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On September 6th, U.S. Energy Secretary Frank Wright stated on Sunday that U.S. Navy escort ships are assisting oil tankers through the Strait of Hormuz, which is crucial for maintaining crude oil transport in the waterway, and hinted that the escort operation will not end anytime soon. Wright stated, "We are ensuring a large number of ships pass through, but this certainly requires the involvement of the U.S. military. Iran is still causing trouble, but the U.S. Navy is winning this battle." Wright claimed that more than 9 million barrels of oil are currently being transported daily through the Strait of Hormuz, and with more crude oil and refined products being transported via pipelines and other means, oil transport in the region has recovered to "two-thirds or more of pre-conflict levels." Last week, Wright stated that approximately 17 million barrels of oil passed through the Strait of Hormuz on Monday. Wright believes that with the end of the summer driving season and adjustments to the governments federal blending policy to increase supply, the price of unleaded gasoline may decline.SpaceX (SPCX.O): Confirmed that 27 Starlink satellites have been deployed in orbit.According to the Lebanese National News Agency, an Israeli drone strike in southern Lebanon has injured several people.Israeli Prime Minister Benjamin Netanyahu: If Iran attacks us, we will suffer unimaginable damage. We are determined to complete the task of overthrowing the Iranian regime.The U.S. National Hurricane Center reports that Karina is expected to weaken into a post-tropical storm tonight.

Dow Futures fall whilst major indices rise

Aria Thomas

Aug 18, 2022 10:50

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In the evening session on Wednesday, U.S. stock futures traded lower as major benchmark indices ended a five-day winning streak and risk sentiment deteriorated as Federal Reserve members signaled extra rate hikes to combat inflation.


Dow Jones Futures, S&P 500 Futures, and Nasdaq 100 Futures all down by 0.1% by 7:00 p.m. ET (11:00 p.m. GMT), while Nasdaq 100 Futures declined by 0.2%.


Wolfspeed Inc (NYSE:WOLF) rose 18.6% in extended trade after reporting Q4 losses of $0.02 per share, which were better than the average expectation of $0.10. Rather than the anticipated $209.31 million, the actual revenue was $228.5 million.


Cisco Systems (NASDAQ:CSCO) rose 4.5% after reporting fourth-quarter earnings per share of $0.83 versus the average estimate of $0.82 and revenue of $13.1 billion versus the consensus estimate of $12.73 billion.


Bath & Body Works Inc. (NYSE:BBWI) declined 2.1% after posting second-quarter earnings per share of $0.52, which was above the consensus estimate of $0.44, and revenues of $1.62 billion, which were in line with forecasts.


Earnings results from Applied Materials Inc (NASDAQ:AMAT), Kohls Corp (NYSE:KSS), Tapestry Inc (NYSE:TPR), Estee Lauder Companies Inc (NYSE:EL), and Ross Stores Inc (NASDAQ:ROST) will be eagerly followed.


The Dow Jones Industrial Average fell 171.7 points, or 0.5%, to 33,980 during Wednesday's regular trading session.


The S&P 500 fell 31.2 points, or 0.7%, to 4,274, while the NASDAQ Composite down 164.4 points, or 1.3%, to 12,803.2.


Following the release of the most recent Federal Reserve meeting minutes, sentiment towards risk deteriorated throughout the session. In order to battle inflation, policymakers are likely to continue raising interest rates, but they have indicated that the rate of tightening could be changed based on market conditions.


The 10-Year U.S. bond market interest rate was 2.902%.

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