Diamonds and Dogs
The price of oil is moving higher. Chevron (CVX) is higher by a percent due to an upgrade as the price of oil moves closer to the highs for the year. Hurricane Florence really won't impact the oil industry, but U.S. crude inventories have declined and the loss of Iranian supply has added to concerns over the supply and demand balance. Some oil analysts are concerned oil supplies are getting tight which could push oil back toward $100 a barrel.
Banks under pressure. Wells Fargo (WFC) is down 2.4% as U.S. regulators have rejected the banks plan to repay customers who were pushed into unnecessary auto insurance, telling the bank it must do more to ensure it has found and compensated every affected driver. Wells Fargo is definitely too big to manage. JP Morgan Chase (JPM) is down a percent as the CEO said today he could beat Trump in an election and was tougher and smarter than Trump. Maybe these are true statements, but dumb to say publicly.