27May2021 Pre-Market Commentary: Wall Street Opened Mixed, And The 10-year Treasury Yield Was Higher, After Of A Burst Of Morning Economic Data, DOW Up 133 Points, Nasdaq Down 0.4%, WTI Crude Slides 65.72

Written by Gary

Best Buy sales jump 36% as consumers splurge on electronics, retailer raises forecast (SPY +0.06%). US Durable Goods New Orders Unexpectedly Tumble In April.

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.
	Soaring Solar Costs Could Slow The Renewable Boom This year looked like it would be a windfall… for renewable energy companies with the advent of the Biden Administration and its massively expensive clean energy push. Nevertheless, solar is getting left behind unexpectedly.Year-to-date, solar module prices have risen 18 percent after consecutive years of falling into the mainstreams grasp. One element in the solar module equation is to blame: polysilicon. Polysilicon (known more formally as polycrystalline silicon) is a high-purity form of silicon that is a fundamental ingredient
	Is This The Most Exciting Gold Play Of The Year? The first discovery in this gold patch last year netted investors 7,000% returns. A potential second could net them even more. These are the types of gold plays that come along only once-in-a-lifetime. Amex Exploration (TSX:AMEX) made the first discovery of high-grade gold discovery last year in its Perron Gold project. Right before that announcement, another small-cap miner, Starr Peak Mining Ltd. (TSX:STE.V; OTC:STRPF), bought up most of the land adjacent to Amex. And then it scooped upthe nearby past-producing Normetal Mine, which
	Activist Investor Wins Exxon Board Seats In Day Of Reckoning For Big Oil Activist investor fund Engine No. 1 was victorious today in Exxons annual shareholder meeting on Wednesday. Engine No. 1, small though it may be, was successful in obtaining at least two board seats at the oil giant after a devastating battle over Exxons board of directors. The vote on a third Engine No. 1-supported candidate is for now undecided, as it is too close to call. Engine No. 1 proved unsuccessful in its fourth candidate. Engine No. 1 holds just a $54 million stake in Exxon. Exxon, for its part, managed to get eight of its
	Renewables Are Facing A Moment Of Truth Renewable energy was among the best-performing segments of the stock market last year as solar and wind saw large capacity additions despite the pandemic, indicating the industry was quite resilient to shocks. Yet there is such a thing as too successful, and now MSCI is warning that the state of affairs in renewable energy stocks may be taking the shape of a bubble. The bubble is as big as it was in tech before the dotcom crisis, according to data from the index provider. The data shows that renewable energy stocks have become so popular that the
	Norway’s Oil Industry Boosts Investment Despite IEA Report Oil firms expect to spend 4.8 percent more on oil and gas operations offshore Norway in 2021 compared to the previous estimate three months ago, thanks to more fields coming on stream, Statistics Norway said in its quarterly survey on Wednesday. Total investments in oil and gas activity, including pipeline transportation, are now estimated at US$21.8 billion (181.9 billion Norwegian crowns) for this year, which is 4.8 percent higher than estimated in the previous quarter. The higher investment forecast is mainly driven by field development and
	Sanctions-busting Iranian Pipeline To Make First Shipment In June Irans Goreh-Jask oil pipeline is due to ship its first crude oil in June, with all construction having finished last week. This pipeline will enable Iran to transport huge quantities of oil from its major oil fields via Goreh in the Shoaybiyeh-ye Gharbi Rural District of Khuzestan Province 1100 kilometres to the port of Jask in Hormozgan province on the Gulf of Oman. The 42-inch pipeline is absolutely crucial to Irans ability to continue to circumvent U.S.-led sanctions against it and to consolidate its burgeoning customer base in
	Denmark’s Orsted to work with South Korean steel giant on offshore wind, renewable hydrogen Announcement builds upon existing relationship between the two companies.
	Rolls-Royce launches the ‘most ambitious’ car it’s ever created Rolls-Royce Motor Cars on Thursday unveiled the Boat Tail, a luxury vehicle model it has dubbed “the most ambitious motor car ever created.”
	Suffering from sticker shock? Here are 3 things you shouldn’t buy now while prices are high New cars, airfares and building supplies are suddenly more expensive. If you are planning one of these purchases, it may pay to wait until prices come down.
	5 things to know before the stock market opens Thursday U.S. stock futures were mostly lower Thursday, and the 10-year Treasury yield was higher, after of a burst of morning economic data.
	Best Buy sales jump 36% as consumers splurge on electronics, retailer raises forecast Best Buy said stimulus checks and a hot housing market fueled strong demand for technology and appliances in the fiscal first quarter.
	Russia won’t make Covid vaccines compulsory, Putin says, but skepticism remains a problem Some officials in Russia had proposed making vaccination mandatory, but Putin said the controversial measure would be “counterproductive.”
	Electric vehicles need to be owned longer, driven further to offset ’embedded carbon,’ Jefferies says Jefferies’ Simon Powell says a “huge amount” of carbon is emitted when materials like steel and aluminum are created and put together for vehicle manufacturing.
	Walmart and Gap are coming together to create an exclusive home decor brand With the move, Walmart is looking to drive more online sales and Gap wants to strengthen its brand among shoppers.
	William Hill Sportsbook debuts, bringing sports betting inside a U.S. stadium Washington’s Capital One Arena is now the home of the first in-arena sportsbook.
	NYC restaurants are struggling to find workers as Covid restrictions are lifted, Danny Meyer says “Nobody can hire back all of their workers even if they wanted to because many of our workers have left the city,” Shake Shack founder Danny Meyer said.
	Privacy laws need updating after Google deal with HCA Healthcare, medical ethics professor says Privacy laws in the U.S. need to be updated, especially after Google struck a deal with a major hospital chain, medical ethics expert Arthur Kaplan said.
	Cramer says investors who are short GameStop and AMC are out of their mind “WallStreetBets is too powerful, and trying to bet against them right now is just giving them more ammo,” the “Mad Money” host said.
	Snowflake CEO urges investors to be patient with stock during multiyear cloud transition Snowflake shareholders need to remember the cloud transition is playing out over a multiyear period, CEO Frank Slootman told CNBC’s Jim Cramer.
	Q1 GDP Stuck At 6.4% After Revision As Core PCE Comes In Hotter Than Expected Q1 GDP Stuck At 6.4% After Revision As Core PCE Comes In Hotter Than Expected While few will care what Q1 GDP did in the last quarter according to the BEA’s 2nd estimate of US economic output (when we already knew it came in superhot thanks to Biden’s trillions in stimmies) some were curious what the Fed’s preferred inflation metric, the core PCE would say, after the recent near-record prints in that “other” inflation dataset, the CPI. To answer any and all such questions, today the BEA revealed that according to its revised estimate, in Q1 the US economy grew 6.4% SAAR, unchanged from its first estimate and missing Wall Street consensus expectations of 6.5% by the smallest possible fraction. The composition of the GDP growth was roughly in line with the first estimate, with the bulk of the move driven by personal consumption, which rose 11.3% in 1Q, higher than the 11.0% initial estimate after rising 2.3% prior quarter. Fixed investment was also revised modestly higher, accounting for 1.96% of the bottom line GDP print, up from 1.77%. Offsetting these increases, were declines in Private Inventories (whe …
	Despite Initial Claims Drop, Almost 16 Million Americans Remain On Government Dole Despite Initial Claims Drop, Almost 16 Million Americans Remain On Government Dole Initial Jobless Claims tumbled (positively) to their lowest since the pandemic lockdowns began, adding just 406k Americans last week (well below the 425k expected). This is still double the pre-pandemic norms… Source: Bloomberg And despite the ongoing trend of improvement, there are still just under 16 million Americans on some form of government dole… Source: Bloomberg Bear in mind that while Congress …
	US Durable Goods New Orders Unexpectedly Tumble In April US Durable Goods New Orders Unexpectedly Tumble In April Analysts expected US durable goods orders to rise for the 12th straight month in April, but were significantly disappointed as the headline print (preliminary) tumbled 1.3% MoM (vs +0.8% MoM exp). Source: Bloomberg That is the first drop since April 2020’s lockdown collapse. There is a silver lining in the report however as Capital Goods Orders Non-Defense Ex Aircraft and Parts (a proxy for Capex) – surged 2.3% MoM – well above the 1.0% MoM expected – and March was revised higher.
	PBOC Holds Unexpected Meeting On FX, Says Yuan Surge Not Used To Offset Soaring Commodity Inflation PBOC Holds Unexpected Meeting On FX, Says Yuan Surge Not Used To Offset Soaring Commodity Inflation With the Chinese yuan on a rampage in recent weeks, hitting the highest since March 2016 against a basket of trading partners’ currencies as the USDCNH rose above the critical resistance level of 6.40 on Wednesday… … some were waiting for the PBOC to address this relentless ascent, especially after Chinese state-owned banks entered the market on Tuesday to buy dollars and push the yuan lower amid speculation that the currency had gotten so strong it was hitting Chinese exports or that, inversely, it was hoping for an even stronger yuan to offset soaring domestic inflation. That’s precisely what happened this morning when after an ad hoc meeting organized by the central bank and other government bodies with major forex market players Thursday, the PBOC said in a statement that exchange rate can’t be used as …
	Airbus ramps up production as it eyes post-Covid recovery The world’s largest planemaker says demand from the crisis-hit airline sector will hit pre-Covid levels by 2025.
	Paddling pools for dogs boost Pets at Home sales The firm’s retail revenues top Â£1bn but Covid-related costs take a bite out of underlying profits.
	NatWest launches ‘urgent’ cryptocurrency scam alert A warning on NatWest’s banking app warns customers to beware of cryptocurrency scams.
	Now, deposit Bitcoins, other cryptos like bank FD & earn interest on them ZebPay, one of the largest cryptocurrency exchanges in India, on Thursday said it would be launching a lending platform on which crypto investors would be able to lend their coins to the company to earn fixed passive returns. This will be on top of any capital appreciation.
	Sun Pharma Q4 results: Consolidated PAT rises 123% YoY to Rs 894 cr, misses estimates; board to pay Rs 2 dividend The big miss on the bottomline by the company was a result of an exceptional loss worth Rs 672.8 crore related to various litigation settlements pertaining to some of its subsidiaries.
	Kalyan Jewellers Q4 results: Net profit jumps 54% to Rs 73.91 crore The total revenue for the quarter was Rs 3056.6 crore as compared to the revenue of Rs 2140.7 crore for the same quarter in the previous year, a growth of 42.78 per cent.
	Economic Report: Unemployment claims fall to new pandemic low of 406,000 as layoffs wane New applications for regular unemployment benefits fell in late May for the fourth week in a row as the economic recovery from the waning coronavirus pandemic induced companies to hire more workers. Initial jobless claims sank 38,000 to 406,000.
	Economic Report: U.S. GDP expanded at unrevised 6.4% rate in first quarter The U.S. economy expanded at an annual 6.4% pace in the first quarter, unrevised from the initial estimate last month the Commerce Department said Thursday.
	Earnings Results: Workday beats estimates as subscriptions rise Workday Inc. on Wednesday attributed its first-quarter results to an improving market as companies prepare their businesses for a “post-pandemic world.”