Oil Jumps Above $80 Per Barrel As Stocks Look to Rebound

Investors looked to ventured back into U.S. equity markets Tuesday with the futures market indicating a higher open for stocks. Treasury yields fell.

Meanwhile, the global energy shortage is trickling throughout the market, hitting gas prices. Oil briefly jumped over $80 a barrel as investors contemplated the effects of reduced suply.

Overseas, European stocks rebounded from Tuesday’s drop (which was also related to rising energy prices.) Asian markets were down amid ongoing stagflation concerns as well as the Evergrande crisis.

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Investors are continuing to keep an eye on the standoff in Washington DC surrounding the proposed increase in the U.S. debt ceiling.

Level Chg. Chg. %
DOW Futures 34,300.00 125 0.37%
S&P 500 Futures 4,365.00 21.5 0.49%
Nasdaq Futures 14,859.25 94.5 0.64%

U.S. Dollar and Treasuries

 

The yield on the 10-year Treasury fell three basis points suggesting investors are more willing to assume risk in the equity markets. The dollar strengthened against a basket of major currencies.

 

Price Chg. Chg. %
U.S. Dollar Index (DXY): 93.93 +0.16 +0.17%
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Yield Change Previous close
U.S. 1 Year Treasury Bill 0.080% -0.001 0.081%
U.S. 2 Year Treasury Note 0.301% -0.004 0.305%
U.S. 5 Year Treasury Note 1.000% -0.022 1.023%
U.S. 10 Year Treasury Note 1.509% -0.032 1.541%
U.S. 20 Year Treasury Bond 2.004% -0.035 2.039%
U.S. 30 Year Treasury Bond 2.057% -0.032 2.089%

Stocks To Watch

Fortress Biotech has announced that AstraZeneca has announced it will exercise its option to acquire Caelum Biosciences, a company founded by Fortress Bio. Fortress Bio specializes in acquiring, developing, and commercializing biotech products.

Iterum Therapeutics announced that it held a type A meeting with the FDA over steps to resubmit the New Drug Application (NDA) for sulopenem etzadroxil/probenecid. The resubmission opens the possibility for the treatment to be approved down the line.

Applied UV announced it has acquired the patent for an ultraviolet light air purification technology originally developed for NASA. The patent was originally obtained by KES.

GeoVax Labs, a biotech company specializing in vaccines, announced it had acquired exclusive rights to Gedeptin, used to treat solid tumors.

Symbol Price Chg. Chg. % Volume
Fortress Biotech FBIO $3.92 +0.520 +15.29% 3.70M
Iterum Therapeutics. ITRM $0.67 +0.117 +21.03% 3.33M
Applied UV Inc AUVI $8.96 +2.43 +37.21% 2.93M
GeoVax Labs Inc GOVX $5.14 +0.960 +22.97% 2.87M

 

Commodities To Watch

Oil prices broke $80 per barrel on Tuesday, for the first time in 3 years, but have since fallen to $78. Gold strengthened. 

Price Chg. %
WTI Crude Oil $74.73 -0.74%
Brent Crude Oil $77.84 -0.65%
Natural Gas $5.77 -1.90%
Gold $1,743.10 0.32%
Silver $22.29 -0.81%
Copper $4.23 -0.33%
Soybeans $1,280.75 0.29%

Crypto

The global crypto market cap is $1.88T, a 1% increase over the last 24 hours. Bitcoin’s dominance is currently 42.41%, an increase of 0.04% in the same period.

Symbol Price Chg. % Market Cap.
Bitcoin BTC $42,381.74 +0.87% $797.89b
Etherium ETH $2,933.02 +0.39% $344.08b
Cardano ADA $2.13 -0.07% $66.24b
Ripple XRP $0.9256 -1.11% $40.80b
Dogecoin DOGE $0.2014 +0.04% $26.49b

 

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