Dow finished 0ff 12, advancers over decliners 5-2 & NAZ dropped 156. The MLP index went up 2+ to the 225s & the REIT index jumped 6+ to 364. Junk bond funds saw limited purchesing & Treasuries had a little demand which slightly lowered yields. Oil crawled higher in the 69s & gold was up 3 to 1933 (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)
Pres Biden said Mon that the US was not involved in the aborted weekend rebellion in Russia led by the leader of the mercenary Wagner Group. “We made clear we are not involved, we had nothing to do with it, this was part of a struggle within the Russian system,” Biden said. He monitored developments as they unfolded with his security team & spoke with close allies over Zoom. They agreed not to allow Russian Pres Vladimir Putin to blame the situation on the West or NATO, he added. “It’s still too early to reach a definitive conclusion about where this is going. The ultimate outcome of all this remains to be seen,” Biden continued. “But no matter what comes next, I will keep making sure that our allies and our partners are closely aligned in how we are reading and responding to situations.” Biden said he also spoke at length with Ukrainian Pres Volodymyr Zelenskyy to assure him the US would keep supporting Ukraine's defense as Russia continues its assault on his country. Biden said he was convening a call with heads of state after he finished his remarks to ensure they are “on the same page.” Yevgeny Prigozhin, leader of the Wagner Group, took control of the strategic city of Rostov-on-Don on Sat & advanced an army within 200 kilometers (124 miles) of Moscow. The rebellion lasted less than 24 hours, but marked a significant challenge to Putin's control of the nation. The revolt ended after Belarusian Pres Alexander Lukashenko brokered a deal between Prigozhin & the Kremlin.
Biden says U.S. is not part of aborted Russia rebellion, and it’s too early to determine the cause
Pfizer (PFE) said it would stop developing its experimental obesity & diabetes pill, lotiglipron, due to elevated liver enzymes in patients who took the drug once a day in midstage clinical studies. Those elevated enzymes
often indicate damage to cells in the liver, but the pharmaceutical
giant said no patients experienced liver-related symptoms or side
effects. PFE will instead focus on its other oral obesity drug, danuglipron, which is in a fully enrolled phase 2 clinical trial. That
study found that body weight was reduced after patients with Type 2
diabetes took high-dose versions of danuglipron twice a day for 16
weeks, according to results PFE released last month. The
company expects to finalize plans for a phase 3 clinical trial
program on danuglipron by the end of 2023. PFE added that it is also
developing a version of danuglipron that patients take once a day
instead of twice. “We look forward to analyzing the danuglipron
Phase 2 results and selecting the dose and titration schedule that will
maximize the therapeutic benefit and safety and tolerability,” William
Sessa, PFE's chief scientific officer of internal medicine, said. CEO Albert Bourla has said that an obesity pill could eventually generate $10B each year for the company. The stock fell 1.49.
If you would like to learn more about PFE, click on this link:
club.ino.com/trend/analysis/stock/PFE_aid=CD3289&a_bid=6aeoso5b6f7
Pfizer to end development of experimental obesity pill
The House passed a bill that would reverse Pres Biden's controversial mortgage rule. The bill, titled the "Middle Class Borrower Protection Act," passed in the House on a 230 – 189 vote with 14 Dems joining all Reps in passing the measure. The legislation would "cancel recent changes made by the Federal Housing Finance Agency to the up-front loan level pricing adjustments charged by Fannie Mae and Freddie Mac for guarantee of single-family mortgages." The act was introduced in the wake of significant outrage from Reps & housing experts alike who condemned the changes as "socialist". Rep Whip Tom Emmer an original cosponsor of the bill, lauded the bill's passage, saying that, "The Biden administration’s credit score redistribution plan is socialism at its finest. House Republicans stood up for hardworking Americans today by voting to eliminate this horrific rule and ensure those with good credit are not forced to bankroll high-risk borrowers." The bill was introduced by Rep Warren Davidson who denounced the Federal Housing Finance Agency's plan as unfair in an interview. "The middle-class are now going to be punished under the new Biden rule because guess what? People who didn't do the hard work that you did to make sure that they maintain good credit so that they could participate in the same way you and I are now going to subsidize them," he added. House Minority Leader Hakeem Jeffries disagreed with that characterization, however, saying the rule in fact helps the middle-class. "President Biden and House and Senate Democrats are actually standing up for the middle class and those who aspire to be part of it and trying to make sure that the things traditionally associated with a middle-class lifestyle like affordable homeownership, are sustained in the United States of America," Jeffries stated. It is unclear what will happen to the bill once it is sent to the Senate, but sources say it is possible that some of the more moderate Dems, including those up for re-election in 2024, could align with Reps to pass the legislation & send it to Pres Biden's desk where he could veto the measure. "Why would you punish people by making it more expensive for people that have been most responsible? On the credit score piece, it's not even clear that it only helps people who are poor. I mean, there are wealthy people who don't manage their credit well," Davidson said. Emmer echoed Davidson's sentiments, suggesting that the American middle-class will be most harmed by the housing rules while questioning the Biden administration’s motives.
Biden's 'socialist' mortgage plan reversed by GOP bill
Gold futures finished higher, recouping just a portion of last week's more than 2% loss. The precious metal found support in the wake of brief rebellion in Russia that raised haven demand for gold, as well as weakness in the $ & Treasury bonds. Gold for Aug climbed by $4 to settle at $1933 an ounce.
Gold futures recoup some of last week’s losses
US crude futures finish a marginal 0.3% higher at $69.37 a barrel in a market that has avoided any major sell-offs over the past few months, but has also been unable to notch any sustained rallies. Oil prices continue to be dampened by concerns about future rate hikes by central bankers & the strength of future economic growth. A report this AM from the Dallas Fed showed the Texas manufacturing sector contracted for a 2nd straight month in Jun, with a -4.2 reading, the largest monthly shrinkage since May 2020. Investors worry the Dallas Fed report may indicate the nationwide ISM manufacturing report due a week from today will also see a contraction.
WTI Oil Ends Slightly Higher But Stays Below $70
A listless day for stocks. More exciting news will be coming as the month's end nears which will excite traders.
Dow Jones Industrials
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