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On March 15th, Matt Reed, Vice President of the geopolitical and energy consultancy Foreign Reports, stated that an attack on Kharg Island could trigger Iranian retaliation against Gulf oil-producing countries. He said, "Iran will retaliate in kind." The United States warned on Friday that if Iran continues to block the Strait of Hormuz, Kharg Islands oil facilities could become the next target. Reed warned that the longer the conflict continues, the harder it will be to find alternative energy supplies. "At least 10 million barrels of oil are trapped in the Gulf every day, plus more than 4 million barrels of refined petroleum products and tens of billions of cubic feet of liquefied natural gas, with no easy alternatives." The International Energy Agency has announced the largest emergency oil reserve release in history, with 32 member countries planning to release approximately 400 million barrels of oil. However, Reed believes this measure will have limited effect, stating, "By the time the oil gets to the market, it may be too little, too late." He described it as nothing more than a "band-aid."On March 15th, local time, the Iranian Islamic Revolutionary Guard Corps issued a statement saying that in the past 48 hours, the US and Israel had launched attacks on several civilian industrial facilities in Iran, resulting in the deaths of several workers. The statement said that after setbacks in its confrontation with Iran, the US and Israel have turned to attacking non-military industrial facilities. Iran warned that US companies in the region should withdraw from their facilities and urged nearby residents to stay away from industrial areas with US capital involvement to avoid potential attacks.The Swiss government has discussed the US request for military overflight. In accordance with the principle of neutrality, the Federal Council rejected two requests related to the war with Iran.Local officials said operations at the Lanaz refinery in Iraq’s Erbil province have been suspended until the fire is extinguished and the damage is assessed.On March 15th, Colombian Energy Minister Edwin Palma posted on the X platform that Venezuelas state-owned oil company PDVSA intends to terminate its contract with Colombias state-owned oil company Ecopetrol regarding the Antonio Ricardo pipeline, citing insufficient investment in its maintenance. Palma stated that the Colombian government plans to meet with the US government next Monday to discuss lifting sanctions in an effort to normalize commercial relations with Venezuela. Palma also indicated that Colombia has approved a license to resume imports of liquefied petroleum gas (LPG) from Venezuela at a rate of 1.26 million gallons per month.

S&P 500 Set to Snap Four-week Win Streak as Growth Stocks Slide

Cory Russell

Aug 22, 2022 14:49

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Large Growth/Tech Stocks Drive Friday's Drop

Big tech/growth stocks were what drove down US equity markets on Friday. Companies including Apple (-1.3%), Microsoft (-1.4%), Alphabet (-2.3%), Amazon (-2.9%), Tesla (-2.7%), and Meta Platforms (-3.7%) all suffered amid a strong increase in long-term US government yields. The latest rally in US yields was attributed to a jump in German producer price inflation in July to new record highs and recent hawkish remarks from Fed policymakers. As a result, the US 10-year yield climbed to its highest levels in almost a month at just under 3.0%, nearly 50 basis points higher than earlier monthly lows.


Whatever the reason for the increase in US bond yields, it means that owning growth stocks—whose values are based disproportionately on expectations for future profits growth than actual earnings—now has a higher opportunity cost. Unsurprisingly, the Nasdaq 100, which is highly weighted toward big technology and growth stocks, had the poorest performance on Friday, down 2.0%.


That brought its losses for the week to slightly over 2.4%. While the S&P 500 is still comfortably above 4,200, it lost around 1.2% on Friday, bringing its weekly losses to about 1.1%. With Friday's decline, both indices are likely to end their four-week gain streak. The Dow, on the other hand, fell by slightly more than 0.7% on Friday and was still trading level for the week.


In terms of the S&P 500 GICS sectors, Energy (+0.5%), Utilities (+0.2%), and Healthcare (+0.7%) increased, while Consumer Staples remained unchanged and the other seven all decreased, with Consumer Discretionary stocks leading the way with a 2.0% fall.


DE Falling on Weak Earnings, GM Reinstating Dividends, and Cohen Selling Shares Dropping BBBY 40%


Regarding specific stock news, after the business reported lower-than-expected earnings per share for the previous quarter, citing persistent supply chain issues, Deere's share price fell as much as 4.0% intraday before rising. Following General Motors' announcement that it would resume the quarterly dividend payments that had been suspended in 2020, the company's stock price increased by almost 2.0%.


Following the revelation that billionaire investor Ryan Cohen had sold his shares in the struggling business and made a $60 million profit, Bed Bath & Beyond's share price fell by over 40% on Friday.


The last price of BBBY stock was just under $12. BBBY had previously reached weekly highs of $30 and had increased by roughly 500% month-over-month. Recent price movement has been compared to the meme stock mania of early 2021.


The revelation that DoorDash had ended its grocery deal with Walmart, whose shares were last down slightly more than 1.0% on the day, caused it to drop 3.0% on Friday.

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