The OPEC leader Saudi Arabia will extend its oil production cut of one million barrels per day for September to support oil market stability. This
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2023-08-04 | Sign Up | View Online | Advertise
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Market Snapshot 📷
S&P 500 4,501.73 -0.26%
Nasdaq 13,959.72 -0.10%
Dow 35,215.10 -0.19%
10-Year 4.183% +0.105%
Oil 81.69 +2.77%
Gold 1,968.60 -0.32%

*All data as of the previous day’s market close.

Markets & Economy
Saudi Arabia extends oil production cut (3 min read)

The OPEC leader Saudi Arabia will extend its oil production cut of one million barrels per day for September to support oil market stability. This is the second extension of the cut that was announced in June. Russia also plans to cut oil exports by 300,000 barrels per day for the month of September. The extended supply restraint from both OPEC+ members come as US gas price reached nine-month highs due to a combination of supply cuts and extreme heat.
Ackman Says He’s Short 30-Year Treasuries as Supply Ramps Up (2 min read)

Prominent investor Bill Ackman is betting against the 30-year US Treasuries as a hedge on the impact of higher long-term rates on stocks. He sees this short as a high probability because an increasing supply of Treasuries will be needed to fund the current US budget deficit, leading investors to sell the long-term notes for the new ones. Fitch Ratings' recent downgrade of US debt also highlights concerns about booming deficits and the bear case for Treasuries.
Business & Stocks
Meme-stocks make a strong comeback (2 min read)

Shares of Tupperware and Yellow Corporation, both struggling with financial issues, have skyrocketed by over 800% recently in a meme-stock rally. Despite warnings of bankruptcy and poor financials, investors are piling into these stocks and driving short-squeezes. Tupperware stock specifically, jumped another 50% in the extended trading on Thursday after news of debt restructuring. However, even with the gains, both stocks are still far below their 52-week highs.
PayPal's weak margin eclipses upbeat spending outlook (2 min read)

PayPal stock fell nearly 12% on Thursday after reporting disappointed quarterly operating margins. The company's low-margin business products have grown strongly, while growth in its branded products has slowed due to increased pressure from competitors like Apple. Despite this setback, PayPal's total payment volume increased by 11% in Q2, benefiting from strong consumer spending trends, and is expected to continue into Q3 as inflation cools.
Funds & ETFs
Short Term and Long Term ETF Portfolio Strategies (8 min read)

This article is a Q&A with a financial advisor where he discusses how he is using ETFs to manage his client’s portfolios. For short-horizon holdings, he uses ETFs for aggregate bond exposure, credit exposure, and inflation-linked debt to make near-term shifts over a market cycle. For long-term exposure, US large-cap equity ETFs and international equity ETFs are preferred as the core, along with yield-oriented equity ETFs as the satellite.
Asset Managers Line Up To File for Ethereum Futures ETFs (2 min read)

Several US asset managers, including Grayscale, VanEck, Bitwise, and ProShares have submitted applications to the SEC to launch ETFs tracking Ether (ETH) futures contracts. The proposed ETFs will follow the price movements of ETH futures contracts on the CME, rather than holding ETH directly. The SEC has not yet approved any ETH ETFs in the US, but these offerings could potentially launch in October given the previous success of bitcoin futures ETFs.
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