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Today's Scoop:
Drifting🌤️
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Here’s what you need to know today…
Big Picture
Expect higher gas prices.
Avocado prices might jump after months of declines.
Corporate executives feel optimistic about the economy.
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The Market: ⬇️-0.6%
S&P 500: 4,461.90
1Mo: -1% | 1Yr: +13% | 5Yr: +54%
The market wavered lower today as investors digested a boring Apple product event and a mix of news from corporate executives.
Oil prices keep climbing. Both Brent and West Texas Intermediate benchmarks rose to their highest level since November. Major oil nations like Saudi Arabia and Russia have reduced their output while expecting oil consumption to stay strong. OPEC reported better demand worldwide as global economies operate better than expected, needing more fuel. [🤓] Higher gas prices could fuel inflation and strain living costs.
Avocado prices could surge again soon. Avocado supplier Mission Produce today forecasted higher costs after months of declining prices. This could strain restaurants and guacamole lovers.
Corporate executives feel pretty optimistic about the economy. CEOs provided relatively sanguine outlooks at several shareholder events this week for America’s biggest companies. Massive banks like JPMorgan Chase and Wells Fargo said consumers are still financially healthy. Huge conglomerates like Walmart, CVS, and Honeywell said sales and business activity have been better than expected.
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Inside Scoop 🤓
How do oil prices work?
Prices for commodities like oil are notoriously volatile and unpredictable. The main drivers are supply and demand, but government and institutional decisions can artificially manipulate both sides of that equation.
The planet has plenty of oil, but its extraction and distribution depend on geopolitical agreements and corporate business decisions. Oil companies decide how much they want to pump by analyzing their costs and potential profits. In many nations, the government decides how much oil they want to export to the world. The Organization of the Petroleum Exporting Countries (OPEC) is a group of the major oil nations, led by Saudi Arabia, that collude on the amount of oil they export to control global prices. On top of that, oil prices are then affected by investors who trade financial securities to speculate on future oil prices. It’s a complicated mess.
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