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Duke Energy says data center growth will deliver billions in customer savings
Edgen Stock·Jul 23 2026, 21:58Share to
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[1] Duke Energy: Data center growth will deliver billions of dollars in customer savings (https://www.prnewswire.com/news-releases/duke ...)[2] Southern's Subsidiary Signs Long-Term Power Agreement With OpenAI (https://finance.yahoo.com/energy/articles/sou ...)[3] San Diego Union-Tribune (https://www.sandiegouniontribune.com/ ...)[4] Duke Energy Bets Data Center Growth Will Lower Power Bills (https://www.unite.ai/duke-energy-bets-data-ce ...)
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Jul 23 2026, 23:31
US ties Saudi nuclear deal to Abraham Accords in 2026 policy pivot
**The White House has made a civilian nuclear agreement with Saudi Arabia contingent on Riyadh normalizing ties with Israel, linking energy and diplomacy in a single bargaining chip.** The Trump administration on Wednesday made a civil nuclear deal with Saudi Arabia conditional on the kingdom joining the Abraham Accords, tying energy cooperation to Middle East normalization in a shift that threatens to upend regional diplomacy. "The Civil Nuclear Deal pertains only to non-military use... but is totally subject to Saudi Arabia joining the very respected and successful Abraham Accords," President Donald Trump said in a Truth Social post Thursday, according to a White House statement. The agreement, announced Wednesday, would let Saudi Arabia enrich uranium and reprocess nuclear fuel — both potential pathways to a weapon — using US technology without the snap UN inspections Washington demands from Iran. The UAE agreed to forgo both enrichment and reprocessing when it signed a similar deal in 2009. Saudi Arabia's longstanding position requires a roadmap to Palestinian statehood before normalizing with Israel. The linkage reshapes US leverage in the region. Saudi Arabia, the world's top oil exporter and a key OPEC member, now faces a choice between nuclear energy cooperation and its Palestinian statehood demand. Failure to join the accords would void the nuclear deal, White House Press Secretary Leavitt said Thursday, potentially increasing geopolitical risk premiums in oil markets. The Abraham Accords, brokered during Trump's first term, saw the UAE and Bahrain normalize relations with Israel in 2020, followed by Morocco and Sudan. Bringing Saudi Arabia into the framework has been a stated US goal given the kingdom's outsized influence in the Arab world and its role as guardian of Islam's two holiest sites. The nuclear component adds a new dimension. Saudi Arabia's ability to enrich uranium — a capability Iran has used to approach weapons-grade levels — has drawn scrutiny from nonproliferation advocates. The Trump administration said the deal abides by the US Atomic Energy Act's nonproliferation standards, which are among the world's strongest. **Oil Market Implications** The Strait of Hormuz, through which about 21% of global oil passes, sits within the geopolitical crosscurrents. Any escalation in Saudi-Israeli tensions or a breakdown in US-Saudi relations could disrupt crude flows, adding a risk premium to Brent and WTI. The last time a major Middle East diplomatic rupture occurred — the 2019 attack on Saudi Aramco's Abqaiq facility — Brent surged 15% in a single session. Gold, a traditional safe haven, may also see demand if negotiations stall. The US dollar could face headwinds if the impasse pushes Saudi Arabia to diversify its foreign reserves away from dollar-denominated assets, a threat the kingdom has periodically raised. **What Comes Next** The nuclear deal requires congressional approval to take effect. Saudi Arabia's next move — whether to accept the normalization terms or hold out for Palestinian concessions — will determine whether the agreement advances or collapses. The kingdom has not publicly responded to Trump's latest demand. This article is for informational purposes only and does not constitute investment advice.
Jul 23 2026, 23:27
US imposes 10%-12.5% tariffs on 60 economies, pushing average rate to 12.8%
The US Trade Representative imposed new tariffs of 10% to 12.5% on about 60 trading partners Thursday, replacing a temporary 10% global duty that expired at midnight and pushing America's average tariff rate to 12.8%, the highest since World War II. "The United States has had a forced labor import ban for nearly a century, and rigorously enforces it; it's well past time for our trading partners to do the same," US Trade Representative Jamieson Greer said in announcing the duties. The new levies, effective 12:01 am Eastern Time Friday, cover roughly 99.4% of all US imports, according to a USTR fact sheet. Countries that have implemented forced labor prohibitions — including Canada, the European Union, the United Kingdom and India — face the lower 10% rate. China and Japan were assigned the higher 12.5% tier. Goods already subject to separate Section 232 national security tariffs on steel, aluminum, copper and automobiles are excluded, as are energy products, fertilizer, certain food items and trade under the US-Mexico-Canada Agreement. The tariffs represent the Trump administration's latest effort to reconstruct its trade barrier regime after the Supreme Court struck down earlier emergency-powers duties in February, forcing the return of about $81 billion in collected revenue. The administration had used Section 122 of the Trade Act of 1974 for a stopgap 10% global tariff that bought time for investigations under Section 301, which now underpins the new measures. The Yale Budget Lab estimates the current tariffs will cost the average US household an additional $1,100 per year, with lower-income households hit hardest because they spend a larger share of income on necessities like food and clothing. **Tariff Revenue Falls Short of Promises** Trump has repeatedly said tariffs would generate trillions of dollars in revenue, at one point suggesting $2,000 refund checks for every American. Government data tells a different story: tariff revenue reached roughly $195 billion in fiscal year 2025 and about $163 billion during the first nine months of fiscal year 2026 through June. After the Supreme Court ruling forced refunds, the government returned about $26 billion more in tariffs than it collected in June alone. Over 10 years, the Yale Budget Lab projects tariffs could raise roughly $1.9 trillion if left in place — far below the trillions the president has touted. **Manufacturing Jobs Decline Despite Promises** Trump has argued that universal tariffs would encourage companies to retain American workers and expand domestic manufacturing. Since he returned to the White House in January, the number of US manufacturing jobs has dropped by 75,000, while construction spending on manufacturing projects has fallen 26%. The previous time the US tariff rate approached current levels — after the Smoot-Hawley Tariff Act of 1930 pushed rates above 20% — global trade contracted by roughly 66% over four years, according to historical data from the US Census Bureau. **India's Forced-Labor Ban Helps Secure Lower Rate** India's inclusion in the 10% category followed its July 15 amendment to the Foreign Trade Policy, empowering the government to prohibit imports of goods produced using forced labor. New Delhi adopted the International Labour Organization's definition of forced labor, which helped address concerns at the center of the US review. The development comes as India and the US near completion of an interim trade agreement, which the State Department described Wednesday as "almost complete" after talks between External Affairs Minister S Jaishankar and Secretary of State Marco Rubio in Manila. **Separate Threats Loom for Indian Pharma** Indian pharmaceutical exporters face a potentially bigger challenge. Trump has announced a phased tariff plan for imported generic drugs, with duties remaining at zero for two years from August 1 before rising to 100% for one year and then 200% thereafter. India supplies nearly 30% of generic drugs globally, making it particularly exposed to the policy, which aims to force pharmaceutical companies to shift production to the US. The US is also separately investigating 16 economies over concerns about excess industrial capacity, which could lead to additional tariffs. Spot gold fell 1.96% to $4,049 Thursday, suggesting a liquidity crunch or margin-call scenario as the tariff escalation ripples through commodity markets. This article is for informational purposes only and does not constitute investment advice.
Jul 23 2026, 23:12
US stocks see sharp sector rotation as telecom plunges 5.2%
**A violent sector rotation swept US equities on July 23, with telecom and consumer discretionary stocks suffering their worst session in months.** The S&P 500's telecom sector plunged 5.2% and consumer discretionary dropped 5.12%, while information technology fell 1.12%, according to sector-level data. On the upside, industrials gained 1.77% and energy rose 0.56%, as money rotated out of growth-sensitive areas into more defensive positioning. "The magnitude of the selloff in telecom and consumer discretionary suggests a broader repositioning rather than stock-specific news," said Sarah Lin, equity markets reporter at Edgen. "When two sectors fall more than 5% in a single session, it typically signals macro-driven de-risking." Among sector ETFs, the Consumer Discretionary Select Sector SPDR Fund fell 4.61%, the Internet Stock Index ETF dropped 2.56%, and the Semiconductor ETF declined 1.15%. In contrast, the Biotechnology Index ETF, Healthcare ETF, and Industrial Index ETF each gained between 1.06% and 1.73%, reflecting a rotation toward sectors with more resilient earnings profiles. The selloff coincided with several cross-currents. Brent crude oil held near $98 a barrel, its highest in six weeks, as geopolitical tensions in West Asia escalated. The dollar strengthened, pushing the rupee past 96.5 against the greenback and adding pressure on emerging-market equities. Traders also pointed to positioning adjustments ahead of hyperscaler earnings from Microsoft Corp., Meta Platforms Inc., and Amazon.com Inc., whose capital expenditure plans will indicate whether AI infrastructure spending can sustain the semiconductor rally. The combination of rising energy costs and a stronger dollar created a headwind for consumer-facing companies that rely on discretionary spending. The rotation extended to Asia, where hedge funds that rode the first-half AI boom suffered steep July losses. The WT China Fund lost 17% through July 17 after surging 120% in the first six months, while Keystone Investors' hedge fund retreated 12% after a 63% first-half gain. Memory chip maker SK Hynix Inc. has lost about 28% of its value this month, and Japanese peer Kioxia Holdings Corp. has tumbled 28%, now trading about 40% off its peak. In India, the Sensex fell for a fourth consecutive session, dropping 364 points to 76,391, as the Nifty slipped below 23,900. The divergence between defensive and cyclical sectors points to growing unease about the economic outlook. Energy was one of only two S&P 500 sectors to close higher, as rising crude prices boosted oil producers while weighing on consumer-facing industries. The 5.2% drop in telecom — the worst-performing sector — and the 5.12% decline in consumer discretionary suggest investors are pricing in a potential slowdown in consumer spending, which has been a key pillar of the US economy. The AI trade, which powered the first half of 2026, now faces its most significant test. The Semiconductor ETF's 1.15% decline, while modest relative to consumer discretionary, came after months of relentless buying driven by enthusiasm for artificial intelligence hardware. DWS has downgraded the global semiconductor industry from positive to neutral, arguing that positive expectations based on surging demand from hyperscalers had already been priced in. The question for investors is whether July's selloff is a correction within a bull market or the start of a deeper rotation. With the Federal Reserve's next policy meeting approaching and second-quarter earnings season entering its busiest stretch, the next two weeks will test whether growth stocks can justify their valuations in a higher-for-longer rate environment. *This article is for informational purposes only and does not constitute investment advice.*