Dow dropped 173, decliners over advancers 5-2 & NAZ fell 85. The MLP index was off 2+ to the 215s & the REIT index gained 4 to the 412s. Junk bond funds drifted lower & Treasuries saw very heavy selling, raising yields. Oil was around even in the 86s & gold slid back 11 to 1711 (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)
The CHIPS for America program aims to create "good-paying jobs" across the country & counter China's growing influence by:
- Establishing & expanding domestic production of leading edge semiconductors in the US, of which the US currently makes 0% of the world’s supply,
- Building a sufficient & stable supply of mature node semiconductors,
- Investing
in research & development to ensure the next generation semiconductor
technology is developed & produced in the US &
- Creating tens of thousands of good-paying manufacturing jobs & more than hundred thousand construction jobs.
Job
creation will ensure a pipeline to expand opportunities to include
people who have historically not had a chance to participate in this
industry. "Rebuilding America’s leadership in the
semiconductor industry is a down payment on our future as a global
leader," Commerce Sec Gina Raimondo said.
Biden admin reveals $50B plan to boost struggling US industry
Verizon )VZ), a Dow stock, green-lighted the 16th straight year of div increases. The quarterly div of 65.25¢ per share is an increase of 1.25¢ per share from the previous qyr. "Our
consistently disciplined approach to the market to maximize growth and
profitability has again put the Verizon Board in a position to raise the
dividend," CEO Hans Vestberg said. "We will continue to execute our network-as-a-service strategy to
deliver long-term shareholder value." The company currently has an annual div yield of 6.2%. In Jul, VZ lowered its fiscal year 2022 adjusted EPS guidance to $5.10-5.25, compared to its previous
forecast of $5.40-5.55. The company expects wireless
service revenue growth of 8.5-9.5%, down from previous growth
guidance of 9-10%, & service & other revenue growth of minus 1%
to flat, down from guidance of approximately flat. The stock fell 20¢.
If you would like to learn more about VZ, click on this link:
club.ino.com/trend/analysis/stock/VZ?a_aid=CD3289&a_bid=6ae5b6f7
Verizon hikes dividend for 16th straight year
Britain's new prime minister, Liz Truss, made her first speech today, promising to tackle rising energy bills & the cost-of-living crisis in the next couple of days. “I will deal with the energy crisis caused by Putin’s war,” Truss said. “I will take action this week to deal with energy bills and to secure our future energy supply,” she said. Truss also said she had a “bold plan” to grow the economy thru tax cuts and reform that would “boost business-led growth and investment.” Improving health services was the 3rd priority listed by the former foreign secretary. “I’m confident that together we can ride out the storm, we can re-build the economy and we can become the modern brilliant Britain that I know we can be,” Truss concluded. Truss was officially appointed as prime minister of the UK today following a meeting with Queen Elizabeth II. There have been rumors of a £100B ($113B) energy stimulus package to help British people to deal with the worsening cost-of-living crisis. But there are questions as to how such a package will be funded. “No new taxes” was a sentiment repeated time & time again by Truss during the Conservative leadership campaign.
Liz Truss promises action on soaring energy bills in first speech as UK PM
Prices of gold ended lower on the back of a stronger $. Gold for Dec declined by $9 (0.6%) to settle at $1712 per ounce after ending Fri with a 0.8% climb. Regular metals trading was closed yesterday for the Labor Day holiday. Gold may be reaching a critical equilibrium as global recession fears spurred by the latest COVID lockdowns in China appear to be counterbalancing higher Treasury yields & a stronger $. While gold has outperformed stocks & bonds so far this year, the precious metal hasn't performed as strongly as had expected, given its longtime reputation as a hedge against inflation. Today the ICE US Dollar a gauge of the $'s strength against a basket of currencies, was up 0.7%, while the 10-year Treasury yield climbed 14 basis points to 3.3378%. Gold traded mostly lower following US data today. A barometer of business conditions at companies such as restaurants & hotels rose to 56.9% in Aug from 56.7% in the prior month, the Institute for Supply Management said. It is the highest level since Apr.
Gold prices end lower, while silver extends its recent gain
US benchmark oil prices ended little changed today, as traders in
the US, following a holiday yesterday, got a chance to react to a
decision by OPEC+ to cut production by 100K barrels per day in
Oct. Oct WTI crude added a penny to settle at $86.88 a barrel.
Global oil benchmark settles lower, gives back Monday’s OPEC-inspired bounce
Dow Jones Industrials
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