Written by Gary
Stocks extend losses after Yellen says “rates will have to rise” (SPY 1.2%). Crypto Dogecoin soaring, crashes Robinhood token trading.
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. | |
| Shortage Of Tanker Truck Drivers May Lead To Higher Gasoline Prices This SummerThe National Tank Truck Carriers (NTTC) industry trade group warns that a worsening semi-truck driver shortage may spark higher fuel prices and gas shortages this summer. CNNreported that industry group said about a quarter of tanker trucks aren’t on the road ahead of the busy summer driving season as there’s a shortage in qualified drivers available. Before the pandemic, about 10% of the tanker trucks were idled for similar reasons. “We’ve been dealing with a driver shortage for a while, but the pandemic took that issue |
| Venezuelas Oil Exports Hover Around 700,000 BpdVenezuelas oil exports are hanging tough around 700,000 bpd, where they have been for the last three months, according to tanker tracking data and PDVSA documents cited by Reuters. Of that 700,000 bpd, roughly 75% of that oil found its way to Asia and the Middle East, tanker tracker data showed. PDVSAs oil exports fell sharply last year after the United States toughened its stance on the Latin American countrys oil exports by ordering it to stop swapping its crude oil for imported fuela type of transaction that had been |
| Investors Skeptical of Big Oils Green PlansOnly a minority of institutional investors in oil and gas seem to believe that Big Oil will be able to pull off a green transition, the Financial Times has reported, citing research from Procensus. The company surveyed 64 institutional investors with some $11 trillion in assets under management and found that only 17 percent of them believed that Big Oil could become Big Energy with its pivot to renewables. Big Oils greening efforts have moved into overdrive but investor consensus remains unconvinced about their ability to reinvent |
| Oil Rises To Seven-Week High On Strong Remand RecoveryOil prices rose to the highest level in seven weeks early on Tuesday, as the market continues to believe that the economic and oil demand rebound in the United States and Europe will outweigh the still tragic COVID numbers in India and Brazil. As of 8:51 a.m. EDT on Tuesday, the U.S. benchmark WTI Crude was back above $65 per barrel, having touched the highest level since March earlier in the day. WTI Crude prices were up 1.29 percent at $65.27, while the international benchmark Brent Crude was up 1.32 percent on the day at $68.40. The oil complex |
| Big Oil Hikes Dividends After Blowout QuarterCrude oil futures have rallied to their highest finish in six weeks, days after OPEC+ stuck with plans to gradually ease production curbs, signaling confidence in the demand outlook. The optimism has coincided with a breakout season for the S&P 500, with the Energy Sector (XLE) being particularly impressive. Indeed, Credit Suisse has issued an upgrade for the entire market, boosting its 2021 S&P target to 4,600 from 4,300 points, good for 10% upside from the current levels and a 24.3% gain for the full year. The analysts have also |
| Tech Giants Could Send Helium Prices Soaring as War For Supply GrowsIt’s a global issue that could soon disrupt every industry from technology to medicine and much more. With the global supply of one commodity at its lowest level in years… while demand is spiking to all-time highs… It could send prices for this much-needed resource higher yet. Already, prices had been steadily climbing in recent years.Source: Bureau of Land Management, USGS But one small company, Avanti Energy (TSX: AVN.V; US OTC: ARGYF), has seen its share price increase more than 2.5x over just the last few months. Those recent gains are |
| Skittles owner sues THC-laced copycat Zkittlez for trademark infringementMars Wrigley, owner of Skittles, filed a lawsuit against Terphogz, the maker of THC-laced candy Zkittlez, claiming copyright infringement. |
| NBA union executive leads talks to help players make more money from NFTsNational Basketball Players Association executive Joi Garner says she wants to maximum NBA players’ value in their agreement with the NFT -maker. |
| Sotheby’s to accept bitcoin and ether for an upcoming auction of a Banksy paintingSotheby’s is partnering with Coinbase to accept bitcoin and ether as payment options in an upcoming auction of a Banksy painting. |
| How small and scrappy Mazda competes with the big automakersMazda’s sales are a fraction of those of the world’s largest automakers, but it has carved out a niche making cars for drivers and innovating in engines. |
| Pfizer plans to file for full FDA approval of Covid vaccine at the end of this monthIn its earnings report, Pfizer reported $3.5 billion in first-quarter sales of its Covid-19 vaccine. |
| Under Armour hikes full-year outlook, sees demand returningUnder Armour reported first-quarter earnings and sales that topped estimates, and the sports apparel maker hiked its sales outlook for the full year. |
| CVS Health earnings top estimates as Covid vaccinations, testing boost drugstore salesCVS Health reported a strong first quarter and raised its forecast, as customers came to stores for Covid-19 vaccinations, tests and prescriptions. |
| Connecticut becomes the first state with half of all adults fully vaccinated amid slowing pace of U.S. inoculationsConnecticut is the first U.S. state in which half of adults are fully vaccinated as the nationwide pace of daily shots fell further from peak levels. |
| Singapore says it has detected the ‘double mutant’ Covid variant from India in its community, tightens restrictionsSingapore said the “double mutant” coronavirus variant first detected in India has been found among locally transmitted cases in the city state. |
| Almost 20% of unvaccinated Americans still prefer J&J Covid vaccine after U.S. pause, survey showsThe number of Americans who prefer J&J’s Covid-19 vaccine declined after the U.S. paused its use to investigate safety, but 17% still say it’s their top choice. |
| Dallas Cowboys quarterback Dak Prescott takes 20% stake in Walk-On’s restaurant franchisesAfter signing a four-year, $160 million deal, the Cowboys star is now a co-owner of Walk-On’s restaurants in Dallas-Fort Worth and Waco. |
| Could a vaccine passport soon be your ticket to a quarantine-free vacation?The debate over the use of vaccine passports, digital or analog documentation of immunization against Covid-19, could determine what travel looks like in 2021. |
| Firefly Aerospace becomes the latest space unicorn after $75 million raiseFirefly Aerospace raised $75 million in private capital, as it prepares for the inaugural launch of its Alpha rocket. |
| Peter Schiff: CPI Is A Lie!Peter Schiff: CPI Is A Lie! Via SchiffGold.com, We’ve been talking a lot about the specter of inflation. Despite the Fed’s assurances not to worry because any price increases we’re seeing are transitory, some people are indeed worried. A former JP Morgan managing director warned about inflation and echoed Peter Schiff’s view that the central bank is powerless to fight it. And we’re seeing rising prices all over the place, from the grocery store to the gas station. Even the government numbers flash warning signs. But as Peter Schiff explains in this clip from an interview with Jay Martin, it’s probably even worse than we realize because the government cooks the numbers when it calculates CPI.
The |
| Stocks Extend Losses After Yellen Says “Rates Will Have To Rise”Stocks Extend Losses After Yellen Says “Rates Will Have To Rise” Treasury Secretary Janet Yellen is speaking at The Atlantic’s “Future Economy Summit” this morning – a speech she pre-recorded yesterday – and has sparked some chaos with her comments. The highlight was this…
And this didn’t help…
Is she talking about Fed-sponsored wealth-creation widening the inequality gap? Watch her remarks here… And the response – stocks puked as one would expect at the first signs of the punchbowl being taken away…
The dollar also spiked on the comment… < … |
| $17.5 Million In Revenue And $5.4 Billion In Losses: Archegos Was A 300x-Levered Time Bomb For Credit Suisse$17.5 Million In Revenue And $5.4 Billion In Losses: Archegos Was A 300x-Levered Time Bomb For Credit Suisse A bank’s prime brokerage unit is supposed to be a safe, reliable and predictable generator of revenue, resulting from modest-margin transactions with a bank’s hedge fund client base. It’s safe because the bank’s risk managers scour the bank’s exposure to various hedge funds, and immediately flag any clients that become too big and a potential source of loss (it’s also “safe” because the bank’s prime brokerage management tends to make far less than the frontline Sales and Trading staff). That is, at least, the theory. The practice, as the recent Archegos fiasco demonstrated, is anything but. Case in point, the now infamous Credit Suisse disaster in its dealing with Archegos, which as of this moment have resulted in more than $5.4 billion in losses for the Swiss bank, and which as the FT reported today, resulted in a paltry CHF16 million (US$17.5 million) in revenue last year. In simplistic terms, this means that somehow the funding chain and the leverage Credit Suisse afforded to Archegos resulted in over 300x leverage in the wrong direction! As the FT notes this morning, the paltry fees Credit Suisse received from Archegos “raises further questions about the risks the lender was prepared to shoulder in pursuit of relationships with ultra-wealthy clients” and adds that “the low level of fees and high risk exposure have caused concern among the board and senior executives, who are investigating the arrangement, according to two people with knowled … |
| Minneapolis Target Store That Was Ransacked By Rioters Now Features Mural Celebrating RiotersMinneapolis Target Store That Was Ransacked By Rioters Now Features Mural Celebrating Rioters Authored by Paul Joseph Watson via Summit News, The Minneapolis Target store that was infamously ransacked by looters last year now proudly displays a mural celebrating those same rioters.
Yes, really. As we highlighted last year, the store was reopened with the goal of catering more to black shoppers and being less œracist. After a newly formed œracial justice committee sought to tackle Target’s reputation of appealing primarily to white suburban shoppers, efforts were made to make the store more welcoming for black people while also stocking more products made by black-owned brands. Part of this facelift included a new mural at the front of the store meant to represent the new ethos of the brand. Now we know what that loo … |
| Pfizer expects Covid vaccine demand for yearsThe US drugs giant says demand for the vaccine is likely to be “durable” in a similar way to flu jabs. |
| Cleaner’s angry resignation note sparks flood of supportA cleaner for HSBC bank walked out after 35 years, leaving a note that has gone viral on Twitter. |
| Odeon to reopen most cinemas in May with new safety measures in placeFollowing rival Cineworld, Odeon plans to reopen sites with new safety measures in place. |
| RBI intervenes to stem surging forwards premiumsThe central bank is said to have intervened through some state-run banks that brought down the cost of covering currency exposure across maturities, traders said. |
| Crypto Dogecoin soaring, crashes Robinhood token tradingOther so-called altcoins also took off, with Dash spiking as much as 14% and Ethereum Classic jumping more than 30%. |
| Rubber climbs 1-month peak; analysts see 9% upside: Time to take positions?Ajay Kedia, Founder and Director of Kedia Advisory, has a positive outlook on natural rubber with the price set to test Rs 17,050-17,300 levels in the next one month. |
| NewsWatch: Dow down 280 points, with tech shares under heavy pressureU.S. stocks are off to a weak start Tuesday, a day after the S&P 500 index and the Dow Jones Industrial Average put in a strong start to May, pushing the equity benchmarks near records. |
| Market Snapshot: Dow slides 260 points as Yellen says interest rate increases may be necessary to prevent economy overheatingStocks fall Tuesday midday, led lower by heavy losses for tech-related shares, a day after the S&P 500 index and the Dow Jones Industrial Average put in a strong start to May, pushing the equity benchmarks near records. |
| Capitol Report: Yellen says interest rates may have to rise ‘somewhat’ to keep economy from overheatingTreasury Secretary Janet Yellen said interest rates may have to increase somewhat in order to keep the U.S. economy from overheating. |
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