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DAILY UPDATE: US Budget Deficit and Treasury Yields Rise as Chevron Buys Hess

Posted on October 23, 2023 by Dr. David Edward Marcinko MBA

By Staff Reporters

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The 2023 federal budget deficit surged by 23% to $1.7 trillion, leaving the US in its deepest yearly fiscal hole outside of the Covid era, according to the Treasury Department, which released the data on Friday.

But a closer look reveals the financial picture is even worse than the headline #s suggest.

The Treasury recorded the Biden administration’s ~$300 billion student loan forgiveness program as a cost last year, but it was struck down by the Supreme Court and never took effect, resulting in the Treasury considering it a savings this year.
That means the year over year increase effectively doubled from $1 trillion in 2022 to $2 trillion in 2023.

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The benchmark 10-year Treasury bond yield rose above 5% and to its highest since 2007 on Monday, as a roaring U.S. economy led investors to expect interest rates to stay high for an extended period. The combination of those higher yields and risk of a wider conflict in the Middle East soured sentiment at the start of a week full of mega-cap earnings and key data, and pushed global shares down to seven-month lows.

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Chevron said it would buy Hess in an all-stock deal worth $53 billion, the second major oil tie-up this month following Exxon Mobil’s deal to buy Pioneer Natural Resources. The U.S. energy company said buying Hess would upgrade and diversify its portfolio, marking Chevron’s entrance into an Exxon-led partnership overseeing a generational oil find in Guyana, while picking up additional U.S. shale assets largely in North Dakota. Chevron also highlighted the attraction of Hess’s assets in the Gulf of Mexico and its natural-gas business in Southeast Asia.

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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Financial Planning, Funding Basics, Investing | Tagged: budget, budget deficit, CBOE, Chevron, crude oil, DJIA, DOW, Exxon, federal budget, federal budget deficit, gasoline, Hess, inflation, NSDAQ, oil, PNS, Russell 2000, S&P 500, treasury bonds, treasury yoelds, US Budget Deficit, VIX | Leave a comment »

DAILY UPDATE: Gasoline Prices, Nadella and the Markets

Posted on October 3, 2023 by Dr. David Edward Marcinko MBA

By Staff Reporters

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Thecost of oil continues on an upward trend, and Americans are seeing yet another increase in the average cost to fill up at the gasoline pump. The average cost across the nation is up twenty cents per gallon year-over-year, at around $3.88 as of yesterday’s data release.

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Microsoft CEO Satya Nadella said Monday that unfair tactics used by Google led to its dominance as a search engine, tactics that in turn have thwarted his company’s rival program, Bing.

Nadella testified in packed Washington, D.C., courtroom as part of the government’s landmark antitrust trial against Google’s parent company, Alphabet. The Justice Department alleges Google has abused the dominance of its ubiquitous search engine to throttle competition and innovation at the expense of consumers, allegations that echo a similar case brought against Microsoft in the late 1990s.

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Here is where the major benchmarks ended:

The S&P 500 Index^®(SPX) was up 0.34 point at 4,288.39; the Dow Jones Industrial Average was down 74.15 points (0.2%) at 33,433.35; the NASDAQ Composite (COMP) was up 88.45 points (0.7%) at 13,307.77.
The 10-year Treasury note yield was up about 12 basis points at 4.691%.
CBOE’s Volatility Index (VIX) was up 0.07 at 17.59.

Energy stocks were among the market’s weakest performers as crude oil futures dropped for a third-consecutive session to $90 a barrel. Financial shares were also lower, with the KBW Regional Bank Index (KRX) dropping more than 2% to a three-month low. Technology shares were among the few areas of strength.

The U.S. Dollar Index (DXY) strengthened to a 10-month high thanks to expectations that interest rates are likely to remain high for some time.

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Filed under: "Ask-an-Advisor", Alerts Sign-Up, iMBA, Inc., Investing | Tagged: Bing, CBOE, DJIA, DOW, DXY, gas, gas price, gasoline, Google., KRX, microsoft, Nadella, NSDAQ, oil, oil price, Russell 2000, S&P 500, Satya Nadella, search engines, VIX | Leave a comment »

GASOLINE: Prices Slowly Rising Again!

Posted on July 30, 2023 by Dr. David Edward Marcinko MBA

By Staff Reporters

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The average price for a gallon of gasoline in the US just rose to an eight-month high of $3.71, as per AAA. While that’s far below last summer’s peak of $5.02 per gallon, gas prices have been creeping up due to refineries going offline unexpectedly and higher demand for oil at a time when supply isn’t there to meet it.

Bloomberg Opinion’s oil guru, Javier Blas, notes that global oil consumption has likely reached a record high.

LIFESTYLE: https://medicalexecutivepost.com/2022/09/28/my-jaguar-mechanic-vs-doctor-story/

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Filed under: "Ask-an-Advisor", Alternative Investments, Breaking News, Experts Invited, LifeStyle | Tagged: AAA, Bloomberg, gas, gas prices, gasoline, gasoline prices, Javier Blas, oil, oil prices, US gas, US gasoline | Leave a comment »

DAILY UPDATE: Gas Prices Up – Stock Markets Down

Posted on February 17, 2023 by Dr. David Edward Marcinko MBA

By Staff Reporters

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Gasoline prices have unexpectedly risen in January, at a time when Americans normally stay put and demand remains relatively flat. Last week, the national average price for regular gas crept up to $3.51 a gallon, according to the American Automobile Association (AAA), jumping up by 12 cents compared to a week before and 41 cents in December. As of today, regular gas was on average $3.49 a gallon. It was a dark surprise for American consumers wary of the skyrocketing prices experienced last summer when gas reached a record height of $5.02 a gallon on average nationwide

CITE: https://www.r2library.com/Resource/Title/0826102549

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Stocks Closed Lower Amid Wholesale Price Inflation Report

U.S. equities declined sharply following another hotter-than-expected read on inflation, as well as hawkish commentary from Fed officials, which seemed to complicate the outlook for further monetary policy tightening. January’s Producer Price Index (PPI) came in above estimates, causing more Fed uncertainty that had already ramped up following this week’s elevated consumer inflation report, and yesterday’s much stronger-than-anticipated retail sales data. A busy day of economic data also included a lower-than-projected level of jobless claims, softer-than-forecasted housing construction activity, and an unexpected tumble in manufacturing activity out of Philadelphia.

Treasury yields were higher following the inflation report, and the U.S. dollar increased, while crude oil prices nudged lower, and gold was little changed. Q4 earnings season continued to roll on, with Dow member Cisco Systems topping forecasts, though Shopify offered disappointing revenue guidance, and Paramount missed expectations.

Asian and European stocks finished higher for the most part, as investors grappled with the U.S. inflation data and monetary policy uncertainty.

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Filed under: Alerts Sign-Up, Alternative Investments, Investing, LifeStyle | Tagged: AAA, asian markets, Cisco, DOW, European stocks, gas, gas prices, gasoline, gold, inflation, NASDAQ, oil, PPI, S&P 500 | Leave a comment »

DAILY UPDATE: Gasoline, Mixed Stocks and Economic Reports

Posted on December 2, 2022 by Dr. David Edward Marcinko MBA

By Staff Reporters

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The cost of gasoline is falling so fast that it is beginning to put real money back in the pockets of drivers, defying earlier projections and offering an unexpected gift for the holidays.Filling up is now as cheap as it was in February, just before Russia’s invasion of Ukraine touched off a global energy crisis. AAA reported the average nationwide price of a gallon of regular Wednesday was $3.50, and gas price tracking company GasBuddy projected it could drop below $3 by Christmas. And all of that relief probably helped drive robust shopping over Thanksgiving weekend.

CITE: https://www.r2library.com/Resource/Title/082610254

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U.S. stocks ended mixed in a choppy trading session. The market struggled to continue yesterday’s surge, which came as Fed Chairman Jerome Powell provided some less hawkish commentary. The Fed Chief suggested that the Central Bank could slow the pace of its aggressive rate hiking campaign as early as this month.

The economic front provided some reports that shaped market action, as personal income and spending rose solidly and inflation cooled off but remained elevated, while jobless claims moderated more than expected. However, the ISM Manufacturing Index fell into contraction territory for the first time since May 2020, and construction spending declined more than expected. Earnings reports continued to pour in, as Kroger topped expectations, while Costco Wholesale’s November sales growth came in below predictions, and Dollar General missed earnings estimates while also providing some disappointing guidance.

Additionally, Dow member Salesforce’s billings performance missed, and the company announced that its co-CEO will step down.

Treasury yields and the U.S. dollar extended yesterday’s drops, while crude oil and gold prices rallied.

Asian stocks gained ground and European stocks ended mostly higher, as the global markets appeared to get some relief from the Fed Chair’s commentary but economic data was lackluster.

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ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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Filed under: Alerts Sign-Up, Alternative Investments, Financial Planning, Glossary Terms, Investing, LifeStyle | Tagged: economic reports, gas, gasoline, gasoline prices, mixed stocks, stocks | Leave a comment »

GAS PRICES: Election Day?

Posted on November 8, 2022 by Dr. David Edward Marcinko MBA

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By Staff Reporters

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The outcome of today’s midterm elections could be influenced by something the government has little control over: the cost of filling up your car with gas. Since the 1970s, presidential approval ratings have tended to sag when gas prices rise. And that correlation has been especially pronounced this year as inflation has run rampant and gas prices have spiked.

The Washington Post found that the share of Americans who said the country was on the right track has moved remarkably in sync with gas prices.
Since gas prices peaked in June, the correlation between Democratic generic-ballot polling and the price of gas clocked in at minus-.91, nearly a perfect inverse correlation (which is minus-1).

NOTE: Recall that correlation is NOT causation!

Why are gas prices so powerful?

Gas prices are the only consumer good whose price we’re reminded of virtually every time we leave the house, experts say. Unlike salmon fish or outdoor patio furniture, ties, shirts or sneakers, the price of gas is advertised in size-500 font on huge signs that you can’t help but notice. In fact, gas prices have been so beaten into us that they can change our behavior over decades. Researchers at the University of Pennsylvania discovered that people who experienced raging gas prices in their formative driving years in the 1970s seemed less likely to drive to work 20 years later than other age cohorts.

The curious part about the link between voter sentiment and gas prices is that gas prices have very little to do with the White House. Gas prices are largely influenced by the price of crude oil, which is a globally traded commodity. That commodity has been dealt a shock this year by Russia’s invasion of Ukraine, technical snags with refineries in the US, and OPEC+’s production cuts.

Still, President Biden’s team is fully aware of the importance of gas prices, which explains his incessant attacks on oil companies’ windfall profits, his releasing of crude from the Strategic Petroleum Reserve, and his visit to Saudi Arabia, a major oil producer.

Price check?

The current national average for a gallon of unleaded gas is $3.80, per AAA. That’s roughly the same as a month ago, down significantly from the record of more than $5, but about 38 cents more than a year ago.

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Filed under: Alerts Sign-Up, Alternative Investments, LifeStyle | Tagged: election day, gas, gas prices, gasoline, gasoline prices | 1 Comment »

UPDATE: Crude Oil, Gasoline and Natural Gas Prices

Posted on July 18, 2022 by Dr. David Edward Marcinko MBA

By Staff Reporters

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West Texas Intermediate crude for August delivery rose $1.81, or 1.9%, to close at $97.59 a barrel on the New York Mercantile Exchange. The U.S. benchmark suffered a 6.9% weekly fall.
September Brent crude the global benchmark, gained $2.06, or 2.1%, to settle at $101.16 a barrel on ICE Futures Europe. Brent fell 5.5% for the week.
Back on Nymex, August gasoline rose 0.8% to end at $3.2132 a gallon, while August heating oil rose 1.4% to $3.699 a gallon. Gasoline rose 6.8% for the week, while heating oil was up 0.7%.
August natural gas rose 6.3% to $7.016 per million British thermal units, pushing it to a 16.3% weekly gain.

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UPDATE: Inflation, Gasoline & Oil Prices, Online Crypto Trading Firms and Altria

Posted on June 23, 2022 by Dr. David Edward Marcinko MBA

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The rate of inflation rose again in May, remaining at 40-year highs, the Office for National Statistics revealed. The rate of Consumer Prices Index [CPI] inflation rose slightly to 9.1 per cent in May from 9 per cent in April, according to the ONS. The increase matches what analysts had expected. And, supply constraints, exacerbated by Russia’s war in Ukraine account for about half of the surge in US inflation, with demand currently making up a third of the increase, according to new research from the Federal Reserve Bank of San Francisco.

US gasoline futures are about 13% below the record high seen earlier this month and pump prices have dropped for more than seven days straight — the biggest run of losses since April — after rising to a fresh peak early last week, as recession concerns grip the market. Oil prices have tumbled toward $100 a barrel as traders fear that sharply higher interest rates would slow down economic growth and lead to demand destruction. The AAA reports that the average price of a gallon of regular gas slipped 6 cents since last week, to $4.955.

U.S. online trading firms specializing in crypto were hit hard after BinanceUS, an arm of the word’s biggest digital currency exchange, eliminated its bitcion spot trading fees. BinanceUS will now allow its users to trade bitcoin, the biggest cryptocurrency, against assets such as the U.S. dollar, tether, and other dollar-backed stablecoins for free, eliminating its prior levy of 0.1% on transaction valued at less than $50,000.00.

Altria’s big tumble—the tobacco company owns a 35% stake in Juul, and a WSJ report suggested the FDA could order Juul to yank its products off the market imminently.

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UPDATE: The Markets, Gasoline, Recession and the Bear

Posted on June 14, 2022 by Dr. David Edward Marcinko MBA

By Staff Reporters

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For the domestic markets, the S&P 500 closed down 151 points, or 3.88%. It’s down nearly 22% since January. The Dow was down 876 points (2.79%) and the NASDAQ dropped 530 points (4.68%). And, investors were disappointed to learn that inflation is moving in the wrong direction. U.S. consumer prices surged 8.6% year-over-year in May, to a fresh 40-year high, led by higher prices for energy, food and housing.

For the first time in history, a gallon of regular gasoline now costs $5 on average nationwide, according to AAA, and experts predict gas prices could average $6 a gallon by August.

Moreover, nearly 70% of leading economists expect the US to tumble into a recession as the country grapples with inflation. In a Financial Times poll, the bulk of economists said they expect a recession to be declared in the first half of 2023. The poll comes after US inflation soared to 8.6% in May, outstripping economists’ expectations and piling the pressure on the Fed.

Finally, S&P Global says a 20% decline in the S&P 500 on a closing basis from its previous peak is all it takes to define a bear market. Which means that this bear market is already more than five months old, since the S&P 500 all-time high came on January 3rd, 2022.

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Filed under: Breaking News, Glossary Terms, Investing | Tagged: bear market, DJIA, flag day, gas prices, gasoline, markets, NASDAQ, recession, S&P | Leave a comment »

UPDATE: The Waltons, Economy, Gasoline and Pfizer for Kids

Posted on May 18, 2022 by Dr. David Edward Marcinko MBA

By Staff Reporters

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The Waltons are the the world’s richest family, and five of them own just under half of Walmart. They lost a combined $19 billion on Tuesday after Walmart posted disappointing quarterly results. The group is worth about $212 billion, according to the Bloomberg Billionaires Index.
Economy: On the other, national retail spending in April increased for the fourth straight month, despite inflation nearing a 40-year high and consumer sentiment at an 11-year low. It’s an unusual time!
Gas prices have risen above $4 a gallon in all 50 US states for the first time ever. Five states are averaging more than $5 a gallon, and one—California—hit a record of $6.02.
The FDA authorized a booster shot of Pfizer’s vaccine for kids ages 5–11.

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UPDATE: Carvana, DJIA, NASDAQ, S&P, Crypto, Gasoline and the US Budget Deficit

Posted on May 12, 2022 by Dr. David Edward Marcinko MBA

By Staff Reporters

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Carvana, the fast-growing used-car seller based in Tempe, announced its plans to lay off 2,500 employees – more than 10% of its workforce – as losses mount. The company, which operates a network of high-profile vehicle “vending machines” including one at Loop 202 and Scottsdale Road, said the move was designed to “better align staffing and expense levels with sales volumes.” Carvana reported a $506 million loss in its first quarter ending March 31st, well above red ink of $82 million during the same stretch of 2021, despite a 56% jump in revenue to $3.5 billion and a 14% increase in vehicles sold.

And, new inflation data scared some investors, who continued to dump riskier assets like cryptocurrencies amid the ongoing market selloff: The price of Bitcoin fell up to 7%, to around $29,000, according to Coin Metrics, before paring back losses. The price of the Terra (LUNA) cryptocurrency has fallen by more than 99 per cent, wiping out the fortunes of crypto investors. Terra, which ranked among the top 10 most valuable cryptocurrencies, dropped below $1 on Wednesday, having peaked close to $120 last month.

LINK: https://www.msn.com/en-us/money/markets/crypto-billionaires-vast-fortunes-are-destroyed-in-weeks/ar-AAXaijp?li=BBnb7Kz

Indices:

The Dow Jones Industrial Average fell 215 points, or 0.7%, to 31,949 after swinging between gains and losses after the opening bell.
The S&P 500 shed 46 points, or 1.2%, to 3,954.
The NASDAQ Composite fell 296 points, or 2.5%, to 11,445.

The national average for a gallon of gas surged to $4.40, the highest price recorded by AAA since it began keeping track in 2000 (though lower when adjusted for inflation than the high-water mark in July 2008, when gas was $5.36 per gallon in today’s dollars).

Finally, the US federal government’s budget deficit has shrunk by some $1.57 trillion so far this fiscal year, driven by record receipts from a strong economy and a slowdown in spending as pandemic-era programs fade.

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UPDATE: All About Gasoline Prices

Posted on March 6, 2022 by Dr. David Edward Marcinko MBA

By Staff Reporters

Gas prices just keep climbing higher, and a gallon of regular gas in the U.S. will likely average $4 before the end of the weekend. The national average for a gallon of regular gasoline rose to $3.92 Saturday, up from $3.84 on Friday, according to AAA.

Prices had risen 11 cents Friday, up from $3.73 on Thursday. That followed an 11-cent increase between Monday and Thursday. Prices averaged $3.60 a week ago and $3.44 a month ago. And, this week’s increases suggest it is likely the national average “could creep over $4/gallon tomorrow” .

Moreover, don’t look for gas prices to hold at $4 nationally. Many places are seeing gas of $5 or more already. The average price per gallon in California has surpassed $5 at $5.18, the most expensive market in the U.S., the AAA said.

Several other states have already surpassed the average $4 per gallon, according to AAA:

Hawaii ($4.69)
Nevada ($4.41)
Oregon ($4.38)
Washington ($4.33)
Alaska ($4.30)
Illinois ($4.16)
New York ($4.14)
Pennsylvania ($4.09)
Connecticut ($4.08)

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Filed under: Alerts Sign-Up, Investing | Tagged: AAA, gas, gas prices, gasbuddy, gasoline, gasoline prices, oil | Leave a comment »

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UPDATE: The Markets, Gasoline, Recession and the Bear

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