09Jul2021 Pre-Market Commentary: Wall Street Futures Are Mixed This Morning, DOW Recovers At +254 Points, Nasdaq -0.04%, Cryptos Higher, Bitcoin 33000, Dogecoin $0.22

Written by Gary

Sugar stocks hit upper circuit limits. Levi earnings crush estimates (SPY +0.4%). The biggest premarket movers: Levi, General Motors, American Airlines.

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.
	U.S. Shale On Track For One Of Its Best Years Ever After seven consecutive weeks of gains, oil prices have gone into reverse gear once again, thanks mainly to the latest OPEC+ spat that left everyone wondering what to expect next. Major cracks appeared in the ministerial meeting with the United Arab Emirates continuing to block an agreement because it wants to increase its oil production before demand falls as per WSJ. The market fears that the UAE might “want out of OPEC so it can pump 4M bbl/day and make hay while the sun shines,” Phil Flynn, market analyst at Price Futures Group, has told MarketWatch.
	The Small Exploration Company That Shocked The Oil Industry A small Canadian oil explorer may have shocked the industry this year when it published initial results that pointed to the potential of a giant oil discovery in Namibias Kavango Basin. Now, as our anticipation builds over the next drill results, this small Canadian driller looks to be attracting attention from around the globe. In April, Reconnaissance Energy Africa (TSXV:RECO, OTC:RECAF) announced early findings from the first of their initial 3-well drill program in Namibias 6.3-million-acre Kavango Basin. It came as a surprise
	OPEC’s Spat Isnt Even About Oil The UAE took oil market watchers by surprise this month when it dug its heels in and refused to agree to an extension of the current OPEC+ production control deal under its original terms. The emirates demanded an adjustment of baseline production levels, noting that November 2018 was hardly reflective of current production realities. Traditionally one of the closest allies of Saudi Arabia, the UAE has gone against its bigger regional partner, prompting fears of far greater uncertainty. Behind the scenes, however, it all makes sense. The UAE is
	Indias New Oil Minister To Focus On Boosting Production Indias newly appointed Petroleum Minister, Hardeep Singh Puri, plans to boost domestic production of oil and gas and increase the role of natural gas in the countrys energy mix as India works toward a $5-trillion economy. Puri, who takes over Dharmendra Pradhan, said in a statement carried by Business Standard: As we transform towards a $5-trillion economy, energy availability and consumption will be of paramount importance. My focus will be on increasing domestic production ofcrudeand natural gas. The new
	High Oil Prices Could Derail Americas Economic Recovery Way back in March, a veritable eternity ago if you measure by the daily news cycle, Oilprice reported that high oil prices were coming down the pike, and while oil execs celebrated their long, painful comeback, consumers would be the ones to pay the price at the pumps. And now, at long last, that prophecy is coming to pass in full force. Oil has been to hell and back in the last 18 months. The pandemic gave a rough and bumpy ride to nearly every industry and economic sector out there, but few felt the full force of the novel coronavirus
	New Coal Plants Are Popping Up All Over Asia Just five Asian countries are now producing the vast majority of the regions coal, with little intention of reining in production as several companies invest in new coal plants. According to a study released in June, China, India, Indonesia, Japan, and Vietnam are producing around 80 percent of all Asian coal, with plans to develop over 600 coal power units. Together, the projects are expected to produce around 300 gigawatts of energy. The continued reliance is surprising considering the many alternative energy projects that could be more
	Ex-NYSE president Tom Farley’s SPAC to merge with Bullish to bring planned crypto exchange public When the transaction closes, Tom Farley will serve as CEO of Bullish, which will become a publicly traded stock in the deal.
	Americans are spending big money on backyard pools Many Americans are moving to the suburbs, migrating to warmer states and increasingly looking to make their own yards better places to spend time in.
	Transport giants plan to invest $593 million in European charging network for long-haul trucks The tech is set to be installed near locations such as highways.
	5 things to know before the stock market opens Friday Dow futures bounced more than 250 points Friday, one day after a broad sell-off on Wall Street.
	Here’s what you need to know about the lambda Covid variant The lambda variant is becoming dominant in parts of South America, here’s what we know about it so far.
	War, Covid and climate change fuel the world’s hunger crisis, killing 11 people every minute: Oxfam A new Oxfam report found the number of people dying from famine-like conditions has grown six-fold in the past year alone.
	Jim Cramer blames market sell-off on government failures to contain delta spread “I put this sell-off squarely in the laps of politicians around the world, because we right now have a failure of global leadership,” the “Mad Money” host said.
	Online thrift store Poshmark CEO sees fashion shift as consumers ‘purge’ closets Sales of work and nightlife clothes are rising as fitness apparel like sweats declines as consumers emerge from lockdowns, Poshmark CEO Manish Chandra said.
	GoodRx to assist gig workers in pharmaceutical drug discounting deal with DoorDash “We’re focused on trying to serve not just American consumers, but organizations [and] employers” in getting affordable prescriptions, CEO Doug Hirsch said.
	Live Nation’s U.S. concert business is now ‘fully open’ after Covid pause, CEO says Live Nation Entertainment’s CEO says the company’s U.S. concert business is now “fully open” as it brings back its packed summer lineup.
	Pfizer says it is developing a Covid booster shot to target the highly transmissible delta variant Clinical studies could begin as early as August, subject to regulatory approvals, Pfizer says.
	Trevor Bauer leave extended another week as sex crime probe of Los Angeles Dodgers pitcher continues Major League Baseball extended the administrative leave of Los Angeles Dodgers pitcher Trevor Bauer, who has been accused of sexual assault by a woman.
	Levi earnings crush estimates, retailer raises 2021 forecast, citing strong denim sales Levi Strauss said shoppers are stocking up on jeans in new sizes and styles in the U.S. and China as they emerge from their homes during the pandemic.
	FDA, CDC Condradict Pfizer, Claim There’s No Need For “Booster” Vaccines… Yet FDA, CDC Condradict Pfizer, Claim There’s No Need For “Booster” Vaccines… Yet Just hours after Pfizer and its partner BioNTech announced their plan to seek federal authorization to market a “booster” jab that they said would provide better protection against COVID variants like Delta, the FDA and CDC issued a joint statement contradicting Pfizer by claiming that there’s no evidence that booster vaccines will be necessary.Â The two federal entities said the US is “fortunate to have highly effective vaccines that are widely available for those 12 and up” and “Americans who have been fully vaccinated do not need a booster shot at this time.” However that could still change since the “FDA, CDC and NIH are engaged in a science-based, rigorous process to consider whether or when a booster might be necessary.” If it is, then “we are prepared for booster doses if and when the science demonstrate …
	Biden Set To Sign Sweeping Executive Order To “Promote Competition” Across Tech, Pharma, Other Industries Biden Set To Sign Sweeping Executive Order To “Promote Competition” Across Tech, Pharma, Other Industries Joe Biden is expected to sign a broad executive order that will “promote competition across American industries” somehow by further micromanaging and regulating the competitive marketplace. The order, according to Bloomberg, includes 72 actions and recommendations that involve a dozen federal agencies, according to CNBC. A White House fact sheet published on Friday morning detailed some of the order’s initiatives.Â The order reportedly calls on regulators to step up their scrutiny of a wide range of companies, including technology, pharmaceutical and shipping companies. First, the order is going to provide more scrutiny on technology mergers, focusing on œacquisition of nascent competitors, serial mergers, the accumulation of data, competition by ‘free’ products, and the effect on user privacy. Â The order will also prompt new regulations “on everything from airline luggage fees to non-compete clauses”, a White House fact sheet said. Biden is expected to sign the order on Friday while making prepared remarks about the U.S. economy. Among the items included in the order is an appeal to the FCC to reinstate net neutrality rules that prevented ISPs from slowing delivery or specified content. Net neutrality was put into place under President Obama but was then repealed by President Trump.Â The FTC will be called upon to help establish rules to prevent “unfair methods of competition” on internet marketpl …
	US Futures, Global Markets Rebound From Thursday Rout As Yields Rise US Futures, Global Markets Rebound From Thursday Rout As Yields Rise After a mini-rout on Thursday which briefly pushed the S&P into negative-gamma territory below 4,300, European stocks and US equity futures rebounded on Friday as energy and banking shares rose from a sharp selloff that was triggered by growth worries and has put the indexes on track for their biggest weekly fall since mid-June. At 7:30 a.m. ET, Dow e-minis were up 216points, or 0.61%, S&P 500 e-minis were up 18.5 points, or 0.43%. Nasdaq e-minis were down 3.75 points, or 0.02% after aÂ reportÂ that Joe Biden is taking aim at big tech by encouraging regulators to reinstate net-neutrality rules. The dollar weakened against a basket of major currencies. Risk sentiment was also boosted after China announced its first RRR-cut since Jan 2020, confirming fears that its economy is slowing fast. The weighted average reserve rate for all financial institutions now at 8.90%. The PBOC added t …
	100 More Cops Dispatched To Sydney To Help Enforce Lockdown As Cases Climb 100 More Cops Dispatched To Sydney To Help Enforce Lockdown As Cases Climb Australia’s latest ‘expert-imposed’ lockdown of its most-populous city – Sydney – is growing increasingly authoritarian as Australia’s conservative PM Scott Morrison dispatches another 100 police officers to Sydney to enforce the lockdown measures, reviving complaints that Australia’s enforcement of its COVID measures has been unnecessarily heavy-handed. Starting at 0700 local time on Friday, more than 100 additional officers will be stationed on the streets of Sydney, where they will continue to work for the remainder of the lockdown (which was just extended by two weeks), according to local press reports. Assistant Commissioner Tony Cooke warned that rising numbers of infections had prompted the decision to dispatch police. “Complia …
	Calls grow for extra bank holiday if England win Firms are also being asked to be flexible by allowing staff to start work later on Monday if possible.
	Mothers lose fight against two-child benefit limit They had argued the policy breached their human rights, but the Supreme Court dismissed their case.
	UK economic growth slows in May Despite a boost from pubs and restaurants serving indoors, growth was below expectations.
	Sugar stocks hit upper circuit limits. Here is what’s driving this surge Domestic brokerage firm ICICI Securities in a report reiterated the positive stance on the sugar sector and said a re-rating is imminent. It is important to note that sugar stocks have run up 2-4 times in four months, the report said.
	Saurabh Mukherjea’s PMS exits this smallcap raising red flags over accounting “The key reason for out exit from Sterling Tools is deterioration in its accounting score under the Marcellus’ proprietary forensic accounting model, triggered by below-par scores on the following ratios: (i) growth in auditor’s remuneration relative to revenues; (ii) contingent liabilities as a percentage of net worth; (iii) miscellaneous expenses as a percentage of total revenues; and (iv) yield on cash and cash equivalents,” Marcellus said.
	Why are yields falling? More buying than selling! Bonds are typically expected to be sold in a reflationary environment, normally forcing yields – which move inversely to prices – higher. But the behaviour of bond markets in recent days is at odds with other financial markets: only on Wednesday, U.S. stocks as measured by the S&P 500 index hit record highs.
	Rail Week Ending 03 July 2021 – June Up 14.5% Year-over-Year Written by Steven Hansen Week 26 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 showing strong year-over-year growth as it is being compared to the recession period one year ago.
	Bond Report: 10-year U.S. Treasury yield heads higher for first time in 5 sessions Yields for long-dated U.S. government debt are slightly higher early Friday for the first time in five sessions, as a rally that took the 10-year and 30-year Treasurys to lows not seen since February took a breather.
	MarketWatch Premium: This ‘buffer’ strategy for stock market investors has been a winner Mike Loukas of TrueMark Investments explains how his active ETF strategy, which limits downside losses, has outperformed competitors over the past year.
	: What will you do with your enhanced Child Tax Credit? Invest in your child’s future with these 3 options The Internal Revenue Service will distribute the payments the middle of every month, from July 15 to December 15.