High crude processing volumes helped Valero Energy report better-than-expected...
High crude processing volumes helped Valero Energy report better-than-expected second-quarter earnings even though net income fell from $5.40 per share a year ago to $2.71 per share. The refiner saw margins decline by almost 28% year over year to $3.05 billion during the quarter amid softer demand for distillate fuels.
Nicolás Maduro declared winner in contested Venezuelan elections
Venezuela is set for fresh political turmoil after President Nicolás...
Venezuela is set for fresh political turmoil after President Nicolás Maduro was declared the winner of Sunday’s election, securing a third six-year term leading the economically struggling South American nation. But opposition leaders contested the result and accused the regime of falsifying the vote count. Maduro’s opponent Edmundo González has led by more than 25 percentage points in the polls for weeks. US Secretary of State Antony Blinken said the Biden administration has “serious concerns” Maduro’s announced victory “does not reflect the will or the votes of the Venezuelan people.” Should Maduro keep power, more Venezuelans could join the 7.7 million people who have already left the country under his rule.
The Fed meets with a rate cut on the horizon: As far...
The Fed meets with a rate cut on the horizon: As far as Fed meetings go, this week’s is a biggie—Chair Jerome Powell could solidify expectations that the long-awaited cut in interest rates will come in September. Inflation continues to cool, the job market is slowing down, and Powell is worried that holding off on rate cuts for much longer would cause Americans to lose work. JPow and everyone else will get a clearer picture of the employment landscape when the July jobs report drops on Friday.
Diplomats tried to lower tensions after a rocket fired from Lebanon killed 12 children and teenagers in a Druze community in the Israeli-controlled Golan Heights. The US and Israel blamed Iran-backed Hezbollah, which Israel has been fighting in a low-intensity conflict for months, and Israel vowed to retaliate. Hezbollah denied responsibility.
The Park Fire in California has grown into one of the largest in the state’s history. As of Sunday, it has covered more than 350,000 acres and destroyed 134 structures.
The opening ceremony drew 28.6 million viewers in the US, the event’s largest audience since London in 2012. An apparent depiction of the Last Supper with drag queens drew criticism from Christian groups around the world, prompting an apology from organizers.
Simone Biles fought through lower leg pain but reminded everyone why she’s the GOAT in her long-awaited return to the Olympics in a gymnastics qualifying round. A lot of celebrities were in the arena to watch.
The US men’s basketball team got off to a rollicking start, crushing Nikola Jokić and Serbia 110–84. Kevin Durant scored 23 points in 17 minutes.
Canada’s women’s soccer team was docked six points at the Olympics and its head coach was suspended over a drone-spying scandal. That point penalty makes it very difficult for the defending gold medalists to advance beyond the group stage.
US oil/gas rig count rises in July in biggest monthly hike since Nov 2022
U.S. energy firms added oil and natural gas rigs for...
U.S. energy firms added oil and natural gas rigs for a second week in a row this week, boosting the monthly count by the most since November 2022, energy services firm Baker Hughes said in its closely followed report on Friday.
The total oil and gas rig count rose by three to 589 in the week to July 26. Despite this week's rig increase, the total count was still down by 75, or 11% below this time last year.
Oil rigs rose five to 482 this week, while gas rigs fell by two to 101.
In the Permian in West Texas and eastern New Mexico, the nation's biggest oil-producing basin and home to more than half the country's rigs, drillers cut one rig, bringing the count down to 304, the lowest since February 2022.
In the Williston in North Dakota and Montana, drillers added one rig, bringing the count up to 36, the highest since June 2023.
In July, total oil and gas rigs rose by eight, their first monthly increase since February and the biggest monthly increase since November 2022.
Oil rigs rose by three in July, putting the count up for the first month since March, while gas rigs climbed by four in their biggest monthly increase since July 2023.
Dow scores 4th straight weekly gain as U.S. stocks rally Friday after pullback
U.S. stocks rallied Friday, with the Dow Jones Industrial Average leading...
U.S. stocks rallied Friday, with the Dow Jones Industrial Average leading major indexes higher, clinching a fourth straight week of gains.
According to preliminary data from FactSet, the Dow closed Friday with a 1.6% gain, while the S&P 500 rose 1.1% and the Nasdaq Composite advanced 1%. Stocks saw sharp gains after a fresh reading on U.S. inflation renewed investor optimism that the Federal Reserve may cut interest rates as soon as September.
For the week, the blue-chip stock gauge Dow rose 0.8%, while the S&P 500 and the technology-heavy Nasdaq each saw losses amid a weekly slump in Big Tech stocks. The S&P 500 retreated 0.8% while the Nasdaq dropped 2.1%, each booking back-to-back weekly losses.
