Dow went up 17, decliners slightly ahead of advancers & NAZ shot up 57. The MLP index added 3+ to the 257s & the REIT index slid back to the 381s. Junk bond funds continued mixed & Treasuries crawled higher. Oil rose to the 56s (more below) & gold added 1 to 1428.
AMJ (Alerian MLP Index tracking fund)
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2180338269244485)
Oil prices finished higher, as investors watched an increasingly complicated situation in the Persian Gulf after Iran late last week seized a British-flagged tanker, & as the UK faces a change in leadership. West Texas Intermediate (WTI) crude for Aug delivery rose 59¢ (1.1%) to settle at $56.22 a barrel on the contract's expiration day. The Aug contract settled 7.6% lower last week. Sep WTI oil which is now the front-month contract, also settled at $56.22, up 46¢ (0.8%). Brent crude for Sep delivery, the global benchmark, added 79¢ (1.3%) to finish at $63.26 a barrel after the contract slid 6.4% last week. Oil prices also saw support after Libya's National Oil late Fri temporarily suspended operations at the Sharara oil field after an unidentified group shut down of a pipeline valve, but production from the oil field resumed early today. Tensions remained high in the Strait of Hormuz, thru which a 1/3 of global seaborne oil & gas moves, after Iran's Revolutionary Guard seized a UK-flagged tanker & its crew Fri.
Oil prices finish higher after ‘ratcheting up of tensions’ between Iran and the West
Microsoft (MSFT), a Dow stock, is making a huge bet on artificial intelligence by sinking $1B into AI start-up OpenAI. Under a partnership, OpenAI will run all of its services on MSFT's Azure cloud platform & use MSF as its preferred partner for commercializing new AI tech. On its website, OpenAI says its mission is "to ensure that artificial general intelligence (AGI)-by which we mean highly autonomous systems that outperform humans at most economically valuable work-benefits all of humanity." MSFT, currently the only US company valued at more than $1T, recently reported strong earnings growth driven by Azure. MSFT stock went up 1.81.
If you would like to learn more about MSFT, click on this link:
club.ino.com/trend/analysis/stock/MSFT?a_aid=CD3289&a_bid=6ae5b6f7
Earnings dominate the thoughts of traders & little was announced today. A budget deal in DC sounds good, but until it's signed off by the powers words mean little. This was a quiet day for stocks & even safe haven investments. Tomorrow could bring more excitement.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
3 sources said that budget talks between House Dems & the White House are winding down, & a deal is close to being completed. The
sources said that the deal includes spending caps & debt
ceiling increases for 2 years each, respectively. The deal reportedly
includes spending increases for defense & non-defense spending. A source said that, for now, the deal would put no restrictions on
reprogramming money for spending items – like a border wall. They added that the deal would permanently end the
sequester & also suspend the debt limit until Jul 31, 2021. Although
the timing for a final agreement with both the Senate & the House is
in flux, the House doesn't have much time to finalize its own version of
the deal. The House is scheduled to begin a 6-week summer recess on
Jul 26. Sources said the deal
could be finalized in the next few hours.
BUDGET AGREEMENT COULD BE REACHED TODAY: SOURCE
Oil prices finished higher, as investors watched an increasingly complicated situation in the Persian Gulf after Iran late last week seized a British-flagged tanker, & as the UK faces a change in leadership. West Texas Intermediate (WTI) crude for Aug delivery rose 59¢ (1.1%) to settle at $56.22 a barrel on the contract's expiration day. The Aug contract settled 7.6% lower last week. Sep WTI oil which is now the front-month contract, also settled at $56.22, up 46¢ (0.8%). Brent crude for Sep delivery, the global benchmark, added 79¢ (1.3%) to finish at $63.26 a barrel after the contract slid 6.4% last week. Oil prices also saw support after Libya's National Oil late Fri temporarily suspended operations at the Sharara oil field after an unidentified group shut down of a pipeline valve, but production from the oil field resumed early today. Tensions remained high in the Strait of Hormuz, thru which a 1/3 of global seaborne oil & gas moves, after Iran's Revolutionary Guard seized a UK-flagged tanker & its crew Fri.
Oil prices finish higher after ‘ratcheting up of tensions’ between Iran and the West
Microsoft (MSFT), a Dow stock, is making a huge bet on artificial intelligence by sinking $1B into AI start-up OpenAI. Under a partnership, OpenAI will run all of its services on MSFT's Azure cloud platform & use MSF as its preferred partner for commercializing new AI tech. On its website, OpenAI says its mission is "to ensure that artificial general intelligence (AGI)-by which we mean highly autonomous systems that outperform humans at most economically valuable work-benefits all of humanity." MSFT, currently the only US company valued at more than $1T, recently reported strong earnings growth driven by Azure. MSFT stock went up 1.81.
If you would like to learn more about MSFT, click on this link:
club.ino.com/trend/analysis/stock/MSFT?a_aid=CD3289&a_bid=6ae5b6f7
Microsoft invests $1 billion in AI start-up
Earnings dominate the thoughts of traders & little was announced today. A budget deal in DC sounds good, but until it's signed off by the powers words mean little. This was a quiet day for stocks & even safe haven investments. Tomorrow could bring more excitement.
Dow Jones Industrials
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