Wall Street Today: Oil, Gas stock ETFs are attracting most money in a decade
Asian stocks to fall as growth concerns spur bonds
U.S. contracts edged down after the S&P 500 dipped from a record, led by the energy and financial sectors. Amazon.com Inc. helped take the Nasdaq 100 to a fresh peak. Ten-year U.S. Treasury yields hit February lows amid slower-than-expected service-sector expansion.
Oil, Gas stock ETFs are attracting most money in a decade
Money is flowing into exchange-traded funds focused on U.S. oil and gas stocks at the highest rate in a decade, yet another sign of renewed investor interest in the shale industry.
Almost $18 billion has poured into U.S. energy-stocks ETFs so far in 2021, more than in any of the previous 10 years and nearly triple the amount seen in the first half of 2020, according to data compiled by Bloomberg. Over 60% of this year's inflow has been invested in funds that are heavily focused on fossil fuel companies.
Pentagon scraps JEDI in win for Amazon at Microsoft's expense
Pentagon officials on Tuesday terminated and said they would start fresh with a new project, capping a yearslong initiative that from $Amazon (AMZN.US)$ and a barrage of objections from Congress.
In terminating the contract with $Microsoft (MSFT.US)$, Department of Defense officials focused largely on technical reasons, saying advances in cloud computing and the Pentagon's own evolving needs had made the Joint Enterprise Defense Infrastructure scheme obsolete.
Toyota's chip supply helps it beat General Motors for the first time
Between April and June, $Toyota Motor (TM.US)$ sold 688,813 vehicles in the U.S., giving it a razor-thin 577-unit margin of victory over $General Motors (GM.US)$ , according to figures from the two companies. It was the first time a Japanese car maker took the top position in the U.S., according to car-shopping website Edmunds.com, and came as the politically sensitive U.S. trade deficit is widening.
Oil prices could very easily top $100 a barrel, says former U.S. energy secretary
Oil prices could very easily hit $100 a barrel in the aftermath of the failed OPEC+ talks, former U.S. Energy Secretary Dan Brouillette told CNBC on Tuesday.
"You could very easily see oil hitting $100 a barrel — potentially even higher," he told CNBC's Hadley Gamble. On the flip side, it's equally possible that prices could collapse too.
Nintendo unveils new video game console that launches this fall as chip shortages continue to plague supply
$Nintendo (ADR) (NTDOY.US)$ on Tuesday announced a new version of its popular Switch game console.The new model has a larger and more colorful screen and will be available on Oct. 8 for $349.99. That price is a premium over the $299.99 for the standard Switch and $199.99 for the Switch Lite.
Pfizer vaccine less effective against Delta variant, Israeli study finds
The $BioNTech (BNTX.US)$ / $Pfizer (PFE.US)$ vaccine is less effective at halting the spread of the Delta variant than previous strains of coronavirus, according to a preliminary study by Israel's health ministry. Data collected over the past month suggest the vaccine is 64 per cent effective at preventing infection among those who are fully inoculated, the ministry has found. Efficacy against previous strains of the virus was estimated at 94 per cent.
South Korean regulators crack down on IPOs as fears of bubble rise
South Korean regulators are stepping up scrutiny of big initial public offerings as rich valuations prompt concerns over bubbles in the Asian market. Krafton, the company behind global hit game PlayerUnknown's Battlegrounds, last week lowered its IPO price more than 10 per cent and cut the deal size by almost a quarter under pressure from financial regulators. Krafton, which is backed by Chinese internet group $TENCENT (00700.HK)$ , had sought to raise $5bn in what was expected to be Korea's largest-ever listing.
Source: Bloomberg, WSJ, CNBC, Financial Times $S&P 500 Index (.SPX.US)$ $Dow Jones Industrial Average (.DJI.US)$ $Nasdaq Composite Index (.IXIC.US)$
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