Written by Gary
U.S. oil dips on renewed demand concerns and dollar tumbles after Goldman closes short USD RECO (SPY +1.5%). Biggest midday movers: Tesla, AMC Entertainment, Charles Schwab.
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. | |
| Goldman Sachs Sees Large Oil Demand Rebound This SummerGoldman Sachs is still bullish on oil and anticipates strong demand that would require OPEC+ putting another 2 million barrels per day (bpd) on the market in the third quarter, after the around 2 million bpd that the alliance and Saudi Arabia decided to return between May and July. We forecast a larger rebound in oil demand this summer than OPEC and the IEA, requiring an additional 2 mb/d increase in OPEC+ production from July to October, Goldman Sachs said, as quoted by CN Wire. The investment bank expects excess oil inventories |
| Tesla Stuns With Record Q1 Delivery NumbersTesla is rallying again on the stock market after reporting record-breaking deliveries for the first quarter, helped by China. Tesla delivered 184,800 vehicles and produced 180,338 electric cars between January and March, the U.S. electric vehicle (EV) maker said on Friday. On Monday, the first trading day since the press release was issued, Teslas stock opened by rising 8 percent to over $700 on the NASDAQ. We are encouraged by the strong reception of the Model Y in China and are quickly progressing to full production capacity. The |
| Saudi Arabia Angers Asian Buyers As It Hikes Oil PricesSaudi Arabia has hiked its crude oil prices for Asian buyers by $0.40 per barrel and cut those for European and U.S. buyers by $0.20 and $0.10 per barrel, respectively, Reuters has reported, noting the increase is for May cargos, from the prices for April cargos. This means the May shipments price for Arab LightSaudi Arabias flagship gradewill cost Asian buyers $1.80 above the Oman/Dubai average, which is used as basis for price-setting. The Oman benchmark was trading above $63 a barrel at the time of writing, and the Dubai |
| Suez Canal Traffic Jam ClearsThe backlog of ships in the Suez Canal has been cleared following the refloating of the Ever Given, which got stuck in the Canal blocking the chokepoint for almost a week. Bloomberg reports, citing Egyptian authorities, that the last 85 ships that were waiting in the Canal, passed through it yesterday. Since the refloating of the container ship on March 29, more than 400 vessels have passed through the Canal. The 400-meter (1,312-foot-long) container ship Ever Given, which is basically a ship the size of a skyscraper, ran aground in the Suez Canal |
| U.S. Oil Dips Below $60 On Renewed Demand ConcernsOil prices dropped early on Monday, as renewed concerns about oil demand had the market rethink whether last weeks OPEC+ decision to ease the production cuts by more than 1 million bpd over the next three months was a wise move amid still fragile demand recovery. As of 9:19 a.m. EDT on Monday, WTI Crude prices had dipped below $60 a barrel and traded at $59.86, down 2.42 percent. Brent Crude was down 2.41 percent at $63.20. Markets got off to a slow start after a long weekend, digesting last Thursdays decision by OPEC+ |
| The Future is Electric: Why EV Stocks Could Continue To Soar In 2021While the EV boom has been growing for years, 2021 could be the year electric starts to take over everything. And it could happen much sooner than most people realize, as some of the biggest names are already hopping on board. Amazon has already started making deliveries with electric vans in Los Angeles, as theyve agreed to purchase 100,000 vans from EV startup, Rivian. The United States Postal Service just signed a 10-year, multi-billion dollar contract with Oshkosh Defense to produce thousands of electric mail trucks. And United Airlines |
| More retail pain ahead: UBS predicts 80,000 stores will close in the U.S. by 2026UBS predicts 80,000 retail stores will shut across the U.S. by 2026, assuming e-commerce sales rise to represent 27% of total retail sales, up from 18% today. |
| How Dr. Scott Gottlieb protects his young kids on playdates before they can get Covid shotsDr. Scott Gottlieb on Monday explained how he’s trying to keep his three young daughters safe from Covid before their age groups can get vaccinated. |
| Lockheed Martin buys up to 58 launches over the next decade from rocket builder ABL SpaceRocket builder ABL Space signed a long-term agreement for up to 58 launches with Lockheed Martin, the company announced on Monday. |
| Deepak Chopra: ‘We’re heading for a global disaster’ unless people address their total well-beingTotal well-being encompasses purpose “or career ” social, physical, community and financial factors, Chopra said. |
| NBA issues second $3 million in grant program for Black communities to create jobs and career advancementNBA issues second $3 million in grants for Black communities |
| AMC upgraded as ‘Godzilla vs. Kong’ renews confidence in the domestic box office“Godzilla vs. Kong” signals that consumers are eager to head to the cinemas for new movies and suggests the upcoming summer slate could see similar success. |
| U.S. ramps up pace of vaccinations as Michigan, other states see outbreaksThe daily coronavirus death toll in the U.S. is at its lowest level in months as the country continues to ramp up the pace of vaccine administration. |
| England to offer everyone 2 free rapid coronavirus tests each weekEveryone in England will be able to receive two Covid tests for free every week as the U.K. government doubles down on its efforts to reopen the economy |
| AstraZeneca Covid vaccine will be Thailand’s ‘principal’ shot, says health ministerOver 150,000 people in Thailand have received the AstraZeneca vaccine and the percentage of people with side effects is “very low,” said Anutin Charnvirakul. |
| South Asia faces a ‘wake up’ call as it trails the world in closing the gender gapSouth Asia faces “wake up moment” as it trails the world in its efforts to address gender equality. |
| ‘Godzilla vs. Kong’ tops the pandemic box office with $32.2 million in domestic opening weekendWarner Bros. and Legendary’s “Godzilla vs. Kong” tallied a pandemic-best opening over the weekend, securing $32.2 million over Friday, Saturday and Sunday. |
| Carl Icahn names former GE executive Kekedjian to lead Icahn Enterprises, WSJ reportsCarl Icahn has named the former General Electric executive, Aris Kekedjian, to take the helm at his namesake investment firm. |
| Dollar Tumbles After Goldman Closes Short USD RecoDollar Tumbles After Goldman Closes Short USD Reco It may not be quite a “Thomas Stolper reco”, but the dollar reaction to Goldman’s announcement on Friday to close its long-running dollar short is certainly one that brings back a few memories of the infamous Kermit photo. In a Friday note from Goldman’s Zach Pandl titled aptly “Tactical Retreat”, the bank’s chief FX strategist said that “after a choppy few months we are closing our recommended USD short trade, expressed vs a basket of G10 commodity currencies (AUD, CAD, NOK, & NZD).” While we doubt Goldman’s trade reco was the catalyst, the Bloomberg dollar index has tumbled in kneejerk response, sliding to a two week low as US stocks soared on Monday, one day after the blockbuster payrolls report.
To be fair, it’s not just Goldman. AS we noted two week ago, with most of the market short the dollar – which was one of the biggest consensus trades entering 2021 – … |
| Prosecutors Ask Jurors To Dismiss George Floyd Autopsy FindingsProsecutors Ask Jurors To Dismiss George Floyd Autopsy Findings Authored by Jonathan Turley, IA previously wroteA that the key to conviction in the Derek Chauvin trial (and avoiding aA cascading failure in all four cases) is the autopsy findings andA theA role of drugs (including fentanyl)A in the body of George Floyd.
Prosecutors are now asking the ju … |
| Biden Administration “On Alert” OverA Russian “Saber Rattling In Eastern Europe & Arctic”Biden Administration “On Alert” OverA Russian “Saber Rattling In Eastern Europe & Arctic” The Hill is reporting that the Biden administration is “on alert” due to what it describes as Russia’s “saber rattling in Eastern Europe and the Arctic” – particularly following last week’s Russian troop build-up in Crimea and near Ukraine’s border.A “I think we’ve been very clear about the threats that we see from Russia across domains… We’re taking them very, very seriously,” Pentagon press secretary John Kirby had emphasized last week as the Ukraine crisis came back in Washington’s focus after Kiev charged Moscow with hostile maneuvers in Donbass.A US defense officials also cite a recent uptick in military flights near Alaska airspace as well as submarine activity in the Arctic – some of which we recently reviewed. On Monday, the Kremlin affirmed it is at the moment holding urgent dialogue with the United States. According a statement by Russian Deputy Foreign Minister Sergei Ryabkov, “Russia and the United States are in contact at the highest level over Ukraine.”A |
| Poll Finds Almost Half Of Americans Want Vaccine PassportsPoll Finds Almost Half Of Americans Want Vaccine Passports Authored by Steve Watson via Summit News, A Rasmussen poll has revealed that almost half of Americans support the introduction of vaccine passports in order to getA back to normal. �
The findings were released over the Easter period, and noted that 44% of Americans said that a government run system requiring proof of vaccination is aA good idea. �
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| Penguin Random House keeps furlough cash despite strong salesLike other publishers, it has seen demand for books surge during lockdown. |
| Boohoo: Karen Millen skirt had Oasis label covered in penJoanna Sikora said a skirt she bought from Karen Millen had an Oasis label covered in marker pen. |
| Godzilla Vs. Kong reports monster box office salesThe film has set a new record for pandemic-era filmgoing, making more than $385m (APound Sterling205m) globally. |
| Tesla’s ‘jaw dropper’ delivery numbers supercharge EV stocksShares of Elon Musk-led Tesla jumped as much as 7% in New York, erasing its year-to-date loss. Nio Inc., XPeng Inc. and Li Auto Inc. were all higher as well, along with other EV-related companies like ChargePoint Holdings Inc. and Beam Global. |
| Looking for stable returns? These MFs invest in least volatile stocksThe low volatility index has outperformed the frontline indices over seven and 10 year time frames. However, it has lagged behind over three and five-year time periods. Since 2008, the low volatility index has outperformed the frontline indices eight out of 13 calendar years. This seems to counter the notion that lower risk equals lower return. |
| CPAI urges Maharashtra govt to classify stock and commodity broking under essential servicesThis request is particularly in the view that the government has allowed both the leading stock exchanges ” NSE and BSE ” to remain operational and to ensure the smooth functioning of the exchanges, undisrupted broking services must also be facilitated. |
| Your Digital Self: Artificial intelligence has advanced so much, it wrote this articleNatural language processing rivals humans’ skills. |
| The Moneyist: After a disagreement, my aunt took over as my grandmother’s power of attorney and executor of my grandfather’s $1.3-million estate. Should I retaliate?‘I knew nothing of this until a chance meeting today with a family member’ |
| Deep Dive: Tesla is on fire, but these EV-related stocks could end up just as hotThere are many ways to play the electric-vehicle industry as it grows exponentially. |
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