recent data conforms to the Fed's easing bias," ANZ Research analysts said in a note. "A slowdown in growth momentum will support disinflationary impulses in coming months, paving the way for the Fed to cut rates."
Organizations: Brent, U.S, West Texas, ADP, ISM, ANZ Research, Fed Locations: United States
AdvertisementBy invoking doomsday weapons, it was clear Katz was alluding to Israel's nuclear weapons arsenal — an arsenal over which neither he nor IAI have any command-and-control. There are eight countries in the world with declared nuclear arsenals, four of which — the United States, China, India, and Russia — have a complete nuclear triad. Israel's triad has some notable distinctions and limitations compared to those of the other four. "Israel's nuclear triad bears the hallmarks of a regional nuclear triad as seen in India and Pakistan, rather than seeking globe-spanning strike capability," Sebastien Roblin, a widely published military-aviation journalist, told Business Insider. "Israel's nuclear deterrent is not designed to ward off great powers like Russia or China, but rather regional powers like Egypt and Iran," Bohl told BI.
Persons: , Yair Katz, Israel, Katz, Russia —, Sebastien Roblin, Roblin, Ryan Bohl, RANE, Bohl, Nir Ben, Yosef Organizations: Service, Business, Israel Aerospace Industries Workers ' Council, Iran's United Nations, IAI, Jericho, Israel Aerospace Industries, Dolphin, East, Facebook, Air Force's, Israel, US Air Force, IAF, nukes Locations: Israel, Lebanon, Iran, Yemen, Syria, Iraq, United States, China, India, Russia, Pakistan, North Africa, Egypt, Jericho
Oil prices were little changed on Tuesday, holding near the two-month highs reached in the previous session, on expectations for rising fuel demand from the summer travel season and possible U.S. interest rate cuts that could boost economic growth. Oil prices were little changed on Tuesday, holding near the two-month highs reached in the previous session, on expectations for rising fuel demand from the summer travel season and possible U.S. interest rate cuts that could boost economic growth. Gasoline demand in the U.S., the world's biggest oil consumer, is expected to ramp up as the summer travel season picks up with the Independence Day holiday this week. Still, signs of less-than-expected demand growth have limited gains in oil prices. This was mainly because of lower imports into China, the world's biggest oil importer and the second-largest consumer.
Persons: Beryl Organizations: Brent, . West Texas, Independence, American Automobile Association, ANZ, U.S, National Hurricane Center, Federal, Commerce Department Locations: U.S, Mexico's Bay, Campeche, Caribbean, Asia, China
An oil pump jack is shown in a field in Stanton, Texas, on June 27, 2024. U.S. crude oil pulled back from a two-month high Tuesday, as traders assessed the risk of war between Israel and Hezbollah, while monitoring the potential threat of Hurricane Beryl to Gulf Coast refineries. Oil has rallied in recent days with gasoline prices have hit an average of $3.50 per gallon ahead of the Fourth of July holiday, according to the motorist association AAA. Prices at the pump are about 3 cents higher than last week but still lower than last month. Oil prices gained 6% last month after sagging in May as geopolitical risk entered the market again.
Persons: Hurricane, Brent, Patrick De Haan, Andy Lipow Organizations: Oil, AAA, West Texas, Lipow Oil Associates, Hezbollah, Israel Defense Forces Locations: Stanton , Texas, Israel, Gulf Coast, Iran
—Katie Stockton with Will Tamplin Access research from Fairlead Strategies for free here . Fairlead Strategies Disclaimer: This communication has been prepared by Fairlead Strategies LLC ("Fairlead Strategies") for informational purposes only. Securities, investment products, other financial products or strategies discussed herein may not be suitable for all investors. The recipient of this information must make its own independent decisions regarding any securities, investment products or other financial products mentioned herein. This material is not to be reproduced or redistributed absent the written consent of Fairlead Strategies.
Persons: Cathie, ARKK, Katie Stockton Organizations: Innovation, CNBC, NBC UNIVERSAL, Fairlead, CNBC Pro, Securities Locations: ARKK
China PMI: No end in sight for uneven economic story
  + stars: | 2024-07-01 | by ( Laura He | ) edition.cnn.com   time to read: +3 min
Hong Kong CNN —Factory activity among China’s private firms expanded at the fastest pace in three years, a private gauge showed Monday, suggesting healthier domestic and international demand for Chinese goods. The Caixin manufacturing Purchasing Managers’ Index (PMI) rose to 51.8 in June, up from 51.7 in May, according to a statement from S&P Global, which compiled the survey. The Caixin survey covers more export-oriented and consumer-related companies. The official PMI, however, is tilted more towards manufacturers that produce industrial materials — including steel, cement, and chemical — making them more vulnerable to a slowdown in fixed-asset investments. Analysts believe that the current data reflects an economic reality characterised by strong exports and consumption, but softer investment.
Persons: Goldman Sachs, , Wang Zhe, ” Wang Organizations: Hong Kong CNN — Factory, P, National Bureau of Statistics, PMI, Caixin Insight, European Union, EU Locations: Hong Kong, Siyang County, Suqian City, Jiangsu, China, European, United States
Oil inches higher on summer demand outlook
  + stars: | 2024-07-01 | by ( ) www.cnbc.com   time to read: +2 min
That led analysts to forecast supply deficits in the third quarter as transportation and air-conditioning demand during summer draw down fuel stockpiles. WTI's recent rally may extend towards $85 a barrel if prices remain above the 200-day moving average at $79.52, he said. In the U.S., oil production and demand rose to a four-month high in April, according to the Energy Information Administration's (EIA) Petroleum Supply Monthly report published on Friday. Traders are watching out for the impact from hurricanes on oil and gas production and consumption in the Americas. In China, the latest manufacturing data did not bode well for oil demand in the world's no.2 consumer and top crude importer.
Persons: Brent, Tony Sycamore, Hurricane Beryl, Beryl, bode Organizations: Brent, U.S, West Texas, Organization of, Petroleum, U.S . Federal, Hezbollah, Energy, Petroleum Supply, Traders, Atlantic, National Hurricane Center Locations: OPEC, Europe, Israel, U.S, Americas, Windward, China
Now almost 57, Murillo, who lives in the Chicago area, has a net worth of over $1.1 million and is on pace to reach financial independence within three years. AdvertisementShe developed a plan to pay off her debt, saving roughly 40-50% of her net income of between $120,000 and $140,000. Murillo is one of many Americans who started their financial independence journeys later in life but are on pace to meet their early retirement goals. AdvertisementBy the time he turned 50, he and his wife had a net worth of almost a million. AdvertisementBy 47, she reached a million in net worth, which was about 25 times her expenses.
Persons: , Gina Murillo, Murillo, I'd, Gen Xers, Bill Yount, Yount, what's, He's, Jackie Cummings Koski, could've Organizations: Service, Business, FI, Vanguard, Walmart, LexisNexis, FIRE Locations: Chicago, Tennessee, South Carolina, Ohio
President Vladimir V. Putin declared on Friday that Russia would produce new intermediate-range nuclear-capable missiles and then decide whether to deploy them within range of NATO nations in Europe and American allies in Asia. Mr. Putin’s threat was vaguely worded: He said nothing about timetables for deploying the weapons, and by blaming the United States for bringing similar missiles into training exercises in Europe and Asia, he seemed to be signaling he was open to negotiations. And it appeared to be Mr. Putin’s latest attempt to raise the stakes in his conflict with the West, coming less than two weeks after his visit to North Korea rattled nerves in the United States and those of American allies in Asia. The United States pulled out of the 1987 Intermediate-Range Nuclear Forces Treaty in 2019, during the Trump administration, after years of American accusations that Russia was cheating on the accord. The treaty had banned U.S. and Russian forces from having land-based cruise or ballistic missiles with ranges between about 300 and 3,400 miles.
Persons: Vladimir V, Putin, Putin’s, Trump Organizations: NATO, United, Nuclear Forces Treaty Locations: Russia, Europe, Asia, United States, Britain, France, Washington, North Korea
"There are better places to make money with a lot lower risk," he added, naming several stocks he likes right now. "Right now, technology stocks are selling at 30 and 40 times earnings. The markets are at 22 times earnings. Trading at 22 times forward earnings, he said the stock offers "a great business at a very good price." The market is 21 times earnings.
Persons: David Katz, CNBC's, Katz, We're, — CNBC's Amelia Lucas Organizations: Nvidia, Cisco Systems Technology, Cisco Systems, Cisco, Starbucks, Bank of New York Mellon, PNC Financial Services Locations: U.S, Israel
Oil prices edge higher as supply risks mount
  + stars: | 2024-06-28 | by ( ) www.cnbc.com   time to read: +2 min
Oil prices rose in early Asian trading hours on Friday, setting up a third straight weekly jump, as concerns about supply problems from escalating geopolitical tensions and weather-related disruptions offset signs of weak demand. Oil prices rose in early Asian trading hours on Friday, setting up a third straight weekly jump, as concerns about supply problems from escalating geopolitical tensions and weather-related disruptions offset signs of weak demand. Oil prices have shrugged off signs of weak demand in the United States, the biggest oil consuming nation, and rallied higher as cross-border strains between Israel and Lebanon's Hezbollah escalated. On the demand front, rising U.S. crude stockpiles and weak gasoline consumption has kept a ceiling above oil prices. Government data this week showed an unexpected jump in crude inventories in the country as fuel demand weakened.
Persons: Brent Organizations: Brent, . West Texas, FGE Energy, U.S, National Hurricane Center Locations: United States, Israel, Iran, Lebanon, Turkey, U.S, Gulf Coast, Brent
U.S. crude oil on Friday traded near a two-month high and is on pace for a third-straight weekly gain as fears of war between Israel and the Iran-backed militia Hezbollah grow. West Texas Intermediate hit an intraday high of $82.72 per barrel, the highest level for the U.S. benchmark since April 30. U.S. oil is up about 1.8% for the week and 6.7% for the month of June. Hezbollah could target Israel's offshore gas operations if war breaks out, and Israel could seek to hit Iranian oil facilities, according to RBC Capital Markets. There is also a risk that Iran could attack tankers in the straight of Hormuz or abandon a détente with Saudi Arabia and hit the kingdom's oil facilities, according to the firm.
Persons: Brent, stoking, Saudi détente, Helima Organizations: Hezbollah, Texas Intermediate, RBC Capital Markets, Pentagon, NBC News, The State Department, U.S, RBC Locations: Khiam, Lebanon, Israel, Gaza, Iran, U.S, Hormuz, Saudi Arabia, Saudi
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