WTI crude rose higher today which may be the start of another oil rally as it settled at 104.54 this afternoon. The three major Wall Street indexes rallied for the the third straight session, but remained below the 200 day SMA.
214,000 initial unemployment claims were filed last week, down 15K from the previous week and surprising analyst projections of 220,000. The figures reflect the ongoing tight labor market. More than 11 million jobs remain vacant as employers are reporting difficulties in filling jobs across a number of industries.
While the job market remains hot, the economy still faces strong inflationary headwinds. Inflation rose by 7.9% year-over-year in February, prompting the Federal Reserve to raise interest rates for the first time since December 2018.
A summary of headlines we are reading today:
Toyota, major chip supplier suspend production due to earthquake in Japan
Over 400 companies have withdrawn from Russia. But some Western brands are locked in
Key Words: Arnold Schwarzenegger gets tough with Vladimir Putin
Stocks Squeeze To Best Week Since 2020 Election As Fed Cranks Hawkishness To ’11’
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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Is This The Start Of Another Major Rally In Oil?U.S. West Texas Intermediate crude oil futures are trading slightly higher early Friday as traders attempt to claw back this weeks low. Its been a volatile week with prices hitting their lowest level since February 25 only seven sessions after reaching an eight-year high on March 7. After making that move, prices have consolidated, which suggests traders may try to take another run at multi-year highs. Fundamentally, the market remains well-supported by worries over both supply and demand. If the rally resumes, traders have to be Read more at: https://oilprice.com/Energy/Energy-General/Is-This-The-Start-Of-Another-Major-Rally-In-Oil.html |
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Activist Investor Engine No. 1 Founder Urges More U.S. Shale ProductionThe founder of the Engine No. 1 activist investor that challenged ExxonMobils strategies and won seats on the supermajors board last year, is calling for more oil supply from the Permian basin to reduce dependence on foreign suppliers. The Permian and the U.S. shale patch as a whole are arguably the most transition-aligned oil and gas production today because of the quick-turnaround with high returns compared to long-duration capital-intensive projects, Christopher James, Founder and Executive Chairman at Engine No. Read more at: https://oilprice.com/Latest-Energy-News/World-News/Activist-Investor-Engine-No-1-Founder-Urges-More-US-Shale-Production.html |
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Oil Price Volatility Is Here To StayOil prices are back above $100 after negotiations between Russia and Ukraine deteriorated. Energy markets are rife with uncertainty, with the IEA suggesting that consumers will have to figure out how to reduce demand as supply shortages loom.Oilprice Alert.While the war in Ukraine may appear to be escalating rapidly, today’s Global Energy Alert newsletter paints a potential path to peace for Putin. As geopolitical and economic pressures mount on Russia, our analysts are monitoring the situation closely and keeping GEA Membersahead of Read more at: https://oilprice.com/Energy/Energy-General/Oil-Price-Volatility-Is-Here-To-Stay.html |
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The Economic Cost Of Soaring Energy Prices1. Skyrocketing Energy Costs Weigh on Economic Recovery- Energy costs are expected to hit an all-time high of 13% of global gross domestic product this year, adding to the inflationary pressure across the globe. – Despite soaring natural gas prices last year, with Europe seeing a 500% year-on-year hike in spot prices, fossil fuels prices have continued to rise this year. – Coal witnessed the most marked appreciation so far this year, with both Europes API2 and Asias Newcastle benchmark up by some 250% from the beginning of the year. Read more at: https://oilprice.com/Energy/Energy-General/The-Economic-Cost-Of-Soaring-Energy-Prices.html |
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Renewables Will Generate 44% Of U.S. Electricity In 2050Renewable power generation is set to more than double its share in Americas electricity to 44 percent in 2050 from 21 percent now, as wind and solar installations are expected to surge, the U.S. Energy Information Administration (EIA) said on Friday. Power generation from fossil fuels, on the other hand, is expected to decline from 60 percent in 2021 to 44 percent in 2050, according to EIAs estimates in the Reference case of its Annual Energy Outlook 2022 (AEO2022), which assumes current laws and regulations. The key drivers of the Read more at: https://oilprice.com/Latest-Energy-News/World-News/Renewables-Will-Generate-44-Of-US-Electricity-In-2050.html |
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OPEC+ Oil Production Is 1 Million Bpd Lower Than Target LevelThe OPEC+ group continues to severely underperform in its oil production levels compared to the target in the pact, with February output at more than 1 million barrels per day (bpd) below the collective quota and compliance rate jumping to 136 percent, Reuters reported on Friday, quoting two sources. In January, the overall compliance rate at OPEC+ producers was 129 percent, also indicating that the members of the pact havent been able to pump to their collective quotas. The compliance rate has been steadily rising in recent monthsmeaning Read more at: https://oilprice.com/Energy/Crude-Oil/OPEC-Oil-Production-Is-1-Million-Bpd-Lower-Than-Target-Level.html |
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California slashes supplies to water agencies amid record droughtWater agencies serving roughly 27 million people and 750,000 acres of farmland will receive less water than they requested for this year from state reservoirs. Read more at: https://www.cnbc.com/2022/03/18/california-slashes-supplies-to-water-agencies-amid-record-drought.html |
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Investing Club: We’re trimming one of our big winners with the S&P 500 on a four-day win streakWe see now as a pretty good level in the overall market to start raising some cash. Read more at: https://www.cnbc.com/2022/03/18/investing-club-were-trimming-one-of-our-big-winners-with-the-sp-500-on-a-four-day-win-streak.html |
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The IRS has delivered more than 45 million tax refunds. This is the average paymentThe IRS has issued more than 45 million refunds worth almost $152 billion, as of March 11. Here’s the average payment. Read more at: https://www.cnbc.com/2022/03/18/the-irs-sent-more-than-45-million-refunds-this-is-the-average-payment.html |
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Stocks making the biggest moves midday: GameStop, Tesla, FedEx and moreThese are the stocks posting the largest moves in midday trading. Read more at: https://www.cnbc.com/2022/03/18/stocks-making-the-biggest-moves-midday-gamestop-tesla-and-more.html |
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Toyota, major chip supplier suspend production due to earthquake in JapanThe earthquake adds to already tumultuous times for the automotive industry involving supply chain problems due to Covid-19 and Russia’s invasion of Ukraine. Read more at: https://www.cnbc.com/2022/03/18/toyota-major-chip-supplier-to-cut-production-due-to-japan-earthquake.html |
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Pfizer CEO Albert Bourla received $24.3 million in total compensation for 2021Pfizer CEO Albert Bourla received $24.3 million in total compensation for 2021, a 15% increase over the prior year. Read more at: https://www.cnbc.com/2022/03/18/pfizer-ceo-albert-bourla-received-24point3-million-in-total-compensation-for-2021.html |
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UK Covid cases are back on the rise as government scraps travel restrictionsU.K. Covid-19 cases are rising once again, according to the latest figures from the ONS, just as the government lifts remaining travel restrictions. Read more at: https://www.cnbc.com/2022/03/18/uk-covid-cases-are-back-on-the-rise-as-travel-restrictions-dropped.html |
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Over 400 companies have withdrawn from Russia. But some Western brands are locked inFor some Western brands like Burger King, Subway and Marks & Spencer, exiting the Russian market is easier said than done. Read more at: https://www.cnbc.com/2022/03/18/burger-king-subway-ms-western-brands-in-russian-franchise-deals.html |
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Flexible hours allow employees at this company to fit work around their livesAmericans crave flexibility in the workplace. This tech company has it. Here’s how it works and how one employee used it to her advantage. Read more at: https://www.cnbc.com/2022/03/18/flexible-hours-let-this-companys-workers-fit-work-around-their-lives.html |
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Reduce speed limits and car-free Sundays: The IEA has a 10-point plan to cut oil useRecommendations come at a time when oil markets are facing significant uncertainty following Russia’s invasion of Ukraine. Read more at: https://www.cnbc.com/2022/03/18/reduce-speed-limits-car-free-sundays-ieas-plan-to-cut-oil-use.html |
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5 things to know before the stock market opens FridayU.S. stock futures dropped Friday, but the S&P 500 remained on track for its best week since November 2020. Read more at: https://www.cnbc.com/2022/03/18/5-things-to-know-before-the-stock-market-opens-friday-march-18.html |
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Stocks making the biggest moves premarket: FedEx, GameStop, Moderna and moreThese are the stocks posting the largest moves before the bell. Read more at: https://www.cnbc.com/2022/03/18/stocks-making-the-biggest-moves-premarket-fedex-gamestop-moderna-and-more.html |
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How this mechanic found a niche fixing Teslas and EVsCarl Medlock used to work at Tesla, now he runs his own repair shop in Seattle fixing electric vehicles. Read more at: https://www.cnbc.com/2022/03/18/ev-mechanic-carl-medlock-found-a-niche-fixing-teslas-.html |
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Suppression Of Hunter Biden Laptop Stories ‘Definitely’ Impacted 2020 Election: BarrSuppression Of Hunter Biden Laptop Stories ‘Definitely’ Impacted 2020 Election: BarrAuthored by Zachary Stieber via The Epoch Times (emphasis ours), The widespread action against stories on emails and other material from a laptop believed to be owned by President Joe Biden’s son impacted the 2020 election, former Attorney General William Barr said on March 17.
Read more at: https://www.zerohedge.com/political/suppression-hunter-biden-laptop-stories-definitely-impacted-2020-election-barr |
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Stocks Squeeze To Best Week Since 2020 Election As Fed Cranks Hawkishness To ’11’Stocks Squeeze To Best Week Since 2020 Election As Fed Cranks Hawkishness To ’11’Bearing in mind that all of the catalysts for the sell-off – Russia-Ukraine, COVID lockdown in China, accelerating inflation, Fed tightening – are all still happening as we exit the week, we present you with this week’s US equity market performance. The Nasdaq soared over 8% this week (that’s almost 11% off the mid-week lows prior to The Fed’s rate-hike), up over 1% each of the last four days (up 2% today). The rest of the majors also exploded higher…
This is the US equity market’s best week since the 2020 Election (week of Nov 6th). All the majors moved back up to their 50DMA (Nasdaq barely made it)… Read more at: https://www.zerohedge.com/markets/stocks-squeeze-best-week-2020-election-fed-cranks-hawkishness-11 |
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Doug Casey: “Powers Of Darkness” At Play With Coming Digital DollarDoug Casey: “Powers Of Darkness” At Play With Coming Digital DollarSubmitted by Daniela Cambone, “There’s something seriously wrong — the world’s financial system is teetering on a knife’s edge,” NYT best-selling author Doug Casey warns me in my latest episode, where we explore real inflation readings and why Casey says you cannot trust the U.S. government’s official outputted figures. Casey declares that inflation values in the United States range from 15-20%, and are increasing yearly at that rate, which spells bad news for the dollar. “The U.S. dollar has been at increasing danger for decades and has gotten to a critical level,” he says, promulgating the question – what is the next world reserve currency, and when will the transition happen? Casey tells me it will happen slowly over a generation and attributes a, “terminally bankrupt,” U.S. government as the culprit for this massive overhaul. The, “[U.S. Government] faces severe danger by digging the deficit hole deeper,” he says, as economic sanctions continue to ramp up in a global effort to combat geopolitical aggression helmed by Russia. “The digital dollar is going to happen,” the best-selling author of Crisis Investing tells me with full confidence, comparing its creation to Powers of Darkness being at play. “[It’s] goin … Read more at: https://www.zerohedge.com/markets/doug-casey-powers-darkness-play-coming-digital-dollar |
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“There’s A Revolt” – Retailers Reach Limits On Prices Increases As Consumers Pushback“There’s A Revolt” – Retailers Reach Limits On Prices Increases As Consumers PushbackThe inconvenient truth about persistent inflation at four-decade highs is wage gains for average workers have evaporated. Even though wages are increasing, inflation is going up much faster. That means purchasing power for consumers is reduced, and consumer goods companies are on thin ice as to how much they can raise prices until consumers alter spending habits. Macy’s Inc. CEO Jeff Gennette recently told WSJ they tried to raise prices on some mattresses and sofas by $100 and were met with fierce consumer push back. Clothing brand Bella Dahl hiked shirt prices by $20 and immediately saw sales crater. “There was a revolt,” said Steven Millman, Bella Dahls’ brand officer. “If we go any higher, we’ll do half the sales.”
Some department stores and apparel … Read more at: https://www.zerohedge.com/markets/theres-revolt-retailers-reach-limits-prices-increases-consumers-pushback |
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P&O Ferries sackings: Government to review contracts with ferry firmThe transport secretary has questioned whether the firm’s dismissal of 800 staff was legal. Read more at: https://www.bbc.co.uk/news/business-60800520?at_medium=RSS&at_campaign=KARANGA |
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Are the P&O Ferries sackings legal?P&O has been widely criticised for sacking 800 employees – but are its actions illegal? Read more at: https://www.bbc.co.uk/news/business-60792039?at_medium=RSS&at_campaign=KARANGA |
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P&O Ferries staff protest over shock firingStaff, unions and MPs have expressed outrage and travellers have been told to expect disruption. Read more at: https://www.bbc.co.uk/news/business-60789612?at_medium=RSS&at_campaign=KARANGA |
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DIY investors eye quick buck in ‘uninvestable’ RussiaMajor investors have called Russia “uninvestable”, but DIY investors – many of whom took up stock-picking during the “stonks” trading frenzy in the pandemic – have been undeterred. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/diy-investors-eye-quick-buck-in-uninvestable-russia/articleshow/90309727.cms |
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How a Columbia professor became the scourge of activist short sellersActivist short sellers like Muddy Waters’ Carson Block bet against public companies they deem over-valued and then publish their investment thesis. They say their work aids market efficiency and dispute Mitts’ analysis as flawed. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/how-a-columbia-professor-became-the-scourge-of-activist-short-sellers/articleshow/90308511.cms |
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Muthoot or Manapurram: Which one’s a better play on rising gold prices?When there is a war, the stock market becomes extremely volatile. Investors withdraw funds from the market and place them in more stable asset classes. Manappuram Finance and Muthoot Finance are two listed companies whose primary business is lending against gold. Has the crisis helped them? Read more at: https://economictimes.indiatimes.com/markets/stocks/news/muthoot-or-manapurram-which-ones-better-placed-to-take-advantage-of-global-rumblings/articleshow/90256487.cms |
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Personal Finance Daily: Will the Fed rate increase mean higher interest on your savings and not using your travel card rewards may not be such a bad thingFriday’s top personal finance stories. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7AD7-719044D87323%7D&siteid=rss&rss=1 |
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: Biden warns Xi of ‘consequences’ if China aids Russia amid Putin’s war on UkraineOfficials at the White House and in China provide information about President Joe Biden and Chinese President Xi Jinping’s phone call Friday that focused in large part on Russia’s ongoing invasion of Ukraine. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7AD2-F7619D56BFA2%7D&siteid=rss&rss=1 |
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Key Words: Arnold Schwarzenegger gets tough with Vladimir PutinThe actor and politician’s message to the Russian president: ‘You started this war. You are leading this war. You can stop this war.’ Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7AC4-F9E99B84AE03%7D&siteid=rss&rss=1 |
Then-Attorney General William Barr speaks at the Justice Department in Washington, on March 5, 2020. (Samira Bouaou/The Epoch Times)After the New York Post reported on the materials, Twitter blocked the circulation of the story and other news outlets cast doubt on the veracity or refused to report on the developments, outlining claims i …
