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Joe Biden Signing an order

With Biden’s Pro-Competition Order, S&P 500 Reaches a New High, FTSE 100 Rises & Oil Prices Rebound

Biden signs pro-competition order, S&P 500 reaches new high

The S&P 500 rallied to a new high on the last trading day of the week, as news reports confirmed a new executive order to increase domestic U.S. competition.

President Biden signed the order on Friday, with the aim of promoting competition in the economy, stating that “capitalism, without competition is exploitation”.

The President then urged regulators to take a tougher stance on anti-competitive practices in sectors from tech, pharma and Labor.

Biden added that, “No more tolerance of abusive actions by monopolies. No more bad mergers that lead to massive layoffs, higher prices and fewer options for workers and consumers alike”.

Both the Dow Jones and the S&P 500 were up by over 1% as of writing.

FTSE 100 rises despite economic growth slowing

Britain continued to sing “it’s coming home” on Friday, despite data released showing that the nation’s economic expansion had slowed in May.

Data released by the Office of National Statistics showed that GDP rose by a monthly rate of 0.8% in May, down from April’s 2.0% surge.

Markets had expected May’s GDP to come in at 1.5% as the economy continued to reopen, however the sentiment slowed as shoppers continued to socialize outside.

Grocery sales fell as Brits opted to eat out, whilst manufacturing also declined from levels seen the month prior.

Despite this, the FTSE 100 closed the week, 1.30% higher.

Oil prices rebound as inventories decline

Oil prices rebounded in today’s trading session, as data released highlighted a continuing decline in crude inventories.

Figures released by the Energy Information Administration showed that U.S. inventories of crude oil fell by 7.98 million barrels last week.

The data also reported a drop in gasoline inventories, which fell by 2.74 million barrels.

Inventories have been on a steep decline in recent weeks as demand for energies continues to outweigh supply, which was further put into question this week, as OPEC and its allies were forced to cancel July’s meeting.

Prices of WTI crude hit an intraday high of $74.77.

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