Written by Gary
May 2021 Trade Balance Worsens (SPY +0.5%). Tesla Misses Estimates, But Delivers More Than 200,000 Cars In Q2 2021.
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.
What Is Moving the Markets
|Here are the headlines moving the markets.|
Energy stocks in Europe saw their best daily performance in a month and shares in major U.S. and European oil corporations jumped in New York trade on Thursday as oil prices rallied in a market expecting OPEC+ to further ease their production cuts. European stocks ultimately gained again Friday, running with the oil price rally, which only slightly slipped, and adding further momentum after the US monthly jobs report showing that the US labor market added 850,000 non-farm jobs in June, exceeding expectations. Early on Friday at European trade open,
Tesla stock is mostly flat in the pre-market session after the company announced it delivered over 200,000 vehicles in Q2, the company said in a press release Friday morning. Its exact deliveries for the quarter came in at 201,250. The company produced 204,081 and delivered 199,360 Model 3/Y vehicles, the company said. It produced just 2,340 Model S and Model X vehicles and delivered just 1,890 of them. In total, the company’s delivery of 201,250 vehicles for the quarter missed estimates, CNBC noted. Analysts had been expecting the
The U.S. oil market is tightening as commercial crude inventories are declining at a fast clip and driving wider time spreads in the WTI Crude futures curve. The curve is strengthening into backwardation, the state of the market signaling tighter supplies with the prices of the nearer futures contracts higher than those further out in time. The premium of the nearest contract to those for later delivery has been widening in recent days, suggesting that immediate supply is tightening. The spread between the cash WTI and the November contract, for
As agreed in April, OPEC opened the taps in the second quarter of the year to meet a rebound in global oil demand, boosting crude production by 855,000 barrels per day (bpd) in June, the largest output hike in a year, a Bloomberg survey found on Friday. The 13-member organization raised its production to 26.47 million bpd last month, up by 855,000 bpd compared to May, according to the survey based on ship-tracking data, information from officials, and estimates from energy consultancies. Saudi Arabia, OPECs top producer and the worlds
Crude oil prices slid lower today after OPEC+ said it would postpone a decision on the return of more barrels to the market for later today. At the time of writing, Brent crude was trading at $75.76 a barrel and West Texas Intermediate was at $75.00 a barrel, amid an internal disagreement in the cartel, with the United Arab Emirates unsure about joining the agreement to add a total 2 million bpd to combined production between August and December. On Thursday, before the meeting of the OPEC+ producers wrapped for the day, prices jumped on reports
Time is running out for South Sudan, which is now preparing for its first oil auction, as officials reveal that the countrys four existing blocks have reached and passed peak production and are now in decline. Ministry of Petroleum Undersecretary Awow Daniel Chuang told Bloomberg that Blocks 3 and 7 in Upper Nile have fallen to 103,000 barrels per day from an initial 120,000 bpd, while Blocks 1, 2 and 4 have dropped from 53,000 bpd to 48,000 bpd. Overall, crude oil production has declined from 185,000 bpd to 165,000 bpd.
The stock was briefly halted due to volatility.
Two pilots of a converted Boeing 737 freighter were rescued after they made an emergency landing off Honolulu early Friday.
Ford sold 475,327 vehicles during the second quarter, a 9.6% increase from a year earlier when the coronavirus pandemic caused Americans to shelter in place.
PG&E’s bankruptcy filing, effectively barred victims from suing the company. Instead, a fund was created, but it has been underperforming the market.
GM said it is investing millions of dollars into a company that plans to extract lithium from the Salton Sea Geothermal Field in Imperial, California.
The price jumps and shrinking inventory suggest the Manhattan real estate rebound is continuing to gain momentum.
Track star Sha’Carri Richardson was suspended from the U.S. Olympic team after failing a test for marijuana use.
Israel, the UAE and Bahrain are still among the top 10 most vaccinated countries, but charts show that their Covid infection trends have varied greatly.
World Athletics President Sebastian Coe said he’s “not sure that there is a huge risk attached” to the Tokyo Olympics going ahead.
The trial success of CRISPR gene-editing technology has broad applications to treating other diseases, Intellia Therapeutics CEO John Leonard said.
“It’s really more about people building confidence to go back to work,” Denny’s CEO John Miller told CNBC.
Virgin Galactic shares surged on Friday after announcing its next spaceflight test on July 11 will carry founder Sir Richard Branson.
The White House is taking the right approach in fighting the delta variant by deploying response teams to vulnerable communities, Dr. Scott Gottlieb said.
“We’re Running Out Of New Money” – Burry Believes Meme Stocks Headed For Massive Crash
Michael Burry caused a stir on twitter (and subsequently in the financial press) late last month when he tweeted (and quickly deleted) that he expected “the mother of all crashes” would soon “spell doom” for crypto.
While he’s gone quiet again on Twitter, on Thursday, Barron’s published an interview with the infamous Scion Asset Management founder (whose story was featured in “the Big Short”) where Burry shared his skepticism of the “meme stock” craze, including GameStop, a company whose shares he correctly identified as undervalued back in 2019 (though he sold his position shortly after the price started trending higher in late 2020, missing out on the late-January surge in the company’s shares).
Burry told Barron’s he sees “shades of 1999 and 2007” in the meme stock world, and worries they could end up hurting regular investors. However, he can’t say exactly when meme stocks will crash – he just knows they will.
Number Of US Truck Drivers Sidelined Due To Substance Abuse Violations Has Surpassed 60,000
By John Gallagher of FreightWaves
Banned drivers matches shortfall in CDL holders needed to meet freight demand. (Photo: Jim Allen/FreightWaves)
The number of U.S. truck drivers sidelined due to substance abuse violations has surpassed 60,000 and continues to climb by roughly 2,000-3,000 per month, according to federal data. The latest monthly report by the Drug and Alcohol Clearinghouse, administered by the Federal Motor Carrier Safety Administration since January 2020, revealed that 60,299 CDL holders have a drug or alcohol violation recorded in the clearinghouse as of June 1, up from 57,510 as of May 1 and up from …
Lordstown Shares Plunge On Reports DOJ Is Probing The Company
Lordstown Motors were briefly halted after cratering on news that the Department of Justice is probing the company, according to Dow Jones. Shares tanked around 1130 EST on the news and were halted.
The probe shouldn’t come as a surprise to those who have been following the Lordstown saga.Â Recall, the company was caught lying about its “binding” ordersÂ (again)Â just hours after its CEO Steve Burns resigned after allegations of same in mid-June.
In mid-JuneÂ Lordstown was forced to correct itself in a filing with the Securities and Exchange Commission about statements its President made the day prior.Â Tucked into aÂ Form 8-KÂ that looked as though it was just to accompany the announcement of the hiring of a new VP of Global Commercial Operations, the company admitted statements its President made earlier in the week (and that boosted the stock …
US Forces ExitÂ Bagram Air Base Â As Biden’s Afghanistan Pullout Speeds UpÂ
In late April, President Biden announced it was time “to end the forever war” in Afghanistan, saying the US has accomplished its mission. WeÂ notedÂ in May that US troops were expected to be out of the Middle Eastern country by early to mid-July, well before the Sept. 11 deadline set by Biden. New developments on Friday indicate that all US forces have been removed from a major airbase.Â
“All American soldiers and members of NATO forces have left the Bagram airbase,” a senior US security official on condition of anonymity toldÂ Reuters.Â
Two decades since US troops landed at Bagram, the base was a major command and logistical base for the entire operation in Afghanistan. The base is located about an hour and 20-minute drive north of Kabul.Â
In the coming days, …
The US economy added 850,000 jobs in June, according to the Bureau of Labour Statistics.
The supermarket says most of its 4,000 head office staff can choose to work at home or other locations.
All 29 in-store branches are shutting on Friday, ahead of the withdrawal of M&S Bank from current accounts.
Bankers said companies are power, renewables and also auto sectors are waiting for the right opportunity to raise money from abroad.
Segantii India Mauritius Fund sold 1.1 million shares of HDFC Life Insurance at Rs. 685.75 apiece through a block deal on the bourse.
Analysts are positive on the IPO market momentum, as the secondary market indices trade near their lifetime highs. Also, retail participation, chasing listing gains, has also gone up during this period.
Written by Steven Hansen
Trade data headlines show the trade balance worsened with imports rising faster than exports.
Written by Steven Hansen
The headline seasonally adjusted BLS job growth was on the high side of expectations, with the unemployment rate worsening from 5.8 % to 5.9 %.
U.S. stock benchmarks gained early Friday, heading into a long holiday weekend, after a monthly report on the labor market came in better than expected on headline employment, as the economy bounces back from COVID.
NewsWatch: As worries emerge about the delta variant and the J&J shot, health officials ” and, so far, the research ” say the vaccinated are still protected
The Delta variant is already the most dominant strain of the virus in some U.S. states, and that’s putting some Americans easing back into œnormal life on edge.
Long-dated U.S. Treasury yields are lower Friday after the latest monthly update on the labor market showed that 850,000 new jobs were created in June as the economy perked up and companies rushed to add more workers.
Earnings Summary for Today
leading Stock Positions
Current Commodity Prices
Commodities are powered by Investing.com
Current Currency Crosses
The Forex Quotes are powered by Investing.com.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated: