Dow slid back 7, advancers over decliners 2-1 & NAZ was off 8. The MLP index went up 1+ to 231 & the REIT index rose 4+ to the 378s. Junk bond funds fluctuated & Treasuries saw limited selling, bringing higher yields (more below). Oil inched up pennies, still below 71, & gold gained 7 to 1936.
AMJ (Alerian MLP Index tracking fund)
Amid a busy travel & shipping summer season, one trucking company CEO claims he's fighting to keep his business alive. "When you look at a company that's doing around 13 million shipments a year today, our employees are out there picking up and delivering over 90,000 shipments, that's important," Yellow Corporation CEO Darren Hawkins said. "The presence that Yellow has in the marketplace is extremely important, and there's no reason for us not to be there. Our customers want us here, our employees want us here," he continued. "And bottom line, we're servicing the American economy on a daily basis, trucking truly moves America." Last week, the Yellow Corp filed a more than $137M lawsuit against the Intl Brotherhood of Teamsters, one of the largest trucking unions in the US & Canada. The complaint alleged that the Teamsters breached their contract with Yellow by blocking the company's efforts to restructure & modernize its business. Without the proper changes, Hawkins claimed Yellow's operations would fail. "Our request is to get to negotiations immediately," the CEO said while calling for the Teamsters to approve the modernization plans & competitive wage raises. "Even with all the noise around the company, our shipping accounts have held up, and that's crucial for us to work through this period while we're getting to negotiations. I think bottom line, it's a very busy summer for union transportation negotiations," Hawkins added. "We didn't plan to be part of that, but because of the halt of our modernization efforts, we are part of that now and our employees are just as important as any of the others," he said. "And bottom line, I believe we can get the right things done by getting to the table."
Trucking CEO suing Teamsters urges negotiations ‘immediately’: ‘Trucking truly moves America’
Tesla (TSLA) posted its Q2 vehicle production & delivery report for 2023. The key numbers were total deliveries 466K & total production 479K. Both beat expectations & indicate that deliveries rose
83% year-over-year for TSLA after the auto business added
manufacturing capacity & ramped up production at its vehicle assembly
plant in Austin, Texas. Q2 marked the 5th period in a row when Tesla
reported a higher level of vehicles produced compared to deliveries. The forecast expected deliveries of 446K for the period. About 96% of the deliveries TSLA reported in Q2
were of its Model Y crossover & Model 3 entry-level sedan in this
qtr. The stock rose 16.99 (6%).
If you would like to learn more about TSLA click on this link:
club.ino.com/trend/analysis/stock/TLSA_aid=CD3289&a_bid=6aeoso5b6f7
Tesla reported 466,140 deliveries for the second quarter, and production of 479,700 vehicles
The 2-year Treasury yield inched up in a shortened trading day, as investors considered the outlook for the US economy & the Federal Reserve's next monetary policy moves. The 2-year Treasury yield traded nearly 1 basis point higher at 4.89% & the yield on the 10-year Treasury was around flat at 3.815%. Yields & prices move in opposite directions. One basis point equals 0.01%. The ISM's manufacturing purchasing managers’ index for Jun came in slightly worse than expected & was once again below 50, signaling that economic activity was declining. Several key labor market reports & the minutes from the Fed's last meeting are also due throughout the week. Markets will close early today & be closed tomorror for the Independence Day holiday. It comes after Fed Chair Jerome Powell said last week that it would take some time before inflation was back in the central bank’s 2% target range. Powell also reiterated that further interest rate hikes are likely & suggested that they may even be implemented at consecutive policy meetings depending on upcoming data.
2-year Treasury yield climbs as investors assess interest rate and economic outlook
Dow began trading in the red, then buyers brought it up to roughly even. There is little excitement today, except for TSLA above. Trading will resume on Wed.
Dow Jones Industrials
No comments:
Post a Comment