Wall Street Breakfast July 20: Chips for America Act Passes First Procedural Hurdle in the Senate

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8 • 950 Ratings

🗓️ 20 July 2022

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Chips for America Act passes first procedural hurdle in the Senate. Conoco CEO warns of looming crude oil shortages, price volatility. Netflix's Hastings: One 'single thing' boosted the company's Q2 performance. 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 Wednesday, July 20th, and I'm your host Julie Morgan.
0:16.0	Our top stories, semiconductors, Netflix and Oil, and later Twitter, Chipippotle Spirit and Facebook.
0:24.0	With earning season beginning to pick up steam,
0:27.0	Wall Street experienced a buying spree on Tuesday.
0:30.0	The NASDAQ led the broad-based advance,
0:32.0	climbing 3% as the major averages bounce back from recent weakness.
0:37.0	All 11 S&P sectors finished a session higher.
0:40.0	Industrials and communication services led the advance, each posting gains of about 3.6%.
0:46.4	Materials, Infotech, Financials, Energy, and Consumer Discretionary all rose more than 3% as well.
0:53.5	Boeing led Tuesday's Dow Jones gainers up 5.7% as it turned in a strong performance at the
0:59.7	air show in London.
1:01.6	Rates finished higher.
1:03.0	The 10-year Treasury yield advanced five basis points to 3.01 percent, and the two-year
1:08.3	climbed 7 basis points to 3.23 percent.
1:12.1	In economic news, June housing data came in mix with June housing starts down 2%
1:17.7	month over month and lower than expected. At the same time, building permits were down
1:22.4	0.6% month over month and exceeded forecasts.
1:26.0	Ahead of the opening bell today, Dow S&P and NASDAQ futures are up.
1:30.5	The Dow is up 36 points. The S&P is up 0.2% and the NASDAQ is up half of 1%.
1:37.0	In the earnings spotlight today, Tesla Abbott Laboratories, CSX, Las Vegas Sands, Biogen, and United Airlines.
	...

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