Dow slid back 180 (very near session lows), decliners over advancers 5-2? & NAZ retreated 156.  The MLP index stayed in the 234s & the REIT index dropped 3+ to 361 on rising yields.  Junk bond funds continued weak & Treasuries saw more selling, driving yields higher.  Oil was off 1+ to the 79s & gold retreated 10 to 1925 (more on both below).

AMJ (Alerian MLP Index tracking fund)

Fed officials see ‘upside risks’ to inflation possibly leading to more Rate hikes, minutes show

.  "But inflation, rising interest rates and currency depreciation caused a reversal in 2022."  Despite reporting the first global wealth decline since the last recession, the Global Wealth Report gave an optimistic outlook for the future, predicting global wealth will surge by 38% over the next 5 years.

Global wealth drops for first time since 2008

Intel (INTC), a Dow stock, is reversing course on a $5.4B deal to acquire Israeli contract chipmaker Tower Semiconductor after their merger agreement expired without China giving regulatory approval.  INTC decided to purchase Tower in 2022 & will now pay a $353M termination fee instead.  "After careful consideration and thorough discussions and having received no indications regarding certain required regulatory approval, both parties have agreed to terminate their merger agreement having passed the Aug. 15, 2023 outside date," Tower Semiconductor said.  The decision comes amid a strained relationship between the US & China over conflicts around trade, intellectual property & the future of Taiwan.  CEO Pat Gelsinger said he has been trying to get the deal approved by Chinese regulators after meeting with gov officials there in Jul.  At the same time, Gelsinger said the company was also investing in its foundry business, which makes chips for other companies.  INTC's foundry business reported Q2 revenue of $232M, up from $57M in 2022.  Chip demand for Intel has been down after 2 years of growth powered by remote work during the pandemic.  It has committed to trimming $3B in costs this year, with an aim of saving $8-10B by the end of 2025.  The stock fell 1.24.
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club.ino.com/trend/analysis/stock/INTC_aid=CD3289&a_bid=6aeoso5b6f7

Intel drops multibillion-dollar deal to buy Israeli chipmaker

Gold prices fell for 8th consecutive session, settling at their lowest levels since Jul 6, as higher Treasury yields & a firm $ kept the pressure on the yellow metal.  Gold futures for Dec were down by $6 (0.4%) to settle at $1928 per ounce.  The yellow metal booked its longest losing streak since the 9-day streak ending Mar 2017.  Gold prices have fallen for 8 straight sessions with the benchmark 10-year US Treasury note yield seeing the highest levels since 2008 this week.  Rising crude-oil prices & stronger-than-expected US. economic growth are stoking fears that inflation could re-accelerate, potentially forcing the Federal Reserve & other central banks to continue raising interest rates which could weigh on gold prices.  In the commodity arena, gold has been drifting lower this month, stuck below a short-term downtrend line as the forceful rally in real yields & the $'s revival have taken the shine out of the precious metal.  One could argue that gold being just 8.5% away from record highs despite the sharp spike in real yields is encouraging in itself, but equally, it's difficult to envision what will slingshot bullion back higher in the absence of a recession.  The ICE US $ Index DXY, a gauge of the greenback's strength against a basket of rivals, was nearly flat at 103.17.  However, it has risen 3.2% over the past month.

Gold settles lower for 8 straight sessions, suffers worst losing streak in more than 6 years

Oil hit a 3-week low as light summer trading left the commodity at the mercy of broader markets.  West Texas Intermediate Futures (WTI) are down 4.6% this week, on pace to snap a 7-week streak of gains.  Equities, rattled by China's stock market woes, dragged oil lower, while signs that further interest rate hikes are likely didn't boost confidence in demand.  Even a steep decline in US crude stockpiles & signs of tightening supplies in the Middle East & North Sea failed to lift prices.  Reflecting that underlying positivity.  WTI for Sep fell $1.61 to settle at $79.38 a barrel & Brent for Oct slid $1.44 to $83.45 a barrel.

Oil Hits Three-Week Low as Equity Woes Overshadow Tight Supplies

Minutes from the last Fed meeting said officials still see upside risks to inflation.  That was discouraging for traders given interest rates are already at high levels. improved growth data suggests the Fed has more work to do raising interest rates.  Nervous investors sold stocks & commodities.

Dow Jones Industrials