Wall Street Breakfast August 31: Oil Prices Likely To Return To $120 As Global Energy Crisis Continues - Goldman Sachs' Jeff Currie

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8 • 950 Ratings

🗓️ 31 August 2022

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

Nasdaq futures lead S&P, Dow with focus on jobs and peak '22 hawkishness. Oil prices likely to return to $120 as global energy crisis continues - Goldman Sachs' Jeff Currie. Snap to cut 20% of workforce - report. Hundreds of Facebook contractors set to lose work in outsourcing - report. Catch today’s WSB article seekingalpha.com/wsb. Start Your Free Trial of Seeking Alpha Premium - https://bit.ly/3uX5TDY.

Transcript

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0:00.0	Welcome to Seeking Alpha's Wall Street breakfast, your daily source of market news and analysis.
0:06.8	Subscribe to this podcast on Apple Podcast, Spotify or Stitcher.
0:11.2	Good morning. Today is Wednesday, August 31st and I'm your host Julie Morgan.
0:16.0	Our top stories.
0:17.5	Oil prices, Snap, Meta, Allegiant, Toyota, Tesla, and BYD.
0:25.0	Stocks fell again on Tuesday with the S&P 500 extending its losing streak to three days with
0:30.0	a decline of more than 1%.
0:32.2	All 11 S&P sectors ended in the red.
0:34.9	Energy led the retreat dropping by nearly 3.4%.
0:38.8	Materials, real estate, and utilities
0:41.2	were among the other leaders to the downside.
0:43.6	Rates showed an upside bias during the day, but the moves were generally constrained.
0:48.1	The 10-year Treasury yield was flat at 3.11 percent,
0:51.8	and the two-year yields rose three basis points to 3.46%.
0:56.4	Solid numbers on the consumer and labor fronts added to concerns about persistent fed
1:01.4	tightening. The markets are pricing in a 70% chance of a hike of 75 basis points next month.
1:08.0	In the earnings spotlight today, Brown Foreman, Mongo D.B. Octa, and Five Below.
1:16.9	In our day watch is a standout gainer.
1:19.4	The release of better than expected quarterly results prompted buying in big lots.
1:23.9	The stock climbed nearly 12% on the day.
1:26.8	The low-cost retailer reported Red Inc for Q2,
1:29.8	but the losses were not as steep as experts had feared.
	...

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