Diamonds and Dogs

11/23/21

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. 

 

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