Written by Gary
Another Intel product delay drags on chip stocks (SPY +0.05%). SP 500, Nasdaq eke out records after consumer confidence data. New Russian tariffs send key metal prices even higher.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | The Resource Behind The New Housing Price Explosion Is CrashingLumber prices have skyrocketed in the past 12 months, causing the average price of both new and existing single-family homes to increase. Until now. That bubble appears to have burst, finally. Mandated lockdowns caused lumber sawmills to halt production while at the same time many Americans, trapped inside due to the stay-at-home orders, rushed to the stores to buy lumber for projects to kill the time. Those two related things caused lumber inventory to plummet. As a result, lumber prices have skyrocketed more than 300% since April |
| U.S.-Controlled Oilfield In Syria Attacked By RocketsA key oilfield near a U.S. military base in Syrias Deir Ezzor region came under rocket attack on Monday, hours after the U.S. military said on Sunday it had carried out airstrikes against storage facilities of Iran-backed militia in Iraq and Syria. Unidentified assailants have reportedly fired more than 8 rockets at a U.S. military base at the Al-Omar Oil Field in Syria’s eastern Deir al-Zour Province, NBC News Analyst Evan Kohlmann tweeted on Monday, posting video footage that allegedly shows rockets fired in the direction |
| Emerging Markets Are Racing To Halt The Plastic PandemicCovid-19 led to a sharp rise in the production of single-use plastics, a significant proportion of which end up in the worlds oceans. With the pandemic gradually being brought under control, emerging markets are now stepping up efforts to tackle marine pollution. Due largely to demand for personal protective equipment and packaging for food delivery services, the pandemic provoked a dramatic increase in the use of single-use plastics. Highlighting the sheer scale of production, a study led by researchers from the University of Aveiro in |
| New Russian Tariffs Could Send Key Metal Prices Even HigherThe metals markets received a jolt late last week with the news that Russia is considering applying export tariffs to steel, aluminum, copper, nickel, and ferroalloys from this August through to at least the end of the year in order to ease metal supply and prices for domestic consumers. Russia metals tariffs to cover copper, aluminum, nickel, and others According to Bloomberg, the plans include a base duty rate across all products covered by the duties of 15%. However, it includes a specific minimum tariff for each metal, varying from $1,226 a |
| Oil Demand Under Threat From Delta COVID VariantOil edged up on Tuesday after posting a loss on Monday due to demand concerns sparked by the Delta variant of the COVID-19 virus.Chart of the Week- Demand for gasoline, distillate, and jet fuel is on the rise in the U.S. as mobility increases.- For the week ending June 18, the four-week average demand for gasoline was 94% of the four-week average for the same week in 2019, distillate was 98%, and jet fuel was 74%, according to the EIA.- At their lowest points in 2020, gasoline demand fell to |
| Is The Tesla Hype Fading?Sound the alarm bells: it appears that some of the most fervent Tesla cultists could be beginning to stray from the path in what could be an ominous sign for an automaker that has relied heavily on its cult status to stay afloat. A new note from Bernstein this week suggests that enthusiasm could be waning for the Tesla brand, particularly in China. The note, which surveyed 457 owners, says that despite Tesla buyers remaining “fervent supporters” of the brand, more customers are likely to opt out of buying a Tesla in favor of buying a European |
| Elon Musk calls rocket launch regulations ‘broken’ after aircraft delays SpaceX launchElon Musk’s SpaceX was seconds away from its 20th mission this year when the countdown was halted due to an aircraft entering the launch range. |
| Buffett-owned Brooks Running commits to net zero carbon emissions by 2040, CEO saysBrooks Running Company makes the climate pledges as it announces the launch of its first carbon neutral shoe. |
| Eli Lilly CEO says drugmaker will keep looking for ways to cut insulin costs as Walmart debuts lower-price rivalInsulin has become a focal point in lawmakers’ debate over the soaring price of drugs that many Americans rely on. |
| Southwest urges employees to take extra shifts for double pay over July 4 to avoid flight disruptionsSouthwest is asking staff to pick up shifts in exchange for additional pay in early July to avoid flight disruptions during a busy holiday weekend. |
| Moderna shares rise after it says Covid vaccine shows promise in a lab setting against variants, including deltaModerna’s results, while promising, may not reflect how the vaccines actually perform in real-world scenarios against the delta and other Covid variants. |
| United Airlines expects to hire 25,000 people by 2026 after massive jetliner orderUnited plans to hire 25,000 people by 2026 to support a massive jetliner order. |
| Looming lockdown in Bangladesh threatens apparel retailers H&M, Levi’s, S&P Global saysH&M and Levi’s are at risk of facing heightened supply chain disruptions, as regions of Southern Asia brace for another lockdown, according to a new report. |
| Walmart unveils low-price insulin as more patients with diabetes struggle to pay for drugThe nation’s largest retailer is bringing its focus on “everyday low price” to a diabetes drug that has soared in cost and drawn scrutiny from lawmakers. |
| Formula 1 strikes $100 million cryptocurrency sponsorshipThe deal is a global partnership and will provide Crypto.com a brand presence in Formula 1’s Sprint series. |
| NFL’s Washington Football Team names Tanya Snyder as co-CEODan and Tanya Snyder purchased complete control of the NFL team after buying out minority owners for more than $800 million. |
| NYC’s Kindred pivots during Covid, turning its restaurant by day into remote office space“This allowed us to have some passive income and also have marketing for the dinner service,” Kindred partner Moshe Schulman told CNBC. |
| United is buying 270 Boeing and Airbus jets, its largest-ever order, for post-Covid growth planUnited Airlines unveiled its largest-ever aircraft order: 270 narrow-body jetliners from Boeing and Airbus as the carrier charts its post-pandemic growth. |
| Stocks making the biggest moves midday: Moderna, Morgan Stanley, GE and moreThese are the stocks posting the largest moves in midday trading. |
| 14 Astonishing Facts About The Blistering Heatwave That Is Absolutely Frying The Northwest Right Now14 Astonishing Facts About The Blistering Heatwave That Is Absolutely Frying The Northwest Right Now Authored by Michael Snyder via TheMostImportantNews.com, What we are witnessing right now is not even close to œnormal . I know that I have been making a lot of statements like that lately, but it is undeniable that some very strange things are happening. For example, over the past couple of years I have been consistently warning that global weather patterns were starting to go completely nuts, and at first there were some people that didn’t believe me. But now nobody can deny that global weather patterns have become really, really weird.
At this moment, the Northwest is being slammed by a œheat dome that is absolutely unprecedented. In the past, there have been times when the weather has gotten really hot and a city or two … |
| Bitcoin, Black Gold, & The Buck Bounce As England Beat GermanyBitcoin, Black Gold, & The Buck Bounce As England Beat Germany Record surge in home prices (transitory), and Americans’ “hope” is dramatically lagging their current exuberance…which has tended to end badly…
Source: Bloomberg But this is what really mattered today…
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| NHTSA Orders Automakers To Report Crashes Involving Autonomous And Driver-Assist FeaturesNHTSA Orders Automakers To Report Crashes Involving Autonomous And Driver-Assist Features Automotive regulators look like they may finally be posturing up and playing at least a little bit of hard ball with autonomous driving and/or driver-assisted incidents. Frequent readers of Zero Hedge know that we have been critical of the job done (or not done, for that matter) by the National Highway Traffic Safety Administration, who appears to be taking a “see no evil, hear no evil” approach to regulating what has been an incessant, years-long slew of automated driving accidents, including several fatal ones. Now, as legacy automakers drift further into the realm of autonomous driving, the NHTSA looks like it is finally ready to set some ground rules. It has “ordered automakers to report any crashes involving fully autonomous vehicles or partially automated driver assist systems”, according to the Associated Press. Tesla Elon Musk
The ne … |
| Walmart Rolls Out Budget Insulin As Low-Income Diabetics Struggle To Afford DrugWalmart Rolls Out Budget Insulin As Low-Income Diabetics Struggle To Afford Drug Walmart on Tuesday announced that it will begin selling a far less expensive, private-label version of insulin which could help low-income diabetics afford their medication.
Starting this week, the retailer will begin selling their exclusive insulin, ReliOn NovoLog, according to CNBC, with availability at its membership-based Sam’s Club in mid-July. The cost will be $73 per vial, or around $86 for a package of prefilled insulin pens. Branded competitors are selling the same formulation for as much as $101 per vial / $251 per pack of insulin pens.
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| Portugal exempts under-18s from quarantineBut they must be travelling with a fully vaccinated parent or guardian, say tourism authorities. |
| Brewdog: Watchdog urged to probe solid gold can prize claimThe brewery company could be in hot water as winners dispute the value of the “solid gold” beer cans. |
| Smaller firms express anger at quarantine exemption plans for big businessExecutives visiting England from amber-list countries will not need to isolate if trip is a big economic benefit. |
| Thyrocare all set for rapid growth under the new leadershipThyrocare is primarily a B2B diagnostic services provider. With PharmEasy’s presence, it will no longer be seen as a conventional diagnostic business but more of an online service play. |
| Insider trading: Sebi makes reward for whistleblowers more attractiveEarlier, Sebi had amended the PIT rules to increase the resources and tools available with itself to reduce cases of insider trading in the stock market. |
| Bharti to invest additional Rs 3,700 cr into OneWebThe transaction is expected to be completed in the second half of 2021, subject to regulatory nod. |
| The Ratings Game: Another Intel product delay drags on chip stocks, DowIntel Corp. shares dragged on both the broader chip sector and the Dow Jones Industrial Average Tuesday after the chip maker announced yet another delay for one of its next-generation products. |
| Mark Hulbert: Here’s what inflation’s spike means for stocks nowExpectations about inflation’s short-term impact on growth- and value stocks have no historical basis. |
| Market Extra: Up in smoke: States are using tobacco settlement money to balance their budgets. Here’s why that mattersNearly a quarter-century since states started getting annual payouts from a landmark big-tobacco settlement, states are using the funds to plug budget holes, rather than funding prevention or treatment programs. |
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