11Jun2021 Pre-Market Commentary: Wall Street Stock Futures Rose Friday, One Day After The SP 500 Logged Its 27th Record Close Of 2021 But Its First Since May 7, DOW Up 92 Points, Nasdaq Up 0.1%

Written by Gary

Futures extend record highs as inflation fears fade (SPY +0.1%). Rail Week shows moderate slowing in intuitive sectors. Premarket movers: Snowflake, Vertex Pharmaceuticals, Chewy.

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 Most Exciting Oil Play Of The Last 20 Years? The African nation of Namibia has never produced a barrel of oil in its history. Now, for the second time in less than two months, its received positive signs that it could be home to 120 Billion barrels of oil generated in its giant Kavango basin. The small-cap explorer thats bringing in the good news for Namibia is Reconnaissance Energy Africa (Recon Africa) (TSXV:RECO, OTC:RECAF), and its stock spiked last week after it encountered evidence of oil and gas for a second time and made an impressive commitment to
	A Scorching Hot Middle East Summer Could Send Oil Prices Soaring Economies reopening after lockdowns and a consequent surge in travel have pushed crude oil prices to levels last seen years ago. Now, something else can push them even higher: the weather. Summer is hot in the Middle East. It is peak power consumption season as air conditioners become vital. This year, according to a Bloomberg report, consumption will be even higher than usual due to higher temperatures. The report mentions electricity consumption in Kuwait, which this week hit a new record as summer began earlier than usual. The report also noted
	3 Stocks To Watch As The Hydrogen Boom Takes Off Hydrogen may be one of the most promising sources of clean fuel for a net-zero emissions world. it may one day completely take over heavy industry. And those high costs of production that had it stopping and starting well, theyre changing–fast. Hydrogen is now racing toward an $11 trillion marketplace. Ammonia, the newest shining star of the hydrogen game, is expected to increase in market potential to over $80 billion. The two go hand in hand. Together, they could completely disrupt the energy industry.
	Canada’s Terra Nova Oilfield Rescue In Jeopardy The talks between the government of Newfoundland and Labrador and Suncor Energy designed to saving the troubled Terra Nova oilfield have collapsed, with the province declining to take a financial interest in the project, according to CBC News. But the collapse of the oilfield could cost Newfoundland and Labrador hundreds of millions of dollars. Suncor Energythe lead partner and operator for Terra Nova, approved NL to take a 15% interest in the oilfield. But the province, according to CBC News sources, said that the stakes were too high.
	U.S. LNG Exports Set For Another Record High This Year U.S. exports of liquefied natural gas (LNG) are set to surge this year from the already record levels in 2020 as demand in Asia and Europe is high, even in the off-peak season. All-time high LNG exports from America, coupled with rising domestic natural gas consumption outside of the power sector, are set to keep the U.S. benchmark, the Henry Hub spot price, averaging above $3 per million British thermal units (MMBtu) this year. This would be more than $1/MMBtu above last years average price of just $2.03/MMBtu, the Energy Information
	World’s Largest Copper Miners Leave Money On The Table During Epic Rally While the trend is clearly downward since hitting record highs a month ago, copper is still trading within earshot of five digits per tonne. The recovery since the depth of the pandemic lit a fire under copper stocks, but not all miners have been able to take full advantage of the rally. In fact, many big names have seen output drop this year, or showed tepid growth. Big names like BHP (reduced workforce in Chile), Southern Copper (lower grades), Antofagasta (reduced workforce) and Rio Tinto missed an opportunity, while for Norilsk
	As demand surges and prices rise, here are 7 ways to save on travel this summer Americans are ready to travel this summer. Here’s how to do it without blowing your budget.
	Why golf club-maker Callaway is moving away from the fairway Callaway completed its merger with golf entertainment business Topgolf in March.
	Cement giant LafargeHolcim is teaming up with GE’s renewables unit on wind turbine recyclingÂ The plans announced this week build on the companies’ existing relationship.
	5 things to know before the stock market opens Friday U.S. stock futures rose Friday, one day after the S&P 500 logged its 27th record close of 2021 but its first since May 7.
	Cornwall, home of the climate-themed G-7 summit, is embracing a push toward renewable energy As well as wind and solar projects, Cornwall is also home to a fledgling geothermal energy sector.
	MLB Hall of Fame catcher Johnny Bench on sticky baseball controversy: ‘A little pine tar never hurt’ Hall of Fame catcher Johnny Bench said headlines on pitchers using pine tar and other sticky substances on baseballs shouldn’t come as a surprise to fans.
	Chewy CEO says dog, cat adoption rates have remained high as the economy reopens “Overall adoptions we believe [are] up still year over year by double-digit percentages both across dog and cat,” Chewy CEO Sumit Singh said in a CNBC interview.
	Jim Cramer reacts to red-hot inflation number: ‘The market took it in stride’ “When everyone expects an outrageous government statistic, then it isn’t actually outrageous when you get it,” he said on “Mad Money.”
	Signet CEO sees more strength ahead for online jewelry sales, which doubled in latest quarter The CEO of Signet, owner of Zales andÂ Kay Jewelers, said its e-commerce push will pay off, even post-pandemic. Its online sales doubled in the first quarter.
	Third member of prestigious FDA panel resigns over approval of Biogen’s Alzheimer’s drug A third member of a key FDA panel has resigned over the agency’s controversial decision to approve Biogen’s new Alzheimer’s drug, Aduhelm, CNBC has learned.
	Top FDA advisor says kids need to be vaccinated against Covid Children need to be vaccinated against Covid-19, Dr. Paul Offit, a top advisor to the FDA on children’s vaccines, told the agency Thursday.
	Here’s why cryptocurrency crashes on weekends Cryptocurrency crashes often happen on weekends. The volatility draws scrutiny from regulators weighing the future of digital currency.
	Biogen’s new Alzheimer’s drug could cost Medicare billions of dollars a year, report finds Biogen’s new Alzheimer’s drug, Aduhelm, could cost Medicare billions of dollars a year, according to an analysis by the nonprofit Kaiser Family Foundation.
	The Fed’s Sneaky Plot The Fed’s Sneaky Plot Authored by Charles Hugh Smith via The Daily Reckoning blog, For the past 22 years, every time the stock market whimpered, wheezed or whined, the Federal Reserve rushed to soothe the spoiled crybaby. There are two consequential results of theÂ Fed as savior: 1. The Fed has perfectedÂ moral hazard: everyone from the money manager betting billions to the punters gambling their stimmy money is absolutely confident I can’t lose because the Fed will always push the market higher. What happens when participants are confident they can’t possibly lose? They make ever-riskier and ever-larger bets. The entire nation is in the grip of a moral hazard mania, all based on the confidence that the Fed will always push every market higher “always, without fail. 2. Organic (i.e. non-manipulated) market forces have been extinguished. There is now only one consequential force, the Fed. All markets are now 100% dependent on the Fed responding to every bleat from every punter who’s recklessly risky bet is about to go bad. The Fed is now the perfect union of quasi-religious savior andÂ Helicopter Parent: oh dear, our little darling got high and crashed the Porsche? Quick, let’s save our precious market from any consequences! Every day, Fed speakers take to the pulpit to spew another sermon about the Fed’s god-like power and wisdom. The true believers soak up every word: golly-gee, the Fed is better than any god ” it’s guaranteeing I can get ri …
	Futures Extend Record Highs As Inflation Fears Fade Futures Extend Record Highs As Inflation Fears Fade S&P futures – which overnight rolled from the ESM (June) to the ESU (Sept) contract – extended gains on Friday further into record territory as inflation fears receded into the background calming concerns over a possible long-term spike in rising prices, with investors now turning focus to next week’s Federal Reserve meeting for more cues on monetary policy. Treasuries were steady, trading at 1.44% – just above the lowest level since March – amid growing (if wrong, according to BofA and DB) confidence inflation will prove transitory, leaving scope for continued central-bank support. S&P 500 E-minis were up 7.25 points, or 0.17 at 06:36 a.m. ET. Dow E-minis were up 77 points, or 0.22%, while Nasdaq 100 E-minis were up 30.25 points, or 0.22%. After seeing fresh all-time highs on Thursday, US equity futures have largely been traversing sideways, in wake of Thursday’s dovish ECB confab, and surging US inflation, which …
	Biden & BoJo Set Aside Differences And Reaffirm “Indestructible” Bilateral Relationship Biden & BoJo Set Aside Differences And Reaffirm “Indestructible” Bilateral Relationship British Prime Minister Boris Johnson treated President Biden to an enthusiastic welcome after he arrived in Cornwall for the president’s first trip abroad since his inauguration. Despite worries about lingering differences between the two leaders, Biden & BoJo treated the reporters present to an exuberant press conference where the two leaders waxed poetic about the importance of the bilateral relationship, before holding a ceremonial (but largely hollow) ceremonial re-signing of the Atlantic Charter, a document originally signed by FDR and Winston Churchill. Biden and his team are big fans of this type of historical regurgitation – as if holding Biden in stark relief to past presidents like FDR or JFK will somehow make him seem more presidential. And it appears BoJo was more than happy to join in the fun. Of course, as the two leaders continued on with nary a mention of the post-Brexit trade tensions that have prompted Biden to speak out against BoJo several times already. “Prime Minister Johnson and I had a very pro …
	Taibbi: Let the Apes Have Wall Street Taibbi: Let the Apes Have Wall Street Authored by Matt Taibbi via TK News On CNBC’s Fast Money last week, anchor Melissa Lee appeared to mention the unmentionable. She was talking with Tim Seymour, CEO of Seymour Asset Management, who made offhand mention of the hedge funds shorting now-infamous stocks like AMC and GameStop. œLook, there are a lot of short sellers out there who have been borrowing stock they didn’t have, Seymour said. œNaked shorts, yeah, said Lee. You could almost hear a reverse record-scratch over the airwaves. Did a CNBC anchor really say that out loud?
	Can cryptos change the fortunes of struggling asset management industry? A new report suggests that the cryptocurrency markets offer a great opportunity for fund managers and wealth management firms to tap a new client base and seize a source of fresh revenue.
	Shyam Metalics IPO opens on Monday: Should you subscribe to the issue? Analysts said the company has consistently outperformed its peers in terms of profitability. They said the majority of the power that Shyam Metalics consumes is met through captive sources, which results in low power costs and, thereby, improved operating performance vis-Ã -vis its peers.
	Can Warren Buffett’s favourite sector deliver D-Street’s biggest compounder this decade? As the insurance industry is relatively nascent in India compared with its developed market peers, the runway for growth is much longer.
	Rail Week Ending 05 June 2021 – Moderate Slowing In Intuitive Sectors Written by Steven Hansen Week 22 of 2021 shows the same week total rail traffic (from the same week one year ago) improved according to the Association of American Railroads (AAR) traffic data. Total rail traffic is now surging as it is being compared to the pandemic lockdown period one year ago.
	Market Snapshot: U.S. stock futures crawl higher after S&P 500 scores record close Stock-index futures edge higher Friday, looking to end the week on a positive note after the S&P 500 index logged a record close even after another round of hotter-than-expected inflation data.
	Europe Markets: European stocks add to gains as investors aren’t scared of U.S. inflation spike Stocks are rising as the weekend approaches, after investors decide they aren’t that worried about an inflation jump.
	Buy This, Not That: Dreaming of renting an RV for your next great road trip? Here’s exactly how to do it right From where to go, to how to rent a recreational vehicle, trailer or camper van, RV pros share their best travel advice.