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According to The Information: Googles AI projects are pushing publishers to allow content to be used for training AI models.The Dow Jones Industrial Average rose 71.72 points, or 0.14%, to close at 51,920.62 on Thursday, June 25; the S&P 500 fell 0.33 points, or 0.00%, to close at 7,357.89; and the Nasdaq Composite fell 118.03 points, or 0.46%, to close at 25,358.60.June 26th - U.S. stocks closed Thursday with the Dow Jones Industrial Average initially up 0.14%, the S&P 500 slightly down, and the Nasdaq Composite down 0.46%. Micron Technology (MU.O) rose 15.7%, Qualcomm (QCOM.O) rose 3.7%, and Microsoft (MSFT.O) fell more than 3%. Apple (AAPL.O) fell 6.1%, its market capitalization nearing $4 trillion. The Nasdaq China Golden Dragon Index fell 2.7%, and Alibaba (BABA.N) fell 4.7%.On June 26, Federal Reserve Chairman Williams stated that the current monetary policy stance is well-positioned to restore inflation to the Feds 2% target, while acknowledging risks to achieving its dual mandate. Williams said, "Given that inflation is high, we must sustainably restore it to our 2% long-run target. The current monetary policy stance is fully capable of achieving that." Williams noted that inflation is "undoubtedly high" and well above the Committees 2% target. He expects inflation data to decline slightly in the coming quarters, despite significant risks remaining.Federal Reserves Williams: However, inflation data is expected to decline slightly in the coming quarters. First, the impact of tariffs appears to have largely been priced in; second, the baseline expectation is that supply disruptions related to the Strait of Hormuz will be resolved "relatively quickly." Third, housing-related inflation should continue to slow. Fourth, there is no evidence that the labor market is exacerbating inflationary pressures.

WTI extends comeback above $85.00 as EIA oil inventories decline by 1.75 million barrels

Daniel Rogers

Oct 20, 2022 15:14

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Futures for West Texas Intermediate (WTI) on the New York Mercantile Exchange (NYMEX) increased after the Energy Information Administration (EIA) announced a decline in crude oil inventories on Wednesday. In the early European session, oil prices have extended their gains above the key resistance level of $85.00 to approximately $85.57.

 

Wednesday, the EIA reported a decrease in oil inventories of 1.75 million barrels, compared to estimates for an increase of 1.38 million and the previous release of 9.88 million. US Vice President Joe Biden's oil release announcement was met with skepticism, but an unexpected fall in oil reserves has instilled optimism in black gold. US Vice President Joe Biden announced the release of 15 million barrels from the Strategic Petroleum Reserve (SPR) in an effort to stabilize the demand-supply mechanism.

 

The anticipation of additional sanctions on the oil supply from Russia, which may cripple the global oil supply, also contributes to the optimism surrounding oil prices.

 

On a broader scale, oil price headwinds are far from finished. Black gold may experience pessimism if the People's Bank of China (PBOC) maintains its current monetary policies. Despite the economic upheaval caused by the continuation of the zero-Covid-19 policy and the weakening real estate market, the PBOC maintained its Prime Lending Rates (PLR). A lack of additional monetary policy could affect the sentiment of market players.

 

As the risk aversion trend has faded, the US dollar index (DXY) has fallen substantially and reached an intraday low of 112.77. S&P500 futures have regained all of their overnight losses as a result of a resurgence in the risk-on market sentiment. US 10-year Treasury yields continue to be solid.


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