05May2021 Pre-Market Commentary: Wall Street Futures Look Toward A Higher Opening, DOW Up 70 Points, Nasdaq Up 0.6%, Large Inventory Draws Boost Crude Prices WTI Higher At 66.44, ADP Employment Data Disappoints

Written by Gary

People return to supermarkets as online sales slow (SPY +0.3%). Biggest premarket movers: General Motors, Lyft, Match Group. 10-year Treasury yield edges higher.

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.
	Will Oil Hit $80 This Summer? India, the worlds third-largest oil importer, is the latest coronavirus hotspot. It has recently hit a record-breaking number of new daily coronavirus casesa statistic that dented oil demand and pressured oil prices. OPEC+, out of its own necessity, has intervened in the oil market on the supply side of the equation to offset the pandemic-depressed oil demand. And despite the groups relative success at curbing oil production to prevent excess oil inventories from ballooning before the market fully recovers, Indias booming
	Iran Takes Drastic Measures To Conserve Electricity In Tehran Iran has banned the use of air conditioning at Tehran’s state agencies as the country looks to save electricity consumption amid low power generation and prioritize electricity supply to homes and hospitals. Tehran Power Distribution Company has said that the use of air conditioners at government agencies in the capital is prohibited to ease the pressure on the electricity distribution network during peak hours, Trend reported on Tuesday, quoting Iran’s Fars News Agency. “Accordingly, to prevent the overpressure on capital’s electricity distribution
	Will U.S. Crude Oil Exports Smash Records Again This Year? Crude oil and refined petroleum product exports from the United States hit a record high last year, turning the country into a net exporter. This year, as more economies are returning to growth, theres space for further growth. However, there is also increased competition. According to data from the Energy Information Administration, the U.S. exported 8.51 million barrels of crude oil and oil and gas products in 2020, versus imports of 7.86 million barrels. Exports of crude oil alone stood at 3.18 million bpd, which is less than half of
	Is It Time To Invest In Smart Energy Tech? In a virtual climate summit with 41 world leaders last month, President Joe Biden unveiled an ambitious ten-year Climate Plan that has proposed cutting U.S. greenhouse gas emissions by 50-52% by 2030. That represents a near-doubling of the U.S. commitment of a 26-28% cut under the Obama administration following the Paris Agreement of 2015. Biden, the convener of the summit, intended to use the meeting to coax emerging countries to become more aggressive with their emissions reduction goals. Or maybe he was trying to one-up a key figure at the meetingChinas
	Asian LNG Buyers Are Preparing For A Harsh Winter Global markets have been hit hard by the economic downturn as a direct consequence of the Covid-19 pandemic. LNG prices were among the commodities which decreased sharply as consumption evaporated when entire industries and societies went into lockdown. During the past several months, however, prices have rebounded strongly, resembling a rollercoaster. The situation was especially dire for East Asian customers who found it hard to buy affordable cargoes. Therefore, buyers are already preparing for the next winter season. Chinas Sinopec,
	Large Inventory Draws Boost Crude Prices The American Petroleum Institute (API) on Tuesday reported a massive draw in crude oil inventories of 7.688 million barrels for the week ending April 30. Analysts had predicted a more modest draw of 2.346 million barrels for the week. In the previous week, the API reported a major build in oil inventories of 4.319 million barrels after analysts had predicted a much smaller build of 659,000 barrels. Rose Rock Midstream tanks as of April 30. Oil prices were trading up on the day prior to the data release as the EU and several U.S. states plan to
	UPS, FedEx respond to India’s Covid crisis, mobilizing their logistics networks to deliver relief Global logistics companies UPS and FedEx are providing critical aid to India as Covid cases there topped 20 million.
	5 things to know before the stock market opens Wednesday U.S. stock futures bounced Wednesday, one day after a broad tech-led sell-off sent the Nasdaq down nearly 2%.
	India foreign minister self-isolating after Covid scare at UK’s in-person G-7 summit India’s foreign minister met in person with U.K. Home Secretary Priti Patel on Tuesday and U.S. Secretary of State Antony Blinken on Monday.
	GM expects strong first half of year despite production interruptions due to chip shortage Aside from earnings, Wall Street is also looking for updates on the ongoing global shortage of semiconductor chips and its electric and autonomous vehicles.
	Circle K launches beverage subscription program for $5.99 per month Convenience store chain Circle K is launching a beverage subscription program, following in the footsteps of Burger King and Panera Bread.
	Singapore’s Covid situation could start improving in a matter of weeks, professor says Dale Fisher, chair of the WHO Global Outbreak Alert and Response Network, says he’s confident in the way Singapore is managing its coronavirus outbreaks.
	Global soccer star Erling Haaland makes his first investment, selecting sports tech company Hyperice Erling Haaland, 20, is among the best players in the Bundesliga league and joins NBA stars and the NFL as an investor in Hyperice.
	Ford launching new off-road Timberline models starting with Explorer SUV The 2021 Explorer Timberline, which the company unveiled Wednesday, features an updated exterior design, increased ground clearance and other off-road features
	3 key trends are set to dominate consumer behavior in Asia in 2021, survey says The coronavirus recovery, continued tech adoption and increased demand for health products are three trends set to dominate consumer behavior in Asia in 2021.
	India is the home of the world’s biggest producer of Covid vaccines. But it’s facing a major internal shortage India’s devastating experience of a second wave of coronavirus cases is ongoing but questions are now focusing on how the country got to this tragic point.
	India’s bank stocks pop after the central bank boosts lending to prop up the virus-hit economy The Reserve Bank of India announced a term liquidity facility of 500 billion rupees ($6.78 billion) to ease access to emergency health services.
	Canceling dinner reservations could now have ‘devastating’ effects for a restaurant As countries come out of lockdown, pub and restaurant owners have a simple plea for punters: honor your bookings.Â
	U.S. birth and fertility rates dropped to another record low in 2020, CDC says U.S. birth and fertility rates dropped to another record low in 2020 as births fell for the sixth consecutive year to the lowest levels since 1979, the CDC said
	Janet Yellen’s Flip-Flop And What She’s Really Telling Us Janet Yellen’s Flip-Flop And What She’s Really Telling Us Authored by Michael Maharrey via SchiffGold.com, Treasury Secretary Janet Yellen sent markets into a tizzy on Tuesday when she saidÂ interest rates may have to riseÂ to keep the economy from overheating with all the government stimulus. But later in the day, she walked those comments back, claiming inflation isn’t going to be a problem and insisting that she wasn’t suggesting or predicting rate hikes. Yellen’s flipflop is telling. Even if inflation is an issue (and it is), there isn’t a darn thing the Federal Reserve can do about it. Yellen made her first comments during an event hosted byÂ The AtlanticÂ magazine. She warned that all of the government spending coming down the pike could cause the economy to œoverheat. That’s code for œit could cause price inflation to surge. It …
	Over 8 Million Jobs Below Pre-COVID Levels: ADP Employment Data Disappoints In April Over 8 Million Jobs Below Pre-COVID Levels: ADP Employment Data Disappoints In April After a notable disappointment in the last two months, ADP’s National Employment report was expected to print a very positive 850k additions in April but again it disappointed with a ‘mere’ 742k jobs added (though March additions were revised higher from +517k to +565k). Source: Bloomberg That is the fourth straight month of gains (and most since September). The largest businesses overall added the most jobs with only the Information sector losing jobs in April… Once again, Services job gains massively ou …
	Pfizer Expects Vaccine Will Be “Durable Revenue Stream” As It Seeks Approval For Children 2 To 11 Pfizer Expects Vaccine Will Be “Durable Revenue Stream” As It Seeks Approval For Children 2 To 11 Yesterday, Pfizer released a strong earnings report (surpassing Wall Street’s elevated projections), and also revealed that it’s both on the cusp of securing regulatory approval in the US for minors between the ages of 12 and 15 to receive the vaccine (setting off another wave of demand as the Biden Administration heaps pressure on states to get their vaccination numbers up). During a call with analysts and reporters, CEO Albert Bourla revealed that Pfizer is in talks with “basically all the governments of the world” about providing shots and booster shots through 2024. The key number is that Pfizer expects sales of its coronavirus jab to hit $26 billion by the end of this year, a milestone that would make the vaccine the company’s biggest-selling pharmaceutical product, eclipsing Humira, the popular rheumatoid arhtritis drug made by Abbvie. Also, Pfizer said it intends to use its mRNA technology underpinning its COVID-19 jab for other therapies and vaccines. For example, the company is working on creating seasonal flu shots using the same RNA lipid nanoparticle technology. Bourla has already primed the public to expect to receive at least one additional shot within a year of their second dose, while also teasing the likelihood that the world might require annual booster shots – something that would be a boon to Pfizer’s bottom line as it moves to grow its COVID-19 vaccine division into a major, and permanent, line of business.
	“Back To Normal” As Futures Rebound After Yellen Reversal “Back To Normal” As Futures Rebound After Yellen Reversal US index futures rebounded from Tuesday’s tech-led rout, with Nasdaq futures leading gains alongside shares in Europe as focus shifted away from inflation fears and turned to strong earnings and the global economic recovery. Nasdaq futs gained the most, rising 70.25pts or 0.52% to 13,606, S&P futures were up 14.25 points or 0.34%, and Dow futures were back over 34,000, up 57pts or 0.17% to 34,077. Oil and the dollar also climbed. Some notable premarket movers: FAAMGs (Apple, Microsoft, Amazon.com, Facebook and Alphabet) rose between 0.3% and 0.9%. Value stocks also gained, with oil major Chevron Corp adding 1.3%, lender Goldman Sachs Group Inc up 0.7% and heavy machinery maker Caterpillar Inc gaining 0.3%. Ride-hailing company Lyft Inc rose 5.9% after it surprised Wall Street with significantly lower losses than expected. Rival Uber Technologies Inc is set to report earnings after markets close on Wednesday. T-Mobile US Inc gained 2.4% as it raised its full-year postpaid subscriber net additions forecast
	End of an era for Debenhams as final shops set to close The department store will disappear from high streets on 15 May after more than two centuries.
	Asda owners to sell 27 forecourts to avoid probe Regulators had raised concerns about potential price hikes after the Issa brothers bought Asda for Â£6.6bn.
	People return to supermarkets as online sales slow Data firm Nielsen says people are more confident about shopping in supermarkets as restrictions ease.
	Beware! Valuations being engineered in low-float IPOs & stocks, warns Shyam Sekhar Sekhar said while there is nothing objectionable about these companies, the valuations that Dalal Street is assigning to some of them may not be reasonable enough to reward investors in the future.
	Oil nears $70 as easing Western lockdowns boost summer demand outlook Brent crude rose 91 cents, or 1.3%, to $69.79 a barrel at 0851 GMT. US West Texas Intermediate (WTI) crude rose 82 cents, or 1.3%, to $66.51 a barrel.
	Lava holds up IPO, raising funds via rights issue at 30% premium The company seeks to capitalise on the incentives being offered by the government to boost local manufacturing of electronics.
	Economic Report: U.S. gains 742,000 private-sector jobs in April as surging economy spurs hiring spree Businesses created 742,000 new jobs in April — the most in seven months — in yet another sign of surging U.S. growth as coronavirus cases shrink and gobs of federal stimulus course through the economy.
	Bond Report: 10-year Treasury yield edges higher while U.S. private-sector payrolls fall short of expectations U.S. Treasury yields rise slightly in early Wednesday’s trade as a reading of private-sector payrolls falls short of elevated expectations among analysts.
	: Jeep and Maserati maker Stellantis warns of worsening chip shortage A fire at a Renesas Electronics plant in Japan, as well as serious outages in Texas after the storms in March, have exacerbated the tensions on the global semiconductor market, and new problems are appearing.