Key Takeaways
- The U.S. total rig count remained steady at 539, with oil rigs seeing a slight increase while gas rigs edged down, according to Baker Hughes.
- A World Economic Forum (WEF) probe has cleared its founder, Klaus Schwab, of any material wrongdoing, as reported by The Wall Street Journal.
- SpaceX announced that the tenth flight test of its Starship rocket is slated for launch as early as Sunday, August 24.
- Sam Altman's brain chip venture is reportedly exploring a gene therapy approach, signaling potential diversification in its technological strategy.
- The FDA issued alerts regarding medical device safety, noting recommendations from Medtronic and Baxter for certain product corrections and removals.
The U.S. energy sector saw a largely stable week, with the Baker Hughes (BKR) rig count holding steady at 539 as of August 15. While the overall count remained unchanged from the previous week, there were minor shifts within the components, reflecting ongoing adjustments in drilling activity. Rotary oil rigs increased by one to 412, indicating a marginal uptick in crude production focus, while rotary gas rigs decreased by one to 122.
In global governance news, a probe by the World Economic Forum (WEF) has concluded, clearing its founder, Klaus Schwab, of any material wrongdoing. This development was reported by The Wall Street Journal, addressing previous inquiries into the organization's leadership.
Meanwhile, the aerospace industry is anticipating a significant event as SpaceX prepares for the tenth flight test of its Starship rocket. The company announced on X (formerly Twitter) that the launch could occur as early as Sunday, August 24, marking another crucial step in its ambitious space exploration program.
In the rapidly evolving field of biotechnology, Sam Altman's brain chip venture is reportedly considering a gene therapy approach. This potential strategic shift could broaden the scope of the high-profile project, which aims to integrate advanced technology with biological systems.
The healthcare sector also saw important updates from the U.S. Food and Drug Administration (FDA). The agency noted that Medtronic (MDT) issued a letter to customers recommending the removal of certain Left Heart Vent Catheters from where they are used or sold. Similarly, Baxter (BAX) issued a letter advising customers that all Novum IQ LVP and Novum IQ SP devices should be corrected before use, underscoring the FDA's ongoing vigilance in medical device safety.
In geopolitical developments, the U.S. Military is deploying over 4,000 additional troops to waters around Latin America. This deployment is part of former President Trump's counter-cartel mission, as reported by CNN, signaling a continued focus on regional security efforts. Additionally, former President Trump stated in an interview with Bret Baier that he would "walk" if a meeting with Russian President Putin did not go well, highlighting the delicate nature of international diplomacy.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.