Oil Rises On Growth Optimism
Oil prices edged higher on Friday amid expectations of improving economic growth despite the coronavirus pandemic.
Benchmark Brent crude futures rose 0.6 percent to $73.45 a barrel, while West Texas Intermediate crude oil futures were up 0.2 percent at $70.16.
Oil prices are rising on optimism about a strong global economic recovery and increased demand for oil after recent data pointed to sizable draw in U.S. crude inventories last week.
Data released by Energy Information Administration on Wednesday showed U.S. oil stockpiles dropped by 7.169 million barrels last week, more than twice the expected drop of about 3.1 million barrels.
Investors are confident that the market can absorb additional supply from OPEC+ as the U.S. Gulf grapples with Hurricane Ida’s impact.
OPEC+ on Wednesday agreed to add another 400,000 barrels per day of supply each month to the market through December, despite revising its 2022 demand outlook upwards.
U.S. Factory Orders Show Continued Increase In July
After reporting sharp increases in new orders for U.S. manufactured goods over the two previous months, the Commerce Department released a report on Thursday showing factory orders saw some further upside in the month of July.
The report showed factory orders rose by 0.4 percent in July after jumping by 1.5 percent in June and spiking by 2.3 percent in May. Economists had expected factory orders to increase by 0.3 percent.
The continued increase in factory orders came as a 0.9 percent advance in orders for non-durable goods more than offset a 0.1 percent dip in orders for durable goods.
The Commerce Department also said shipments of manufactured goods shot up by 1.6 percent in July after surging by 1.9 percent in June.
Inventories of manufactured goods also rose by 0.5 percent in July after climbing by 1.0 percent in the previous month.
With shipments increasing by much more than inventories, the inventories-to-shipments ratio dropped to 1.46 in July from 1.48 in June.
GlobalFoundries CEO on demand for semiconductors
New York (CNN Business)General Motors will shut production at most of its North American plants for a week or two starting next week as the worsening chip shortage takes another bite out of its plans.
GM and other automakers had hoped the chip shortage would be mostly behind them by now. But the surge in Covid cases, especially in Southeast Asia where many of the chip manufacturers are based, has actually created a worsening problem for automakers.
Only a small handful of GM’s plants will remain in operation during the pause. Those plants make full-size SUVs and pickups, as well as some of its sports cars, such as the Camero and Corvette. That’s because GM is prioritizing the chips it does have on hand for its most popular and profitable vehicles.
Still, some of its large pickup and SUV production capacity will be affected by the shutdowns.
The tight chip supply has led to limited inventories of new vehicles at GM and across the industry, which in turn has pushed car prices to record highs. Just about all major automakers have limited production plans as a method to deal with the shortages.
Pre-market Movers: APOP, FBRX, ANY, AGIL, ADXS…
The following are some of the stocks making big moves in Friday’s pre-market trading (as of 6.30 A.M. EDT).
In the Green
Cellect Biotechnology Ltd. (APOP) is up over 54% at $8.51
Advaxis, Inc. (ADXS) is up over 16% at $0.54
MongoDB, Inc. (MDB) is up over 13% at $455.51
Sinopec Shanghai Petrochemical Company Limited (SHI) is up over 12% at $24.65
Innate Pharma S.A. (IPHA) is up over 12% at $4.69
The OLB Group, Inc. (OLB) is up over 11% at $5.45
Meta Materials Inc. (MMAT) is up over 10% at $5.95
Salarius Pharmaceuticals, Inc. (SLRX) is up over 8% at $1.13
In the Red
Forte Biosciences, Inc. (FBRX) is down over 81% at $5.40
Sphere 3D Corp. (ANY) is down over 26% at $6.90
AgileThought, Inc. (AGIL) is down over 19% at $18.95
Yext, Inc. (YEXT) is down over 11% at $12.25
Joby Aviation, Inc. (JOBY) is down over 9% at $10.85
TSR, Inc. (TSRI) is down over 7% at $12.14
Tucker Carlson Supports Fake Vaccine Card Users
Tucker Carlson on Thursday defended unvaccinated people buying fake vaccination cards as the delta variant continued to fuel the COVID-19 pandemic. (Watch the video below)
Fox News’ prime-time peddler of vaccine skepticism used Manhattan District Attorney Cyrus R. Vance Jr.’s depiction of ID card fraud as a “serious crime” for his jumping-off point. (Vance announced forgery charges this week in a COVID-19 card conspiracy involving several health care workers.)
“Buying a fake vaccination card is not a, quote, ‘serious crime,’” Carlson said. “It’s not even close to a serious crime. Buying a fake vaccination card is an act of desperation by decent, law-abiding Americans who have been forced into a corner by tyrants.”
“You know what’s a serious crime?” the host continued. “Forcing Americans to take drugs they don’t need or want. That’s a very serious crime. And let’s hope, in the end, someone is punished for it, severely.”
Fake vaccination cards have been proliferating as entertainment venues, businesses and workplaces mandate proof of immunization. Carlson has been tirading against those public health measures, falsely claiming the vaccines are ineffective.
Carlson’s latest commentary was rich with hypocrisy. He said unvaccinated people who bought the forged COVID cards risked their careers to “reserve their right to bodily autonomy.” But he defended Texas’ new extreme abortion ban, which strips women of their rights.
H/T Media Matters