Written by Gary
Wall Street futures rebound as Apple soars to all time high; “dovish” Powell on deck (SPY 0.4%). The biggest premarket movers: Bank of America, BlackRock, Delta, Peloton.
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. | |
 | Oil Has Become The Hottest Commodity On Wall StreetCrude oil has been having a great 2021 so fara very different situation to last years when the pandemic devastated demand for all commodities fueling a price rout that lasted well into 2020. Now, commodities are back with a vengeance, and nowhere is this vengeance clearer than in oil. Crude has become the hottest commodity for traders in the past few weeks as surging demand has topped all expectations, sparking a run on oil futures. According to a recent Wall Street Journal report, in mid-June, the ratio of bullish to bearish bets |
| The Discovery That Sparked A New Canadian Gold RushA junior mining company has just raised the stakes in our pick for the most exciting gold exploration play in Canadas massive Quebec province. Just weeks after a reporting a new discovery at depth (and not just of gold), Starr Peak Mining Ltd. (TSX:STE.V; OTC:STRPF) has again announced high-grade results from its ongoing 2021 drilling campaign. And now its its drilling program from 20,000 meters to 40,000 meters, in a huge campaign that is fully funded. What Starr Peak reported it found in its first discovery announcement on May 4th |
| Biomass: The EU’s Great ‘Clean Energy’ Fraud“The professionalization of the biomass industry is a problem that needs attention.”–Bas Eickhout, Dutch politician and member of the European Parliament. When it comes to the global shift to low-carbon energy sources, Europe has traditionally been viewed as the world leader while the United States has frequently been regarded as an important, albeit grudging, participant. Over the past half-decade, China has also improved its stock in the fast-growing market through a plethora of heavy investments, especially in solar and wind. For the most part, |
| The Refining Industry Is Struggling To Adapt To The FutureThe upstream oil and gas business is recovering from one of the worst slumps in recent memory as oil prices sit at around $75 per barrel and global demand rises. The expectation now is that prices will reach pre-crisis levels in just a few quarters. However, the downstream segment’s suffering is set to lingerand not only in the short term. Lower refining margins and structural overcapacity are the near-term challenges ahead for the oil refining industry. But there are two other challenges that refiners need to overcome if they want to remain |
| Alaskas Most Important Pipeline Faces An Existential ThreatAn area of thawing permafrost is threatening a stretch of a major Alaskan pipeline as the structure experiences damages from the changing weather.An 810-foot section of the Trans-Alaska Pipeline is under threat as the braces of the structure have begun to tilt and bend as the slope above it is slowly thawing. The Alaska Department of Natural Resources is responding to the hazard by installing 100 thermosyphon tubes over 120 days to pull heat out of permafrost and reenforce the slope to hopefully avoid major damage. This is the first |
| Oil Falls Slightly Despite Crude DrawxThe American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 4.079 million barrels for the week ending July 9, bringing the total 2021 crude draw so far to 50.01 million barrels, using API data. Analysts had expected a loss of 4.333 million barrels for the week. In the previous week, the API reported a draw in oil inventories of7.983 million barrelsafteranalysts had predicteda draw of 3.925 million barrels. The price of a WTI barrel has risen more than 50% so far this year and is still on |
| Delta reports profit since 2019 thanks to federal aid, improving revenue as travelers returnDelta’s quarterly report came in better than Wall Street estimates as travelers returned and federal aid drove it to its first profit since 2019. |
| Jeep unveils 2022 Compass SUV ahead of EV pushThe compact SUV is the brand’s best-selling vehicle globally. It’s scheduled to arrive in North American showrooms in the fall, starting at $24,995. |
| American Airlines shares rise on carrier’s better second-quarter forecastAmerican Airlines forecast it will report a “slight” pretax profit for the second quarter and better revenue than previously estimated, sending shares higher. |
| Norwegian Cruise Line sues Florida surgeon general to end vaccine passport banNorwegian Cruise Line filed a lawsuit against Florida’s surgeon general to put an end to the state’s law preventing businesses from asking to see vaccination proof. |
| 5 things to know before the stock market opens WednesdayU.S. stock futures were flat ahead of the government’s latest inflation report and Fed Chairman Jerome Powell’s House panel testimony. |
| Levi’s and American Eagle among stocks set to benefit from enhanced child tax credit, Cramer says“I have to believe a decent chunk of that money flows to our favorite retail plays,” the “Mad Money” host said. |
| ‘New York is back’ ” broker says the city’s real estate market is heating up at all levelsTop New York real estate broker Christopher Kromer told CNBC the city’s housing market is seeing higher demand and lowered prices. |
| Stocks making the biggest moves premarket: Bank of America, BlackRock, Delta, Peloton and moreThese are the stocks posting the largest moves before the bell. |
| Hospitalizations rising again as delta variant spreads among the unvaccinated, doctors sayCases are rising in unvaccinated pockets of the U.S., deaths and hospitalizations may soon follow. |
| Investors buy tech stocks to hedge inflation, Fed rate hike, Jim Cramer says“If you want one industry that’s immune to both inflation and a Fed-induced slowdown, well it’s big-cap tech,” the “Mad Money” host said. |
| MLB has big plans for Shohei Ohtani, a ‘once in a century’ playerTwo-way player Shohei Ohtani is currently baseball’s biggest attraction and MLB wants to transform him into a superstar that can grow its sport. |
| 10 snubs and surprises from this year’s Emmy nominationsWhile “The Crown,” “The Mandalorian” and “WandaVision” secured Emmy nominations on Tuesday, there were quite a few shows that didn’t make the cut. |
| Panda Express adds Beyond Meat orange chicken to its menu in select restaurantsPanda Express announced it will add a Beyond Meat plant-based chicken item to menus at select locations in New York and Southern California for a limited time. |
| Arizona Senate President Says 2020 Election Audit’s Ballot Count Doesn’t Match Maricopa TallyArizona Senate President Says 2020 Election Audit’s Ballot Count Doesn’t Match Maricopa Tally Authored by Isabel van Brugen via The Epoch Times, Arizona Senate President Karen Fann on Tuesday said that the 2020 presidential election audit’s ballot count led by Cyber Ninjas differed from the Maricopa County tally, and that the discrepancy prompted the election review team to acquire new machines to recount the ballots.
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| Futures Rebound As Apple Soars To All Time High; “Dovish” Powell On DeckFutures Rebound As Apple Soars To All Time High; “Dovish” Powell On Deck US index futures rebounded from yesterday’s modest drop helped by a rise in mega-cap technology stocks as investors awaited Federal Reserve chair Jerome Powell’s testimony and more earnings reports from big banks poured in. At 745 a.m. ET, Dow e-minis were up 13 points, or 0.04% and S&P 500 e-minis were up 5 points, or 0.12%.Nasdaq 100 e-minis were up 52.50 points, or 0.35%, with Apple rising over $3 to $148.72 after a Bloomberg report it was targeting a 20% increase in next-gen iPhone production, while JP. Morgan added the iPhone maker’s stock to its œanalyst focus list and raised its price target as the stock is œpositioned for upside led by upward revisions to iPhone 12 volumes on the back of recent momentum and share gains in key geographies.”
Among other companies reporting earnings, American Airlines rose 1.9% after it forecast positive cash flow in the second quarter for the first time since the pandemic began. Some other notable premarket movers include: Bank of America … |
| Bank of America Slides After Trading Revenue Slump, $2.2 Billion Reserve Release Saves The DayBank of America Slides After Trading Revenue Slump, $2.2 Billion Reserve Release Saves The Day The bank earnings parade continued on Wednesday morning when Bank of America reported disappointing earnings that missed on the top line as a result of disappointing trading revenue like JPM yesterday with FICC sliding 38% Y/Y due to “more benign markets in 2Q21” and badly missing expectations ($1.9BN vs Exp. $2.4BN), but also like JPM beat on the bottom line thanks to an overly generous reserve release. The result in a nutshell: Revenue net of interest expense $21.47 billion, down -3.9% y/y, and missing the estimate of $21.84 billion EPS $1.03 vs. 37c y/y, beating the estimate 77c, and coming above the highest Wall Street forecast of 88c However, unlike JPM which at least reported solid Net Interest Income, BofA was unable to and missed on NII which came in at $10.34BN, below the $10.44BN estimate, hit by lower rates, and down 6% Y/Y while flat sequentially.
Adding insult to injury, the Bank’s Net Margin Income dropped to a new record low. … |
| Oil Volatile After UAE Resolves OPEC+ StandoffOil Volatile After UAE Resolves OPEC+ Standoff Saudis fold? Oil algos are unsure what to make of the latest headlines for now as Bloomberg reports that UAE has resolved its standoff with OPEC and agreed on a new higher baseline production level of 3.65m b/d (versus the UAE’s prior 3.16m b/d output level). Additionally, the OPEC+ deal is to be extended until the end of 2022 (vs the original April 2022), according to a source. Reminder, OPEC+ talks were postponed early July after the UAE dissented on OPEC’s August proposal, prompting some concerns over the future of OPEC, especially as reports were doing the rounds that the UAE was mulling a unilateral increase in production.. WTI tested up to to $75 and tumbled down to $74 on the headline, then rebounded rapidly back up to test $75 again…
Some context for that price level relative to pre- and post-OPEC_ meeting… |
| Waterstones to encourage shoppers to wear masks in storesBookseller is one of the first major chains to state policy for shops, but its stance attracts a mixed response. |
| North West England leads housing boom with prices up 15%Official figures show property prices also rising rapidly in Scotland, Wales and the North East of England. |
| Price rises speed up again as economy unlocksThe inflation rate hit 2.5% in June, exceeding the Bank of England’s target for a second month. |
| Zomato IPO sails through on first day thanks to strong retail responseData compiled from BSE and NSE suggests that the retail quota was subscribed 2.69 times. The portion reserved for qualified institutional buyers (QIBs) was subscribed 98 per cent. |
| Mid & smallcap-focused minnows beat their larger peers in JuneBonanza Portfolio’s Value strategy, which invests nearly two-thirds of its money in midcap and smallcap stocks, topped the charts with 14 per cent return for the month. It was followed by Right Horizon’s Minerva India Under Served, which holds shares like JK Paper, Steel Strips Wheels, Fiem Industries and Zensar Tech. |
| Zomato, Paytm set to supercharge India’s hot IPO marketStocks that have debuted this year are up by an average of 62%, according to data compiled by Bloomberg — buoyed by a liquidity-fueled stock market that has defied one of the world’s worst Covid-19 outbreaks. |
| The Fed: Inflation will moderate, Powell says in prepared testimony to CongressFed Chairman Jerome Powell said Wednesday that inflation will moderate after a few more months of elevated readings. |
| London Markets: U.K. inflation data boosts sterling and hits shares in British multinationalsShares in some of the U.K.’s largest multinational companies declined on Wednesday, depressed by a stronger pound after data showed that inflation jumped by more than expected in June. |
| Market Extra: He runs the worst-funded public pension in the country. Here’s his ‘good news’ storyDavid Eager, executive director of the Kentucky Public Pension Authority, wants people to understand how pensions work. He also outlines a three-pronged approach he’s taken to steer the state’s near $13 billion pensions in a healthier direction. |
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