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Commodities

NWS Warns of Fire Weather Concerns in Northern, Central High Plains

The US National Weather Service said parts of northern and central High Plains are expected to experience fire weather concerns through Saturday due to dry and breezy conditions.Meanwhile, portions of central Nebraska to the Upper Midwest could likely face severe thunderstorms.The NWS issued a red flag warning early Friday for Nebraska's Harrison, Chadron, Alliance, Scottsbluff, Bridgeport, Harrisburg, Kimball, Sidney, Oshkosh, Chappell, Hyannis, Arthur, Ogallala, Mullen, Valentine, Thedford, Tryon, Stapleton, North Platte, Springview, Ainsworth, Brewster, and Butte.A major part of the state is covered under the service area of regional transmission organization Southwest Power Pool, with Midcontinent ISO also serving some areas.A similar warning was raised for Idaho's Dubois, Mackay, Arco, Rigby, Rexburg, Idaho Falls, Driggs, Palisades, Pocatello, and Blackfoot. Idacorp's (IDA) Idaho Power, Avista's (AVA) Avista Utilities, and PacifiCorp's Rocky Mountain Power are the major electricity service providers in Idaho.Affected areas in Wyoming include Torrington, Wheatland, Chugwater, Laramie, Bosler, Pinne Bluffs, Cheyenne, and Newcastle. Wyoming mostly falls under the service area of Rocky Mountain Power.In South Dakota, a red flag warning was raised for Custer, Edgemont, Hot Springs, Hermosa, Pine Ridge, Wall, Kadoka, Martin, Murdo, and areas near Chamberlain and Pierre. NorthWestern Energy (NWE) and Black Hills (BKH) subsidiary Black Hills Energy are among the major electric utility service providers operating in these places.The NWS issued an extreme heat warning in Arizona's Parker and Yuma, primarily served by Pinnacle West Capital (PNW) unit Arizona Public Service Company.California's Blythe, El Centro Imperial, Palm Springs, Mount Laguna, Julian, Borrego Springs, Indio, Palm Springs, and Beaumont, where Edison International's (EIX) Southern California Edison, and Sempra Energy (SRE) unit San Diego Gas & Electric are among the service providers.Flash flood warnings were raised for Batesville, and areas near Jonesboro in Arkansas, served by Entergy's (ETR) Arkansas unit. Areas near Clarksburg and Sutton in West Virginia, served by FirstEnergy's (FE) Mon Power, were also placed under a flash flood and flood warning watch.The NWS also issued flash flood warnings for areas near Campbellsville and Elizabethtown in Kentucky, while a flood warning was issued for Jackson in Ohio.

$AVA$BKH$EIX$ETR$FE$IDA$NWE$PNW$SRE
Commodities

NWS Warns of Heavy Rains in Ohio Valley, Sweltering Heat in South Central US, California

The US National Weather Service on Thursday said it expects parts of Ohio Valley/Central Appalachians region to experience heavy rains, potentially resulting in localized areas of flash flooding.The region stretching from the northern Rockies and High Plains will likely face fire weather concerns due to the presence of dry and breezy conditions.Meanwhile, the agency expects persistent sweltering heat this week in the South Central Plains, Lower/Middle Mississippi Valley, Southwest US and California, with little nighttime relief.The NWS issued a red flag warning early Thursday for Wyoming's Cody, Dubois, Thermopolis, Big Piney, Pinedale, Lander, Casper, Kemmerer, Evanston, Rock Springs, Laramie, Muddy Gap, Shirley Basin, Elk Mountain, Medicine Bow, Saratoga Springs, Garrett, Chugwater, Wheatland, and Centennial. Wyoming mostly falls under the service area of PacifiCorp's Rocky Mountain Power.A similar warning was raised for Idaho's Dubois, Mackay, Rexburg, Spencer, Driggs, Palisades, Blackfoot, Pocatello, and Arco. Rocky Mountain Power and Idacorp's (IDA) Idaho Power are the major service providers in these places.Affected areas in In Montana include Dillon, West Yellowstone, Butte, Boulder, Bozeman, Harlowton, Roundup, West Yellowstone, Winnett, Circle, Glendive, Terry, Sidney, and areas near Broadus and Miles City. These places are primarily served by MDU Resources (MDU) unit Montana-Dakota Utilities and Northwestern Energy (NWE).Red flag warnings were also raised for North Dakota's Williston, Beulah, Dickinson, Bismarck, Bowman, and Elgin, where Montana-Dakota Utilities is the major service provider. Buffalo in South Dakota was also covered under a similar warning.The NWS issued an extreme heat warning for Las Vegas and Beatty in Nevada, which falls under the service area of Berkshire Hathaway Energy unit NV Energy.In California, a similar warning was raised for Blythe, El Centro Imperial, Palm Springs, Indio, Beaumont, Julian, Borrego Springs, Mount Laguna, Escondido, Solana Beach, El Cajon, Chula Vista, San Diego, Oceanside, Temecula, San Clemente, Hemet, Newport Beach, San Bernardino, Ontario, Riverside, Anaheim, Riverside, Ontario, Chino, Burbank, Los Angeles, Santa Monica, San Luis Obispo, Santa Maria, Lompoc, Santa Barbara, Oxnard, Malibu, Santa Clarita, Long Beach, Santa Clarita, Avalon, Oceanside, Santa Ana, and Death Valley.PG&E (PCG) subsidiary Pacific Gas and Electric, Edison International's (EIX) Southern California Edison, and Sempra Energy (SRE) unit San Diego Gas & Electric are the major electricity service providers in these places.Also covered under an extreme heat warning watch were Arizona's Parker, Yuma, Lake Havasu City, Bullhead City, Kingman, Gila Bend Dateland, Phoenix, and areas near Wickenburg. Meanwhile, a flash flood warning was raised for Bisbee. The state is primarily served by Pinnacle West Capital (PNW) unit Arizona Public Service Company, and UNS Energy subsidiaries Unisource and Tucson Electric Power.Flash flood warnings were also issued for Jackson and areas near Wilmington and Zanesville in Ohio. Meanwhile, a flood warning was raised for New Lexington and Canton. FirstEnergy (FE) subsidiaries Toledo Edison and Ohio Edison, and the Ohio units of AES (AES) and American Electric Power (AEP) are among the major service providers in Ohio.A flood warning was raised for Beaumont in Texas, primarily served Entergy's (ETR) Texas unit.In Florida, Arcadia, and areas near Tampa Beach, Bartow, Wauchula, were placed under a flood warning.Flash flood and flood warnings were also issued for small pockets of West Virginia.

$AEP$AES$EIX$ETR$IDA$MDU$NWE$PCG$PNW$SRE
Commodities

NWS Warns of Sweltering Heat South Central Plains, Lower/Middle Mississippi Valley, Southwest US

The US National Weather Service expects the South Central Plains, Lower/Middle Mississippi Valley, and the Southwest US regions to experience persistent sweltering heat this week, with little relief expected during nights.Parts of Desert Southwest and central Plains are likely to encounter heavy rainfall and localized flash flooding due to thunderstorms. Meanwhile, parts of the central Plains and the Northeast are expected to face potential isolated strong to severe thunderstorms.Meanwhile, the Hawaiian Islands could face potential flash flooding risks through Wednesday, even as Lowell has weakened to a tropical storm, the NWS' National Hurricane Center said in its latest advisory on Tuesday.The NWS issued an extreme heat warning early Wednesday for Oklahoma's Tulsa, Muskogee, and areas near Bartlesville, Grove, and McAlester. OGE Energy (OGE) unit Oklahoma Gas & Electric and American Electric Power (AEP) subsidiary Public Service Co. of Oklahoma are the major service providers in the state.Fort Smith in Arkansas, primarily served by Oklahoma Gas & Electric, was also placed under a similar warning.An extreme heat warning was also raised for Las Vegas and Beatty in Nevada, which falls under the service area of Berkshire Hathaway Energy unit NV Energy.Affected areas in Arizona include Parker, Yuma, Lake Havasu City, Bullhead City, Kingman, Dateland, Gila Bend, Phoenix, and areas near Wickenburg. Arizona is primarily served by Pinnacle West Capital (PNW) unit Arizona Public Service Company, and UNS Energy subsidiaries Unisource and Tucson Electric Power.In California, the agency issued an extreme heat warning for Blythe, Indio, Beaumont, Palm Springs and El Centro Imperial, Death Valley, Bishop, Paso Robles, San Luis Obispo, Santa Maria, Lompoc, Santa Barbara, Oxnard, Malibu, Santa Clarita, Burbank, Los Angeles, Anaheim, Long Beach, Avalon, Oceanside, Santa Ana, Newport Beach, Temecula, San Clemet, Hemet, Ontario, Riverside, San Bernardino, Escondido, Solana Beach, El Cajon, Chula Vista, San Diego, Julian, Borrego Springs, Mount Laguna, and Indio.PG&E (PCG) subsidiary Pacific Gas and Electric, Edison International's (EIX) Southern California Edison, and Sempra Energy (SRE) unit San Diego Gas & Electric are the major electricity service providers in these places.California ISO expects demand on Wednesday to peak at 47,200 megawatts, while total capacity of 55,051 MW is available.In Wyoming, the NWS issued a red flag warning for Rawlins, Casper, Centennial, Muddy Gap, Shirley Basin, Saratoga, Elk Mountain, Garrett, Chugwater, Medicine Bow, and areas near Douglas, Wheatland, Glendo, Bosler, and Kaycee. Meanwhile, a freeze warning was raised for Jackson, Afton, Big Piney, Pinedale, and Kemmerer. Wyoming mostly falls under the service area of PacifiCorp's Rocky Mountain Power.A flood warning was raised for Beaumont in Texas, primarily served Entergy's (ETR) Texas unit.

$AEP$EIX$ETR$OGE$PCG$PNW$SRE
Commodities

NWS Warns of Hurricane Lowell Impact in Hawaii, Persistent Heat in South-Central US

The US National Weather Service said it expects high surfs and heavy rain across Hawaii as Hurricane Lowell passes through west of Kauai`s coastal waters.The center of Lowell is expected to pass near or just west of Niihau on Monday night and early Tuesday, then turn northwest and slow down by early Wednesday after moving past the Hawaiian Islands, the NWS' National Hurricane Center said in its latest advisory on Monday night.Lowell, carrying maximum sustained winds of around 110 miles per hour, is expected to weaken over the next several days but is likely to remain a hurricane while passing near the Hawaiian Islands into early Tuesday, it said.Persistent sweltering heat is forecast for the South-Central Plains and the Lower/Middle Mississippi Valley into this week, with limited relief expected during nights, the NWS said.The northern Rockies region is expected to experience periods of moderate to heavy rainfall through Tuesday morning.The NWS issued an extreme heat warning early Tuesday for Oklahoma's Tulsa, Muskogee, and areas near Bartlesville, Grove, and McAlester. OGE Energy (OGE) unit Oklahoma Gas & Electric and American Electric Power (AEP) subsidiary Public Service Co. of Oklahoma are the major service providers in the state.In Kansas, an extreme heat warning was issued for Paola, Ottawa, Olathe, Topeka, Leavenworth, Atchison, Emporia, Concordia, Manhattan, and Lawrence. Evergy (EVRG) is among the major service providers in the state.Affected areas in Missouri included Joplin, Nevada, Kansas City, Harrisonville, Butler, and areas near Branson, Springfield and Clinton. Evergy, Ameren's (AEE) Missouri unit, and Algonquin Power & Utilities (AQN) subsidiary Liberty are the major service providers in Missouri.Fort Smith in Arkansas, primarily served by Oklahoma Gas & Electric, was also placed under a similar warning.In Arizona, the NWS issued an extreme heat warning for Parker, Yuma, Dateland, Gila Bend, Phoenix, and areas near Wickenburg. Arizona is primarily served by Pinnacle West Capital (PNW) unit Arizona Public Service Company, and UNS Energy subsidiaries Unisource and Tucson Electric Power.Mount Laguna, Julian, Borrego Springs, Blythe, Indio, Beaumont, Palm Springs and El Centro Imperial in California, which mostly fall under the service area of Edison International's (EIX) Southern California Edison, were also covered under the same watch.The agency issued a flood warning for Beaumont, Port Arthur and areas near Orange and Kountze in Texas. These places are primarily served Entergy's (ETR) Texas unit.

$AEE$AEP$AQN$EIX$ETR$EVRG$OGE$PNW
Sectors

Sector Update: Energy Stocks Rise Tuesday Afternoon

Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.9%.The Philadelphia Oil Service Sector Index increased 0.2%, and the Dow Jones US Utilities Index was fractionally higher.In geopolitical news, the US Air Force is attacking Iranian targets located in the area around the Strait of Hormuz, Axios reporter Barak Ravid said Tuesday on X, citing US officials.Front-month West Texas Intermediate crude oil jumped 4.4% to $89.49 a barrel, and the global benchmark Brent crude contract popped 3.8% to $93.91 a barrel. Henry Hub natural gas futures fell 1.3% to $2.90 per 1 million BTU.In corporate news, Chevron (CVX) is finalizing a deal for the operating rights to two giant oil fields in Venezuela's Orinoco Belt, Bloomberg reported. Chevron shares rose 1.7%.ExxonMobil (XOM) is among several major oil companies planning to pursue business in Venezuela, multiple news outlets including Reuters reported late Monday, citing comments made by US President Donald Trump at a press event in the Oval Office. Trump said ExxonMobil and Chevron are among companies preparing to bid for projects in the Venezuelan market, while other firms are also competing, the Reuters report said. ExxonMobil shares were up 2%.Fervo Energy (FRVO) shares surged 28% after the company said Tuesday it has signed a 396-megawatt power purchase agreement with Alphabet's (GOOGL) Google.Proposed legislation by California lawmakers to address wildfire risk and increase utility accountability fails to address the financing risks that utilities face, BofA Securities said Tuesday, as it downgraded PG&E (PCG) and Edison International (EIX). BofA cut its rating on both PG&E and Edison to neutral from buy and reduced its price target to $13 from $24 for PG&E and to $51 from $81 for Edison. PG&E shares were up 1.1%, and Edison rose 3%.

$CVX$EIX$FRVO$PCG$XOM
California Wildfire Bill Fails to Address Utility Financing Risks, BofA Says, Downgrading PG&E, Edison International
Wire

California Wildfire Bill Fails to Address Utility Financing Risks, BofA Says, Downgrading PG&E, Edison International

Proposed legislation by California lawmakers to address wildfire risk and increase utility accountability fails to address the financing risks that utilities face, BofA Securities said Tuesday, as it downgraded PG&E (PCG) and Edison International (EIX).The bill addresses fire survivor priorities, including accelerating compensation and restricting claim speculation, but doesn't improve the utility liability framework materially or limit insurance subrogation, BofA said in a client note.BofA cut is rating on both PG&E and Edison to neutral from buy and reduced its price objective to $13 from $24 for PG&E and to $51 from $81 for Edison.Shares of PG&E were 1.3% higher in Tuesday trade, while Edison was up 1.5%.Utility investors were looking for the legislation to provide a comprehensive solution to California's wildfire liability framework, but the bill leaves PG&E's central financing and liability concerns unresolved, BofA said. The lack of policy clarity will likely weigh on PG&E and Edison, the parent company of the Southern California Edison, into 2027, the anlysts said."With many consumer-focused priorities now addressed, momentum for broader reform may fade, pushing the debate to 2027 when a new governor and legislature will need to revisit these issues and rebuild consensus around potential solutions," BofA said.PG&E's plan to make $73 billion in capital expenditures from 2026 through 2030 and its 9% per-share earnings growth outlook for the next three years were "premised on a constructive legislative outcome," BofA said. The company had identified roughly $23 billion of its capital plan as capacity and new business investment, but management warned that inadequate reform would require action, prompting BofA to reduce that amount by $7.3 billion.In a statement on Sunday, PG&E said the bill doesn't adequately address financing risks created by California's current wildfire liability framework and fell short of creating long-term durability required to secure investment for a more reliable energy system. Southern California Edison said separately that the proposed legislation fails to ensure that fire survivors will get priority access to wildfire funds.California Governor Gavin Newsom, who was reported to be seeking to protect utilities from insurance claims arising from wildfire disasters, said in a statement on Saturday that a comprise was reached to reduce wildfire risk, support fire survivors and strengthen utilities, but that the system needed a "full structural reform."Price: $13.38, Change: $+0.11, Percent Change: +0.83%

$EIX$PCG
Wire

Edison International Sees Continued Uncertainty Amid Elevated Wildfire Risks, BofA Says

Edison International (EIX) sees continued uncertainty amid elevated wildfire risks and no policy clarity for another year, as California SB 492 falls short of expectations, BofA Securities said in a Tuesday note.For the company, SB 492 does not limit insurance subrogation, cap utility liabilities, reform inverse condemnation, or provide a durable solution for Wildfire Fund funding and affordability, according to the note.The legislation addresses many consumer-focused priorities and largely retains the existing framework, potentially pushing the debate around broader reforms into 2027, when a new governor and legislature would need to revisit these issues, BofA said.BofA downgraded the company's stock to neutral from buy and lowered its price target to $51 from $81.Price: $54.11, Change: $+0.13, Percent Change: +0.24%

$EIX
Research

BofA Securities Downgrades Edison International to Neutral From Buy, Adjusts PT to $51 From $81

Edison International (EIX) has an average rating of hold and mean price target of $69.92, according to analysts polled by FactSet.

$EIX
Asia Markets

Update: US Equity Indexes Fall Amid Gains in Crude Oil, Benchmark Treasury Yield as Iran War Hostilities Resurge

(Updates with index/price moves, macroeconomic data, and company/geopolitical news from the first paragraph.)US equity indexes fell as crude oil jumped amid renewed Washington-Tehran military escalation and the 10-year government bond yield rose to its highest in about a month.The Nasdaq Composite fell 0.1% to 26,370.89, the S&P 500 retreated 0.3% to 7,686.14, and the Dow Jones Industrial Average slid 0.7% to 53,185.90 on Monday. All sectors, except energy and technology, declined. Communication services led decliners, followed by utilities and industrials.President Donald Trump said the US will respond to an Iranian attack on US forces overnight in Jordan, Fox News reported. US air defenses intercepted all but one Iranian missile, which was allowed through because it was not expected to hit anything of consequence, the report said, citing the president. Iran said it attacked US bases in Jordan and US military targets at the Al Menhad airbase in the United Arab Emirates after US forces bombed two rocket launchers on Iran's Larak Island.Iran's military has reiterated a warning to the region not to allow the US military to launch attacks from their soil or risk retaliation, Al Jazeera, a Middle Eastern broadcaster, reported. "As we have demonstrated on the ground, while respecting the national sovereignty of our neighbours, we will never tolerate any form of aggression and will respond with a far heavier retaliation," Al Jazeera cited a military statement.The front-month US West Texas Intermediate crude oil contract advanced 3.1% to $85.96 per barrel, and global benchmark North Sea Brent climbed 2.7% to $90.50 per barrel in the final leg of trading.In economic news, the Dallas Fed's monthly manufacturing index jumped to 11.6 in August from 1.3 in July, above expectations for 1.6 in a survey compiled by Bloomberg, indicating a faster pace of expansion."Along with the increase in output, other measures of manufacturing activity also pointed to faster growth this month," said Jesus Caas, senior business economist at the Dallas Fed. "However, employment growth slowed slightly. Price pressures were relatively stable but remained markedly elevated while wage pressures eased."Federal Reserve Chair Kevin Warsh's speech Friday was "particularly hawkish, according to a note from Capital Wealth Planning. The next Fed policy meeting will be in mid-September, with the August inflation print due beforehand, per the note. Citing the CME's FedWatch tool, the futures market is pricing in one or two rate hikes by the year-end, potentially one in September followed by another in December.US Treasury yields were mixed ahead of the close. The 10-year yield climbed 3.4 basis points to 4.76%, the highest since July-end, while the two-year was steady at 4.35%.In company news, Tesla (TSLA) is selling a simplified version of Model 3 at a lower price in Hong Kong and Macau than in mainland China, according to media reports and the company's regional websites. Shares jumped 5.5%, the second-biggest gainer on the S&P 500 and the Nasdaq.Shares of PG&E (PCG) and Edison International (EIX) were among decliners, down 20% and 23%, respectively, after California amended legislation to protect wildfire survivors' right to sue utilities for equipment-caused blazes, ABC7 reported Sunday. The duo was the worst performers on the S&P 500.

Dow JonesNasdaq CompositeS&P 500$EIX$PCG$TSLA
Update: Equities Fall as US-Iran Conflict Flares Up; Wall Street Logs Gains for August
US Markets

Update: Equities Fall as US-Iran Conflict Flares Up; Wall Street Logs Gains for August

(Updates with market moves at the end of the day, and other changes, if any.)Stocks on Wall Street fell on the last trading day of August as oil prices jumped following an escalation in the US-Iran conflict, though equity benchmarks posted monthly gains.The Dow Jones Industrial Average closed Monday trading 0.7% lower at 53,185.90. The S&P 500 declined 0.3% to 7,686.14, while the Nasdaq Composite edged down 0.1% to 26,370.89. Except energy and technology, all sectors were in the red, led by communication services.For the month August, the Nasdaq climbed 3.9%, while the S&P 500 gained 2.6%, following two straight monthly losses for both indexes. The Dow added 1.3%, recording its fifth consecutive monthly rise.West Texas Intermediate crude oil was up 3.1% at $85.97 a barrel in Monday late-afternoon trade, while Brent advanced 2.7% to $90.45. Both benchmarks were on track to post their second monthly gains in a row.The US and Iran reportedly traded strikes for the first time in a month, with American forces attacking two Iranian rocket launchers on Iran's Larak Island, multiple media outlets reported. A spokesperson for US Central Command said that Tehran's Islamic Revolutionary Guard Corps was preparing to launch rockets with sea mines into the Strait of Hormuz, CNN reported.The attack is the first confirmed US military strike against Iran since late July and comes after Washington launched an economic campaign last week to cut off financial channels that support Iran.Iran said it retaliated by attacking US bases in Jordan and the United Arab Emirates, according to a CNN report."These developments have once again reduced the prospects of bringing the conflict to an end," Saxo Bank said Monday in a report. "However, with an estimated (6 million to 8) million barrels per day of crude flowing through the strait, the upside risk is for now being capped."US Treasury yields were mixed, with the two-year yield little changed at 4.35% while the 10-year yield rose 3.8 basis points to 4.76%.Fresh labor market data are scheduled to be released later this week, beginning with the Job Openings and Labor Turnover Survey for July on Tuesday, followed by August's ADP employment report on Wednesday. The Challenger, Gray & Christmas job cut and the government's nonfarm payrolls data, both for August, are due on Thursday and Friday, respectively.US nonfarm payrolls are projected to rebound stronger than expected in August, Oxford Economics said in a note Monday, describing labor market conditions as balanced. The brokerage expects nonfarm payrolls to have increased by 95,000 this month, compared with the Bloomberg-polled consensus of a 55,000 increase.The odds of a quarter-point rate hike next month rose to 66% on Monday from 57% on Friday, according to the CME FedWatch tool. The probability that the Fed will keep the benchmark rate steady fell to 34% from 43%.In company news, shares of Edison International (EIX) sank 23%, the worst performer on the S&P 500, followed by PG&E's (PCG) 20% slide. The state of California amended legislation to protect wildfire survivors' right to sue utilities for equipment-caused blazes, ABC7 reported Sunday. Sempra (SRE) fell 3.1%.Aon (AON) has agreed to acquire insurance brokerage USI Insurance Services from KKR (KKR) and other shareholders in an all-cash deal worth roughly $17 billion. Aon shares slumped 9.5%, the third-steepest decline on the S&P 500.Nvidia (NVDA) expanded its partnership with chip designer MediaTek, including a $3.5 billion investment, to support adoption of the company's proprietary interconnect technology for custom rack-scale artificial intelligence chips. Shares of the tech bellwether rose 1.5%, the third-biggest gain on the Dow.Broadcom (AVGO), Palo Alto Networks (PANW), Dell Technologies (DELL) and Snowflake (SNOW) are among the companies expected to release their latest financial results this week.Spot gold was little changed at $4,454.05 per troy ounce, while silver lost 0.8% to $67.25 per ounce.

Dow JonesNasdaq CompositeS&P 500$AON$AVGO$DELL$EIX$NVDS$PANW$PCG$SNOW$SRE
Japan

US Equity Markets End Lower After Crude Oil, Government Bond Yields Rise Following US-Iran Military Escalation

US equity indexes ended lower Monday after crude oil prices and government bond yields rose following US-Iran military escalation.* Iran and the US traded attacks for the first time in over a month overnight into Monday, CNN reported. Iran said it attacked US bases in Jordan and US military targets at the Al Minhad airbase in the United Arab Emirates after US forces bombed two rocket launchers on Iran's Larak Island, according to a report from Al Jazeera.* The Dallas Fed's monthly manufacturing index jumped to 11.6 in August from 1.3 in July, above expectations for 1.6 in a survey compiled by Bloomberg, indicating a faster pace of expansion.* October West Texas Intermediate crude oil rose $2.58 to settle at $85.98 per barrel, while November Brent crude, the global benchmark, was last seen up $2.35 at $90.45.* Tesla (TSLA) is selling a simplified version of Model 3 at a lower price in Hong Kong and Macau than in mainland China, according to media reports and the company's regional websites. Shares were up about 5.5%, the top gainer on the S&P 500 and Nasdaq.* Shares of PG&E (PCG) and Edison International (EIX) were down over 20%, the worst performers on the S&P 500, after ABC7 reported Sunday that California amended legislation to protect wildfire survivors' right to sue utilities for equipment-caused blazes.

Dow JonesNasdaq CompositeS&P 500$EIX$PCG$TSLA
Sectors

Sector Update: Energy Stocks Gain Monday

Energy stocks rose Monday with the NYSE Energy Sector Index gaining 1.9% and the State Street Energy Select Sector SPDR ETF (XLE) adding 2%.The Philadelphia Oil Service Sector Index advanced 2.1%, and the Dow Jones US Utilities Index fell 1.4%.Oil prices rose as investors weighed renewed Washington-Tehran military escalation. President Donald Trump said the US will respond to an Iranian attack on US forces overnight in Jordan, Fox News reported.West Texas Intermediate crude oil rose 2.8% to $85.77 a barrel, and global benchmark Brent advanced 2.5% to $90.30 a barrel. Henry Hub natural gas futures added 1.3% to $2.93 per 1 million BTU.In sector news, the US government plans to acquire a 35% passive stake in Alejandro Betancourt's North American Blue Energy Partners and secure preferential rights to buy 20% of the company's oil production in Venezuela at cost, the Wall Street Journal reported over the weekend.Trump is expected to host executives of oil refining companies on Tuesday, Reuters reported. The companies received invitations last week that were light on details, and they were not informed who else would be in attendance, the report said.In corporate news, Helix Energy Solutions' (HLX) shareholders approved all proposals required to complete an all-stock combination with Hornbeck Offshore Services. Helix Energy shares rose 1.6%.Oneok (OKE) agreed to acquire Brazos Midstream's natural gas gathering and processing assets in the Permian Midland Basin for $4.43 billion. Oneok shares rose 1.3%.SLB (SLB) agreed to buy cooling equipment maker Kelvion from Apollo Global Management (APO) for $4.1 billion, including debt. SLB shares rose 4.9%.PG&E (PCG), Edison International (EIX) and Sempra (SRE) shares slumped after the state of California reportedly amended legislation to protect wildfire survivors' right to sue utilities for equipment-caused blazes. PG&E shares tumbled 20%, Edison plunged 23%, and Sempra fell 3.1%.

$EIX$HLX$OKE$PCG$SLB$SRE
Wire

Top Midday Decliners

Shares of PG&E (PCG) and Edison International (EIX) slumped after California amended legislation to protect wildfire survivors' right to sue utilities for equipment-caused blazes, ABC7 reported Sunday.Shares of PG&E slumped 18% after midday Monday as intraday trading volume catapulted to over 110.2 million from a daily average of about 22.5 million.Shares sank 23%, with intraday trading volume soaring to over 15 million from the stock's daily average of roughly 2.8 million.Exascale Labs (XLAB) has signed a non-binding memorandum of understanding with EnergyBank to potentially develop and commercialize artificial intelligence computing powered by floating offshore wind and long-duration energy storage, the company said Monday. Financial terms were not disclosed.Shares declined 19%, with intraday trading volume at over 263,000, versus a daily average of about 5.7 million.Price: $13.54, Change: $-3.06, Percent Change: -18.43%

$EIX$PCG$XLAB
Sectors

Sector Update: Energy Stocks Rise Monday Afternoon

Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 1.4% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.6%.The Philadelphia Oil Service Sector Index was advancing 1.6%, and the Dow Jones US Utilities Index was falling 1.4%.Oil prices rose as investors weighed renewed Washington-Tehran military escalation. President Donald Trump said the US will respond to an Iranian attack on US forces overnight in Jordan, Fox News reported. US air defenses intercepted all but one Iranian missile, which was allowed through because it was not expected to hit anything of consequence, the report said, citing the president.Front-month West Texas Intermediate crude oil rose 2.7% to $85.63 a barrel, and the global benchmark Brent crude contract advanced 4.9% to $90.31 a barrel. Henry Hub natural gas futures added 1.5% to $2.93 per 1 million BTU.In sector news, the US government plans to acquire a 35% passive stake in Alejandro Betancourt's North American Blue Energy Partners and secure preferential rights to buy 20% of the company's oil production in Venezuela at cost, The Wall Street Journal reported over the weekend, citing people involved in negotiating the agreement. The company is expected to have the opportunity to develop 17 oil fields with reported reserves of 65 billion barrels of oil, according to the report.President Donald Trump is expected to host executives of oil refining companies on Tuesday, Reuters reported Monday, citing people familiar with the plans. The companies received invitations last week that were light on details, and they were not informed who else would be in attendance, the report said, citing the people.In corporate news, ONEOK (OKE) agreed to acquire Brazos Midstream's natural gas gathering and processing assets in the Permian Midland Basin in a deal worth roughly $4.43 billion, as the midstream operator aims to expand its energy infrastructure in the region. ONEOK shares were up 0.5%.SLB (SLB) agreed to buy cooling equipment maker Kelvion from Apollo Global Management (APO) in a deal worth $4.1 billion, including debt, as it looked to boost its data center solutions business. SLB shares rose 3.4%.PG&E (PCG), Edison International (EIX) and Sempra (SRE) shares fell Monday after the state of California reportedly amended legislation to protect wildfire survivors' right to sue utilities for equipment-caused blazes. PG&E shares were down 18%, Edison fell 24%, and Sempra shed 3%.

$EIX$OKE$PCG$SLB$SRE
Asia Markets

Update: US Equity Indexes Fall While Benchmark Treasury Yield Jumps With Crude Oil as Iran Hostilities Resume

(Updates with index/price moves, macroeconomic data, and company/geopolitical news from the first paragraph.)US equity indexes declined as investors weighed renewed Washington-Tehran military escalation amid higher crude oil prices and a march up in the 10-year government bond yield to the highest in about a month.The Nasdaq Composite fell 0.4% to 26,309.5, the S&P 500 retreated 0.4% to 7,677.6, and the Dow Jones Industrial Average slid 0.7% to 53,208.3 after midday Monday. All sectors, except energy, declined. Communication services led decliners, followed by utilities, industrials, and real estate.Iran and the US traded attacks for the first time in over a month overnight into Monday, CNN reported. Iran said it attacked US bases in Jordan and US military targets at the Al Minhad airbase in the United Arab Emirates after US forces bombed two rocket launchers on Iran's Larak Island, according to a report from Al Jazeera, a Middle Eastern broadcaster.The US military struck the two launchers that a US official said were attempting to deploy mines into the Strait of Hormuz, Reuters reported. The United Arab Emirates condemned the Iranian drone attack on Monday as a "dangerous escalation" and a flagrant violation of its sovereignty, the news report said.President Donald Trump said the US will respond to an Iranian attack on US forces overnight in Jordan, Fox News reported. US air defenses intercepted all but one Iranian missile, which was allowed through because it was not expected to hit anything of consequence, the report said, citing the president.The front-month US West Texas Intermediate crude oil contract advanced 2.7% to $85.62 per barrel, and global benchmark North Sea Brent climbed 4.8% to $90.32 per barrel.In economic news, the Dallas Fed's monthly manufacturing index jumped to 11.6 in August from 1.3 in July, above expectations for 1.6 in a survey compiled by Bloomberg, indicating a faster pace of expansion.Federal Reserve Chair Kevin Warsh's speech Friday was "particularly hawkish, emphasizing that the Fed's 2% inflation target remains the objective but recently, there has been no meaningful movement toward that mark," according to a note from Capital Wealth Planning. Inflation is still above the Fed's target, and Warsh believes that short-term interest rates are the central bank's primary tool to reel it in.The next Fed policy meeting will be in mid-September, with an inflation reading for August to be released beforehand, per the note. Citing the CME's FedWatch tool, the futures market is pricing in one or two rate hikes by the year-end, potentially one in September followed by another in December.US Treasury yields were mixed after midday. The 10-year yield climbed 3.4 basis points to 4.76%, while the two-year was steady at 4.35%. The 30-year yield jumped 4.5 basis points to 5.25%.In company news, Aon (AON) said it has agreed to acquire insurance brokerage USI Insurance Services from KKR (KKR) and other shareholders in an all-cash deal worth roughly $17 billion, as the professional services firm aims to strengthen its presence in the US middle-market insurance segment. Aon shares were down 8%.Eli Lilly (LLY) has agreed to acquire Merida Biosciences for up to $2.875 billion in cash, as it seeks to expand its portfolio of autoimmune and allergic disease therapies, the companies said Monday. Eli Lilly shares were down 1.5%.Tesla (TSLA) is selling a simplified version of Model 3 at a lower price in Hong Kong and Macau than in mainland China, according to media reports and the company's regional websites. Shares jumped 5.2%, the top gainer on the S&P 500 and the Nasdaq.Shares of PG&E (PCG) and Edison International (EIX) were among the decliners, down 18% and 24%, respectively, after the state of California amended legislation to protect wildfire survivors' right to sue utilities for equipment-caused blazes, ABC7 reported Sunday.

Dow JonesNasdaq CompositeS&P 500$AON$EIX$KKR$LLY$PCG$TSLA
Update: Equities Fall Intraday as Oil Prices Rise on Renewed US-Iran Hostilities
US Markets

Update: Equities Fall Intraday as Oil Prices Rise on Renewed US-Iran Hostilities

(Updates with latest market prices and developments.)US benchmark equity indexes were lower intraday as hostilities resumed between the US and Iran, driving oil prices higher.The Dow Jones Industrial Average was down 0.6% at 53,230.7 after midday Monday, while the S&P 500 fell 0.5% to 7,676.8. The Nasdaq Composite dipped 0.4% to 26,304.6. Except energy, all sectors were in the red, led by communication services.West Texas Intermediate crude oil climbed 2.9% to $85.85 a barrel, while Brent advanced 2.8% to $90.59.The US and Iran reportedly traded strikes for the first time in a month, with American forces attacking two Iranian rocket launchers on Iran's Larak Island, multiple media outlets reported. A spokesperson for US Central Command said that the attack came as Tehran's Islamic Revolutionary Guard Corps was preparing to launch rockets with sea mines into the Strait of Hormuz, CNN reported.The attack is the first confirmed US military strike against Iran since late July and comes after Washington launched an economic campaign last week to cut off financial channels that support Iran.Iran said it retaliated by attacking US bases in Jordan and the United Arab Emirates, according to a CNN report."These developments have once again reduced the prospects of bringing the conflict to an end," Saxo Bank said Monday in a report. "However, with an estimated (6 million to 8) million barrels per day of crude flowing through the strait, the upside risk is for now being capped."US Treasury yields were mixed intraday, with the two-year yield little changed at 4.35% while the 10-year yield rose 3.4 basis points to 4.76%.Fresh labor market data are scheduled to be released later this week, beginning with the Job Openings and Labor Turnover Survey for July on Tuesday, followed by August's ADP employment report on Wednesday. The Challenger, Gray & Christmas job cut and the government's nonfarm payrolls data, both for August, are due on Thursday and Friday, respectively.The odds of a quarter-point rate hike next month rose to 66% on Monday from 57% on Friday, according to the CME FedWatch tool. The probability that the Fed will keep the benchmark rate steady fell to 34% from 43%.In company news, shares of Edison International (EIX) sank 24% intraday, the worst performer on the S&P 500, followed by PG&E's (PCG) 19% slide. The state of California amended legislation to protect wildfire survivors' right to sue utilities for equipment-caused blazes, ABC7 reported Sunday. Sempra (SRE) was down 3.4%.Aon (AON) has agreed to acquire insurance brokerage USI Insurance Services from KKR (KKR) and other shareholders in an all-cash deal worth roughly $17 billion. Aon shares slumped 7.4%, among the steepest declines on the S&P 500.Nvidia (NVDA) expanded its partnership with chip designer MediaTek, including a $3.5 billion investment, to support adoption of the company's proprietary interconnect technology for custom rack-scale artificial intelligence chips. Shares of the tech bellwether were up 1.1%, among the biggest gains on Dow.Broadcom (AVGO), Palo Alto Networks (PANW), Dell Technologies (DELL) and Snowflake (SNOW) are among the companies expected to release their latest financial results this week.Spot gold declined 0.5% to $4,432.35 per troy ounce, while silver lost 1.1% to $67.04 per ounce.

Dow JonesNasdaq CompositeS&P 500$AON$AVGO$DELL$EIX$NVDS$PANW$PCG$SNOW$SRE
Wire

Top Midday Stories: Stocks Fall, Oil Rises Amid Renewed Fighting in Middle East; Utility Shares Fall After California Wildfire Legislation

All three major US stock indexes were down in late-morning trading Monday, after Fox News reported that President Donald Trump said the US will respond to an Iranian attack on US forces overnight in Jordan.In company news, Shares of PG&E (PCG), Edison International (EIX) and Sempra (SRE) fell Monday after the state of California amended legislation to protect wildfire survivors' right to sue utilities for equipment-caused blazes, ABC7 reported Sunday. The legislature rejected provisions in Senate Bill 492 that would limit the amount of money people could recover. The amended bill also doesn't limit local governments and private businesses from recovering losses from utilities that start fires, according to the report. PG&E shares were down 19.5% around midday, while Edison and Sempra shares were down 23.0% and 2.5%, respectively.Nvidia (NVDA) has invested $3.5 billion in MediaTek convertible bonds as part of a deepening partnership to build next-generation artificial intelligence computing platforms across AI infrastructure, local AI computing and automotive, the companies said Monday in a joint statement. Nvidia shares were up 1%.Apollo Global Management-managed (APO) funds have agreed to sell cooling systems company Kelvion to SLB (SLB) for $3.4 billion in cash, with SLB assuming about $700 million of debt as well, the companies said Monday. Apollo shares were up 1.4%, while SLB shares were up 2.2%.Eli Lilly (LLY) said Monday it has agreed to acquire Merida Biosciences for up to $2.88 billion in cash, including upfront and milestone payments, to expand its pipeline of treatments for autoimmune and allergic diseases. The deal is expected to close in Q4, subject to regulatory approvals and other customary closing conditions, Lilly said. Shares of Eli Lilly were down 1.4%.Oneok (OKE) said Sunday it has agreed to acquire Brazos Midstream's Permian Midland Basin natural gas gathering and processing facilities for about $4.43 billion. The deal will be funded via a $9 billion non-voting minority equity investment from funds and affiliates managed by Apollo, the company said. Oneok shares were up 0.5%.SpaceX (SPCX) and NASA are delaying their launch date for the Crew-13 manned mission to the International Space Station in order to address an oxidizer leak on the propulsion system of the Dragon spacecraft, the space agency said Saturday. Separately, SpaceX is developing a foundry in Bastrop, Texas, to make blades and vanes for large gas turbines, The Information reported Saturday, citing job listings and other indicators. SpaceX shares were up 1%.Aon (AON) has agreed to acquire USI Insurance Services from KKR (KKR) and other shareholders for $17 billion, the companies said Monday. The boards of Aon and USI have approved the deal, which is expected to close in Q4 and will generate about $3.3 billion of after-tax proceeds for KKR. Aon shares were down 7%, while KKR shares were up 1.5%.Price: $219.81, Change: $+2.26, Percent Change: +1.04%

$AON$APO$EIX$KKR$LLY$NVDA$OKE$PCG$SLB$SPCX$SRE
Research

Mizuho Downgrades Edison International to Neutral From Outperform, Adjusts PT to $70 From $86

Edison International (EIX) has an average rating of hold and mean price target of $74.65, according to analysts polled by FactSet.

$EIX
Commodities

NWS Warns of Persistent Dangerous Heat Southwest US

The US National Weather Service said it expects Southwest US to face persistent dangerous heat through Saturday, with daytime highs expected between 110 and 115 degree Fahrenheit.Similar weather conditions are expected to develop again in the southern Plains again starting from the weekend.Meanwhile, the Carolinas is likely to experience heavy to excessive rain on Friday, with potential for isolated areas of flash flooding.The NWS issued an extreme heat warning for Arizona's Kingman, Lake Havasu City, Bullhead City, Yuma, Parker, Gila Bend, Dateland, Ajo, Wickenburg, Phoenix, Casa Grande, Globe, Prescott, Tucson, Nogales, Grand Canyon Village, Sierra Vista, Safford, Willcox, Benson, Bisbee, San Carlos, Oracle, Oro Valley, and Green Valley.Arizona is primarily served by Pinnacle West Capital (PNW) unit Arizona Public Service Company, and UNS Energy subsidiaries Unisource and Tucson Electric Power.An extreme heat warning was raised for Las Vegas and Beatty in Nevada, which falls under the service area of Berkshire Hathaway Energy unit NV Energy, were also placed under a similar warning.In California, an extreme heat warning was issued for Palm Springs, Blythe, El Centro Imperial, Twentynine Palms, Barstow, Baker, Death Valley, Victorville, Burbank, Los Angeles, Santa Monica, Beaumont, Riverside, Ontario, Chino, Palm Springs, Indio, Hemet, Temecula, Anaheim, Santa Ana, San Clemente, Borrego Springs, Escondido, Julian, Mount Laguna, El Cajon, Campo, Palmdale, Santa Clarita, Long Beach, Avalon, Malibu, Oxnard, Santa Barbara, Lompoc, and Santa Maria.Meanwhile, a red flag warning was raised for San Luis Obispo, Paso Robles, King City, Salinas, Monterey, Hollister, Santa Cruz, San Jose, and parts of Santa Maria.PG&E (PCG) subsidiary Pacific Gas and Electric, Edison International's (EIX) Southern California Edison, and Sempra Energy (SRE) unit San Diego Gas & Electric are the major electricity service providers in these places.The NWS also issued flash flood warnings for Alamogordo in New Mexico, served by TXNM (TXNM) subsidiary Public Service Company of New Mexico; and Snowshoe in West Virginia, where FirstEnergy (FE) unit Mon Power is the major service provider.Pennsylvania's Harrisburg and Lancaster, which primarily fall under the service area of PPL (PPL) subsidiary PPL Electric Utilities, were covered under a flood warning.Flood warnings were also raised for Canton, Havana, and areas near Carmi in Illinois; and Indiana's Vincennes, and nearby areas bordering Illinois.

$EIX$FE$PCG$PNW$PPL$SRE$TXNM
Commodities

NWS Forecasts Continued Dangerous Heat in Southwest US, Temporary Relief in Southern Plains

The US National Weather Service said Southwest US is expected to see continued dangerous heat through Friday, with temperatures expected to reach daytime highs of 110-115 degree Fahrenheit.Temperatures are expected to briefly drop to near-normal levels by late week in the southern Plains before rising again into next week over much of the plains, the agency said.In parts of northeast US, there is a possibility of scattered strong to severe thunderstorms on Thursday, along with damaging wind, hail, and a couple of tornadoes.The NWS issued an extreme heat warning for Las Vegas and Beatty in Nevada, which falls under the service area of Berkshire Hathaway Energy unit NV Energy, were also placed under a similar warning.A similar warning was raised for Arizona's Kingman, Lake Havasu City, Bullhead City, Yuma, Parker, Gila Bend, Dateland, Ajo, Wickenburg, Phoenix, Casa Grande, Globe, Prescott, Tucson, Nogales, Grand Canyon Village, Sierra Vista, Safford, Willcox, Benson, Bisbee, San Carlos, Oracle, Oro Valley, and Green Valley. Arizona is primarily served by Pinnacle West Capital (PNW) unit Arizona Public Service Company, and UNS Energy subsidiaries Unisource and Tucson Electric Power.In California, an extreme heat warning was raised for Palm Springs, Blythe, El Centro Imperial, Twentynine Palms, Barstow, Baker, Death Valley, Victorville, Burbank, Los Angeles, Santa Monica, Beaumont, Riverside, Ontario, Chino, Palm Springs, Indio, Hemet, Temecula, Anaheim, Santa Ana, San Clemente, Borrego Springs, Escondido, Julian, Mount Laguna, El Cajon, Campo, Palmdale, Santa Clarita, Long Beach, Avalon, Malibu, Oxnard, Santa Barbara, Lompoc, and Santa Maria. Meanwhile, a red flag warning was raised for Tulelake, Canby, Alturas, Likely, San Luis Obispo, and parts of Santa Maria.PacifiCorp's Pacific Power, PG&E (PCG) subsidiary Pacific Gas and Electric, Edison International's (EIX) Southern California Edison, and Sempra Energy (SRE) unit San Diego Gas & Electric are the major electricity service providers in these places.A red flag warning was also raised for Oregon's Chemult, Silver Lake, Paisley, Chiloquin, Bly, Lakeview, Klamath Falls, Adel, Crater Lake, Burns, and Jordan Valley. These places are primarily served by Pacific Power and Idacorp's (IDA) Idaho Power.Affected areas in Washington include Wenatchee, Omak, Chelan, Coulee Dam, and parts of Moses Lake, where Puget Sound Energy and Avista's (AVA) Avista Utilities are the major service providers.Parts of southwestern Idaho bordering Washington, including areas near Caldwell, Boise and Mountain Home, were also covered by a red flag warning watch. An evacuation immediate notice was issued for Lincoln County and parts of Hailey due to dangers related to wildhorse fire. These places primarily fall under the service area of Idaho Power.The NWS issued a flash flood warning for areas near Hobbs in New Mexico. Flood warnings were raised for Canton, Havana, and areas near Carmi in Illinois; and Indiana's Terre Haute, Vincennes, Petersburg, and areas bordering Illinois.

$AVA$EIX$IDA$PCG$PNW$SRE

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