Wall Street Breakfast July 18: Oil Production Decisions to be Made by OPEC, Saudis say as Biden Departs

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8 • 950 Ratings

🗓️ 18 July 2022

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Oil production decisions to be made by OPEC, Saudis say as Biden departs. Elon Musk pushes back at Twitter's request for an expedited trial. Chip funding: Congress moves closer to vote on scaled-back semiconductor bill. Boeing climbs 2% premarket as it readies to battle Airbus at Farnborough. 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.
0:11.3	Good morning. Today is Monday, July 18th, and I'm your host Julie Morgan.
0:15.9	Our top stories, Semiconductors, OPEC Plus, and Twitter, and later Boeing, Jewel and Starbucks.
0:24.0	Stocks finished higher on Friday amid renewed confidence that the Federal Reserve would stick with the expected 75 basis point rate hike at its next policy meeting, rather than resorting to a full percentage point increase, which had been theorized immediately after the release of inflation data earlier in the week.
0:43.0	Ahead of the opening bell today, Dow S&P and NASDAQ futures are up.
0:48.0	The Dow is up 268 points in both the S&P and NASDAQ futures are up more than 1%.
0:55.0	In the earning spotlight today, Bank of America, IBM, and Goldman Sachs.
1:01.7	Also happening this week.
1:03.0	Netflix is said to report is second quarter results tomorrow.
1:07.0	Netflix is expected to report that it lost 2 million net subscribers during the quarter,
1:12.0	which has led many analysts to say the company is running uphill in the face of multiple challenges
1:16.8	Some Netflix analysts said the company is facing a nightmare scenario in the months ahead
1:23.0	Now our top stories.
1:25.0	President Biden went to Saudi Arabia last week hoping to reach a deal on oil production
1:30.0	to help lower gasoline prices in the U.S.
1:32.0	However, he left the region over the weekend to help lower gasoline prices in the US.
1:32.7	However, he left the region over the weekend
1:34.9	without a firm commitment for any action,
1:37.3	saying that only based on his conversations
1:39.7	he expects further steps in the coming weeks.
1:42.4	Saudi officials stressed any decision to pump. expects further steps in the coming weeks.
	...

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