Written by Gary
Dick’s Sporting Goods earnings crush estimates as kids head back to team sports (SPY 0.3%). Nordstrom shares fall and FAA downgrades Mexico air safety rating, prohibiting new flights.
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. | |
 | Is This The Worlds Most Exciting Oil Discovery? An Interview With Craig SteinkeAfter very promising results on their first well in Namibias giant Kavango basin, global attention has turned to this small Canadian explorer as it drills its second well in a basin estimated by a world-renowned geochemist to potentially hold up to 120 billion barrels. In an interview with Oilprice.coms James Stafford, Steinke, the founder and President of Reconnaissance Energy Africa (Recon Africa) (TSX.V: RECO, OTCMKTS:RECAF) discusses: Why RECOs first drill has garnered international attention After the |
| Whats More Probable? $100 Oil Or $500,000 BitcoinThis is the age of wild predictions, for both commodities and cryptocurrencies, but with oil, at least here are some fundamentals to go by. For bitcoin, theres only sentiment and whales. No one, not even big banks, can seem to keep a lid on their headline-grabbing predictions in the age of too much data. Last week, even as Bitcoin was on a fast-track losing streak, Ark Investment Management CEO Cathie Wood told Bloomberg TV that it would rise to $500,000. It was at $30,000 when she pulled out that crypto-crystal |
| Clean Power Push Set To Upend The Geopolitics Of EnergyThe global push for clean power generation and increased electrification in transportation is creating a new world order in energy where new winners and losers may emerge. If the world moves toward predominantly renewable energy sources, the influence of a small number of oil-producing petrostates concentrated in a conflict-prone region is set to wane. At the same time, new power players will emerge, analysts say. These will be the countries holding reserves of the key energy transition minerals or hosting sites for the production of batteries, |
| Africas Oil Nations Will Be Doomed If Exploration Is HaltedThe IEAs shocking call for no new oil and gas exploration on the path to net-zero emissions doesnt necessarily follow that demand through to its logical end game. A line-up of countries would descend into chaos, creating global instability that would itself threaten the climate by hindering a natural energy transition. Lofty goals are, well, lofty. And more often than not, they are Western, for obvious reasons emanating from developed countries. Outside of North America, the East Asian powerhouses and Western Europe … |
| Oil Rises On Bullish API Inventory ReportThe American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 439,000 barrels for the week ending May 21. Analysts had predicted a draw of 1.050 million barrels for the week. In the previous week, the API reported a modest build in oil inventories of 620,000 barrels after analysts had predicted a larger build of 1.680 million barrels. Since the start of 2020, crude oil inventories have grown by more than 50 million barrels, according to API data. Oil prices started off the day trading slightly down but returned to |
| Iran Has 69 Million Barrels Of Oil Ready For When U.S. Sanctions EndIran may have some 69 million barrels of oil in floating storage waiting on tankers to travel to buyers when U.S. sanctions on its crude oil exports are removed, estimates from E.A. Gibson Shipbrokers cited by Bloomberg showed on Tuesday. Citigroup also has a similar estimate on Irans floating storage. In a note on Monday, the bank said Iran could have around 65 million barrels of oil stored at sea, plus another 54 million barrels in storage onshore. The United States and Iran have been holding indirect talks in Vienna since last |
| Why income inequality is growing at the fastest rate among Asian AmericansThe income gap within the Asian American community is growing at a faster rate than any other ethnic group. Here’s why, and what’s being done about it. |
| Fanatics opens first LA store exclusive to Paris Saint-Germain soccer clubThe PSG store in Westfield Century City Mall in Los Angeles is the first retail location in North America for the France-based club. |
| Dick’s Sporting Goods earnings crush estimates as kids head back to team sports, retailer raises forecastDick’s Sporting Goods cited a boost from more kids returning to team sports for its sales and earnings beat during the fiscal first quarter. |
| 5 things to know before the stock market opens WednesdayU.S. stock futures rose Wednesday after the Dow broke a three-day winning streak. |
| With Art Basel Hong Kong and Eurovision in the same weekend, the global arts scene signals a returnWith two major events in the same weekend, the international arts scene signaled it has no intention of letting yet another year get canceled by Covid. Â |
| Malaysia now has more Covid cases per million people than IndiaMalaysia, a country in Southeast Asia, has been battling a surge in Covid-19 cases while India is experiencing a devastating second wave. |
| Commerce secretary on boosting U.S. semiconductor production: ‘We’re going to get it done’Commerce Secretary Gina Raimondo told CNBC’s Jim Cramer she was confident the U.S. would successfully expand semiconductor production. |
| Charts show Roblox, Take-Two and Activision Blizzard can run higher, Cramer saysTechnical indicators show Roblox, Take-Two Interactive and Activision Blizzard could see more upside, “Mad Money” host Jim Cramer said Tuesday. |
| Cramer says keep buying dips in the stock market due to ‘stampede’ of bullish catalysts“Mad Money” host Jim Cramer said Tuesday he sees a “stampede” of bull cases helping lift the market higher during the Covid recovery. |
| Nordstrom shares fall as earnings and 2021 outlook disappointNordstrom said its first-quarter net sales were down 13% relative to the same period in fiscal 2019. |
| White House officials say China hasn’t been ‘completely transparent’ in Covid origin investigationThe WHO has said that the virus likely came from an animal host, but the agency has not ruled out the possibility that it leaked from a lab. |
| Travel stocks pick up steam this week. How two traders would get exposure to the groupShares of cruise liners and airlines are on the rise in May’s final trading week, and two market analysts are forecasting more gains. |
| FAA downgrades Mexico air safety rating, prohibiting new flights from country’s airlinesThe FAA downgraded Mexico’s air safety rating, prohibiting new flights from the country’s airlines |
| Ford Reveals That 4 Out Of 10 Cars It Sells In 2030 Will Be ElectricFord Reveals That 4 Out Of 10 Cars It Sells In 2030 Will Be Electric Ford’s hopes to follow in Tesla’s and GM’s footsteps and piggyback on the EV/ESG bandwagon will be tested this morning, with Ford stock spiking then sliding in jittery trade after Ford confirmed yesterday’s Reuters rumor that the company would boost spending on electric vehicles by at least 36% to $30 billion and said that 40% of Ford global vehicle volume to be all-electric by 2030; Ford also said it is creating a commercial vehicles service and distribution business to be known as FordPro to generate a recurring revenue stream. Moving away form a single transaction business model — where all revenue comes from the sale of a car — will help the automaker realize an 8% operating margin by 2023, it said in a statement. The announcement comes ahead of its Capital Markets Day meeting with investors, in which among other things, Ford explains how it will “lead the electrification revolution”: |
| Biden Shut Down Wuhan Lab Investigation Probing COVID-19 Origins: ReportBiden Shut Down Wuhan Lab Investigation Probing COVID-19 Origins: Report The Biden administration pulled the plug on a Trump-era State Department investigation into whether COVID-19 originated from the Wuhan Institute of Virology in China, according to a Tuesday evening report by CNN. The effort, led by then-Secretary of State Mike Pompeo, also sought to determine whether China’s biological weapons program may have played a role in the pandemic. According to the report, it was met with internal opposition from officials who thought it was simply a politicized witch hunt to blame China for the virus.
According to three unnamed sources, when Biden was briefed on the investigations’ findings in February and March, he pulled the plug – and instead opted to trust the findings of the World Health Organization, which conducted an ‘investigation’ earlier this year which turned ou … |
| Futures Jump As Coordinated Central Bankers Push Back On Inflation FearsFutures Jump As Coordinated Central Bankers Push Back On Inflation Fears US equity futures rose on Wednesday, rebounding from a modest dip the day before as more central-bank officials joined the chorus predicting that inflationary pressures are transitory, while a recent dip in bond yields supported Nasdaq futures climb for a third straight session. At 7:15 a.m. ET, Dow e-minis were up 82 points, or 0.24%, S&P 500 e-minis were up 14 points, or 0.33%, and Nasdaq 100 e-minis were up 51.25 points, or 0.38%. Treasuries and the dollar were roughly flat, recovering from an earlier drop. BItcoin soared back over $40,000, rising as much as 8.6%, before paring gains.
Among the notable premarket moves were retail trader favorites GameStop and AMC which surged in U.S. premarket trading, adding to Tuesday’s rally as investors touted the stocks on social media platforms including Twitter, Stocktwits and trader WallStreetBets. The gains will add to losses for short-sellers of the stocks who have already seen $6.8 billion in mark-to-market losses this year, according to S3 Partners. … |
| Inflation, Money, And Supply BottlenecksInflation, Money, And Supply Bottlenecks Authored by Daniel Lacalle, œThe constant refinancing of debt from companies of doubtful viability also leads to the perpetuation of overcapacity because a key process for economic progress, such as creative destruction, is eliminated or limited .
One of the arguments most used by central banks regarding the increase in inflation is that it is because of bottlenecks and that the recovery in demand has created tensions in the supply chain. However, the evidence shows us that most commodities have risen in tandem in an environment of a wide level of spare capacity and even overcapacity. If we analyse the utilization ratio of industrial and manufacturing productive capacity, we see that countries such as Russia (61%) or India (66%) are at a clear level of structural overcapacity and a utilization of productive capacity that remains still sever … |
| Building projects hit by lack of supplies and price risesIndustry warns people to delay home improvement due to shortage of cement, electric components, timber and steel. |
| M&S to close 30 more shops as Ocado deal pays offThe store chain has reported big losses for last year as the pandemic took its toll on clothing sales. |
| ‘Irresponsible’ London Underground Bitcoin advert bannedCryptocurrency exchange Luno rapped by the ASA for targeting inexperienced consumers |
| Strong pipeline for small biz IPOs; BSE SME to see over 60 listing in one yearLast year, only 16 SMEs had tapped the initial public offering (IPO) route and raised Rs 100 crore. |
| Manappuram Finance Q4 results: Net profit jumps 17% to Rs 468 crDuring the latest March quarter, total consolidated income increased to Rs 1,630.25 crore from Rs 1,618.15 crore in the same period a year ago. |
| As Credit Suisse calls top on steel stocks, three sectors may gain from fund rotationCredit Suisse downgraded its stance on the sector to œunderweight as it said that the surge in global steel price may have run its course. |
| The Moneyist: My wife has 125 lipsticks. Her $11K cosmetics bill is our household’s largest expense ” exceeding vehicles and housing‘She spends 100% of her free time watching teenagers, with $100,000 cosmetic collections, play with makeup on YouTube.’ |
| The Big Move: Do I need to put my wife’s name on my house? Doesn’t she automatically inherit it when I die?‘I built a house in 1995. I got married to my wife in 1999. I did not know her when I built my house in 1995.’ |
| A Word from the Experts: Breakthrough infections in people who have gotten their COVID-19 shots are very rare. But here’s why Rick Bright wants the CDC to restart the sequencing of all viral strains.Rick Bright is no stranger to pandemics. The virologist and immunologist has worked under four presidents. |
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