16Apr2021 Pre-Market Commentary: Wall Street Futures, Slated To Hit Fresh All Time High After Opening, DOW Up 64 Points, Nasdaq Up +0.3%, Gold Higher 1783, Silver Higher 26.23, Bitcoin Slumps 61000

Written by Gary

Sea container imports again significantly improved pointing to a strong economic recovery (SPY +0.2%). Biggest premarket movers: Morgan Stanley, Sunrun, Comcast. Bitcoin tumbles as Turkey bans Cryptocurrency Payments.

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.
	3 Oil Stocks To Watch This Spring Oil bulls who have been praying for oil prices to cross the $70 per barrel mark to affirm a full recovery after a very encouraging 6 month-long rally have unfortunately been disappointed. Oil prices seem to have hit a ceiling at the high 60s and are currently flirting with the low 60s with a Covid-19 resurgence raining on the bulls’ parade thanks to new lockdowns in key consumer regions such as India and the UK. Still, the U.S. oil and gas sector remains in good stead; J.P. Morgan has estimated that Permian’s Delaware Basin oil drillers now require
	Is This The Most Exciting Commodity Play Of 2021? Its been a while since Ive shared any new opportunities with my readers, but weve been playing a wait-and-see game for what I think are some of the biggest changes taking place in the global energy sector. In my view, never have we witnessed such a dramatic change in markets and market sentiment, and were always following the Big Capital. And yes, oil prices seem to be back on the rise, despite the demand culling of COVID-19, but Ive got something which I think is far more exciting for you right now Its
	Iran Threatens To Cut Nuclear Deal Talks Short ”If Not Constructive” Iran is warning that it doesn’t plan to let nuclear negotiations “drag on” and hasthreatened to cut talks short if they are “not constructive”. The fresh warning from Iranian Deputy Foreign Minister Abbas Araghchi comes the same day Tehran has initiated its uranium enrichment process up to 60% purity as retaliation for Sunday’s Natanz nuclear facility sabotage attack, widely blamed on Israel. The country’s Supreme LeaderAyatollah Khamenei weighed in on this note with forceful words Wednesday,saying,”The talks shouldnt
	Guyana Estimates Future Oil Production At 1 Million Bpd Guyana has estimated its future oil production at 1 million barrels per day by 2027, from seven floating production, storage, and offloading (FPSOs) vessels in country, according to natural resources minister Vickram Bharrat said on Tuesday, cited by Argus. For now, Guyana is producing 130,000 bpd from ExxonMobils Liza-1 well, which just reached full planned production capacity in March. Exxon expects that well to be producing as much as 750,000 bpd by 2026. Exxon estimated in December that it will have 5 FPSOs by 2026 with as many as 10
	Are Car Giants Right To Bet On The EV Revolution? Big Auto is going all-in on EVs, but is their big bet on the electric vehicle revolution foolish given Americas reluctance to embrace it with the same gusto? For as much as EVs (read: Tesla) tends to dominate media headlines, the adoption rate of EVs in America has been painfully slow. For every 150% increase in annual EV salesor whatever the smoke and mirrors figure is these days, there are numbers that show the real story: EVs make up 1.9% of all retail autos, according to Edmunds. And their estimated EV sales figure
	Climate Activists: Canadas Support To Oil Sector Hit US$14 Billion In 2020 Canadas federal financial support to the oil and gas industry during the 2020 crisis reached US$14.4 billion (C$18 billion), Canadian organization Environmental Defence said in a report on Thursday, slamming the federal government for propping up fossil fuels while claiming to be a climate leader. According to estimates from Environmental Defence, the federal government provided or announced it would provide US$2.6 billion (C$3.28 billion) in direct subsidy programs and another US$10.7 billion (C$13.47 billion) in public financing funneled
	Airline executives cast doubt on European summer vacations with borders still closed Airline executives say they don’t expect a jump in European bookings this summer with borders still closed.
	Pfizer CEO says third Covid vaccine dose likely needed within 12 months PfizerÂ CEO Albert Bourla said people will “likely” need a third dose of a Covid-19 vaccine within 12 months of getting fully vaccinated.
	Lawsuit alleges Olive Garden parent’s tipping policy causes racial discrimination, sexual harassment in latest push against tipped minimum wage Advocacy group One Fair Wage is suing Darden Restaurants, alleging its tipping policy encourages sexual harassment and racial discrimination.
	Stocks making the biggest moves premarket: Morgan Stanley, Sunrun, Comcast and more These are the stocks posting the largest moves before the bell.
	5 things to know before the stock market opens Friday Dow futures rose modestly Friday, a day after the 30-stock average closed above 34,000 for the first time ever.
	A ‘quantum leap’: Monster wind turbines are going to get even bigger The size and scope of new designs may be impressive, but they have a practical purpose too.
	Covid infection rate is approaching the highest level so far, WHO chief warns Tedros said the United Nations health agency would continue to assess the evolution of the coronavirus crisis and “adjust advice accordingly.”
	New Jersey high school wrestling coach is CEO of $100 million firm that owns one deli Hometown International has a market valuation of $100 million despite owning a single deli in southern New Jersey.
	Cruise line CEOs met with White House Covid team, pressed for U.S. sailings to resume, sources say The cruise CEOs made their case in this week’s meeting to replace the government’s phased-in approach to sailings from U.S. ports, sources told CNBC.
	Health-care stocks are making a comeback, Jim Cramer says “I think that the left-behind health care stocks are now coming back to life at the expense of the cyclical growth plays,” the “Mad Money” host said.
	Incoming Stitch Fix CEO says the ‘timing felt right’ for executive transition after Covid Incoming Stitch Fix CEO Elizabeth Spaulding told CNBC the “timing felt right” for founder Katrina Lake to step down as chief executive in August.
	American Eagle Outfitters CEO expects ‘Roaring 20s’-like boom for malls post-pandemic American Eagle Outfitters CEO Jay Schottenstein said business is exceeding expectations for the current quarter, despite operating stores at 50% capacity.
	Morgan Stanley Reports Record Earnings, Stock Slides On Surprising $911MM Archegos Loss Morgan Stanley Reports Record Earnings, Stock Slides On Surprising $911MM Archegos Loss Bank earnings season concluded as usual with Morgan Stanley reporting record earnings that smashed on the top and bottom line, but as with other banks the stock dropped for two reasons: i) MS was, naturally, priced to perfection and ii) it reported an unexpected $911 million loss tied to the collapse of Archegos which marred an otherwise pristine quarter. First, the big picture: Q1 EPS $2.19, Exp. 1.70 and up from 1.01; tax rate was 22% up from 17.1% a year ago. Q1 Revenue 15.7BN, above the exp. 14.09BN. Investment Banking Revenue: 2.61bln (exp. 2.01bln) Wealth Management Revenue: 5.96bln (exp. 5.72bln) “brought in flows of 10bln” Net Interest Income (NII): 2.03bln (exp. 1.51bln) CET1 Ratio: 16.8% (exp. 17.48%) The bank also reminded investors that it had resumed its share buyback program in 1Q of 2021, and repurchased $2.1BN outstanding stock. As with Goldman and JPM, equities revenue reflected œnotable strength in deri …
	Dimon’s Detached View Of Economic Realities Dimon’s Detached View Of Economic Realities Authored by Lance Roberts via RealInvestmentAdvice.com, InÂ December of 2019,Â I wrote about Dimon’s delusional view of economic realities. To wit: œThe consumer, which is 70% of the U.S. economy, is quite strong. Confidence is very high.Â Their balance sheets are in great shape.Â And you see that the strength of the American consumer is driving the American economy and the global economy. And while business slowed down, my current view is that, no, it just was a slowdown, not a petering out. ” Jamie Dimon That’s what the head of JP Morgan Chase told viewers in hisÂ œ60-Minutes Â interview. Then the 2020 recession set in, consumption collapsed, and the Government passed massive stimulus bills to support the 50-million unemployed.Â Such isn’t the first time that I have discussedÂ Dimon’s distorted views.Â JustÂ as we discussed then, even just marginally scratching the surface on the economy and theÂ œhousehold balance sheet Â reveals an uglier truth. In hisÂ latest annual shareholder letter,Â he recently made his usual bombastic and still delusional statements. Economic Boom Into 2023 œI …
	Bitcoin Tumbles As Turkey Bans Cryptocurrency Payments Bitcoin Tumbles As Turkey Bans Cryptocurrency Payments With crypto prices trading at record highs, torrid retail interest in the sector caused Robinhood’s crypto-trading platform to crash (though, as Zero Hedge readers probably understand, that’s par for the course for Robinhood), the rally came to a screeching halt early Friday as dictatorial banana republic Turkey – of all places – decided to crack down on the use of virtual currencies in desperate hopes of preserving confidence in the Turkish lira, the world’s worst performing banana republic currency. Bitcoin dropped as much as 4.6% on Friday as Turkey banned its use for payment, restrictions that will take effect on April 30. The curbs also prohibit Turkish companies that handle payments and electronic fund transfers from processing transactions involving cryptocurrency platforms, essentially cutting off legions of Turkish retail traders – who have been finding respite in crypto from their increasingly
	US Futures, Global Stocks Hit Fresh All Time High US Futures, Global Stocks Hit Fresh All Time High US equity futures and global stocks rose to new record highs and oil climbed after strong U.S. and Chinese economic data bolstered expectations of a solid global recovery from the covid pandemic. At 7:00 a.m. ET, Dow e-minis were up 34 points, or 0.1%, S&P 500 e-minis were up 5 points, or 0.11% to a new all time high of 4,167, and Nasdaq 100 e-minis erased a decline of as much as 0.4% to trade little changed as of 7:20am in New York. The benchmark S&P 500 and the blue-chip Dow are on course for their fourth straight week of gains, while the Nasdaq is less than a percent below its own all-time peak despite some turbulence last month. With the first-quarter corporate earnings season under way, focus will be on results from Morgan Stanley after bumper earnings earlier this week from JPMorgan, Goldman and Bank of America that reinforced hopes of a swift economic rebound. Oil companies, mainly Chevron Corp, Marathon Petroleum, Exxon Mobil Corp and Occidental Petroleum, gained between 0.3% and 1.1% as oil prices rose. œAs the economic reopening accelerates in the comi …
	Hammerson: Shopping centre giant slashes rents in revival bid Hammerson, whose centres include the Bullring and Brent Cross, is “resetting rents to more affordable levels”.
	TUI says summer holiday season can be saved The boss of Europe’s biggest holiday company thinks successful vaccine programmes can prevent another washout.
	Ocado in self-driving vans push with Â£10m stake in Oxbotica The online grocery retailer has teamed up with Oxford self-driving firm Oxbotica.
	Dolly Khanna entered 3 new stocks in Q4, added shares in 3 other firms The ace investor entered Mangalore Chemicals (MCFL) during the quarter, purchasing a 1.7 per cent stake. MCFL is a subsidiary of Zuari Agrochemicals.
	Red flag goes up on diagnostic stock after Covid 2.0 lifted it 51% in 2 months The latest brokerage to give such a call is Nomura, which on Tuesday downgraded Dr Lal Pathlabs to ‘reduce’ rating with a price target of Rs 2,333, marking a 30 per cent downside. The stock fell almost 12 per cent for the day.
	This recent debutant of D-Street is on a high, jumps 150% in 2 months The second wave of the pandemic has increased demand for products like oximeters, thermometers, BP monitors, nebulisers and multivitamins, say analysts and market watchers.
	March 2021 Sea Container Imports Again Significantly Improved Pointing To A Strong Economic Recovery Written by Steven Hansen The import container counts for the Ports of Los Angeles and Long Beach rate of growth again jumped month-over-month partially due to the fact that the import data one year ago was impacted by the pandemic shutdown but still import container counts set a record for Marchs. Exports are having the worst year since 2009.
	Rail Week Ending 10 April 2021 – Rail Shows Significant Gains Year-over-Year Written by Steven Hansen Week 14 of 2021 shows the same week total rail traffic (from the same week one year ago) improved according to the Association of American Railroads (AAR) traffic data. Total rail traffic has been mostly in contraction for over one year – and now surging as it is being compared to the pandemic lockdown period one year ago.
	Metals Stocks: Gold prices rise, head for best weekly gain in a month Gold futures on Friday head higher for a second straight day, putting bullion on track for its sharpest weekly rise in about a month.
	The Big Number: Cutting these emissions by 30% could yield up to $68 billion in health benefits each year Health-care risks linked to climate change were among the featured eye-opening dollar figures laid out before lawmakers.
	Futures Movers: Oil prices mixed even as China data points to strong rebound for demand Oil futures try for a fifth straight gain on Friday but are presently seeing lackluster moves as investors weighed a strong economic report from China against evidence of cases of COVID rising in parts of the world, threatening a fitful recovery from the demand-sapping pandemic.