US crude oil
On November 2–9, 2017, US crude oil futures rose 4.8%. During this period, the S&P 500 Index (SPY) rose 0.2%, while the Dow Jones Industrial Average Index (DIA) fell 0.2%.
However, in the week ending November 3, 2017, US crude oil production rose to 9.62 million barrels per day—the highest weekly figure since 1983. It’s likely that higher oil prices might bring back the lost oil rigs since the week ending August 11, 2017. The recovery in the oil rig count could boost US crude oil production. A rise in US crude oil production could hamper global supply-demand dynamics and limit the upside in oil prices.
On November 9, 2017, natural gas (UNG) active futures rose 0.8% and closed at $3.2 per MMBtu (million British thermal units). On the same day, the U.S. Energy Information Administration reported natural gas inventory data. For the week ending November 3, 2017, natural gas inventories rose by 15 Bcf (billion cubic feet)—at par with the market’s expected rise.
On November 2–9, 2017, natural gas futures rose 9%. The bullish weather data could be behind the rise in natural gas.
On November 2–9, 2017, XOP had the highest correlation of 94.4% with US crude oil active futures on our list of energy subsector ETFs.
Broadcom (AVGO) stock fell ~8.5% after markets closed yesterday following the semiconductor giant's fiscal 2019 second-quarter earnings release. It missed analysts' revenue estimate and cut its fiscal 2019 revenue guidance by $2 billion to $22.5 billion due to sluggishness in its semiconductor solutions business.
The SPDR Gold Shares ETF (GLD), which tracks physical gold prices, has underperformed the broader markets year-to-date, rising just 4.4% compared to the S&P 500’s (SPY) gain of 15.9% as of June 14. The sentiment for gold, however, has been turning around.
Safe havens such as Treasuries and gold were back in favor on June 14 as stocks fell due to rising tensions in the Middle East, concerns over growth, and the looming threat of the US-China trade war. The tech-heavy Nasdaq Composite Index fell 0.67% in the first hour of trading.
Lululemon (LULU) stock rose 2.1% on June 13 in reaction to better-than-expected first-quarter results and an upgraded outlook for fiscal 2019 overall. The company's first-quarter adjusted EPS grew 34.5% to $0.74 on revenue growth of 20.4% to $782.32 million. Analysts had expected EPS of $0.70 and revenue of $755.31 million. Here's why the outlook got an upgrade.
As of 4:40 AM Eastern Time today, US crude oil active futures were at $51.83, ~4% below their closing level in the previous week. If US crude oil prices stay at those levels today, they'll mark their third week of decline in five weeks.
Amazon is discontinuing its Amazon Restaurants service, which has been delivering food for restaurants in parts of the United States. Amazon Restaurants launched in the United States in 2015 and entered the British market the following year. However, it met strong opposition in the British market.