Written by Gary
Stocks making the biggest moves midday: Clover, Stitch Fix, Biogen (SPY +0.05%). U.S. trade deficit narrowed in April after breaking record a month before.
Here is the current market situation from CNN Money | |
 | North and South American markets finished mixed as of the most recent closing prices. The Bovespa gained 1.21%, while the IPC led the S&P 500 lower. They fell 1.14% and 0.06% respectively. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Tesla Stock Jumps As It Claws Back Chinese Market ShareWell, it looks like we finally might have some clarity as to why Elon Musk was bashing bitcoin. The answers – we think – could lie in Tesla’s sales numbers in China. After an April where Teslasales collapsed, ostensibly as a result of an ongoingrocky relationshipbetween the company and the CCP, China’s passenger car association just reported that the company’s May numbers were “back on track”, of sorts, rising 29% from April. Sales were 33,463 cars in May, including exports, according toReuters. Total NEV sales in China |
| This Million-Barrel Oil Tanker Is A Ticking Time BombAn oil tanker loaded with about a million barrels of crude has been sitting by the Yemeni coast since 2015. The UN has repeatedly called on the Houthi rebels to allow access to the tanker to reduce the risk of explosion or a leak, but the Iran-affiliated group that controls much of Yemen has refused. Now, the UN is urging the Houthis to allow a checkup of the tanker again. The UN Security Council this month again called on the Houthis to allow experts to examine the vessel after internal documents cited by Al Jazeera showed that seawater had entered |
| Mega-Merger Creates A $5.7 Billion U.S. Shale GiantIn the latest merger in the U.S. oil and gas industry, Independence Energy and Contango Oil & Gas Company announced Tuesday an all-stock deal to combine operations in a new business with an enterprise value of around $5.7 billion. Independence Energy was built and managed by KKRs Energy Real Assets team with assets across the Eagle Ford, Rockies, Permian, and Mid-Continent. Fort Worth, Texas-based Contango Oil & Gas has producing assets in most of Independence Energys focus areasin the Mid-Continent, Permian, |
| Chinas Oil Imports To Drop After Refinery Margins Near $0Crude oil imports to China could fall by some 3 percent as a result of a government effort to reduce the output of fuels amid excess stocks, Reuters reports. As part of this effort, Beijing has asked PetroChina, the state-owned oil major, to stop trading off crude import quotas with independent refiners. The push to reduce fuel production comes as refining margins slip closer to zeronot just in China but in the rest of Asia, too. Margins fell from $1.65 per barrel in April to just $0.03 per barrel in the middle of May. Since then, the report |
| Iranian Diplomat Discusses Oil Agenda With OPEC ChiefIrans OPEC envoy, Kazem Gharibabadi, met in Vienna with the secretary-general of OPEC, Mohammed Barkindo, to discuss the global oil market. In a tweet, Gharibabadi said, I had a fruitful consultation today with #OPEC SG #HEBarkindo. We reviewed the latest developments on international oil market and OPEC. The meeting comes as the oil trading world awaits the return of Iran to global oil markets once U.S. sanctions are lifted. Many expect this to happen soon, but some observers are taking a more guarded approach as details still |
| OPEC Lost $1 Trillion In The 2015 Oil Price CrashThe members of the Organization of Petroleum Exporting Countries lost a collective $1 trillion in foregone revenues during the last crisis in 2015 and 2016, the cartels secretary-general said at the Fourth International Petroleum Summit in Nigeria. With the Covid-19 crisis hitting the oil industry a lot harder than the 2014-2016 crisis, chances are the losses that OPEC producers suffered last year would be even greater than $1 trillion, but these are still being calculated. In OPEC, we were stunned by things happening that we never |
| Fauci says U.S. must vaccinate more people before Delta becomes dominant Covid variant in AmericaIn the U.S., the Delta variant currently accounts for more than 6% of cases scientists have been able to sequence. |
| Here’s how to resist the urge to splurge in a post-pandemic spending spreeJust over 50% of U.S. consumers plan to spend extra money splurging or treating themselves, according to a recent survey. Here’s how to do it smartly. |
| Starbucks revives reusable cup use after pandemic pauseStarbucks on Tuesday announced that customers can start using reusable cups again at their company-owned cafes after it paused the program due to Covid-19. |
| Biogen faces tough questions over $56K-a-year price of newly approved Alzheimer’s drugBiogen on Tuesday faced tough questions from Wall Street analysts over the $56,000 annual cost of its newly approved Alzheimer’s drug, Aduhelm. |
| Bezos, Buffett, Bloomberg, Musk, Icahn and Soros pay tiny fraction of wealth in income taxes, report revealsBillionaires like Jeff Bezos of Amazon, Elon Musk of Tesla, and George Soros at times have paid zero federal income taxes. |
| Boeing orders continue to outpace cancellations, Dreamliner deliveries still pausedBoeing orders outpaced cancellations for a fourth consecutive month, but Dreamliner deliveries are still paused. |
| Florida, Alabama discontinue daily Covid data reporting in shift to ‘next phase’ of pandemicFlorida and Alabama will no longer report daily Covid case and death counts following changes put in place at each state’s health department in recent days. |
| As AMC seeks to add more theaters to its portfolio, insiders warn that the market already has too many screensAMC’s revitalization plan hinges on adding new theaters, but former Regal CFO David Ownby told Jefferies the market is already saturated. |
| A lesson Francesca’s CEO learned when he was fired once is helping to shape the retailer’s turnaround strategyFrancesca’s CEO Andrew Clarke is leading the apparel chain through a transformation post-bankruptcy and is looking to target the LGBTQ community. |
| Johns Hopkins’ Dr. Marty Makary: Americans have an ‘entirely distorted perception’ of Covid riskHowever, Americans who haven’t been vaccinated or previously infected with Covid need to “be careful,” Dr. Marty Makary told CNBC on Tuesday. |
| The first piece in Kanye West’s Yeezy Gap line sold out in a few hours. Here’s what it looks likeThe first item from rapper Kanye West’s highly anticipated Yeezy Gap line sold out after a few hours. |
| Southwest Airlines raises order for smallest Boeing 737 Max by 34 planesSouthwest Airlines said it will exercise options to receive more 737 Max 7 aircraft as travel demand recovers. |
| Ford’s new Maverick hybrid pickup will get 40 mpg in the city and starts at $19,995Ford unveiled the compact pickup Tuesday as the smallest vehicle in its highly profitable truck lineup, slotting well below the full-size F-150. |
| Bitcoin Bounces On Upsized MSTR Bond Issue, Shrugs Off IRS Regulatory ThreatBitcoin Bounces On Upsized MSTR Bond Issue, Shrugs Off IRS Regulatory Threat Update (1230ET): Bitcoin prices are rebounding after MicroStrategy upsized its bond offering (which will be used to acquire more bitcoin), offsetting anxiety over regulation demands from the IRS.
After tumbling earlier, bitcoin accelerated lower, testing $31k, after IRS Commissioner Charles Rettig called for more authority from Congress to regulate the cryptocurrency industry and require more reporting on its users
The anxiety this induced seems misplaced given the IRS already asks very directly on its key form if the taxpayer has had any interaction with crypto.
Like cash is in the black market ec … |
| Judge Orders Chicago Mayor’s Attorneys To Clarify Policy On Denying Interviews To White ReportersJudge Orders Chicago Mayor’s Attorneys To Clarify Policy On Denying Interviews To White Reporters Authored by Ivan Pentchoukov via The Epoch Times, Attorneys for Chicago Mayor Lori Lightfoot on June 7 told a judge that they will file a sworn declaration clarifying the mayor’s policy on allowing interviews only to œpeople of color, according to The Daily Caller. Lightfoot’s office denied interview requests from at least two white reporters explaining that the mayor would only grant requests from black or brown journalists. There was no mention of the office’s policy for Asian reporters. Lightfoot went on to explicitly state and defend the discriminatory policy on Twitter last month.
Daily Caller reporter Thomas Catenacci filed a lawsuit against Lightfoot on May 27 alleging that Lightfoot discriminated against him because he is white and violated his First Amendment rights. According to the complaint ( |
| Progressive Wish List In Limbo As Democrats Eat Their OwnProgressive Wish List In Limbo As Democrats Eat Their Own With ultra-slim majorities in both the House and Senate, Democratic lawmakers are facing a completely stalled agenda thanks to centrist lawmakers who refuse to nuke the Senate’s legislative filibuster – preventing progressives from ramming legislation through without bipartisan cooperation to achieve the 60-vote hurdle. Most prominent of among the centrists is Sen. Joe Manchin (D-WV), who most recently penned a Sunday Op-Ed explaining why he’s voting against the Democrats’ “For the People Act” – namely, because “congressional action on federal voting rights legislation must be the result of both Democrats and Republicans coming together to find a pathway forward or we risk further dividing and destroying the republic we swore to protect and defend as elected officials.” “I will not vote to weaken or eliminate the filibuster,” he added. |
| The Fed Says Inflation Is Transitory, It Has A Vested Interest To LieThe Fed Says Inflation Is Transitory, It Has A Vested Interest To Lie Authored by Mike Shedlock via MishTalk.com, The Fed has been so wrong, in so many ways, for so long, we need to ask some pointed questions.
Q&A on Fed Transitory Statements Q: If inflation picks up will the Fed say I made a mistake or will they double down? Q: If the Fed doubles down will they admit their mistake or will they say let’s overshoot to make up for past inflation? Q: If the overshoot continues, will the Fed say dammit wrong again or will they say better 10% inflation than 10% unemployment I believe we know the answers to those questions, paraphrased from the Eurointelligence post Should we worry about inflation? Eurointelligence authors wrote from the perspective of the ECB. They did no … |
| Biden strike force to target ‘unfair’ tradeThe US announced plans to target “unfair foreign trade practices”, which it says have damaged supply chains. |
| Covid-19: Less than a quarter of pubs confident of surviving three monthsOfficial figures show pub owners’ level of confident almost half that other other businesses. |
| People moving home drive mortgage borrowing surgeA record proportion of mortgage lending was made to home movers during a surge in the UK housing market. |
| Bitcoin slumps toward levels last seen in May’s crypto selloffThe largest token tumbled almost 7 per cent at one point on Tuesday and was around $33,100 as of 6:09 a.m. in New York. The wider Bloomberg Galaxy Crypto Index fell as much as 10 per cent. |
| Power stocks in focus. Should you stay put in Adani Power, Tata Power, NTPC, CESC, PowerGrid?India’s power consumption surged 12.6% in the first week of June to 25.36 billion units, pointing to a recovery in demand. |
| One adverse view & analysts cut price targets for D-Street’s pet stock by 25%While the company’s management says it is expecting a hit that should be mild, manageable and restricted to the June quarter, analysts say the consensus estimates and valuations that the market is assigning to the business are unrealistic. |
| Outside the Box: Second-hand clothing, not owning a car, chopping wood to heat my home: Why the FIRE movement is too frugal for meWhat does early retirement mean anyway? |
| Futures Movers: Oil prices inch higher on bets for stronger U.S. demandOil futures head higher on Tuesday, buoyed by expectations for further improvement in U.S. energy demand, as well as forecasts calling for a third-straight weekly decline in Wednesday’s data from the Energy Information Administration on domestic crude inventories. |
| : Airlines demand trans-Atlantic travel restarts, as Biden prepares for G-7 tripThe bosses of six airlines offering U.S.-U.K. passenger services have called for trans-Atlantic travel restrictions to be lifted, saying high COVID-19 vaccination rates in both countries should allow travel to restart safely. |
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