Wed., July 15, 2026
[4:10 PM ET…closing prices for stocks, 3:50ish for commodities and bonds]
Tale of the Tape at the gas pump, nationwide averages, courtesy of AAA.
Fri., Feb. 27…regular $2.98…diesel $3.75
Wed., July 15…regular $3.89…diesel $4.93
‘Regular’ up 4 cents, diesel up 5…not good that diesel is near $5.00 again.
Crude oil traded at about the $79 level much of the day, before spiking higher late to $80, with escalating tensions in the Middle East continuing to fuel supply concerns.
Gasoline futures were over $3.25 today, and then $3.30, their highest level since late May, supported by growing concerns over global supply disruptions.
Data from Energy Aspects showed Russian gasoline production falling to around 65% of seasonal consumption levels after Ukrainian drone attacks disrupted operations at major gasoline refineries.
The U.S. struck Iran again overnight, and then during the day today, while the naval blockade targeting Iranian ports near the Strait of Hormuz was reinstated late Tuesday.
U.S. forces struck dozens of military assets along Iran’s coastline and near the strategic waterway during a seven-hour operation aimed at weakening Tehran’s ability to disrupt shipping through the Strait.
Iran’s Revolutionary Guard Corps threatened Wednesday to halt all energy exports from the Middle East over the blockade.
“The export of oil and gas from the region will be either for everyone or for no one,” it said.
President Trump pledged to intensify military operations until Iran halts attacks on vessels in the Strait and agrees to reopen the waterway.
On the economic data front, we had the June producer price report (PPI), and like yesterday’s CPI numbers, across the board the PPI was better than forecast, down 0.3% over May, up 5.5% year-over-year on headline, when ‘unch and 6.2%’ were expected. On core, ex-food and energy, the figures were 0.2% and 4.7%, vs. forecasts for 0.4% and 5.2%.
Treasury bond yields fell as the PPI further cemented the belief the Federal Reserve wasn’t close to hiking the funds rate.
Overseas, China’s economy slowed sharply to a 4.3% annualized pace of growth in the second quarter, the government said today, the weakest in over three years.
The official data fell short of forecasts (consensus at 4.5%) and the pace was well off the 5.0% growth rate in Q1, and it came despite a surge in exports driven partly by the boom in artificial intelligence, and by robust global demand for Chinese electric vehicles.
But domestic spending and investment have lagged. For example, retail sales for June were up only 1% year-over-year, and fixed asset investment was down 5.7% year-to-date vs. a year ago. [National Bureau of Statistics]
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At the half in the giant World Cup semifinal, England vs. Argentina, with an insane crowd, it was 0-0…fouls galore…it will be quite a second half. I’m all in on the Three Lions and Harry Kane.
Yesterday, France didn’t get its first shot off until the 81’ mark against Spain and their suffocating defense, as La Roja won it 2-0. The result may not have been surprising, but the total dominance was to some of us…like moi.
Happy National Hot Dog Day! I prefer Black Bear Hot Dogs, available only at ShopRite.
Dow Jones +150…+0.3% [52658]
S&P 500 +28…+0.4 [7572]
Nasdaq +162…+0.6% [26269]
Oil (WTI) $80.30…Brent $85.70
Gold $4051
Silver $57.70
Bitcoin $64,920 [4:00 PM ET]
U.S. 2-yr. 4.14%
U.S. 10-yr. 4.55%
Japanese 10-yr. 2.67%
Back Thurs.
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Brian Trumbore
