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Daily Roundup of Key US Economic Data for July 22

The Mortgage Bankers Association reported a 1.9% increase in mortgage applications in the week ended July 17 after a 2.7% decrease in the previous week, with refinancing activity lower and new home applications higher despite the highest mortgage rates since August.Total crude oil inventories fell by 3.0 million barrels in the week ended July 17, with commercial oil inventories up 2.0 million barrels and stocks in the US Strategic Petroleum Reserve down 5.1 million barrels. Gasoline inventories and distillate inventories both increased last week.

Wire21h ago

Update: Rocket Lab Shares Rise After Winning $266 Million Air Force Contract for Suborbital Launch

(Updates with the latest stock price movement in the headline and first paragraph.)Rocket Lab (RKLB) shares rose 1.5% in Wednesday trading, a day after the company won an Air Force contract.The company was awarded a $266 million firm-fixed-price completion contract for suborbital launch vehicles, the US Department of Defense said Tuesday.Work for the Air Force project is expected to be completed by Dec.31, 2028, according to a statement.Price: $70.12, Change: $+1.00, Percent Change: +1.45%

$RKLB

Wire21h ago

Paramount Skydance Wins Conditional EU Approval for Warner Bros. Discovery Deal

Paramount Skydance (PSKY) won conditional approval from the European Commission for its acquisition of Warner Bros. Discovery (WBD), the regulator said in a statement.The deal raised concerns about reduced competition in theatrical film distribution because Paramount jointly controls United International Pictures with Universal, the commission said in a press release dated Wednesday.To address those concerns, Paramount agreed to sell its stake in UIP within 13 months of closing and to refrain from co-distributing films with Universal in EU member states for 10 years. It also committed not to shift Warner's or its own film distribution in ways that would expand overlap with Universal, the commission said.Price: $8.79, Change: $+0.26, Percent Change: +2.99%

$PSKY$WBD

Wire21h ago

Truist Securities Lifts Fifth Third Bancorp Price Target to $64 From $60

Fifth Third Bancorp (FITB) has an average rating of overweight and mean price target of $62.40, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $57.76, Change: $+0.10, Percent Change: +0.16%

$FITB

Oil & Energy21h ago

Houthi Threats Put Saudi Arabia's Red Sea Oil Export Lifeline at Risk, Kpler Says

Saudi Arabia's bypass for disrupted Strait of Hormuz oil shipments is facing renewed pressure after Yemen's Houthi rebels threatened a maritime embargo, raising concerns that a second strategic chokepoint could complicate global crude flows, Kpler strategists said in a note on Wednesday.The threat has yet to cause widespread disruption, with most tankers continuing to operate via the Bab el-Mandeb strait, but shipowners and traders are already reassessing risks.Homayoun Falakshahi, head of crude oil analysis at Kpler, said that the market response is focused less on immediate supply losses and more on the potential for higher freight costs, rising war-risk premiums and tighter availability of Middle Eastern crude grades.Saudi Arabia has increasingly relied on its Red Sea export terminals at Yanbu after traffic through the Hormuz was severely reduced following escalating regional tensions.Since April, Kpler said about 3.5 million barrels per day of Saudi crude has moved through the Red Sea route, compared with an average of about 120,000 b/d before the conflict.The Houthi announcement threatens that alternative route, effectively putting Riyadh's Hormuz bypass strategy under pressure.Kpler said that shipping activity has shown early signs of caution. Several vessels have altered course or paused voyages as operators assess security conditions, similar to the behavior seen during the Red Sea shipping disruptions of 2023/25.The latest shipping data showed selective changes rather than a broad withdrawal from the route.An Aframax tanker carrying Saudi crude to India reversed course after heading toward the Gulf of Aden, while another vessel carrying Yanbu cargoes continued transiting normally.A tanker transporting Sudanese Dar blend also diverted from its route toward the Gulf of Aden and moved closer to the Sudanese coast, highlighting how operators are making case-by-case decisions rather than abandoning Bab el-Mandeb entirely.Kpler said the selective nature of these moves suggests that the market is responding to elevated risk rather than a confirmed physical blockade.Meanwhile, the latest threat is already influencing crude pricing. Brent has strengthened relative to Dubai as buyers seek alternatives outside the Middle East, widening the Brent-Dubai Exchange of Futures for Swaps toward $10 per barrel.Dubai's prompt structure has also firmed, with the M1-M3 spread rising above $1.50/bbl as concerns grow over near-term availability of medium sour barrels.A prolonged increase in shipping risk could further support medium sour crude differentials, particularly as longer voyages, higher insurance costs and potential vessel substitutions increase transportation expenses.Kpler said market participants are viewing Atlantic Basin barrels as increasingly attractive as refiners diversify away from Middle East supply risk.The immediate vulnerability is concentrated among Asian refiners, particularly in Northeast Asia, where Saudi Arab grades remain an important source of medium sour crude.Asia-bound Saudi cargoes now represent the majority of Bab el-Mandeb crude traffic, meaning any disruption to Yanbu exports would disproportionately affect buyers in China, South Korea and Japan, Falakshahi said.Kpler said that unlike Hormuz, where a disruption could affect a much larger share of global oil flows, the Bab el-Mandeb risk is more targeted. However, its importance has increased because Saudi Arabia has shifted more exports through the route.

Mining & Metals21h ago

Element Fleet Management Launches AI Tool DigiAdvisor

Element Fleet Management (EFN.TO) launched DigiAdvisor, a new AI-powered decisioning tool that facilitates vehicle fleet service decisions, it said Wednesday.DigiAdvisor, an AI layer built into Element's service operations, combines "connected vehicle data, operational intelligence, supplier insights, and historical fleet transactions into a single decisioning experience," said the company."DigiAdvisor combines decades of our fleet expertise with AI and connected vehicle intelligence, so our teams can spend less time searching for information and more time solving problems for clients," said Manpreet Rana, vice president of Fleet Care and Logistics at Element Fleet Management.The company's shares were last seen unchanged at C$30.56 on the Toronto Stock Exchange.Price: $30.50, Change: $-0.06, Percent Change: -0.20%

$EFN.TO

Wire21h ago

Piper Sandler Lowers Chubb Price Target to $360 From $374

Chubb (CB) has an average rating of overweight and mean price target of $367.22, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $340.60, Change: $-14.20, Percent Change: -4.00%

$CB

Wire21h ago

RBC Raises Price Target on PulteGroup to $116 From $115, Keeps Sector Perform Rating

PulteGroup (PHM) has an average rating of overweight and mean price target of $143.08, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $125.94, Change: $+1.68, Percent Change: +1.35%

$PHM

Mining & Metals21h ago

First Atlas Resources Starts Field Exploration Program on Nova Scotia Hydrogen Properties

First Atlas Resource (HHE.CN) said Wednesday exploration field work is underway at its natural hydrogen licenses in Cumberland County, Nova Scotia.The company signed a technical advisory agreement with Quebec Innovative Materials (QIMC.CN), who have three field teams active in the Advocate-Cumberland Basin area conducting geochemical sampling and ground magnetic surveying, a statement said.First Atlas expects field activities to continue throughout the summer exploration season.First Atlas shares edged up C$0.005 to C$0.05 on the Canadian Securities Exchange.Price: $0.05, Change: $+0.01, Percent Change: +11.11%

$HHE.CN$QIMC.CN

Wire21h ago

Baird Lifts Moody's Price Target to $572 From $557

Moody's (MCO) has an average rating of overweight and mean price target of $555.55, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $490.23, Change: $-0.54, Percent Change: -0.11%

$MCO

Wire21h ago

TD Cowen Raises CME Group Price Target to $292 From $270

CME Group (CME) has an average rating of overweight and mean price target of $280.60, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $251.25, Change: $+13.87, Percent Change: +5.84%

$CME

Wire21h ago

Top Midday Decliners

China Pharma (CPHI) priced its registered direct offering of 2.5 million common shares at $2 each, targeting gross proceeds of $5 million, it said Wednesday.Shares sank 77%, with intraday trading volume surging to over 12.3 million from a daily average of roughly 3.88 million.GE Vernova (GEV) reported Q2 earnings Wednesday of $2.47 per diluted share, up from $1.86 a year earlier and below the FactSet consensus analyst estimate of $3.18.Meanwhile, GE Vernova is preparing contracts to help strengthen Venezuela's power grid and would be close to signing them had the country not suffered a recent earthquake, Bloomberg reported Wednesday, citing an interview with Chief Executive Officer Scott Strazik.Shares declined 8% as intraday trading volume jumped to over 3.27 million from the stock's daily average of about 2.86 million.Axe Compute (AGPU) reported more than $1.3 billion in new customer contracts across the US and Europe, propelling the company beyond its 2026 goal of $1 billion in signed contracts, it said Wednesday. Revenue is expected to begin in late Q4, with prepayments due in Q3, boosting annual recurring revenue to over $384 million upon deployment.Still, shares slumped 26% as intraday trading volume soared to over 2.82 million from a daily average of about 416,000.Price: $1.84, Change: $-6.27, Percent Change: -77.35%

$AGPU$CPHI$GEV

Sectors21h ago

Update: Gold Rises to Two-Week High as Weaker Dollar Boosts Prices

(Updates prices in the second and final paragraphs.)Gold traded at a two-week high midafternoon Wednesday, climbing for a second-straight session as the US dollar weakened.Gold for August delivery was last seen up $75.20, or 1.8%, to $4,151.60 per ounce, the highest level since July 7.Still, the metal remains down 7.5% since the start of the year, as the Middle East conflict has driven up energy costs, fueling concerns that central banks may need to raise interest rates and prompting investors to favor the US dollar and bonds over gold. However, the metal has found support around the $4,000 level, falling below that mark only once over the past month."Bullion is holding up despite firmer US yields and a stronger dollar, as energy-driven inflation risk and safe-haven demand from the Middle East conflict outweigh those headwinds," Saxo Bank noted.The dollar eased, with the ICE dollar index last seen down 0.2 points to 101.15. Treasury yields rose, with the US two-year note last seen paying 4.306%, up 2.8 basis points, while the yield on the 10-year note was up 2.9 points to 4.658%.

$GCQ6$GLD

Wire21h ago

Update: Amazon Lays Off Employees at Artificial General Intelligence Unit

(Updates with confirmation and additional details from the company.)Amazon.com (AMZN) is eliminating some roles within parts of its artificial general intelligence organization, a company spokesperson confirmed toWednesday in an emailed statement.Affected US employees will receive their pay and benefits for 90 days, outplacement job search support, access to transitional health benefits, and will be eligible for a severance payment, the spokesperson said.Despite the cuts, the company remains committed to investing in artificial intelligence, describing the layoffs as part of the company's efforts to prioritize the initiatives that are believed to have the greatest impact for its customers, according to The Wall Street Journal.The exact number of jobs affected was not provided.Price: $242.85, Change: $-4.70, Percent Change: -1.90%

$AMZN

Wire21h ago

Benchmark Raises Advanced Micro Devices Price Target to $685 From $485, Buy Rating Kept

Advanced Micro Devices (AMD) has an average rating of overweight and mean price target of $545.41, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $555.60, Change: $+11.17, Percent Change: +2.05%

$AMD

Commodities21h ago

Centrica Extends Heysham 1, Hartlepool Nuclear Plants to 2030, Adds 6 TWh

Centrica will keep the Heysham 1 and Hartlepool nuclear power stations operating until March 2030, adding about 6 terawatt-hours of generation, the company said Wednesday.Centrica, which owns a 20% stake in both plants, extended their operating lives by another two years from the previous schedule. The stations generate enough electricity to supply over 4 million UK homes annually, the company said.The extensions will contribute about 6 TWh of additional generation for Centrica and strengthen UK energy security with more reliable, low-carbon electricity. The company added that the move requires no material upfront capital investment.Centrica also highlighted its initial agreement with the UK government on a 20-year regulated contract for difference for the Sizewell B nuclear station, which could support operations from 2035 to 2055. The company expects to finalize the contract later this year.The company left its previous guidance unchanged for Heysham 2 and Torness, which remain on track to close in March 2030, as announced in December 2024."These stations provide reliable, low-carbon electricity that supports Britain's energy security, protects skilled jobs and underpins a more resilient economy," said Chris O'Shea, Chief Executive of Centrica.

Sectors21h ago

Sector Update: Financial Stocks Mixed in Afternoon Trading

Financial stocks were mixed in Wednesday afternoon trading, with the NYSE Financial Index fractionally higher and the State Street Financial Select Sector SPDR ETF (XLF) down 0.1%.The Philadelphia Housing Index rose 0.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) shed 0.4%.Bitcoin (BTC-USD) was declining 0.7% to $66,049, and the yield for 10-year US Treasuries was rising 2.6 basis points to 4.654%.In sector news, Kalshi said Wednesday that it will launch a new election portal aimed at becoming a key reference point for US election odds ahead of the November midterm elections, according to multiple media reports. The New York-based prediction market platform said the portal will combine traditional campaign polling, fundraising data, political news and trading activity from its election markets.In corporate news, Coinbase (COIN) has settled its Freedom of Information Act lawsuit against the US Securities and Exchange Commission with the regulator agreeing to provide additional documents and pay $150,000, a court filing said Wednesday. Coinbase shares were down 3.5%.CME (CME) shares jumped past 5% after it reported Q2 adjusted earnings Wednesday of $2.99 per diluted share, up from $2.96 a year earlier. Analysts polled by FactSet expected $2.91.Deutsche Bank's (DB) Frankfurt headquarters were searched by German prosecutors on Wednesday as part of an investigation into historic transactions conducted by Postbank between 2008 and 2010, Bloomberg reported. Deutsche shares were up 0.8%.

$CME$COIN$DB

Commodities21h ago

US Natural Gas Update: Futures Gain Ahead of Storage Report

US natural gas futures inched higher by midday Wednesday as traders monitored Tropical Storm Bertha's path along the Louisiana and Texas coasts ahead of Thursday's federal storage report.The front-month Henry Hub contract and the continuous contract both rose by 2.27% to $2.931 per million British thermal units.Gelber & Associates estimates the US Energy Information Administration natural gas storage report on Thursday will show a 38 billion cubic foot injection into storage for the week ended July 17.That would compare with a 23 Bcf build during the same week last year, when inventories rose less than the market's 29 Bcf consensus expectation.A storage injection near 38 Bcf would reduce the year-over-year storage deficit to about 6 Bcf from the current 21 Bcf, extending a narrowing trend that has persisted through July. US inventories would still remain about 181 Bcf above the five-year average.Fundamentals on Wednesday showed US dry gas production remains strong at 109.1 Bcf per day, down from a two-week high reached on Sunday, Gelber said.On the demand side, Texas and Louisiana are experiencing dangerous heat exacerbated by Tropical Storm Bertha, with heat index temperatures possibly reaching 116 degrees Fahrenheit in southeast Texas and 115 in parts of Louisiana.While power demand in Texas is projected to rise to a record, strong solar generation is expected to provide an ample cushion to mitigate stress on the system, Bloomberg said.Meanwhile, Freeport LNG's ongoing maintenance outage has kept feed gas demand lower than normal and is expected to continue through late August, leaving additional natural gas in the domestic market that would otherwise have been exported.Wednesday feedgas flows are estimated at 17.93 Bcf, compared with the 30-day moving average of 18.41 Bcf, according to the Bloomberg LNG Feedgas Model.While Tropical Storm Bertha has weakened, traders are keeping an eye on it as the projected path on Thursday and Friday would bring the storm near most LNG export facilities along the Texas and Louisiana Gulf Coast.The primary operational risks include power outages affecting electrically driven LNG facilities, including Freeport LNG, as well as disruptions to electrically powered compressors on pipelines serving the Gulf Coast, Gelber said.

Oil & Energy21h ago

US Oil Update: Crude Climbs as US-Iran Escalation Offsets Bearish Inventory Build

Crude futures climbed over 2% in midday trading on Wednesday as escalating US-Iran hostilities stoked fears of disruptions across key Middle Eastern energy supply routes, while threats to shipping by Yemen's Houthis further boosted prices.Front-month West Texas Intermediate crude futures rose 2.6% to $86.50 per barrel, while Brent futures climbed by 3% to $93.77/bbl.Soojin Kim, research analyst at MUFG, said the widening geographic scope of supply disruptions suggests oil prices are being driven by global transportation risks, leaving the market vulnerable to further upside if geopolitical tensions persist.US commercial crude oil inventories increased by 2 million barrels to 411.7 mmbbls in the week ended July 17, the Energy Information Administration said in its weekly report on Wednesday.Crude inventories are now about 6% below the five-year average for this time of year, the EIA said.President Trump on Wednesday vowed to blow up an Iranian bridge or power plant, including those in the country's capital city of Tehran, every time Iran shoots at a vessel in the Strait of Hormuz."From this point forward, any time the Islamic Republic of Iran shoots at a ship in the Strait of Hormuz, whether it be by missile, rocket, drone, or any other device or weapon, the United States will bomb and destroy one bridge or power plant," Trump said in a post on Truth Social.Saxo Bank strategists said the US-Iran conflict entered an 11th day, with Washington and Tehran exchanging strikes and Trump downplaying the prospect of near-term talks, while vowing to respond if the Houthis disrupt Red Sea shipping.On Wednesday, US Secretary of State Marco Rubio also said that Iran was not serious about reaching a deal to end the fighting, while vowing to continue to protect shipping via the Strait.Speaking at the ASEAN Foreign Ministers' meeting in the Philippines, Rubio said the US remains willing to negotiate an end to the Middle East conflict.The US remains open and willing to engage in positive, constructive negotiations and talks so long as the commitments that are made are kept, Rubio said.US Central Command said that American forces carried out the eleventh consecutive night of strikes against Iran on Tuesday, targeting Iranian military operations centers, maritime capabilities, aircraft hangars, drone storage facilities, and military logistics infrastructure.Commercial shipping activity across key Middle East waterways remains subdued, with 22 confirmed transits through the Hormuz and 73 through Bab el Mandeb, as operators continue to exercise caution amid heightened regional security risks.Confirmed maritime attacks continue around the Strait of Hormuz, Kpler said in a post on X, noting that this reinforced concerns that uncertainty across both regional chokepoints could reshape routing decisions.This could also increase freight costs and sustain higher geopolitical risk premiums for energy markets, Kpler said.

Wire21h ago

Top Midday Gainers

Arrowhead Pharmaceuticals (ARWR) said Wednesday topline results from its global phase 3 clinical studies of plozasiran in patients with severe hypertriglyceridemia showed the trials "successfully met" primary endpoint of triglyceride reduction versus placebo and met all prespecified secondary endpoints in both studies.Shares surged 24% amid an increase in intraday trading volume to over 4.8 million from a daily average of roughly 2.1 million.Super Micro Computer (SMCI) soared 22% amid heavy trading after the company said it expects fiscal Q4 GAAP and non-GAAP gross margins in the range of 15% to 17%, significantly above its 8.2% to 8.4% forecast on the back of a favorable customer and product mix, according to a statement late Tuesday.Over 126 million shares traded intraday versus a daily average of roughly 51.4 million.First Financial Bancorp (FFBC) agreed to acquire Finward Bancorp (FNWD) for about $208 million in stock to expand in northwest Indiana and Chicago, according to a statement late Tuesday.Shares jumped 22%, with intraday trading volume rising to more than 126,900 from the stock's daily average of about 17,000.Price: $31.31, Change: $+5.81, Percent Change: +22.79%

$ARWR$FNWD$SMCI

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Oil & Energy21h ago