14Apr2021 Pre-Market Commentary: Wall Street Edges Higher As Investors Parse Goldman Sachs, JPMorgan Earnings, DOW Up 14 Points, Nasdaq Up 0.3%, Bitcoin Higher 64200, Cryptocurrencies Surpass Apple Market Cap

Written by Gary

Bed Bath & Beyond shares fall on mixed results, backs forecast as turnaround continues (SPY flat). Biggest premarket movers: Goldman Sachs, Bed Bath & Beyond, JetBlue.

Here is the current market situation from CNN Money
	European markets are mixed. The DAX is higher by 0.06%, while the CAC 40 is leading the FTSE 100 lower. They are down 0.43% and 0.07% respectively.

What Is Moving the Markets

Here are the headlines moving the markets.
	The King Of Oilfield Services Is Back In A Big Way It is no secret that the reflation in oil prices, WTI and Brent, above $50.00/bbl in the last six months has been a boon to the companies that service oil and gas wells. This price reflation in the underlying commodities has driven increases in upstream activity as shown in the graphic below. Data- PrimaryVision, chart by author In this article, we will review the improved financial metrics of one of the biggest Oilfield Service companies (OFS), Schlumberger, (NYSE:SLB), and some things it
	3 Gold Stocks to Watch This Summer Over the past two months, the gold and precious metals markets have been surprising investors with prices remaining flat or even stalling despite growing demand for bullion coins. We think the U.S. Mint is still rationing gold and silver coin sales due to overly strong demand. In our view, that hasnt happened since 2008. In other words, we think theres ongoing gold-buying interest very similar to that recorded during the last financial crisis. More importantly, Mint director Ed Moy has said gold is poised to hit record
	Will Rising Middle East Oil Prices Harm Global Demand Recovery? As we continue to kick the prospect of global economic recovery down the road of 2021, caution remains the buzzword of the oil markets. The less changes month-to-month, the more important the role of secondary factors narratives spun for the benefit of oil producers or refiners, veiled strategies to get the market where the money is for the oil markets greatest. As we shall see, Middle Eastern OSPs increasingly exhibit the willingness of producers to maximize profits in a global market that grows slower than expected. Corroborating
	OPECs Bullish Demand Data Sparks Hope Of New Oil Rally OPEC has revised its 2021 oil demand upward to stand 190,000 bpd higher than last month’s estimates, on the back of an economic rebound that surpasses last month’s outlook. Global 2021 oil demand is now expected to average 96.46 million bpd for the full year, according to OPEC’s latest projects included in its April Monthly Oil Market Report. That figure is up from 96.27 million bpd in last month’s report, and up from the newly estimated 2020 oil demand figure of 90.51 million bpd. In last month’s report, OPEC had estimated 2020 global oil demand
	WTI Prices Unmoved By Small Crude Draw, Gasoline Build The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 3.608 million barrels for the week ending April 9. Analysts had predicted a draw of 2.889 million barrels for the week. In the previous week, the API reported a draw in oil inventories of 2.618 million barrels after analysts had predicted a smaller draw of 1.436-million barrels. Enbridge tanks at main Cushing areaas of April 9. Oil prices were trading up on the day prior to the data release as OPECs Monthly Oil Market Report suggested a higher
	Ecuadors Shock Presidential Election Result May Save Its Oil Industry Ecuadors beaten-down petroleum industry has been struggling to recover from a savage 2020 where pipeline failures, the COVID-19 pandemic, corruption scandals, and heightened political uncertainty sharply impacted operations. There were fears that the presidential elections would see poll favorite socialist economist Andres Arauz, the protg of former President Rafael Correa, emerge victorious from the runoff held on Sunday. Polls, only last week, indicated that Arauz was the leading candidate going into the presidential runoff
	Leading off-roader maker Polaris is booming and going electric Polaris owns large chunks of the off-road, ATVs, motorcycles and boats. The company’s move to add electrics could open new markets and attract new investors.
	Bed Bath & Beyond shares fall on mixed results, backs forecast as turnaround continues Bed Bath & Beyond reported a double-digit decline in fourth-quarter sales, as ongoing store closures and divestments weigh on results.
	International travel is getting easier ” except for the unvaccinated A growing list of countries is reducing or eliminating quarantine and Covid testing requirements, but only for those who have been fully vaccinated.
	The auto industry ‘has to move’ on electrification as consumers become more conscious, Nissan CEO says Nissan plans to electrify 100% of its new vehicles on offer by the early 2030s.
	Three reasons any J&J vaccine pause may not ‘derail the inevitable’ for travel industry BTIG digital services analyst Jake Fuller does not see a long-term impact on travel from the latest obstacles in the vaccine rollout. He explains why.
	Environmentalists were seen as ‘nutters,’ Ryanair CEO says, and he was an ‘original skeptic’ Ryanair’s CEO O’Leary used to be “one of the original skeptics” but says the airline is now focusing on greener initiatives.
	Stocks making the biggest moves in the premarket: Goldman Sachs, Bed Bath & Beyond, JetBlue & more Check out the companies that are making headlines in premarket trading.
	5 things to know before the stock market opens Wednesday U.S. stock futures rose Wednesday, a day after the S&P 500’s modest gain pushed the index to another record close.
	Senators push for reopening of international travel, lift of CDC’s sailing ban for cruise lines “There is a hesitancy to create a roadmap to reopen international travel,” said Tori Barnes, executive vice president of the U.S. Travel Association.
	Astranis, with a new approach to satellite internet, raises $250 million from BlackRock and others Astranis, a company with an alternative approach to providing internet access from satellites, closed new funding from BlackRock and others to ramp production.
	Google backs former DeepMind employee’s ‘solar forecasting’ start-up Google is backing a climate change start-up founded by ex-DeepMind employee Jack Kelly through its philanthropic arm, Google.org.
	Tech billionaires are obsessed with climate change ” but some question if they’re focusing on the right areas Climate change is high on the agenda for Elon Musk, Jeff Bezos and Bill Gates but some are questioning if they’re focusing their efforts on the right areas.
	Pausing use of J&J Covid vaccine will not affect timeline of getting U.S. vaccinated, says doctor Dr. Ashish Jha explains the impact of temporarily pausing use of the J&J Covid vaccine, and why he thinks it may bolster confidence in Covid vaccines.
	Import/Export Prices Explode Higher In March, Hottest In A Decade Import/Export Prices Explode Higher In March, Hottest In A Decade Amid global supply chain disruptions and trillions in liquidity to support consumption, it is perhaps unsurprising that import and export price inflation is soaring. However, the scale of the moves is notable with import prices rising 1.2% MoM (+0.9% exp) and export prices rising 2.1% MoM (+1.0% exp). Sparking the hottest inflationary prints in a decade (import prices +6.9% YoY, export prices +9.1% YoY) … Source: Bloomberg China’s decade-long export of deflation has abruptly stalled in recent months…
	Texas Nonprofit Hires Biden Transition Official – Then Lands Half-Billion Dollar Contract To Manage Border Crisis Texas Nonprofit Hires Biden Transition Official – Then Lands Half-Billion Dollar Contract To Manage Border Crisis A Texas nonprofit landed a federal contract worth up to $530 million to manage the influx of migrant children at the southern border – after recently hiring a Biden transition official. The organization, Family Endeavors, won the no-bid contract just months after hiring Biden transition official, Andrew Lorenzen-Strait, as its senior director for migrant services and federal affairs, according to Axios, which notes that the deal is the second largest ever awarded by the agency overseeing the migrant child program. It’s worth more than 12 times the group’s most recently reported annual budget. The news comes as the Biden administration scrambles to handle over 21,000 unaccompanied minors currently in government custody. More via Axios: Lorenzen …
	Goldman Jumps After Monster Equity Trading Quarter Thanks To Reddit, SPAC Mania Goldman Jumps After Monster Equity Trading Quarter Thanks To Reddit, SPAC Mania There were shades of the Goldman Sachs “of old” – not the current Frankenstein monster trying desperately to cater to consumers with Apple co-branded credit cards – in the the bank’s reported Q1 quarter results, which were an absolute blockbuster, and which unlike the report from JPM were not artificially goosed by billions in reserve releases. Goldman reported Q1 net revenue and EPS that blew away expectations, as follows: Q1 Revenue of $17.70 billion, smashing estimates of $12.55 billion and up a ridiculous 102% from the $8.74 billion from a year ago. Q1 EPS of $18.70 also smashing estimates of $10.22, and up a casual 498% Y/Y Here is a Q1 snapshot… … and details:
	Cryptocurrencies Surpass Apple Market Cap As Bitcoin, Ether Hit New Record Highs Cryptocurrencies Surpass Apple Market Cap As Bitcoin, Ether Hit New Record Highs As the much-anticipated day of Coinbases’s direct listing arrives, it is perhaps poetic that the for the first time ever, the market capitalization of the cryptocurrency space has surpassed that of Apple. Overnight saw another leg higher in most of the major coins with bitcoinÂ nearing $65,000 (a new record high)… Source: Bloomberg And analysts think the biggest cryptocurrency has room to run. In aÂ tweetÂ on Wednesday, PlanB, the analyst behind the stock-to-flow family of Bitcoin price models, noted that despite this week’s gains, BTC/USD still has plenty of energy in it. œBitcoinÂ is looking strong at RSI 92. Still not above RSI 95 like 2017, 2013 and 2011 bull markets, PlanB summarized.
	Heathrow says airport queues are becoming ‘untenable’ The airport says some travellers are facing waits of up to six hours.
	British Gas workers strike as jobs deadline passes Engineers are striking as a deadline passes to sign new contracts at the centre of a bitter dispute.
	James Dyson says Brexit has given him ‘freedom’ Sir James Dyson defends moving his firm’s headquarters to Singapore and says Dyson is a British firm.
	Infosys Q4 PAT falls 2.6% QoQ, misses estimate; firm to buy back shares at 25% premium Infosys reported a 2.8 per cent quarter-on-quarter growth in consolidated revenues for the quarter to Rs. 26,311 crore, which was slightly lower than analysts’ estimate of Rs. 26,701.8 crore.
	Sebi’s new margin norms hurting commodities more than equities Last year, Sebi decided to make upfront margin collection mandatory to discourage brokers from providing excessive discretionary leverage to their clients.
	A bank in the wallet? RBI has just taken Indian banking to next stage Over the last decade, the digital wallet payment system has not only captured a significant market share but also completely revolutionised the payment system.
	Market Extra: This new ETF gets you access to the backbone of the crypto world The ‘digital asset ecosystem’ is now mature enough to support a fund that tracks companies offering ancillary services, and a new Van Eck ETF will attempt to be a pure-play version of that strategy.
	: How much money should I spend on Coinbase stock? Financial advisers offer guidance to young investors ‘They have these dollar signs in their eyes,’ one adviser said.
	Need to Know: Earnings season is starting. Why you might want to take a look at the weather, too. How a stock perform after earnings depends, in part, on the weather at its major investors, research finds.