The numbers: The Commerce Department said Monday that orders at U.S. factories for long-lasting goods, such as new cars or machinery, jumped 9.9% in July.
Economists had forecast a 4% rise in orders for durable goods — products made to last at least three years.
Orders have risen in five of the last six months. However, they dropped 6.9% in June due to weak aircraft orders.
Excluding the volatile transportation sector, orders were up 0.2% in July after a 0.1% gain in the prior month.
Another measure in the report seen as a bellwether for business investment — core capital-goods orders, which exclude volatile sectors like transportation and defense — slipped 0.1% last month after a 0.5% rise in June.
US And China Will Sit Down And Talk Things Over Later This Week
Jake Sullivan, the national security advisor to President Joe Biden,...
Jake Sullivan, the national security advisor to President Joe Biden, will embark on a three-day diplomatic trip to China starting on Tuesday. He will meet with China’s foreign minister, Wang Yi, in the latest get-together designed to ease tensions between the countries that grew rocky after the US shot down a Chinese spy balloon that entered US airspace last year. Topics of discussion are expected to include limiting the trafficking of fentanyl, China’s support for Russia and its invasion of Ukraine, and tariffs on Chinese imports like semiconductors and EVs.
Coco Gauff begins the defense of her US Open crown today: Novak...
Coco Gauff begins the defense of her US Open crown today: Novak Djokovic will be doing the same on the men’s side while looking for the 25th Grand Slam singles title of his career, which would break a tie with Margaret Court for the overall record. Aryna Sabalenka and Carlos Alcaraz, who are parked on the other side of the women’s and men’s brackets, respectively, are the betting favorites. Sportsbooks have no odds on how many $23 Honey Deuces will be sold at the tournament yet, but smart money says you should take the over.
Apple is reportedly unveiling new iPhones, watches, and AirPods as part of a product launch on Sept. 10, per Bloomberg. The iPhone 16 will be available on Sept. 20.
Americans can receive free Covid-19 tests through the mail beginning next month.
The NFL will decide at a meeting this week if private equity can invest in its franchises.
Oasis is rumored to finally be getting back together to perform shows in England next year.
Black Myth: Wukong, a new Chinese video game, posted huge numbers on Steam but also came under fire for allegedly trying to censor players.
Babe Ruth’s famous “called shot” jersey was sold for over $24 million at auction, becoming the most expensive piece of sports memorabilia in history.
US drillers cut oil and gas rigs for second week in a row
U.S. energy firms reduced the number of operating oil and natural gas...
U.S. energy firms reduced the number of operating oil and natural gas rigs for the second consecutive week, marking the first time this has happened since late June, according to Baker Hughes' report on Friday. The total rig count fell by one to 585 in the week ending August 23, which is 47 rigs, or 7%, lower than the same time last year.
Oil rigs remained unchanged at 483, while gas rigs decreased by one to 97. The overall rig count dropped by about 20% in 2023 after rising by 33% in 2022 and 67% in 2021, driven by declining oil and gas prices, rising labor and equipment costs due to inflation, and a focus on debt reduction and shareholder returns over production increases.
U.S. oil futures have risen by about 5% so far in 2024, following an 11% drop in 2023. This increase in oil prices is expected to boost U.S. crude output from a record 12.9 million barrels per day (bpd) in 2023 to 13.2 million bpd in 2024 and 13.7 million bpd in 2025, according to the U.S. Energy Information Administration (EIA). On the gas side, reduced drilling activities earlier in the year, due to low prices, are expected to cause U.S. gas output to decline to 103.3 billion cubic feet per day (bcfd) in 2024, down from a record high of 103.8 bcfd in 2023, according to the EIA.
CNBC: U.S. crude oil rises above $74 per barrel but posts weekly loss on slowing China demand
U.S. crude oil futures rose more than 2% on Friday as the Federal...
U.S. crude oil futures rose more than 2% on Friday as the Federal Reserve indicated interest rate cuts are coming, but prices fell for the week as slowing demand in China weighs on the market.
Fed Chairman Jerome Powell said the “time has come for policy to adjust” as inflation has declined significantly. Lower interest rates typically stimulate economic growth, which boosts oil demand.
However, oil prices are still down for the week, with the U.S. benchmark falling 2.4% and global benchmark Brent edging lower by 0.83%.
Here are Friday’s closing energy prices:
West Texas Intermediate October contract: $74.83 per barrel, up $1.82, or 2.49%. Year to date, U.S. crude oil has gained 4.4%.
Brent October contract: $79.02 per barrel, up $1.80, or 2.33%. Year to date, the global benchmark is ahead 2.6%.
RBOB Gasoline September contract: $2.28 per gallon, up 4 cents, or 1.81%. Year to date, gasoline is up 8.6%.
Natural Gas September contract: $2.02 per thousand cubic feet, down more than 2 cents, or 1.27%. Year to date, gas is down 19.5%.
Traders have largely ignored volatile geopolitical tensions in the Middle East and adopted an increasingly bearish sentiment as oil demand slows in China due to electric vehicle sales and a softening economy.
