04Aug2021 Pre-Market Commentary: Wall Street Futures Fell This Morning After Weaker-than-expected Jobs Data, DOW Down 106 Points, Nasdaq Down 0.1%, WTI Crude Slides 69.28, Small Crude Inventory Draw Disappoints Markets

Written by Gary

Stocks & Bond Yields Tumble After Dismal Jobs Data (SPY -0.3%). U.S. economy added 330,000 private-sector jobs in July: ADP.

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. Airports Are Facing Serious Jet Fuel Shortages A shortage of tanker truck drivers hascaused fuel delivery disruptionsat airports from Nantucket to California. The Federal Aviation Administration issued a”Notice to Airmen”warning that some airports would not have enough jet fuel through Monday. Flights were delayed at California’s Santa Barbara airport, and some departing planes were forced to add stops for refueling last weekend. Meanwhile, the airport in Nantucket, Massachusetts, ran out of jet-A-grade fuel over the weekend. Those problems followed
	The Real Reason Big Oil Is Betting On The Hydrogen Boom Japan has been making headlines with its plans to significantly increase its reliance on hydrogen to satisfy its energy needs. Right now, it is demonstrating its transformation into a hydrogen economy by showcasing hydrogen buses and cars used in the Olympics. But there is a problem with that for those nit-picky enough to notice. This hydrogen is not green. In a recent article for Forbes, tech journalist James Morris noted that the hydrogen used in Japan right now is made from natural gas rather than through the electrolysis of water. Green hydrogenthe
	Is This The Next Major Threat For Natural Gas? From California to Massachusetts, some U.S. cities are enactingor trying to enactbylaws banning natural gas hookups in new homes, citing concerns over climate change and efforts to decarbonize energy supply. The quest of many U.S. towns and cities to ensure that all newly built homes will be all-electric has resulted in a fierce battle in dozens of states, many of which have moved to preemptively prohibit their towns from banning natural gas in new homes. The battle is also between the gas lobby and environmentalists, while many consumerswhile
	A New Civil War Would Decimate Colombia’s Oil Industry The strife-torn South American nation of Colombia was rocked by anti-government protests which commenced in late April 2021 and lasted for roughly two months. By mid-May 21 road blockades had sprung up all over Colombia in response to President Ivan Duques government violently repressing the protests, impacting the economically crucial oil industry. By the end of July-2021, the deaths of 45 protestors at the hands of authorities had been recorded by peace thinktank Indepaz. That coupled with the governments unwillingness to negotiate
	Iran Uses Iraq To Tie Lebanon Into Massive Power Plan Iran has spent a lot of its time, money, and lives of its direct and proxy military forces in building up its influence across the Shia Crescent of power in the Middle East Lebanon, Syria, Yemen and Iraq – and it continues to target the further acquisition of power in those countries on the edges of the Crescent, together with China and Russia. A core strategy in Irans methodology is to build out a pan-Middle Eastern power grid with Tehran at the centre. In just the same way that Russias huge level of gas supplies to Europe
	Small Crude Inventory Draw Disappoints Markets The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 879,000 barrels for the week ending July 30, bringing the total 2021 crude draw so far to nearly 55 million barrels, using API data. Analysts had expected a loss of 2.900 million barrels for the week. In the previous week, the API reported a draw in oil inventories of4.728 million barrels largely in line with the anticipated draw that week of 3.433 million barrels. The price of a WTI barrel had fallen earlier on Tuesday on renewed fears of the Delta
	Stocks making the biggest moves premarket: GM, CVS, Kraft Heinz, Tupperware and others These are the stocks posting the largest moves before the bell.
	CVS Health boosts pay, cuts education requirements as retailers compete for workers The retailer said it will raise its minimum wage to $15 an hour as of July 2022.
	5 things to know before the stock market opens Wednesday U.S. stock futures fell Wednesday after weaker-than-expected jobs data. The S&P 500 on Tuesday closed at a record high.
	General Motors misses Wall Street second-quarter earnings expectations, raises 2021 guidance GM has projected better-than-expected results in the second quarter despite the industrywide impact of the semiconductor shortage.
	CVS Health raises forecast for year, tops analyst estimates with strong second-quarter sales The drugstore chain said its business has begun to normalize, as customers buy more items in the front of the store and pharmacists fill more prescriptions.
	Kroger partners with Kitchen United for ghost kitchens in its grocery stores Kroger, the nation’s largest supermarket chain, and Kitchen United are partnering to put ghost kitchens inside grocery stores.
	From Beijing to Wuhan, China orders mass testing and restrictions as Covid cases rise Economists are concerned that strict measures by the government to control the Covid-19 outbreak would hurt the Chinese economy.
	‘Made in China’ products are running into new logistics problems Access to cheap manufacturing in China is becoming a disadvantage for some Chinese businesses selling overseas due to the pandemic and trade tensions.
	Australia’s vaccinations need to rise before country can set up travel bubbles, let students in Australia’s trade minister, Dan Tehan, says relaxing border restrictions and letting foreign students back in are still “very much part of the roadmap.”
	Caeleb Dressel on 2024 Paris Olympics: ‘I very much would like to make the team’ U.S. swimmer Caeleb Dressel discusses his future swimming plans, and what he’d change about the Olympics.
	Stephen Curry’s new contract averages more than $50 million per year – and the Golden State Warriors can afford it With this extension, the Warriors positioned themselves to capitalize on Curry’s remaining time atop the NBA’s megastar landscape.
	A ‘roaring era’ for concerts and live events is coming, says Live Nation CEO Live Nation’s Ticketmaster just had one of its best months ever in North America, a sign that audiences are ready to venture outside the home.
	J&J Covid vaccine recipients can get supplemental Pfizer or Moderna dose in San Francisco J&J recipients can make a special request to get a “supplemental dose” of an mRNA vaccine, San Francisco health officials said Tuesday in a statement to CNBC.
	Stocks & Bond Yields Tumble After Dismal Jobs Data Stocks & Bond Yields Tumble After Dismal Jobs Data All major US equity indices have dropped into the red after the massive miss in ADP’s employment report with Small Caps the hardest hit… Extending the short-squeeze, bond yields plunged on the print to a 1.12% handle, testing the spike lows from July 20th… Source: Bloomberg The dollar dropped also, but remains in …
	ADP Employment Report Shows Job Gains Stalled In June, Weakest Since Feb ADP Employment Report Shows Job Gains Stalled In June, Weakest Since Feb Analysts expected a 7th straight month of ‘solid’ employment gains in July, forecasting ADP to show the US economy added 683k jobs (despite recent weakness in ISM Employment data). They were wrong, very wrong! ADP printed a miserly addition of just 330k jobs in June (less than half the expected rise)… and well below the consensus forecast for Friday’s payrolls print. Source: Bloomberg That is the weakest addition since February. œThe labor market recovery continues to exhibit uneven progress, but progress nonetheless. July payrollÂ data reports a marked slowdown from the second quarter pace in jobs growth, said Nela Richardson,Â chief economist, ADP. œFor the fifth straight month the leisure and hospitality sector is the fastest growingÂ industry, though gains have softened. The slowdown in the recovery has also impacted companies of allÂ sizes. Bottlenecks in hiring continue to hold back stronger gains, particularly in light of …
	What’s Behind The Inflation Hall Of Mirrors? What’s Behind The Inflation Hall Of Mirrors? Authored by Charles Hugh Smith via OfTwoMinds blog, The global economy may have finally run up against hard limits of “infinite substitution” and “infinite expansion” funded by central-bank free money. We are in an interestingÂ Hall of MirrorsÂ moment:Â prices are rising, yet we’re assured by the Federal Reserve that this inflation is “transitory,” and other voices are insisting the primary forces of the economy (globalization, debt and automation) are all profoundly deflationary, meaning prices of everything will eventually plummet as supply will outstrip demand. At this same moment, others are declaring the start of a new secular inflation that cannot be controlled with Federal Reserve interest-rate manipulation / bond-buying. What do you see in the kaleidoscope of reflected images?Â Here’s a few things I’ve seen in theÂ Inflation Hall …
	Global Markets Hit New Record High As China Concerns Ease Global Markets Hit New Record High As China Concerns Ease US equity-index futures were little changed near all-time highs, as global shares rode earnings to a fresh record high boosted by easing concerns over China’s crackdown on gaming and technology industries, but worries about Covid-19 variants lingered. S&P futures were steady, trading 5 points lower or -0.11%, in the wake of a record S&P 500 close on robust earnings. Tech shares led a broad-based advance as the Stoxx Europe 600 index climbed for a third day to a fresh record. The 10-year U.S. Treasury yield held its retreat, and the dollar was steady against a basket of major peers in the wait for ADP employment data to provide clues to the pace of monetary tightening in the world’s biggest economy.. WTI crudeÂ oil hovered around $70 a barrel. The MSCI World index was last up 0.2%, tracking overnight gains in Asia, where the equivalent index, excluding Japan rose 1%. The strongest earnings beat on record and expectations of continuing central-bank stimulus have propelledÂ U.S.Â andÂ EuropeanÂ shares to all-time hi …
	Taylor Wimpey rejects housing market bubble fears The housebuilder sees bumper profits and builds a record number of new homes in the first half of 2021.
	Petrol prices at eight-year high, says RAC Prices have risen for nine straight months – and are expected to increase further – the motoring group says.
	Keir Starmer attacks government record on green jobs The Labour leader says there is a “chasm between soundbites and action” on climate-friendly employment.
	SBI Q1 takeaways: Plummeting SMA-2 loans bring cheer to investors The year-on-year fall in provisions by nearly 20 per cent also helped the lender post a 55 per cent year-on-year rise in net profit to Rs 6,504 crore.
	Will Adani Ports come out of the bear grip post Q1 earnings? Analysts, who see limited positive surprises ahead, have upside targets as low as 5 per cent. Others who see it as a compelling story on India’s EXIM play see up to 40 per cent upside on the counter.
	Adani Green Energy Q1 results: Net profit zooms 10-fold to Rs 219 cr The consolidated net profit of the firm was Rs 22 crore in the quarter ended June 30, 2020, the company said in a regulatory filing.
	: Biden tells governors opposing masks to help or ‘get out of the way’ The president’s remarks come a day after the U.S. reaches the milestone of having 70% of American adults receive at least one dose of a vaccine — and as the Biden administration marks donating more than 110 million vaccine doses to other nations.
	Project Syndicate: Why Biden’s economic policies are more like Trump’s than Obama’s Biden is governing as a neo-populist, continuing Trump’s break with the neoliberal, trickle-down economics of Clinton, Bush and Obama.
	Capitol Report: Winners in bipartisan infrastructure bill: nuclear power, internet providers, pharmacy benefits managers Washington’s bipartisan infrastructure bill still faces a long road to becoming law, but analysts see some clear winners and losers at the moment.