Dow was off 45, decliners slightly ahead of advancers & NAZ added 13. The MLP index was up 1+ to the 193s & the REIT index fell 1+ to 410. Junk bond funds fluctuated & Treasuries saw more selling, taking yields higher. Oil advanced 2+ to the 104s & gold inched up 1 to 1741 (more on both below)
AMJ (Alerian MLP Index tracking fund)
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2180338269244485)
Federal Reserve Vice Chair Lael Brainard became the latest official to speak out on crypto, saying that regulation is needed or the industry could become a wider danger. “Innovation has the potential to make financial services faster, cheaper, and more inclusive and to do so in ways that are native to the digital ecosystem,” she said. “It is important that the foundations for sound regulation of the crypto financial system be established now before the crypto ecosystem becomes so large or interconnected that it might pose risks to the stability of the broader financial system.” The lack of regulation guidelines has been a confusing & troublesome issue for the crypto industry, whose participants are keen to develop & grow businesses but unclear on the regulatory parameters within which they can build. Despite this year's crash — the price of bitcoin is currently about 70% below its Nov all-time high of $69K — US regulators continue to flick at the industry's potential, growth & reach, as well as the potential consequences of not having a clear framework for it. Brainard's comments come a month after Sens Cynthia Lummis & Kirsten Gillibrand introduced legislation to create a regulatory framework for crypto that would empower the Commodity Futures Trading Commission to regulate most of the industry.
Levi Straus (LEVI) reported quarterly revenue & earnings that came in above expectations, as the clothing company said it
benefitted from Americans opting for more relaxed dress codes. The company increased its quarterly div & stood by its
guidance for the year. “Jeans are now much more acceptable in the office,” CEO Chip Bergh said. Revenue of $1.47B for the qtr was up 15% from the $1.2B reported in the year-ago period. The forecast expected
$1.43B. Sales grew by 17% in the Americas, 3% in Europe &
16% in Asia compared to 2021. The company reported EPS of 12¢, compared to 16¢ in the
year-ago period. On an adjusted basis, EPS was 29¢ a share in the most recent quarter, which was more than the 23¢ expected. For the full-year, the
company stood by its guidance for revenue to grow 11-13% from a year
ago & expects adjusted EPS of $1.50-1.56. The company hiked its quarterly div to 12¢, up from 10¢. CFO Harmit
Singh said that the company
decided to reaffirm its fiscal 2022 outlook but to increase its dividend
given the lingering effects on the war overseas, the potential slowdown
of the value conscious consumer, continued Covid lockdowns in China &
currency changes. The stock went up 17¢.
If you would like to learn more about Ford, click on this link:
club.ino.com/trend/analysis/stock/F?a_aid=CD3289&a_bid=6ae5b6f7
Levi Strauss hikes dividend as second-quarter earnings exceed expectations
The Biden administration is set to send its 15th security assistance package to Ukraine, bringing the tally of US military & humanitarian aid to more than $7B since Russia invaded Ukraine in late Feb. A senior Defense official said the $400M weapons package was coordinated with Ukrainian officials & is tailored to the wider Russian assault in eastern Ukraine. Heavy artillery platforms, like howitzers & High Mobility Artillery Rocket Systems, or HIMARS, sit high on Ukrainian military wish lists. The official said the latest security package will include 4 additional HIMARS, which brings the total number of HIMARS transfers to Ukraine from US arsenals to 12. The HIMARS, manufactured by defense giant Lockheed Martin (LMT), are designed to shoot a variety of missiles from a mobile 5-ton truck. The official said that US troops will keep training Ukrainian forces on how to use the platform at a location outside the country. “We will continue to train them because we see this as a sustained battle,” the official added, adding that HIMARS training takes approximately a week to complete.
U.S. to send 15th military package to Ukraine, bringing total aid in Russia war to $7 billion
Gold futures settled higher, after briefly slipping back in the wake of better-than-expected US jobs data, but posted a 4th consecutive weekly loss as overall strength in the $ pressured commodity prices. The precious metal managed to recoup today only a small portion of the losses that pulled prices to their lowest settlement in more than 9 months this week. Aug gold tacked on $2 at $1742 per ounce. Prices for the most-active contract, which settled Wed at their lowest since last Sep, marked a weekly loss of 3.3%. Gold continues to be impacted by strength in the $. That strength is being driven by a rally in Treasury yields as the Federal Reserve raises interest rates to combat inflation while the labor market remains healthy. The 10-year Treasury yield was up 6 basis points at 3.068% today.
Gold prices settle higher, but post a fourth straight weekly decline
Oil prices finish higher but log a weekly loss as recession fears swirl
Dow had 2 mini rallies today, but they could not be sustained. It finished with a loss. For the week, Dow was up about 240 & still stuck in the mud near yearly lows (see below).
Dow Jones Industrials
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