12May2021 Midday Update: Panic Buying And Gas Shortages Sweep The East Coast, DOW Down 490 Points At 12:30 ET, Nasdaq Down 2.5%, Dip-Buyers Disappear As Bonds, Stock Bloodbath Escalates

Written by Gary

The most hyped corners of the stock market come unglued (SPY -1.8%). Tech-led sell-off intensifies, U.S. retail gas prices have jumped above $3 a gallon as inflation jitters spook markets.

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.
	Toyota Says Most Of Its U.S. Cars Will Still Run On Gasoline In 2030 Most Toyotas in the United States will still use gasoline in 2030, the carmaker said on Wednesday, expecting gasoline and hybrid cars to still be more convenient to customers than fully-electric vehicles in ten years time, unlike some of its competitors that have already vowed all-electric lineups by 2035 or 2040. Toyota expects more than half of its vehicles sold in North America to be plug-in hybrid vehicles in 2030, some 30 percent to be conventional cars running on gasoline, and the remainder to be fully electric vehicles. If
	Is There A Huge Naked Short on Helium Explorer Avanti Energy? Aggressive short sellers, now being targeted by Canadian regulators, are believed to have shorted a shocking 11 million shares of helium miner Avanti Energy in Canada since 2019, most of it in the past two months alone. That makes Avanti Energy a large target of short-sellers seeking to enrich themselves by destroying companies, even as Canadian regulators are about to tighten the screws on these out-of-controland nakedshorts. Buyins.com, which allows companies and investors to see whats really going on in the markets–recently
	Oil Rally Takes Breather On Small Crude Draw The rally in oil prices took a breather today after the Energy Information Administration reported a crude oil inventory draw of 400,000 barrels for the week to May 7. This compared with a draw of 8 million barrels reported for the previous weekthe largest decline in U.S. crude oil stocks since January. Analysts had expected an inventory draw of 2.8 million barrels for the reporting period. In gasoline, the EIA reported an inventory build of 400,000 barrels for the week to May 7, which compared with two modest consecutive weekly builds of
	Canada Issues Warning To U.S. Over Oil Pipeline Shutdown Order The federal Canadian government has warned Washington of Michigan’s plan to shut down a pipeline transporting Canadian crude to U.S. refineries risks worsening bilateral relations. In a legal filing, Ottawa said the shutting down of the Line 5 pipeline will harm relations between Canada and the United States, have a negative impact on jobs and gasoline prices, and violate a treaty from 1977, the Financial Post said. Earlier this month,
	Panic Buying And Gas Shortages Sweep The East Coast More than a thousand fuel stations in the Southeast have sounded the alarm on gasoline and diesel shortages caused by panic buying and shuttered pipelines, the Associated Press reports, citing analysts. The panic was provoked by the ransomware attack that shut down the Colonial pipeline system at the end of last week, with operations along the network yet to be fully restored. NPR quoted an AAA spokeswoman as saying gas prices were already rising, as the network remained shut for the fourth day in a row. “They have gone up as high from anywhere
	3 Stocks That Could Win Big From Bidens $2 Trillion Infrastructure Plan After pouring trillions of dollars into the economy over the past 6 months, Biden’s new plan could further light the fuse on the EV markets. That’s because his proposed $2 trillion infrastructure bill is expected to cover much more than just roads and bridges. Under the current proposal, $174 billion would go directly to the EV sector, helping the United States finally cut into Chinas massive lead in this booming industry. Today, only about 2 percent of all new cars in the U.S. run on electricity. But with Biden’s new plan, the auto industry
	Cathie Wood’s space exploration ETF sells almost all of its Virgin Galactic stock Virgin GalacticÂ shares fell in trading Wednesday after Ark Invest’s space exploration ETF sold nearly all of its remaining stake in the space tourism company.
	Restaurants are feeling a labor crunch. Teens are an unlikely solution Teenagers could help solve restaurants’ labor crunch, but the traditional summer job has fallen out of favor, even without a pandemic.
	Volkswagen plans self-driving electric microbus with Argo AI by 2025 Volkswagen is planning to bring to market by 2025 a version of its upcoming microbus, a retro-styled electric van, that can drive itself.
	Ellen DeGeneres to end daytime talk show after 19 seasons Ellen DeGeneres’ long-running daytime talk show will come to an end this year after 19 seasons.
	Five things to know before CDC panel votes on Pfizer’s vaccine for use in adolescents States could begin administering shots in adolescents on Thursday, pending an endorsement from the CDC’s Advisory Committee on Immunization Practices.
	Watch live: CDC panel to vote on Pfizer’s vaccine for use in adolescents States could begin administering shots in adolescents on Thursday, pending an endorsement from the CDC’s advisory panel.
	India hits another grim record as WHO says it accounted for half of last week’s reported cases The World Health Organization said India accounted for half of all cases reported globally last week as well as 30% of global deaths.
	Bill Ackman reveals 6% stake in Domino’s Pizza, shares jump Ackman revealed his hedge fund sold Starbucks and picked up Domino’s shares following a pullback.
	Big Oil won’t become major investors in renewable technology even as investment soars, IEA analyst says Energy majors are facing intense pressure to develop emissions targets consistent with the Paris Agreement.
	‘Not all airlines are created equal’: Two stock traders give their favorite picks Airline stocks are losing altitude amid fuel shortage concerns, but two traders see selective buying opportunities.
	Biden encourages businesses to take advantage of the employee retention credit. Here’s what you need to know Eligible businesses could see a significant tax break for 2020 and 2021 by claiming the employee retention credit. Here’s what to know.
	‘A huge moment’: U.S. gives go-ahead for its first major offshore wind farm Vineyard Wind 1 project will be located in waters off the coast of Massachusetts.
	EU upgrades economic forecasts as vaccination campaign gathers pace The European Commission presented on Wednesday a more upbeat assessment of how the 27 economies will perform this year.
	The Most Hyped Corners Of The Stock Market Come Unglued The Most Hyped Corners Of The Stock Market Come Unglued Authored by Wolf Richter via WolfStreet.com, Once upon a time last year, there was the EV startup hype-boom that found its way to the SPAC hype-boom, and the two combined and generated miraculously swift and spectacular results; and their collapse has been equally swift and spectacular. And they’re joined by the IPO hype-boom stocks, including the spectacularly hyped highflyers that got shot down, such as Zoom (-49% from peak), Coinbase (-29%), or Airbnb (-35%), and they’re in turn joined by the ARK Innovation ETF (-34%). This whole thing has come unglued. The EV SPAC boom-and-bust is reflected in the WOLF STREET EV SPAC Index, which has collapsed by 57% since its peak on February 17. The index tracks seven EV-related companies that have gone public via a merger with a SPAC: Nikola, QuantumScape (batteries for EVs), Canoo, Lordstown Motors, Romeo Power (batteries for EVs), XL Fleet (EV drive systems for fleets), and Lucid Motors. Since February 17, these seven stocks combined have shed $35 billion in value, which they should have never had in the first place. Easy come, easy go, except when it’s your money (data viaÂ YCharts):
	Dip-Buyers Disappear As Bonds, Stock Bloodbath Escalates Dip-Buyers Disappear As Bonds, Stock Bloodbath Escalates Nasdaq is now down 2.5%, rapidly approaching red for the year and it is dragging the rest of the equity market lower… And the selling pressure continues with NYSE downticks have dominated for 15 minutes… Growth relative to value is at a critical support level…
	Ethereum Reaches Record High $500 Billion Market Cap, Now Bigger Than JPMorgan Ethereum Reaches Record High $500 Billion Market Cap, Now Bigger Than JPMorgan Dip-buyers have charged in after Monday’s flash-crash in cryptos, sending Ethereum to a new record high near $4400… Source: Bloomberg That has pushed Ethereum’s market cap above $500 billion, now larger than JPMorgan… Source: 8marketcap.com, As CoinTelegraph …
	‘Economist’ Proposes “Re-Employment Bonus” To Bribe Government-Sponsored Couch-Sitters To Get A Job ‘Economist’ Proposes “Re-Employment Bonus” To Bribe Government-Sponsored Couch-Sitters To Get A Job Authored by Jazz Shaw via HotAir.com, Despite the best efforts of our friends in the mainstream media to deny it, this is a trend that we’ve been tracking for more than a month now. As the pandemic fades and employers reopen their doors, many are finding it hard to bring back their previous workers or attract new, qualified applicants. It’s been reported inÂ South CarolinaÂ and inÂ Massachusetts. Many of the former workers who have been interviewed have admitted that federally enh …
	Heathrow Airport could divert aircraft to ease crowding Contingency plans are being made to divert passengers to other UK airports or EU hubs due to border queues.
	TUI and EasyJet offer amber country holidays despite government advice Non-essential travel will be allowed to some amber countries, despite travel for leisure being discouraged.
	UK economy picks up as lockdown restrictions ease The UK economy shrank by 1.5% in the first three months of 2021, but picked up speed in March.
	Uday Shankar, James Murdoch file for $300 million IPO in US The blank check company Seven Island Inc will explore acquisition opportunities in the media, entertainment, consumer technology, healthcare, and education industries space.
	India likely to get third power exchange owned by PTC, BSE by year end Pranurja Solutions had submitted the draft rules and bye-laws at the time of filing the petition, according to the CERC order issued on Wednesday.
	Should you buy gold this Akshaya Tritiya? Analysts see 8% likely return This year, buying the yellow metal on Friday’s Akshaya Tritiya may help grow your wealth faster, as analysts believe the yellow metal is all set to climb its all-time high.
	: EU court says Amazon was wrongly ordered to pay $300 million in back taxes Europe’s second-highest court on Wednesday annulled a European Commission ruling that ordered Amazon to pay some ‚¬250 million to Luxembourg.
	: Guinness parent Diageo restarts plan to return $6.4 billion to shareholders amid strong rebound Guinness owner Diageo said it would resume plans to return Â£4.5 billion to shareholders, as its recovery from the COVID-19 pandemic continues to gather pace.
	: This second-hand clothing platform teens are crazy about has just been valued at $4.2 billion Lithuania-based Vinted has been valued at ‚¬3.5 billion ($4.2 billion) in its latest fundraising round, highlighting growing investor appetite for sustainable fashion.