Diamonds and Dogs
Oil jumps over 2.5% as President Joe Biden taps the Strategic Petroleum Reserve as part of a global effort by energy-consuming nations. The U.S. will release 50 million barrels from the SPR. Of that total, 32 million barrels will be an exchange over the next several months, while 18 million barrels will be an acceleration of a previously authorized sale. The problem is the world uses 100 million barrels a day, the US uses 20 million barrels a day so the release only covers 2 and a half days. Not much of a solution. Exxon (XOM) is up 2.5% while Hess (HES) is up 5%.
A tough day for retail. Better than expected earnings from the likes of Dicks Sporting Goods (DKS) down 5%, Best Buy (BBY) is down 13%, Urban Outfitters (URBN) down 8% and Cracker Barrel (CBRL) is down 7%. Zoom Video (ZM) is down 17% following deacceleration in earnings and sales.A little profit-taking after a big run up.
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.