Monday: August 8th
It is projected that the combined tax savings under Trump's 'One Big Beautiful Bill' will be $1.2 billion in 2025 for ConocoPhillips, EOG Resources, Occidental Petroleum and Devon Energy, combined. BP has been documented to say that the savings in taxes under the new bill will likely offset any pressures from tariffs. The oil industry and lobby groups have strong access to Trump and his administration.
TSX 60: 1,721.20
DJIA: 45,430.61
S&P: 6,498.09
Nasdaq: 21,806.22
Oil (WTI): 62.00
ICE NGX (T-1): 0.97
Oil Tycoons Bet Big on Trump. It’s Paying Off.
Friday: August 5th
In a recent ruling in the United States, a previous law was overturned regarding Electric Vehicles (EV's). The previous wording that was passed overstated the efficiency of the EV's which would have served to increase the sales of EV's in the future. The wording was overturned, serving as a win for the traditional combustion engine industry. The case was ran by 13 Republican State attorney generals, and is named Iowa et al. v. Wright et al., 8th U.S. Circuit Court of Appeals, No. 24-1721.
Things are looking like the fall is coming down south. The U.S. reported slower job growth in August, and its unemployment rate increased to just below its 4-year high. This indicates a late growth stage, or even a slowdown phase in the business cycle, and points to the expectation for rate cuts to be in the near future. Job growth has slowed in the United States since April, which many experts points to Trump's Rose Garden speach as the kicking-off point. In the last three months, new jobs averaged 29,000 per month, compared to 82,000 for the same period in 2024.
It does seem that the economic policies are the clear leading factor for businesses choosing to reign in spending and hiring. With Trump staying strong on his economic agenda, the only shelter can come from lower rates. The issue at hand with this alternative is that as the saying goes, fiscal policy is the leash and the economy is a dog. It is effective in pulling the dog back, but is a poor instrument to pushing the dog forward.
Notably, Federal government payrolls have dropped 97,000 since January in the U.S.
TSX 60: 1,718.57
DJIA: 45,656.49
S&P: 6,529.08
Nasdaq: 21,860.44
Oil (WTI): 63.33
ICE NGX (T-1): 0.62
Putin Says Russia Will Strike Any Western Troops in Ukraine
US appeals court voids Biden-era electric vehicle fuel economy rule
US unemployment rate near 4-year high as labor market hits stall speed
Thursday: August 4th
Under the new ownership agreement between Intel and the United States government, Intel no longer needs to meet certain requirements under the CHIPS Act in order to receive its billions of public funding. The company no longer needs to disclose the percentage of FCF it gets from each project it endeavors past a certain threshold, and the government has agreed to remove some workforce policy requirements "and most other restrictions". These do not include the restrictions on Intel regarding the restrictions on funds from the CHIPS act being used for dividends/repurchases, and changes to the ownership structure of the company.
The company is expected to receive the remaining $5.7 billion in grants that were previously awarded through the Act.
TSX 60: 1,706.33
DJIA: 45,204.87
S&P: 6,456.60
Nasdaq: 21,539.91
Oil (WTI): 63.82
ICE NGX (T-1): 0.15
Intel’s CHIPS Act Requirements Waived After U.S. Government Takes Stake