The three major Wall Street indexes closed near their highs in a rebound during the last hour and a half. Stocks end today’s session significantly higher after trading sideways during the late afternoon session. Today’s rise appears to be a relief rally helped in part by falling crude costs and rising prices of tech stocks.
Oil has fallen more than 27% of recent highs and 5% today. Chinese stocks listed in Hong Kong have taken the largest plunge since 2008’s financial crisis, and the fall is blamed on concerns of its close affiliation with Russia.
A summary of headlines we are reading today:
The World Is Facing A Critical Diesel Shortage
EIA: The U.S. Is Still Energy Independent
Crude Craters, Chinese Tech ‘Dead Cat Bounces’, & VXX Decouples From Reality
Tesla Bought Russian Aluminum To Make Body Shells For Model Y
Bond Report: Treasury Yields Rise To Highest In Almost Three Years As Fed Settles Into Its Two-Day Meeting
These and other headlines and news summaries moving the markets today are included below.
The Market in Perspective
| Here are the headlines moving the markets. | |
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Oil Prices Slip On Surprise Crude Inventory BuildThe American Petroleum Institute (API) estimated that there was a surprise build this week for crude oil of 3.754 million barrels, compared to analyst predictions of a 1.867 million barrels draw. U.S. crude inventories have shed some 73 million barrels since the start of 2021 and about 16 million barrels since the start of 2020. In the week prior, the API reported a build in crude oil inventories of 2.811 million barrels after analysts had predicted a draw of 833,000 barrels. Oil prices were trading down sharply on Tuesdaycontinuing Monday’s Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Slip-On-Surprise-Crude-Inventory-Build.html |
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Gazprom Deliveries To Europe Plunge 28.5% This YearGazprom has reduced its natural gas exports to countries outside the former Soviet Union by 28.5 percent so far this year, Russia’s state gas giant said on Tuesday. Gazprom’s natural gas exports to Europe and Turkey plunged to 30.7 billion cubic meters (bcm) between January 1 and March 15, down by 28.5 percent compared to the same period of 2021, according to a Gazprom statement carried by Reuters. Gazprom has said throughout this winter that it is fulfilling its contractual obligations, but the volumes it has been sending have been much lower Read more at: https://oilprice.com/Latest-Energy-News/World-News/Gazprom-Deliveries-To-Europe-Plunge-285-This-Year.html |
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The World Is Facing A Critical Diesel ShortageA crude oil shortage is invariably bad news for those that consume oil products. But when it comes to these products, a diesel shortage has the potential to be even more devastating than a crude shortage. Reuters’ Rowena Edwards reported in early February that the supply tightness in crude oil, gas, and coal was beginning to spread to oil products, most notably middle distillates, the most popular among which is diesel fuel. The fuel, whose biggest market is freight transport, got hit severely during the pandemic lockdowns as transport rates Read more at: https://oilprice.com/Energy/Energy-General/The-World-Is-Facing-A-Critical-Diesel-Shortage.html |
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Kazakhstan Halts Gold Exports As Its Currency FaltersKazakhstan has banned the export of hard currency in amounts worth more than $10,000, as well as gold and silver bullion, as it attempts to stabilize a national currency battered by the knock-on effect of international sanctions against its main trading partner, Russia. The decree approved by President Kassym-Jomart Tokayev on March 14 in effect nullifies one important provision of the Moscow-led Eurasian Economic Union trading bloc, which allows in principle for the free movement of capital. In a briefing on this provision, Finance Minister Yerulan Read more at: https://oilprice.com/Latest-Energy-News/World-News/Kazakhstan-Halts-Gold-Exports-As-Its-Currency-Falters.html |
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Why Oil Crashed Below $100Reader Update:Oil prices have crashed back below $100 this week despite the ongoing war in Ukraine and a structurally tight market. To fully understand what is moving oil markets, make sure you sign up for Oilprice.com’s premium service,Global Energy Alert.Chart of the Week- In spite of the IEA claiming that Europe could essentially halve its dependence on Russian gas imports within a year, March gas flows have so far averaged 30% higher than February. – Leading oil majors Shell, BP, and Equinor announced they would not be trading Read more at: https://oilprice.com/Energy/Energy-General/Why-Oil-Crashed-Below-100.html |
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IMF: Ukraines Economy Will Shrink By 10 Percent Or More This YearThe Ukrainian economy is set to contract sharply this year as Russias invasion hobbles domestic consumption, reveals fresh forecasts by the worlds economic watchdog. Output in Ukraine will shrink around 10 percent this year, according to the International Monetary Fund (IMF). The hit to the countrys economy could eventually rise to some 35 percent if Moscows assault on Ukraine intensifies and lasts over the long term. Functioning of normal economic activity in Ukraine has been hit by the Kremlins decision to send Read more at: https://oilprice.com/Latest-Energy-News/World-News/IMF-Ukraines-Economy-Will-Shrink-By-10-Percent-Or-More-This-Year.html |
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GM will begin production next week on the Cadillac Lyriq, the brand’s first EV modelThe Lyriq, starting at $59,990, is the first of a new lineup of electric cars and SUVs for the brand as it plans to exclusively make all-electric vehicles by 2030. Read more at: https://www.cnbc.com/2022/03/15/cadillac-lyriq-gm-to-begin-production-next-week-brands-first-ev.html |
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Small mining firm with troubled history saw big spikes in stock price, trading volume ahead of AMC dealHycroft saw big spikes in its stock price and trading volume in the days leading up to the announcement that AMC would purchase a major stake in the company. Read more at: https://www.cnbc.com/2022/03/15/hycroft-stock-saw-spikes-in-price-trading-volume-ahead-of-amc-deal.html |
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White House says U.S. will run out of money to fight pandemic if Congress doesn’t pass Covid funding billThe White House is urging Congress to pass $22.5 billion in Covid spending, warning the U.S. is running out of money to fight the virus. Read more at: https://www.cnbc.com/2022/03/15/covid-white-house-says-us-will-run-out-of-money-to-fight-pandemic-.html |
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House Democrats call on Biden to restart climate negotiations in stalled spending planPresident Biden’s Build Back Better Act has stalled in the Senate, and talks between the White House and some key senators have essentially stopped. Read more at: https://www.cnbc.com/2022/03/15/democrats-urge-biden-to-restart-climate-negotiations-in-stalled-plan.html |
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Rocket builder Astra returns to flight with successful orbital mission, stock swingsThe company’s mission on Tuesday was its first attempt to return to flight since the mid-launch failure of its LV0008 rocket on Feb. 10. Read more at: https://www.cnbc.com/2022/03/15/astra-stock-astr-swings-lv0009-rocket-reaches-orbit.html |
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Retail sales will grow this year, but at a slower rate than in 2021, major trade group saysThe NRF delivered its outlook as inflation and Russia’s invasion of Ukraine sends food and gas prices higher. Read more at: https://www.cnbc.com/2022/03/15/retail-sales-will-grow-this-year-but-at-a-slower-rate-than-in-2021-trade-group-says.html |
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Stocks making the biggest moves midday: American Airlines, Starbucks, Peloton and moreThese are the stocks posting the largest moves in midday trading. Read more at: https://www.cnbc.com/2022/03/15/stocks-making-the-biggest-moves-midday-american-airlines-starbucks-peloton-and-more.html |
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Eligible taxpayers can claim earned income tax credit in these statesMore than a dozen states added or expanded earned income tax credits in 2021. Here’s what to know about this write-off for low to moderate earners. Read more at: https://www.cnbc.com/2022/03/15/eligible-taxpayers-can-claim-earned-income-tax-credit-in-these-states.html |
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Volkswagen says high demand is helping its EVs turn a profit sooner than expectedEager customers are giving Volkswagen’s aggressive electric-vehicle plan a boost. Read more at: https://www.cnbc.com/2022/03/15/volkswagen-vow-vwagy-2022-annual-meeting-ev-updates.html |
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Women in low-paying jobs are losing billions as U.S. gender pay gap persists, Labor Department saysA new Labor Department report finds “occupational segregation” is costing women billions of dollars. Read more at: https://www.cnbc.com/2022/03/15/women-in-low-paying-jobs-are-losing-billions-as-us-gender-pay-gap-persists-labor-department-says.html |
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How the stock market ‘fear index’ worksThe VIX can spike when investor concerns are heightened by events like the raising of interest rates by the Federal Reserve or the Covid-19 pandemic. Read more at: https://www.cnbc.com/2022/03/15/how-the-stock-market-fear-index-works.html |
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Starbucks, Volvo launch a pilot EV charging network at coffee giant’s storesVolvo will install fast chargers at Starbucks locations along a 1,350-mile route from the Denver area to the coffee company’s Seattle headquarters. Read more at: https://www.cnbc.com/2022/03/15/starbucks-volvo-test-ev-charging-network-at-coffee-giants-stores.html |
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Coalition of start-up founders and investors aims to end the gender pay gap for pre-IPO companies by 2027Members pledge to reduce gender pay gaps by 60% in the group’s first year of operation. Read more at: https://www.cnbc.com/2022/03/15/coalition-aims-to-end-gender-pay-gap-for-pre-ipo-companies-by-2027.html |
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Pozsar’s “Margin Call Doom Loop” Prediction Comes True As Trafigura Faces Billions In Margin CallsPozsar’s “Margin Call Doom Loop” Prediction Comes True As Trafigura Faces Billions In Margin CallsWhile there have been occasional stories of hedge fund blow ups (especially those trading Chinese stocks) amid the recent market volatility, so far we have yet to hear of a bank or any other “systematically important” market participant running into a solvency or liquidity crisis or needing a bailout, and yet a look at one of the most tangible funding market indicators – the FRA/OIS – has traded at very elevated levels in recent weeks, suggesting that there is indeed some funding trouble below the surface.
But if it is not the banks scrambling for liquidity, then who? Recall what Zoltan Pozsar warned two weeks ago, when he said that “we could be looking at the early stages Of A Classic Liquidity Crisis” – according to the former NY Fed liquidity gu … Read more at: https://www.zerohedge.com/markets/trafigura-faces-billions-margin-calls-pozsars-margin-call-doom-loop-prediction-comes-true |
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Greenwald: Russian Invasion Has Elevated “Treason”-Mania To Never-Before-Seen-HeightsGreenwald: Russian Invasion Has Elevated “Treason”-Mania To Never-Before-Seen-HeightsAuthored by Glenn Greenwald via greenwald.substack.com,
Read more at: https://www.zerohedge.com/political/greenwald-russian-invasion-has-elevated-treason-mania-never-seen-heights |
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Russia Sanctions President Biden, Secretary Blinken & Top Defense OfficialsRussia Sanctions President Biden, Secretary Blinken & Top Defense OfficialsUpdate(11:05ET): Moscow has hit back against Washington by sanctioning top US leadership, including President Joe Biden himself. The punitive retaliation measures extend to the chiefs of the Pentagon, and Secretary of State Antony Blinken and CIA Director William Burns. Russian state media announced in a Tuesday statement:
Despite the measures being largely symbolic – as it will be essentially impossible for Moscow to actually go after US officials’ assets unless they are held in Russia itself (and certainly no top American official is looking to travel to Russia anytime soon) – it signals that tensions with the West are ratcheting fast, with increasingly few off-ramps as the two sides chart a war-footing course.
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Crude Craters, Chinese Tech ‘Dead Cat Bounces’, & VXX Decouples From RealityCrude Craters, Chinese Tech ‘Dead Cat Bounces’, & VXX Decouples From RealityAnother ‘dead cat bounce’ in Chinese tech stocks (after the overnight bloodbath), a dip in core PPI (just ignore surging headline PPI… oh and CPI), and a plunge in crude (on positive Iran-nuke-deal comments) were enough to ignite some momentum in US equities today (shrugging off Russia’s sanctions escalation and Putin’s non-peace-deal-like comments)… Nasdaq was the leader today, soaring to over 3% gains intraday after being down almost 1 % in the pre-open
… Read more at: https://www.zerohedge.com/markets/crude-craters-chinese-tech-dead-cat-bounces-vxx-decouples-reality |
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Oil price falls below $100 but petrol hits new highMotoring groups call for fuel prices to fall as Brent crude drops to its lowest for two weeks. Read more at: https://www.bbc.co.uk/news/business-60737256?at_medium=RSS&at_campaign=KARANGA |
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Fears Russia will not be able to pay its debts mountThe country may be about to default on its debts as Western sanctions over Ukraine bite. Read more at: https://www.bbc.co.uk/news/business-60750642?at_medium=RSS&at_campaign=KARANGA |
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Cost of living: ‘My pay isn’t keeping up with rising prices’The number of unemployed drops below pre-pandemic levels, but wages continue to lag behind rising prices. Read more at: https://www.bbc.co.uk/news/business-60734392?at_medium=RSS&at_campaign=KARANGA |
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Here’s why Saurabh Mukherjea likes this new-age stock“Most of the new age tech do not make any money and have not ever made any money. Nykaa seems to be the best of these companies. Amongs the IPOs of this season, Nykaa seems to be the best managed and the most likely franchise to build a great business over a five to 10 year period,” says Saurabh Mukherjea Read more at: https://economictimes.indiatimes.com/markets/expert-view/nykaa-most-likely-to-emerge-as-great-biz-in-5-10-years-still-not-investing-in-reliance-saurabh-mukherjea/articleshow/90218658.cms |
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Gold near record deters some Indian buyers from jewellery shoppingPrices in India, the world’s biggest consumer after China, have rallied in the past month in line with the overseas markets as investors sought safe havens following Russia’s invasion of Ukraine. The country imports almost all the bullion it consumes and costs are rising as the Indian currency trades near a record low. Read more at: https://economictimes.indiatimes.com/markets/commodities/news/gold-near-record-deters-some-indian-buyers-from-jewellery-shopping/articleshow/90224308.cms |
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When you think about investing, don’t think about the newsThe news right now is worrisome. But is it a good time to sell – or to go against the tide and search for bargains? It’s hard to tell, and while there are a lot of opinions out there, no one really knows. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/when-you-think-about-investing-dont-think-about-the-news/articleshow/90213112.cms |
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Earnings Results: SmartSheet stock drops as weak outlook overshadows earnings beatSmartSheet Inc. shares fell in the extended session Tuesday after the cloud-based work management platform’s weak outlook overshadowed its earnings beat. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7AA9-E3E309C5E326%7D&siteid=rss&rss=1 |
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Earnings Results: SentinelOne stock drops even as results, outlook top Street viewSentinelOne Inc. shares fell in the extended session Tuesday even as the cybersecurity company’s quarterly results and outlook were better than the Wall Street consensus. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7AAA-1EAD22F12BA6%7D&siteid=rss&rss=1 |
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Market Snapshot: Dow jumps nearly 600 points, U.S. stocks close sharply higher as oil prices fall with Fed decision aheadU.S. stocks end sharply higher, with the S&P 500 and Nasdaq Composite snapping three-day losing streaks, after a smaller-than-expected rise in a measure of wholesale inflation and a slump in oil prices which had earlier soared on Russia’s invasion of Ukraine. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7AA2-98DA28342D1E%7D&siteid=rss&rss=1 |
Sen. Mitt Romney (R-UT) speaks with reporters on Capitol Hill on Thursday, Feb. 10, 2022 in Washington, DC. (Kent Nishimura / Los Angeles Times via Getty Images); Lt. Col. Tulsi Gabbard, former Congresswoman from Hawaii (Wikipedia Creative Commons)< …
