Dow went up 82, advancers over decliners about 2-1 & NAZ fell 71. The MLP index was off 1 to 198 & the REIT index added 3+ to the 475s. Junk bond funds fluctuated & Treasuries were bid higher (more below). Oil climbed higher in the 72s & gold surged 30 to 1812.
AMJ (Alerian MLP index tracking fund)
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The price of regular unleaded gas at a station in Gorda, California,
hit $7.59 as gas prices jump across the country to a 7-year
high. The
Gorda station is known to have some of the highest prices in the
country because the next nearest station is 12 miles away. The price of premium hit $8.50 at the central coast station. Pres Biden ln a town hall lalst night said that he does not foresee any significant drop in prices in near future. "My guess is you’ll start to see gas prices come down as we get by
going into the winter, I mean, excuse me, into next year in 2022," he
said. Oklahoma & Texas are the only 2 states in the nation where the average price of gas still sits below $3 per gallon, according to GasBuddy's Patrick De Haan. Prices in Texas & Oklahoma
are averaging at $2.99 & $2.97 per gallon, respectively. However,
prices in those states will likely rise "in the next few days," De Haan,
head of petroleum analysis at GasBuddy, tweeted. "By
the weekend, we'll see no states with an average of under $3/gal, it'll
be the first time in over 2,500 days since that last occurred," De Haan added in a subsequent tweet.
Gas prices: Regular unleaded hits $7.59 in remote California town
The Centers for Disease Control & Prevention (CDC) cleared booster shots of Modern's (MRNA) & Johnson & Johnson's (JNJ), a Dow stock & Dividend Aristocrat, Covid-19 vaccines, giving people the freedom to mix & match any of the 3 vaccines approved for use in the US, the agency said. An influential CDC advisory committee earlier unanimously endorsed boosters of MRNA's & JNJ's Covid-19 vaccines. The agency's Advisory Committee on Immunization Practices recommended the MRNA booster for elderly people & at-risk adults 6 months after they complete their primary series of shots, bringing it in line with the distribution plan for Pfizer (PFE) & BioTech's (BNTX) booster. It also endorsed JNJ boosters for Teveryone 18 & older who received the initial shot at least 2 months ago. The panel didn't specify which vaccine should be used as a booster, leaving it up to doctors to decide whether to mix & match the companies' doses to provide the best protection for patients. “The evidence shows that all three COVID-19 vaccines authorized in the United States are safe – as demonstrated by the over 400 million vaccine doses already given,” CDC Director Rochelle Walensky said that embraced the committee's recommendations. “And, they are all highly effective in reducing the risk of severe disease, hospitalization, and death, even in the midst of the widely circulating Delta variant.” More than 39M MRNA recipients & nearly 13M JNJ recipients may be eligible for a booster dose as early as today.
CDC approves Moderna and J&J Covid vaccine boosters, allowing people to mix-and-match shots
The 10-year Treasury yield hit 1.68% today, after the latest weekly jobless claims report came in lower than expected in the previous session. The yield on the benchmark 10-year Treasury note fell less than 1 basis points to 1.672% & the yield on the 30-year Treasury bond fell 1.6 basis points to 2.112%. Yields move inversely to prices and 1 basis point is equal to 0.01%. The Labor Dept reported that 290K jobless claims were filed last week versus an estimate of 300K claims. Employment data is one economic indicator being monitored by the Federal Reserve to help it decide when it should start pulling back emergency stimulus measures. In minutes released last week, Fed officials indicated that the central bank was nearing its economic goals & would soon start to normalize its monetary policy, starting with the winding down of its bond buying program. Raising interest rates is another part of this normalization. Fed Atlanta Pres Raphael Bostic said that he sees an interest rate hike coming in the “late third, maybe early fourth” qtr of 2022, as inflation persists.
10-year Treasury yield tops 1.68% as investors digest jobless claims report
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