Wall Street Breakfast July 15: 'Oil for Security' Back in Play as Biden Heads to Saudi Arabia

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8 • 950 Ratings

🗓️ 15 July 2022

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

'Oil for security' back in play as Biden heads to Saudi Arabia. Amazon plans further 4,000 UK jobs despite global slowdown, Amazon trims its private-label selection due to weak sales, considers exiting business under regulatory pressure. Catch today’s WSB article here.

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 Friday, July 15th,
0:13.9	and I'm your host Julie Morgan.
0:15.8	Our top stories, Saudi Arabia and Amazon,
0:19.4	and later, CoinFlex, Novavax, Bank of America, and Starbucks.
0:25.0	Another day, another unsettling inflation report,
0:28.0	and for the Dow and S&P 500 another day of losses,
0:31.0	with the indices each posting their fifth consecutive day of
0:34.8	declines. However the NASDAQ managed to escape the down draft recovering from an
0:39.6	early loss to finish with a fractional gain. Seven of the 11 S&P sectors
0:44.3	ended lower.
0:45.2	Energy was among the weakest.
0:47.0	However, crude reverse course in the middle of the day
0:49.8	and basically came in flat, hovering around $96 a barrel.
0:53.6	Financial stocks were among the leaders to the downside as well.
0:57.0	The slide followed the release of disappointing earnings
0:59.8	from JPMorgan Chase and Morgan Stanley in the bond market.
1:03.8	The 10-year Treasury yield climbed five basis points to 2.95%.
1:08.8	The two-year yield was down one basis point to 3.13%.
1:13.1	Trading took place amid another disheartening inflation report.
1:16.5	The June PPI came in higher than expected
	...

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