24Jun2021 Midday Update: SP 500, Nasdaq Set New Record Highs, DOW Up 235 Points At 12:30 ET, Nasdaq Up 1.0%, Bitccoin Steady At 33900

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.

Analysts Expect OPEC+ To Raise Oil Supply From August

The OPEC+ alliance is widely expected to decide next week to further ease the collective production cuts, but the additional supply from August will likely still be less than the supply deficit on the market, analysts and traders told Bloomberg in a survey. The ministers of OPEC+ meet on July 1 to decide how to proceed with the management of oil supply to the market in the first meeting since April, which analysts expect with more noise than in the past three months when the group was meeting just to confirm plans it had made for easing the cuts

Battery Industry Could Boost Australias Economy By $5.6 Billion

Australia has a chance to boost its economy by US$5.6 billion (AUS$7.4 billion) and become a leading player in battery chemistry and technology if it expands its raw materials-focused industry into a diversified sector encompassing the entire battery cell value chain, a new report showed on Thursday. If Australia, a major provider of critical energy transition metals, builds on its currently mining-focused industry to include raw materials processing and battery manufacturing, it could nearly double the value of the battery industry for its economy

Fracking Pioneer Hamm: $100 Oil Sure Is Possible

$100 a barrel oil sure is possible, Harold Hamm, executive chairman at Continental Resources, told FOX Business on Thursday, commenting on oil prices and supply and demand on the oil market. Oil prices are coming back where they were pre-pandemic, Hamm said, noting that commodity prices, including crude and natural gas, have returned to sustainable levels following last years crisis. Asked to comment on the rising price of WTI Crude, which hit $73 per barrel this week, Hamm said that the U.S. Administrations moratorium

New Mexico Oil Output Recovers To Pre-Pandemic Levels

New Mexico has become the first major oil-producing state to see its production rate rebound to pre-pandemic levels, but according to legislative analysts cited by the AP, the situation remains volatile. The report cited a briefing by the states Legislative Finance Committee, in which the committee reported that oil and gas production in New Mexico had hit a record high in March, at 36 million barrels of oil and 188 trillion cu ft of natural gas. In further good news for the industry, a consulting company present at the briefing said President

U.S. Denies Agreement With Iran To Lift Oil Sanctions

The U.S. State Department has refuted a statement made by a senior Iranian official that the country had agreed to lift all sanctions on Iran’s oil and shipping industry. “During negotiations of this complexity, negotiators try to draft text that capture the main issues, but again, nothing is agreed until everything is agreed,”a State Department spokesman told Reuters. The statement, made on condition of anonymity, came in response to another one, made by the chief of staff of Iran’s President earlier this week. “An agreement has been reached

Oil Prices Set To Head Even Higher As Market Tightens

Solid oil demand is driving up the spot crude prices in every part of the world. This is a clear indication that the physical oil market is finally catching up with the recent rally in the paper market. The strengthening appetite for crude in Asia and tightening regional markets due to changed differentials between regional benchmarks are, in turn, supportive of the oil futures rally, analysts and traders tell Reuters. The surging premium of Brent over the Middle Eastern benchmark Dubai now makes shipping crude grades from the

Vegas welcomes its newest casino as recovery from pandemic takes hold

The Las Vegas Strip is getting its first new-construction casino in more than a decade just as Covid-era restrictions end.

Ford loses chief technology officer to Amazon in industry battle over talent

Ford is losing its chief technology officer to Amazon, marking an ongoing talent battle between the automotive and technology industries.

‘F9’ is a ‘wild ride’ but far from the franchise’s best showing

“F9” has raised the bar on ridiculous action sequences and “soap opera drama,” critics say.

Darden Restaurants CEO says speculation is driving up real estate prices

Darden Restaurants CEO Gene Lee said that speculation is driving up real estate prices.

China is actually ‘all in’ on crypto ” but only a brand it can control, Andreessen Horowitz partner says

“China is actually all in on crypto. Make no mistake about that,” Andreessen Horowitz crypto co-lead Katie Haun told CNBC on Thursday.

Luminar’s shares pop after Volvo says it will use start-up’s lidar technology as standard equipment on new EV

Volvo and is integrating start-up Luminar Technologies Iris lidar system as standard equipiment on the automaker’s upcoming electric flagship SUV.

Millions could be suffering from long Covid, British study suggests

A study in England looking at persistent Covid-19 symptoms suggests that around 2 million people in the country may have had the condition known as “long Covid.”

Brooklyn Nets owners will use character, not credit scores, for $2.5 million loan program that helps Black businesses

NBA owners Joe and Clara Wu Tsai will use money from the $50 million Social Justice Fund that was established in 2020.

Delta Covid variant has a new mutation called ‘delta plus’: Here’s what you need to know

A mutation of the delta variant has emerged, it’s called “delta plus.”

OIive Garden parent’s same-store sales near pre-pandemic levels as Covid restrictions ease

Darden Restaurants on Thursday reported that its fiscal fourth quarter same-store sales nearly returned to 2019 levels.

Norway’s Statkraft lined up to provide green hydrogen for 88-meter long, zero-emission ship

The idea is for the ship, which will also have two rotor sails, to carry grain and gravel.

Singapore to expand its vaccination campaign to everyone 12 and older on July 2

Singapore said Thursday that some permanent residents and long-term pass holders can begin booking appointments on July 2.

“They’re Losing Control Of Everything” – Michael Pento Warns “The Fed Will Kill The Economy”

“They’re Losing Control Of Everything” – Michael Pento Warns “The Fed Will Kill The Economy”

Via Greg Hunter’s USAWatchdog.com,

Money manager and economist Michael Pento warns to keep your eyes on the Fed. It will be responsible for the next market crash coming this year or next. Just look what happened after the most recent Fed meeting last week.Â

Pento says, œAfter the June FOMC meeting, the Fed talking about tapering sent stock prices skidding…”

“When they actually announce they are tapering, and when they actually announce a date for tapering that, I believe, will be in August at Jackson Hole, the market will sell off absolutely.

The Fed has been propping up the markets with massive amounts of printed money since the financial meltdown of 2008. Something has changed, and Pento points out, œNow, the inflation has become such a problem that even the Fed can no longer ignore it. …

Watch Live: Is This The Next Gamma Squeeze?

Watch Live: Is This The Next Gamma Squeeze?

“Gamma Squeeze” has been the word of the year so far for many freshly-minted equity-trading gurus (as they watched their AMC, GME, and other meme stocks momentum ignited “to the moon” time and again in the first half of 2021).

To have a œgamma squeeze there first needs to be a œdelta squeeze .

A sudden surge in call volumes can lead to options market makers (MM) having to purchase shares of stock, which can drive the stock price higher.

When new options positions are traded, MM may need to immediately hedge the risk generated by these new trades.

This initial hedge is called a œdelta hedge and can result in large amounts of stock being purchased. As the stock price moves around, MM may need to adjust their hedge positions, which is called a œgamma hedge .

The œdelta hedge simply addresses new options trades, however its likely that MM have a substantial existing call position. Therefore as the stock rises, MM need to buy more shares to stay hedged on their existing position. This hedge adjustment is where œgamma and the gamma squeeze comes into play.

As new call buyers come in and the stock price rises, MM have to buy more and more shares to control their risk exposure.

However, it is notable that while the most recent examples of gamma squeezes have been exemplified by these explosive moves to the upside, historically speaking, gamma squeezes have been primarily associated with markets dr …

Giuliani Suspended From Practicing Law In New York

Giuliani Suspended From Practicing Law In New York

A New York appellate court suspended Trump attorney Rudy Giuliani’s law license on Thursday following a decision by a disciplinary panel that he made “demonstrably false and misleading” statements about Trump’s 2020 election loss.

In a 33-page decision, the court wrote that Giuliani’s conduct threatened “the public interest and warrants interim suspension from the practice of law,” according to the New York Times.

“We conclude that there is uncontroverted evidence that respondent communicated demonstrably false and misleading statements to courts, lawmakers and the public at large in his capacity as lawyer for former President Donald J. Trump and the Trump campaign in connection with Trump’s failed effort at reelection in 2020,” reads the decision.

Interim suspensions, by the way, are rare in New York.

These are the rules in Ne …

House Committee Passes ‘Big Tech’ Antitrust Package Despite Lobbying Onslaught

House Committee Passes ‘Big Tech’ Antitrust Package Despite Lobbying Onslaught

As the DoJ and FTC pursue civil antitrust litigation against some of America’s largest tech firms, a House Committee has approved legislation to curb the market dominance of many of these same firms, including Google-owner Alphabet and Facebook. However, according to a report from WSJ, the tech firms targeted by the legislation are ramping up their lobbying efforts, precipitating a pitched battle over the legislation in the Senate.

At the core of the six-bill raft of legislation is a measure to bar big tech firms from favoring their own products on their platforms. It was approved by the House committee early Thursday by a vote of 24 to 20.

The NYT reported that Apple and other tech giants engaged in aggressive lobbying against the six-bill package, with Apple CEO Tim Cook going so far as to call Speaker Nancy Pelosi and other top lawmakers to warn them against supporting the legislation. Per the NYT, the calls from Cook were “part of a forceful and wide-ranging pushback by the tech industry since the proposals were announced this month. Executives, lobbyists, and more than a dozen think tanks and advocacy groups paid by tech companies have swarmed Capitol offices, called and emailed lawmakers and their staff members, and written letters arguing there will be dire consequences for the industry and the country if the ideas become law.”

Mirroring the o …

U-turn over Premium Bond prizes paid by cheque

NS&I scraps plans that would have seen an end to prizes being posted to winners.

Poundland says 10% of its products are not a pound

One in ten Poundland products no longer a pound, the discount retailer says.

Canada Goose to end the use of all fur on coats

The Humane Society calls the decision a “momentous step in the demise of cruel fur fashion”.

What Covid taught me to do with my money as a stock investor

The fact that the portfolio holds high quality companies will provide investors the confidence that the stock would recover quickly when the trajectory of the economy changes.

Ambani to follow in Musk, Adani footsteps, enter green energy business

Reliance will invest Rs 60,000 crore in building four gigafactories at Jamnagar Gigacomplex. An overall investment of Rs 75,000 crore in new green energy business will be made over the next three years. RIL said it will establish and enable at least 100 GW of solar energy by 2030.

Dolly Khanna buys stake in Deepak Spinners

Shares of the textile company, however, ended 10.5 per cent lower at Rs 168.25.

The Moneyist: ‘Marriage sure does make love suck’: My fiancà e wants a big, expensive wedding ” I want to a downpayment for a house

‘I thought we were on the same page ” small wedding, no engagement photos, save the money and get a house. Why go into marriage in debt?’

The Moneyist: ‘I am not a loan shark’: I loaned my sister $20K and she repaid me after two years with insane interest: 30%. What do I do?

‘She argues that it is not too much because it took her over two years to repay the loan.’

NewsWatch: U.S. economy grew at unrevised 6.4% annual rate in first quarter

The U.S. economy grew at an unrevised 6.4% annual rate in the first quarter, the Commerce Department said Thursday.