August 30, 2022

Markets:

Stock futures rose Tuesday as Wall Street sought stability after another down day for stocks.

The moves in futures comes as energy prices eased. West Texas Intermediate futures, the U.S. oil benchmark, fell more than 1%. Natural gas futures also dipped.

The market has given back some of its summer gains after recent comments by Federal Reserve officials made clear that the central bank aims to continue its rate hikes, even if they cause economic pain.

On Tuesday, investors will get several updates on the state of the economy, including the FHFA home price index for June, the Conference Board’s consumer confidence survey for August, and the Bureau of Labor Statistics’ job openings release for July.

Oil prices moved lower during morning trading on Wall Street as global growth concerns pressured prices.

West Texas Intermediate crude futures, the U.S. oil benchmark, shed 2.7% to trade at $94.38 per barrel. International benchmark Brent crude declined 3.4% to $101.47 per barrel.

WTI gained 4.24% during Monday’s trading, with Brent advancing 4.06%.

OPEC and its oil-producing allies will meet next week, with the Street not ruling out production cuts.

Portfolio:

We enter the new trading session holding positions in SMR, FIGS, NKLA, ET, and CNHI. The commodity theme remains strong, regardless of what narrative they put on today for oil. Please understand this and never get caught with the day to day new stories and price chasing. Very nice session for us yesterday and today we will look to continue to build our set-ups for what we see coming over the next few weeks. Let's continue to pinpoint opportunity! Let's have a great session.