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U.S. natural gas futures rose, with recovering LNG demand and hot weather keeping some support under the market after Thursday's slightly bearish storage report.
A rate rise next month looks increasingly unlikely, and that's boosting stocks. Data this week on consumer and producer prices have shifted bets in the Fed Funds futures market, which now suggest a nearly 70% chance of no change to rates. That was 56% a week ago, according to the CME FedWatch tool. Futures suggest a mixed open, though, and oil is up overnight after reports of another tanker attack in the Strait of Hormuz.
The current market is highly concentrated, with the top 10 stocks representing 40% of the S&P 500's weight, largely driven by AI tailwinds. Profit margins and earnings for top-heavy stocks have soared, supporting elevated valuations and mitigating traditional concentration risks.
Bank of America's chief equity strategist Michael Hartnett, expects that debt milestone will be reached by 2029. That's creating some preferences for stocks over bonds.
Sky Harbour Group Corporation remains a speculative buy, with Q2 results showing the clearest signs yet of an operating inflection. Q2 revenue grew 50% year-on-year, operating loss narrowed, and operating cash flow turned positive for the first time. Pre-leasing, strong renewal economics, and lower construction costs support the investment case, but execution, lease-up, and dilution risks persist.
Rolling coverage of the latest and economic news, as US sells 30-year bonds at highest borrowing costs since 2001
Sales at U.S. retailers fell in July for the first time in 14 months, but not because the economy sputtered. Americans spent less at gas stations because of cheaper fuel and they bought less online after Amazon's summer sales bonanza.
Retailers' sales fell by 0.6% last month to $763.6 billion, versus the 0.2% growth recorded in June.
The S&P 500 reached new highs as inflation reports eased, reducing expectations for further Fed rate hikes. Producer Price Index data was benign, supporting a patient Fed stance and alleviating concerns about rising input costs.
Turkey reduced oil purchases from Russian ports in July and is set to cut them further in August after Ukrainian drone attacks disrupted exports from Russia's Black Sea terminals, according to traders and LSEG shipping data.
Elon Musk's SpaceX and Jeff Bezos' Blue Origin are betting on orbital computing, bringing data centers to space. Insurers that aren't looking at space as the next frontier for insurance underwriting risk missing out on a big growth story, according to Patton Kline, Marsh U.S. aviation and space practice leader.
Rebecca Babin, CIBC Private Wealth senior energy trader, said that she doesn't expect gas prices to drop much lower before election day and that the price at the pump will likely be lower than the White House would like it to be for November's midterms. Babin said that while oil prices have climbed as tensions have build back up in the Strait of Hormuz, it is China's position in the oil market that is keeping prices from growing to $100 a barrel.
Relentless heat and drought could halve this year's French maize harvest and reduce European Union production to its smallest in decades, analysts said, despite expectations that crops in Poland and Romania will hold up better.
Coherent remains a leveraged play on AI/datacenter demand but faces questions on the sustainability of that demand and potential margin expansion. The company trades at high near-term multiples, but projected explosive growth could compress valuation significantly by FY29 if trends persist. Margin improvement has been somewhat soft despite explosive top-line growth, with operating leverage and EBITDA margins below initial synergy targets despite robust revenue expansion.
Adam Farstrup, Schroders head of multi-asset for the Americas, joins 'Squawk Box' to discuss the latest market trends, state of the AI boom, how to diversify from the AI trade, and more.
