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| | Energy Decades into talking about climate change, will the world eventually agree to an energy transition model? · Yes
· No
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Need more info? Come back to the survey after reading the top story below. | | Featured  Research shows that individual investors collectively underperform the stock market, because their decisions are often driven by emotions. We believe that as an investor you can do really well if you find opportunities based on 360-degree analysis - not hype. Seeking Alpha Premium's unparalleled stock coverage gives you the insights you need to stay ahead of the curve. With timely insights on stocks, ETFs, and more, you can track the investments that matter most to you. Plus, you can discover hidden gems and compelling new ideas with our exclusive stock ratings. Go Premium and experience its incredible value for yourself. Go Premium now | | Top News  Getty Images Delegates from most of the world's largest economies met in Goa, India, over the weekend to discuss the energy transition as extreme heat takes hold in many areas across the globe. The G20 Energy Transitions Working Group Meeting was intended to set tone and strategy, and while there were some points of agreement, the summit ended without any consensus on phasing out fossil fuels. Investors in energy and renewables are especially taking note ahead of a gathering of G20 leaders in September and the COP28 forum in December.
Snapshot: Greenhouse gases like carbon dioxide, methane and nitrous oxide continue to reach new record highs, while increasing temperatures, a loss of biodiversity and extreme weather events are said to be growing in intensity. It doesn't help that much fossil fuel manufacturing usage is being outsourced to developing nations, where deregulation of environmental protections has been used to advance their economies. This can even be seen among countries that are powering the green revolution, like nickel smelting for EV batteries, with further criticism being leveled at the sustainable commitments of some of the world's most profitable companies.
Many nations are also attempting to shore up their domestic fuel stockpiles as Russia's war in Ukraine and geopolitical tensions elsewhere threaten to weaponize energy supplies. The U.S. Senate last week voted to block China from purchasing oil from the Strategic Petroleum Reserve, while U.S. Energy Secretary Jennifer Granholm reiterated calls for additional supplies as "it gets dangerous when the prices are so high." At the same time, the American government has plowed billions of dollars in subsidies and tax breaks into businesses involved in electric vehicle technology and the energy transition, but other countries may not be able to finance such initiatives or those priorities, and that makes finding a consensus quite complicated.
Outcome statement: "Given that fossil fuels currently continue to play a significant role in the global energy mix, eradication of energy poverty, and in meeting the growing energy demand, the importance of making efforts towards phase down of unabated fossil fuels, in line with different national circumstances was emphasized by some members." The gathering also failed to set a specific global goal for renewable energy development, and there was also disagreement about the effectiveness of carbon capture technologies. To note, G20 countries account for more than three-quarters of global emissions and world's gross domestic product. Take the WSB survey.
| | Media When Elon Musk bought Twitter, he aimed to monetize the platform through three separate strategies: advertising, subscriptions, and becoming an "everything app." The initial months following his acquisition focused on the first two plans of action, but the latter is now kicking into high gear. In a series of tweets and retweets, Elon Musk said he would ditch the Twitter bird by rebranding to "X," with the future of the app focusing on audio/video, messaging, and payments/banking, as well as creating a global marketplace for ideas, goods and services that are powered by AI. As Meta Platforms (NASDAQ:META) and others look to take away market share from the Musk-owned entity, will Mark Zuckerberg follow up on "Twitter-killer Threads" with a new pivot into the Everythingverse? (16 comments)
| | Stocks Stock valuations tend to have a tough time in a rising rate environment, but Goldman Sachs says there are three good reasons why that is not the case currently. The S&P 500 (SP500) (NYSEARCA:SPY) (IVV) (NYSEARCA:VOO) P/E has risen to 20x from 18x since the start of April, while the 10-year Treasury yield (US10Y) (NYSEARCA:TBT) (NASDAQ:TLT) has risen more than 30 basis points. "Our rates strategists expect that progress on a soft landing and our economists view for no Fed cuts until 2Q 2024 will lift the nominal 10-year UST yield to 3.9% at year-end before dipping to 3.75% in 2024," strategist David Kostin wrote in a note. "The key upside risks to our baseline valuation forecast are that the multiples of laggards 'catch up' or that bond yields fall." (4 comments)
| | Media "Barbenheimer" weekend was great for the box office, with two blockbuster films that resulted in the strongest weekend of 2023 for theaters in North America. It also led to the fourth-biggest weekend ever in the U.S., according to Comscore, as well as the only weekend in the top 10 of all-time that didn't include a movie from Jurassic Park, Marvel or Star Wars franchises. Warner Bros. Pictures' (NASDAQ:WBD) Barbie grossed $155M in the U.S. and Canada, while Universal Pictures' (NASDAQ:CMCSA) Oppenheimer brought in $80.5M domestically between Friday and Sunday. It's also a big cause of celebration for Hollywood, which is experiencing a double strike by both actors and writers, as well as theater stocks like AMC (NYSE:AMC), Cinemark (NYSE:CNK), Cineplex (OTCPK:CPXGF) and IMAX (IMAX). (10 comments)
| | Today's Markets In Asia, Japan +1.2%. Hong Kong -2.3%. China -0.1%. India -0.5%.
In Europe, at midday, London -0.2%. Paris -0.5%. Frankfurt -0.1%.
Futures at 6:30, Dow +0.1%. S&P +0.2%. Nasdaq +0.3%. Crude -0.6% to $77.51. Gold +0.1% to $1968.40. Bitcoin -2.2% to $29,240.
Ten-year Treasury Yield -5 bps to 3.79% Today's Economic Calendar | | | | | Seeking Alpha's Wall Street Breakfast Podcast Seeking Alpha's Wall Street Breakfast podcast brings you all the news you need to know for your market day. Released by 8:00 AM ET each morning, it is a quick listen that you can put on as you get ready to start your working day. | | | | |
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