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The Icelandic government summoned the U.S. ambassador to Iceland after Trump posted a map on social media that included Iceland within the U.S. territory.On September 8th, Futures News reported that Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman reaffirmed their commitment to maintaining market stability, deciding to keep their daily crude oil production quotas for October at the same level determined in September 2026. OPEC+ will continue to hold monthly meetings to monitor market dynamics, with the next meeting scheduled for October 4th, 2026. Previously, the production quotas of these seven OPEC+ countries had increased for six consecutive months, and member countries are still working to determine new production quotas. During these six months, the organization gradually lifted production cuts, and the market still has sufficient capacity to absorb the increased oil supply. However, despite the significant increase in production quotas, the Strait of Hormuz is blocked due to the war between the US and Iran, and Russian crude oil exports are also restricted due to Western sanctions. In other words, since these seven countries crude oil is mainly for export, the increased quotas are meaningless given the export restrictions.September 8th - According to Irans Fars News Agency, the Saudi Ministry of Energy stated that Houthi armed forces launched attacks on energy facilities in southern Saudi Arabia early Tuesday morning, causing fires and temporarily halting operations at some facilities. The attacks reportedly targeted the Saudi Aramco oil refinery in Abha. Simultaneously, reports indicated an attack on Abha airport, and explosions were heard in several areas of southern Saudi Arabia. This is the third attack on Saudi oil facilities in less than 48 hours.September 8th - German exports unexpectedly declined in July, ending a five-month streak of growth and dampening hopes for a rapid recovery in Europes largest economy. German exports fell 0.8% month-on-month in July, contrary to economists previous forecasts of renewed growth. The German Federal Statistical Office said on Tuesday that the decline stemmed from a drop in exports to EU countries. Exports were the main driver of Germanys stronger-than-expected economic performance in the first half of the year. This prompted economists to raise their growth forecasts, with Bundesbank President Nagel previously stating that output could grow by 1% this year, double the rate predicted three months ago. Destatis data showed that exports to the US rose by more than 19% in July, while imports from the US declined. Total German imports also fell, widening the trade surplus to €21.3 billion ($24.8 billion).The most active liquefied petroleum gas (LPG) contract rose 4.00% intraday, currently trading at 6812.00 yuan/ton.

S&P 500 Heads Towards The 4000 Level As Treasury Yields Decline

Cory Russell

Nov 23, 2022 16:13

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Energy Stocks Rise as WTI Oil Heads in the Direction of The S&P 500 index rose to a level of $82 as energy firms recovered from yesterday's decline. In today's trading session, shares of Marathon Petroleum, APA Corporation, and Hess Corporation all increased by 5%.


Today, basic materials stocks have also had significant positive momentum, notably those of the producer of copper Freeport-McMoRan and the manufacturer of fertilizer Mosaic.


The S&P 500's largest gainer today was Best Buy. After the store exceeded analyst expectations, increased full-year guidance, and started up its buyback program, the stock increased by 11%.

While this was happening, traders' attention was diverted to Dollar Tree's 9% loss due to the weak earnings outlook.


The NASDAQ Composite, which is heavily weighted toward technology stocks, rose 0.8%. It's interesting to note that Tesla was able to rise above yearly lows despite concerns that it would lower pricing in China because to sluggish demand.


Overall, the recovery was significant, and all market segments were able to pick up positive momentum during today's trading session. Today, a weaker US currency and lower Treasury yields gave stocks significant assistance.

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