Written by Gary
U.S. stock futures are mixed ahead of Wednesday afternoon’s conclusion of the Fed’s June meeting (SPY -0.04%). Biggest premarket movers: Oracle, Roblox, Kindred Biosciences.
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. | |
 | 2 Stocks That Could Play Pivotal Roles In Americas Infrastructure MakeoverRolling blackouts, freezing homes, and skyrocketing electricity prices. Back in February, Texas’ primary electric grid suffered a one-two punch wrought by the deep freeze and off-the-charts demand for power as power plants struggled to keep up with heating demand. Power outages such as the Texas one are not only becoming much more frequent compared to the situation two decades ago but are also increasing in severity mainly due to climate stresses and a power grid that’s increasingly unable to hold up. The Texas blackouts marked the third time the |
| Hackers Arent The Only Threat To The U.S. Power IndustryThe power utility sector is one of the industries that are about to see the most dramatic change as parts of the world move towards a lower-carbon energy future. Utilities have been active in lowering their carbon footprint. However, there is still much work to do per the Paris Agreement targets and government pledges for net-zero by 2050. But theres one thing utilities seem to have underestimated: the need to digitize just as fast as they want to decarbonize. A new survey from EY has revealed that power utilities are almost completely unprepared |
| Japan Aims To Make Hydrogen Power MainstreamJapan, a country heavily dependent on fossil fuel imports, is betting big on hydrogen in industry, power generation, vehicles, and shipping as it looks to reach net-zero emissions by 2050. The countrys new green strategy relies on hydrogen to cut the dependence on fossil fuels. Hydrogen has gained a massive amount of traction and hype in recent months as governments, international organizations, and oil and gas supermajors say that it could be the key to helping the decarbonization of emission-intensive industries in the energy transition. |
| The Secret To Securing Conflict-Free MetalsFollowing a presentation at the G7 Summit Fringe in Cornwall, Fieldfisher released a new guide titled Supplying responsibly: Towards a clean metals supply chain, where the London-based law firm outlines how upstream suppliers of mineral and metals products can comply with new legislation on, and customer demand for, clean, conflict-free raw materials. One of the main points Fieldfisher presents in the guide is that enhanced supply chain scrutiny should not be about risk-avoidance, that is, about dodging certain jurisdictions affected |
| The Renewable Boom Faces A Major Hurdle Despite Record InvestmentsAs the global clean energy revolution has accelerated at a breakneck pace over the last year, the renewable energy industry has encountered some serious growing pains. Earlier this year, the gangbusters green energy revolution of 2020 finally seemed to experience a market correction as previously white-hot stocks finally started to decrease in price. Last month, two major exchange-traded funds which center their portfolios around clean energy investments, Invesco Solar ETF TAN and the Invesco WilderHill Clean Energy ETF PBW, were down 30% and 26% |
| Oil Prices Climb On Huge Inventory DrawThe American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 8.537-million barrels for the week ending June 11. Analysts had predicted a much smaller draw of 3.290 million barrels for the week. In the previous week, the API reported a draw in oil inventories of 2.108 million barrels after analysts had predicted a draw of 2.036 million barrels. Crude oil inventories have fallen by more than 22 million barrels since the start of 2021, according to API data, but are still up 34 million barrels since January 2020. WTI |
| Novartis CEO says future pandemics are bound to happen. Here’s how to prepare for the next oneThe CEO of Swiss pharmaceutical giant Novartis on Wednesday outlined how policymakers and the health care industry can improve pandemic preparedness. |
| Diageo becomes first spirits company to sign sponsorship deal with NFLSmirnoff Vodka owner Diageo has signed a multiyear deal with the NFL to become the league’s first spirits sponsor. |
| How Rebecca Minkoff started her business with $10,000 and an appetite for riskFashion designer Rebecca Minkoff took risks to get her business off the ground. She applied that same philosophy towards surviving the coronavirus pandemic. |
| 5 things to know before the stock market opens WednesdayU.S. stock futures were flat ahead of Wednesday afternoon’s conclusion of the Federal Reserve’s two-day June meeting. |
| Ford’s luxury Lincoln brand aims for half of sales to be electric vehicles by 2026Lincoln expects about half of its sales to be all-electric models by 2026, as it plans to offer new EVs across its portfolio of vehicles within the next decade. |
| Volvo to produce new Polestar 3 electric SUV in South CarolinaSwedish carmaker Volvo plans to produce a new premium SUV for its electric Polestar brand at a plant in Charleston, South Carolina. |
| Regeneron antibody ‘cocktail’ can save lives in hospitalized Covid patients, study findsAnother potentially life-saving treatment for hospitalized Covid-19 patients has been discovered by researchers at the University of Oxford. |
| European Union adds the U.S. to its safe travel listNonessential travel from the United States and from other places had been banned in the EU in the wake of the coronavirus pandemic. |
| Air travel in Asia won’t return to pre-Covid levels ‘anytime soon,’ says Singapore ministerLawrence Wong, Singapore’s finance minister, said Asia is facing “rolling waves” of Covid-19 infections and vaccination rates in many countries are not high. |
| China’s new Covid hotspot reports zero new cases for the first time since latest outbreakGuangzhou saw a cluster of cases appear since May 21 prompting local lockdowns and mass testing, but daily new case numbers have started falling. |
| A Covid-era lease break for retailers looks set to become industry standard, WSJ reportsFlexible leasing agreements allowed retailers to manage costs and have been particularly helpful for new retailers, the Journal reported. |
| Rising oil prices put Fed’s Jerome Powell in a tough spot amid inflation worries, Jim Cramer saysFederal Reserve Chair Jerome Powell will be bombarded with questions about surging oil prices, an oil trap that could trigger selling in stocks, Cramer said. |
| Akamai CEO says security is becoming a major growth driver for the content business“You’ve got to adopt a model of zero trust of security,” Leighton told Jim Cramer in a “Mad Money.” |
| Federal Judge Deals Major Blow To Biden’s “Green” Agenda, Orders Resumption In Federal Drilling AuctionsFederal Judge Deals Major Blow To Biden’s “Green” Agenda, Orders Resumption In Federal Drilling Auctions Via TheFederalistPapers.org, A federal judge in Louisiana on Tuesday blocked the Biden administration’s pause on oil and gas leasing on public lands and waters, dealing a setback to a key White House effort to address climate change.
The order granted a preliminary injunction to Louisiana and 12 other states that sued Democratic President Joe Biden and the Interior Department over the freeze on new drilling auctions. Louisiana is a major hub for offshore oil and gas production. Biden paused the government’s leasing auctions in January pending a review that is expected to be completed in the coming weeks. The move was part of a sweeping plan to rein in fossil-fuel extraction and combat the effects of climate change. The Inter … |
| ARK Buys $42 Million Of DraftKings After Hindenburg’s Allegations Of Black Market DealingsARK Buys $42 Million Of DraftKings After Hindenburg’s Allegations Of Black Market Dealings Never one to shy away from a company in the crosshairs of controversy (and in keeping with her investment “strategy” of what seems like always doubling down any time one of her holdings drops), ARK Invest’s Cathie Wood scooped up an astounding 870,299 shares of DraftKings on Tuesday, after the stock plunged more than 10% at one point due a report from Hindenburg Research alleging ties to black market operations. The additional stake in DraftKings, which Wood was already long, is estimated to be worth about $42.2 million, according to Bloomberg. Wood bought the shares in both her Ark Innovation ETF ARKK and Ark Next Generation Internet ETFs, the report notes. ARK now owns an aggregate of 11.3 million shares in DraftKings, which is worth about $572.2 million. DraftKings has a market cap of about $19.4 billion. This means you can officially add DraftKings to the (long and running) list of companies ARK is involved in that has been the center of controversy. For example, ARK famously increased its position in Wirecard “after the Financial Times began publishing articles about irregularities at the company, which soon collapsed”. ARK has also previously bought shares of short seller targets Vuzix and Workhorse. It also owns a significant stake in the always-controversial Tesla. |
| Putin-Biden Summit BeginsPutin-Biden Summit Begins The US-Russia summit in Geneva began shortly after 7am ET (noon local), when Joe “Dementia” Biden and Vladimir “Killer” Putin shook hands.
The meeting, which has now moved indoors…
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| Futures Coiled Ahead Of Fed Decision, Biden-Putin SummitFutures Coiled Ahead Of Fed Decision, Biden-Putin Summit US equity futures rebounded from a modest overnight drop in a rangebound session, coiled as investors turned cautious ahead of a policy decision from the Federal Reserve which some such as DB’s Jim Reid have called the “most important for Powell’s career” (preview here). Oil extended a powerful rally and the dollar fell. Emini S&P futures were unchanged at 4,236.5 following Tuesday’s modest drop which snapped a three-day winning streak amid weakness in technology and real estate; Nasdaq 100 futures rose 0.2%. The 10-year Treasury yield hovered around 1.5%. The dollar edged lower versus major peers, and bitcoin dropped back under $40,000.
œThe FOMC meeting is unlikely to offer any surprises today as the Fed has painted itself into a corner, Kaia Parv, head of investment research at FXPRIMUS, wrote in emailed comments. œThe Fed is clearly hesitant to disturb the markets … |
| Goldman Sachs delays return to office for workersThe investment bank, along with NatWest, is reviewing plans for staff to come back to the office. |
| Funeral firms ordered to make prices clearerThe Competition and Markets Authority says funeral directors and crematoriums could risk court action. |
| Shops recall pet food linked to rare cat diseaseDry pet food from Sainsbury’s, Pets at Home and other brands recalled after rise in fatal cat disease. |
| Market Movers: Why boring stocks are getting exciting on Dalal StreetShares of FMCG stocks such as Tata Consumer Products, ITC, Hindustan Unilever, Asian Paints and Nestle India were among the big gainers on the benchmark indices. However, to label their gains as investors’ preference for defensive bet will be an oversimplification. |
| Oil hits new high near $75 on demand rise, falling inventoriesThe American Petroleum Institute reported US crude inventories fell 8.5 million barrels, two market sources said, more than analysts forecast. Official Energy Information Administration figures are out at 1430 GMT. |
| Fitch affirms Adani Ports at BBB-minus with negative outlookAPSEZ’s underlying credit profile is assessed at bbb while its rating is capped by India’s country ceiling of BBB-minus. |
| May 2021 Sea Container Imports SizzleWritten by Steven Hansen The import container counts for the Ports of Los Angeles and Long Beach rate of growth continues in record territory. Exports are still having the worst year since 2009.
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| The Fed: 4 things to watch as the Fed makes its latest monetary-policy decisionHere’s a look at what economists and investors will be watching for when the Fed’s two-day meeting ends on Wednesday. |
| : CEOs want SEC climate reporting separate from earnings but concede new rules are likelyCEOs at the powerful Business Roundtable, investor groups and mostly Democratic lawmakers told the Securities and Exchange Commission they’d support mandatory rules forcing publicly traded companies disclose detailed greenhouse gas emissions and other figures that reveal the climate-change impacts and risks to investors. |
| Futures Movers: Oil rally continues as Brent crude nears $75 a barrelOil futures extend a rise Wednesday, with Brent crude nearing the $75-a-barrel threshold while West Texas Intermediate is boosted by industry data showing a large fall in domestic inventories. |
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