Written by Gary
Florida hospitals are overrun as state fights one of the worst Covid outbreaks in the U.S. (SPY +0.3%). Small caps, crude oil, & the yield curve dump’n’pump as soaring CPI & COVID cases Stalls.
The Market in Perspective
Here are the headlines moving the markets. | |
New Energy Companies Post Mixed Earnings Despite Pivot To RenewablesOil and gas companies have been shooting the lights out this earnings season, with the energy sector recording the highest growth of any of the U.S.’ 11 sectors. The sector has so far reported Q2 revenue growth of 112.8% Y/Y, more than three times the growth clip by the second-placed Materials sector. Big Oil has been particularly impressive, with ExxonMobil (NYSE:XOM), Chevron (NYSE:CVX), Shell (NYSE:RDS.A) and TotalEnergies (NYSE:TTE) all swinging to large profits after a dismal showing a year ago. Unfortunately, the same cannot be said about | |
U.S. Crude Meets Most Of Canadas Oil DemandMore than half of Canadas crude and condensate demand is being met by the United States, despite the fact that Canada pumps two and half times more oil than its domestic demand, IHS Markit said in a report on Wednesday. Around 55 percent of the demand for crude and condensate in Canada in 2019, the last normal year for demand, was met by imports from the U.S. or by Canada-produced oil routed through the United States and then back into Canada, that is, by re-exports. U.S. imports of 600,000 bpd plus another 480,000 bpd of re-exports | |
How Tesla Is Overcoming The Global Chip ShortageA global chip shortage is continuing to wreak havoc up and down supply chains in a diverse array of industries across the world. As unprecedented amounts of work, life, shopping, and socializing went digital as the spread of the novel coronavirus drove everyone inside, the demand for electronics, and the computer chips they contain, skyrocketed. The overnight increase in demand, compounded by then-President Donald Trumps trade war with China, has caused a major headache for a huge swath of economic sectors as more and more products become | |
How Can Emerging Markets Capitalize On Geothermal Energys Potential?While solar and wind are the dominant segments in the transition to renewables, a number of emerging markets are looking to geothermal sources as a way to meet future energy needs. Geothermal energy which is generated when pipes drilled into the earths surface supply steam to power electricity turbines lags behind other forms of renewables in terms of installed capacity; however, it is an effective solution for many countries. Geothermal on the rise in Kenya One of the countries leveraging its significant geothermal potential | |
NASA Launches Mission To Study The Asteroid That Could Make Us All BillionairesNASA has officially launched a mission to study an asteroid with more than $10,000 quadrillion worth of precious metals on it. The asteroid is literally so “rich” that it would make everyone on Earth a billionaire if its haul was divided equally, according to The Independent. The asteroid is named Psyche 16 and it was first noticed all the way back in March of 1852. It’s 124 miles wide and is set to be the “primary focus” of NASA’s mission, which will take place in August 2022. NASA’s spacecraft would arrive at the asteroid in early 2026, | |
Chinese Oil Demand To Crash By 1 Million Bpd On Covid SurgeChinas oil demand is expected to be 1 million barrels per day (bpd) lower in the next two months than previously expected due to the rising number of COVID cases in the worlds top crude importer, Goldman Sachs says. Still, the overall hit to global oil demand will be more moderate, the investment bank said in a note carried by Reuters. Goldman Sachs analysts now see total global crude oil demand at 97.8 million bpd over the next two months, compared to an estimated 98.4 million bpd in July. China imposed in the past two weeks widespread | |
WHO official pleads with Caribbean islanders to ‘wake up’ and get vaccinated“We have limited bed capacity and limited ICU capacity in our small islands … our health systems will become overwhelmed very quickly,” Etienne said. | |
Biden’s new SBA head on Covid loans and financial relief businesses can still getNew Small Business Administrator Isabella Guzman says the agency went from $40 billion to $1 trillion because of Covid, and there is still relief money. | |
Space company Momentus, after settling SEC charges, gets SPAC approved and will go publicSpace company Momentus will later this week go public on the Nasdaq, a month after settling SEC charges that it misled investors. | |
California teachers and school staff required to prove vaccination or get weekly Covid testsCalifornia will be the first state to require all school staff to prove they are vaccinated or submit to regular Covid testing. | |
McDonald’s delays return to work for office workers, will require vaccinationMcDonald’s on Wednesday told its corporate workforce that it is pushing back the reopening of its Chicago headquarter by more than a month. | |
Global Covid cases on track to add 100 million by early next year without help to poorer nations, WHO saysThe WHO is warning that global Covid cases could pass 300 million by early next year if the pandemic continues in its current direction. | |
Wendy’s to open 700 ghost kitchens by 2025 with start-up ReefWendy’s announced it will open 700 ghost kitchens across the U.S., U.K. and Canada by 2025 through a partnership with start-up Reef Technology. | |
Cushman & Wakefield CEO expects ‘full recovery’ in office employment by mid-2022Brett White, CEO of Cushman & Wakefield, told CNBC he expects office occupancy numbers to return to pre-pandemic levels one year from now. | |
Labor shortage gives retail and restaurant workers the upper hand “for nowCompanies have hiked pay and added perks to try to recruit job candidates and retain employees, but some industry watchers wonder if that dynamic will last. | |
Mike Richards and Mayim Bialik named new hosts of ‘Jeopardy!’Mike Richards and Mayim Bialik have been named as the new hosts of “Jeopardy!,” Sony revealed Wednesday. | |
Rocket Lab and space factories start-up Varda sign deal for three spacecraftRocket Lab will provide Varda Space Industries three Photon spacecraft to support the start-up’s first in-space manufacturing missions. | |
Florida hospitals are overrun as state fights one of the worst Covid outbreaks in the U.S.Hospitals across Florida are now being pushed to the limit as the state fights one of the worst Covid-19 outbreaks in the nation, fueled by the delta variant. | |
A new Microsoft solar project shows how climate and racial equity are getting connectedMicrosoft’s deal with Volt Energy, a Black-owned solar power firm, shows how the pledge to be 100% renewable energy should include underserved communities. | |
One Redditor’s Tale Of Regret Exposes Homebuyers Suddenly Paying “The Price Of FOMO”One Redditor’s Tale Of Regret Exposes Homebuyers Suddenly Paying “The Price Of FOMO” Authored by Wolf Richter via WolfStreet.com, Here is a Reddit lament by a self-admitted FOMO-home-buyer in Canada. The couple, mistakenly thinking that working-at-home (WAH) was permanent, had bought for that reason a house œhours away from Toronto six months ago. But turns out, WAH was transitory for them, and now they need to sell the house. But in the two weeks that the home has been on the market, they didn’t get offers that would allow them to make a profit or break even, as the market is cooling ” a horrifyingly bloodcurdling stupendously surprising situation of having to sell a house without being able to m … | |
Small Caps, Crude Oil, & The Yield Curve Dump’n’Pump As Soaring CPI & COVID Cases StallsSmall Caps, Crude Oil, & The Yield Curve Dump’n’Pump As Soaring CPI & COVID Cases Stalls Sheesh… that was quite a headline-heavy day. The $3.5 trillion socialism bill passes its first hurdle (called “irresponsible” by Manchin), a desperate demands from Biden to OPEC to open the oil production floodgates, Core CPI appears to start to confirm the ‘transitory’ inflation narrative, a red hot 10Y bond auction, Delta variant COVID cases topping in some states, and hawkish Fed speakers pushing an early taper… all combined for quite a chaotic day in the day in the markets, which was hidden by the relatively small close-to-close changes across asset classes. By the close, Nasdaq was down modestly, The Dow up notably, S&P small gains, as Small Caps dumped-and-pumped back into the green… … | |
Watch: Boy Duct-Taped To Seat After Trying To Kick Out Window On American FlightWatch: Boy Duct-Taped To Seat After Trying To Kick Out Window On American Flight A young man was duct-taped to his seat after he went mental and tried to kick out the window of an American Airlines flight from Maui to Los Angeles, according to CBS Los Angeles (CBSLA). Witnesses told CBSLA the 13-year-old boy tried to kick out the window next to his seat and became physical towards his mother an hour into the flight. The flight was diverted to Honolulu. A video clip of the incident shows a flight attendant and what appears to be two passengers restraining the young man. The flight attendant can be seen duct-taping the passenger to the seat as the plane was being diverted. This is the third incident of passengers being duct-taped to their seats for dangerous behavior on commercial planes. Last week, a man in his early 20s was duct-taped to his seat on a Frontier Airlines flight from Philadelphia to Miami after punched a flight attendant. In early July, a woman was duct-taped to her seat after she tried to open the door on an … | |
Watch: How Moderna Fell In The Gamma Trap, Crashing 20% In One DayWatch: How Moderna Fell In The Gamma Trap, Crashing 20% In One Day Update: For those who prefer video education, here is SpotGamma with an explanation of how the violent unclenching of gamma resulted in a 20% drop of MRNA stock in just one day. * * * As we noted earlier in the year in one of our detailed explanations of market action, historically speaking, gamma squeezes have been primarily associated with markets dropping, not rising. This is because often as markets start to selloff, traders seek downside protection by purchasing put options. As traders buy puts, dealers (who are short those puts) must short stock to hedge themselves, further adding to the downward momentum driving a stock’s price lower. This ends up turning into a œreflexive fear-based feedback loop (as opposed to the greed-based call buying gamma squeeze). In the case of MRNA, which has exploded higher in recent weeks (best performer in the S&P this year) – on the heels of positive gamma-squeezing WSB traders, that negative squeeze is very much in evidence today. The last few weeks have ‘bullish’ interest in MRNA soar on WSB… until today… | |
Google may cut pay of staff who work from homeThe tech giant has developed a calculator that lets staff see the effects of remote working. | |
Weight Watchers shares dive as people put diets on holdShares in the Oprah Winfrey-backed company drop 25% as subscriber numbers fall after lockdown. | |
Post Office to fight six appeals in IT scandalMore appeal cases are being heard after hundreds of sub-postmasters were wrongly accused of stealing. | |
Midcaps, smallcaps recover after BSE’s clarification on new ruleBSE’s new surveillance measure will be applicable only on securities worth Rs 20 or above and having a market capitalization of less than Rs 1,000 crore. | |
Analysts suddenly gung ho on this PSU bank, see up to 50% upsideMotilal Oswal Securities has hiked its earnings estimates by 47 per cent for FY22 and 22 per cent for FY23 post the bank’s Q1 numbers. | |
StanChart says return to pre-Covid purchasing power of consumers to be gradual, unevenAccording to the report, the experience of certain countries where labour force participation rates are yet to reach levels seen before the pandemic despite relatively better vaccination coverage and a faster pace of recovery could apply to India too. | |
Earnings Results: AppLovin revenue tops Wall Street estimatesAppLovin Inc. shares slid in the extended session Wednesday after the company reported revenue above Wall Street estimates but held to its previous outlook as it said Apple Inc.’s crackdown on ad data had a “muted” effect on its business. | |
The Margin: Double ‘Jeopardy!’: Why so many people on Twitter are furious about the two new hostsMayim Bialik and Mike Richards will co-host the show, and many people aren’t happy | |
: The Olympics are over ” and time is running out for athletes to cash in‘The challenge with an Olympic athlete is what happens between Olympic Games,’ says super-agent Leigh Steinberg |
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