Caterpillar Tempered Sales with Global Supply Chain and Inflation Uncertainty

Caterpillar, a Dow component and gauge for global economic health reported mixed second-quarter numbers on Tuesday before the market open. $CAT beat on earnings but missed on revenue. Price realization was the highest in more than two years despite recessionary impact for the cyclical construction and mining businesses. The stock had significantly outperformed the market in 2022 after the market sold off the stock with concerns about the supply chain and inflation heading into 2022. However, $CAT fell to $183.51 … Continue reading “Caterpillar Tempered Sales with Global Supply Chain and Inflation Uncertainty”

What a Difference a Month Makes, S&P 500 Rebounds 9.12% and NASDAQ 12.35% in July

Following the destruction that was June, July was a complete reversal for the major US stock indices which had their best month of the year. The NASDAQ was the standout rising 12.35% for the month. The Dow industrial average rose 6.73% and the S&P index rose 9.12% which was the best month since November 2020. A difference a month makes, the S&P 500 fell 20.6% through January to June 30, 2022, suffering its worst first half of a year since … Continue reading “What a Difference a Month Makes, S&P 500 Rebounds 9.12% and NASDAQ 12.35% in July”

Chevron Record Earnings as Crude Oil and Natural Gas Prices Jumped 65%

Chevron, the second-largest U.S. oil company after Exxon, on Friday said it made a record profit Friday of $11.6 billion, up from $3.1 billion in the same period last year. Revenues nearly doubled to $68.7 billion, crushing Wall Street expectations by $11 billion. Chevron’s refining sector and profits from overseas oil production fueled the massive recovery for $CVX. Fellow American Oil giant Exxon Mobil also posted a record profit Friday of $17.9 billion, its highest ever and nearly four times … Continue reading “Chevron Record Earnings as Crude Oil and Natural Gas Prices Jumped 65%”

Exxon Mobil Joins Shell and Chevron with Record Quarterly Profits

Energy giant ExxonMobil, the largest U.S. oil company, reported its second-quarter profit rose to $17.9 billion, its highest ever and nearly four times the same period a year ago. $XOM was boosted by rising oil and fuel production, higher energy prices and cost cuts. The Covid crisis had primed the company for survival and efficiency and as such benefit from lucrative refining. Fellow American Oil giant Chevron also posted a record profit Friday of $11.6 billion, up from $3.1 billion … Continue reading “Exxon Mobil Joins Shell and Chevron with Record Quarterly Profits”

Market Wrap – Snap Wrecked Again as Tesla Sizzles July 21, 2022

Two things are certain it seems $SNAP gets crushed on warnings and Tesla and Natural Gas tears faces off punters. Prior to $SNAP’s earnings release the S&P 500 closed a tad shy of 4,000. We started off the Bank of Japan lowering its 2022 GDP growth forecast to 2.4% from 2.9% and the ECB announcing a larger-than-expected 50-basis point increase for its key lending rates. Initial jobless claims topped 250,000 for the first time since last November; the Philadelphia Fed Index … Continue reading “Market Wrap – Snap Wrecked Again as Tesla Sizzles July 21, 2022”

Goldman Sachs Bond Trading Revenue Smashes Expectations with Elevated Volatility

Goldman Sachs, America’s largest investment bank reported better than expected second quarter earnings Monday, driven by bullish results in its FICC global markets trading (fixed-income, currencies, and commodities). FICC helped offset a sharp decline in investment banking revenue. The trading goliath followed five of the largest U.S. banks, JPMorgan Chase (JPM), Citigroup (C), PNC, Morgan Stanley (MS) and Wells Fargo (WFC) reporting mixed results last week. The Giant Squid Delivered Superior Trading Results Goldman Sachs Group Inc NYSE: GS Reported … Continue reading “Goldman Sachs Bond Trading Revenue Smashes Expectations with Elevated Volatility”

Bank of America Loan Balances Growing with Higher Interest Rates Boosting Revenues

Bank of America, America’s second largest investment bank reported better than expected second earnings Monday following three of the largest U.S. lenders, JPMorgan Chase (JPM), Citigroup (C), and Wells Fargo (WFC) reporting mixed results last week. $BAC posted earnings down 32% to $6.25 billion, or 73 cents a share, from a year earlier as the firm took a $523 million provision for credit losses. Revenue rose 5.6% to $22.79 billion as net interest income surged 22% to $12.4 billion on … Continue reading “Bank of America Loan Balances Growing with Higher Interest Rates Boosting Revenues”

Market Wrap – Tearaway Inflation and Bank Earnings July 14, 2022

Doom and gloom reigns in the markets with Central Banks raising rates and scorching inflation with CPI and PPI breaking records in America. The Dow and S&P extended their losing streaks to 5 straight down days after both $MS and $JPM missed earnings. Stocks did bounce off their low after Federal Reserve Waller said he sees neutral as 2-2.25% and added that you don’t want to overdo rate hikes. Bonds quickly rebounded on that and at the lows the Dow … Continue reading “Market Wrap – Tearaway Inflation and Bank Earnings July 14, 2022”

Market Wrap – Oil and Natural Gas Rally on EIA Storage, Stocks Rally Ahead of Jobs July 7, 2022

Heading into tomorrow’s US Jobs Report stock markets rallied for the fourth day with the main indices up at least 1.0% at the close. Advancers led decliners by a roughly 3-to-1 margin at both the NYSE and the Nasdaq. The bounce coincided with the reversal in energy futures and the strength in semiconductors, which hold a leading indicator status. Energy futures reacted positively to both inventory reports. Natural gas settled the session up 13.6% to $6.25/mmbtu. WTI crude oil futures settled the session … Continue reading “Market Wrap – Oil and Natural Gas Rally on EIA Storage, Stocks Rally Ahead of Jobs July 7, 2022”

Market Wrap – Oil, Gold, Euro, Copper Crushed on Global Recession Fears July 5, 2022

Back from July 4th celebrations we were greeted by global growth worries. The euro being smashed lower to levels not seen since 2002 as parity chants grow louder. Germany is being rocked by the Energy crisis and its reliance on cheap Russian gas. German gas giant Uniper SE is in talks with the government over a potential bailout package of as much as 9 billion euros Bloomberg reports. Commodity prices continued to get pounded from the speculative highs, Wheat, Corn and Soybeans … Continue reading “Market Wrap – Oil, Gold, Euro, Copper Crushed on Global Recession Fears July 5, 2022”