Wall Street’s three major indexes opened down and followed the trend line from yesterday’s closing session. Walgreens Boots, Home Depot share losses contribute to the Dow’s 550-point fall to end the worst quarter for stocks in 2 years. Wall Street retreats as S&P 500 makes its largest quarterly drop in two years.
The final hour of today’s session pushed the DOW and NASDAQ indexes below the 200 days SMA, and the DOW closed at its session bottom. In addition, today’s trading volume was again fractionally lower than average. This action does not bode well for a continued bull run, or investors’ inflation fear reversal.
U.S. oil prices fell 7% to close above $100 as President Biden announced the release from the U.S. SPR and asked oil companies to increase their drilling to boost crude supplies. U.S. West Texas Intermediate futures for May delivery settled down $7.54, at $100.28 a barrel, after reaching a session low of $99.66.
Initial Jobless Claims, Personal Spending fell while Personal Income rose. Weekly jobless claims rose to 202,000, above last week’s 53-year low, and Quarterly Grain Stocks – Wheat, Corn, and Soy were down, adding fear to a coming recession.
A summary of headlines we are reading today:
- Worlds Top Banks Financed Fossil Fuels With $742 Billion In 2021
- Get Ready To Pay More For Your Next Flight
- Zinc Is Facing A Massive Supply Squeeze
- Global Bonds Suffer Worst Drawdown Ever As Massive March ‘Squeeze’ Rescues Stocks From Rout
- With Few New Cars On Lots, U.S. Auto Sales Likely Fell Sharply In The First Quarter, Analysts Say
- JPMorgan Admits Central Banks Need A Recession “To Cure Inflation”
- Project Syndicate: Putin’s War Will Destroy Russia
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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Japan Looks To Become A Leader In Asias Green Energy PushJapan has recently announced big plans to invest in renewables and bring back nuclear power – the first big move on nuclear since the Fukushima disaster. With international organisations putting pressure on governments to establish net-zero carbon emissions targets, Japan is responding by developing its renewable and nuclear energy sectors. With rapid innovations in cleaner public transport and international interest in the countrys offshore wind, it could soon lead Asia in green energy. Despite much controversy, the EU moved to label Read more at: https://oilprice.com/Energy/Energy-General/Japan-Looks-To-Become-A-Leader-In-Asias-Green-Energy-Push.html |
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Worlds Top Banks Financed Fossil Fuels With $742 Billion In 2021The 60 largest banks in the world poured as much as $742 billion in fossil fuel financing in 2021 alone, a new report by environmental groups showed this week. Since the Paris Agreement was adopted in 2015, the worlds largest commercial and investment banks have financed fossil fuels with a cumulative $4.6 trillion, according to the annual Banking on Climate Chaos report from Oil Change International, Rainforest Action Network, BankTrack, Indigenous Environmental Network, Reclaim Finance, Sierra Club, and Urgewald. Banks have come under Read more at: https://oilprice.com/Latest-Energy-News/World-News/Worlds-Top-Banks-Financed-Fossil-Fuels-With-742-Billion-In-2021.html |
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UK Regulators Throw Fracking Industry A LifelineThe UK fracking industry has been given a reprieve by the North Sea Transition Authority (NSTA), which has lifted an order requiring Cuadrilla to plug and abandon the countrys two remaining horizontal shale gas wells. It has given the company until July 2023 to evaluate whether it could extract gas safely and provide an alternative energy supply from the two sites in Lancashire. NSTA said: The North Sea Transition Authority has looked carefully at this application, alongside recent developments, and agreed to withdraw the requirement Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-Regulators-Throw-Fracking-Industry-A-Lifeline.html |
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Get Ready To Pay More For Your Next FlightFlight prices are set to soar as jet fuel gets more and more expensive. Rising oil prices not only affect energy costs but also travel and petroproducts. As the travel demand continues to increase in response to Covid restrictions easing worldwide, reaching almost pre-pandemic levels, it may not be so easy for people to get away this summer as domestic and international flight fares rise higher and higher. And this is just the tip of the iceberg, as other consumer goods are also expected to surge. Airfares have been unpredictable over the last Read more at: https://oilprice.com/Energy/Energy-General/Get-Ready-To-Pay-More-For-Your-Next-Flight.html |
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The Stakes Have Never Been Higher As EU Prepares For A Summit With ChinaWhen European Commission President Ursula von der Leyen and Charles Michel, president of the European Council, meet for a virtual summit with Chinese President Xi Jinping on April 1, they plan to warn Beijing that there will be consequences if it provides aid to Russia amid its invasion of Ukraine. The high-stakes summit comes as ties between China and the European Union are more delicate than ever, as Beijings alignment with Russia during its war in Ukraine has undercut its strained relations with Brussels, which were already rattled by Read more at: https://oilprice.com/Geopolitics/International/The-Stakes-Have-Never-Been-Higher-As-EU-Prepares-For-A-Summit-With-China.html |
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Zinc Is Facing A Massive Supply SqueezeMuch has been said about the trials and tribulations of the aluminum market, particularly of the impact on smelter output from energy rationing in China last year and then rapidly escalating energy prices in Europe this winter. Russias invasion of Ukraine turbocharged prices. Fears rose over already constrained oil and natural gas supplies to Europe getting even worse. In the face of rapidly escalating energy costs, European smelters began partial and even complete closures of smelters pending a drop in power costs. But, of course, the dynamic Read more at: https://oilprice.com/Latest-Energy-News/World-News/Zinc-Is-Facing-A-Massive-Supply-Squeeze.html |
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Senators reach tentative deal on $10 billion in additional Covid funding, Romney saysMitt Romney said he and Chuck Schumer reached a deal on $10 billion in Covid aid, less than half of what the Biden administration wanted. Read more at: https://www.cnbc.com/2022/03/31/senators-reach-deal-on-10-billion-in-covid-relief-funding-romney-says.html |
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Why Biden’s billionaire minimum income tax may be a tough sellPresident Joe Biden has proposed a billionaire minimum tax as part of his 2023 federal budget. However, it may be a tough sell in Congress, experts say. Read more at: https://www.cnbc.com/2022/03/31/why-bidens-billionaire-minimum-income-tax-may-be-a-tough-sell.html |
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Stocks making the biggest moves midday: Walgreens, AMD, Dell and moreThese are the stocks posting the largest moves in midday trading. Read more at: https://www.cnbc.com/2022/03/31/stocks-making-the-biggest-moves-midday-walgreens-amd-dell-and-more.html |
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CIA Director William Burns tests positive for Covid after meeting with Biden, but is not considered a close contactBurns, who is fully vaccinated and boosted against Covid-19, last met with President Joe Biden on Wednesday morning. Read more at: https://www.cnbc.com/2022/03/31/cia-director-william-burns-test-positive-for-covid-after-biden-meeting.html |
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With few new cars on lots, U.S. auto sales likely fell sharply in the first quarter, analysts sayTight supplies of new cars and rising inflation fears likely hit U.S. auto sales hard in the first quarter. Read more at: https://www.cnbc.com/2022/03/31/us-auto-sales-forecast-q1-2022-looks-bleak-due-to-chips-inflation.html |
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Investor Kyle Bass: Globalization isn’t over, just don’t invest in countries run by despotsThe founder of Hayman Capital Management took a different view than BlackRock’s Larry Fink on the future of the idea of an interconnected global economy. Read more at: https://www.cnbc.com/2022/03/31/kyle-bass-globalization-isnt-over-just-dont-invest-in-countries-run-by-despots.html |
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Machine-parts start-up Hadrian raises $90 million as it seeks to shake up the aerospace supply chainHadrian Automation raised $90 million in funding led by venture firms Lux Capital and Andreessen Horowitz, as it works to transform the aerospace supply chain. Read more at: https://www.cnbc.com/2022/03/31/machining-start-up-hadrian-raises-90-million-from-andreesen-lux.html |
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How Atlassian’s dual-CEO structure has helped the Australian software company thriveAtlassian’s market cap has soared since the company’s 2015 IPO, led by the co-CEOs who started the company two decades ago. Read more at: https://www.cnbc.com/2022/03/31/how-atlassians-dual-ceo-structure-has-helped-the-company-thrive.html |
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Why ‘free’ shipping isn’t freeThe big carriers such as FedEx, UPS and Amazon make lots of deliveries, and none of those packages are being shipped for “free.” Read more at: https://www.cnbc.com/2022/03/31/why-free-shipping-isnt-free.html |
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Kohl’s calls on shareholders to reject activist Macellum’s proposal ahead of annual meetingKohl’s called activist investor Macellum’s board nominees an “unqualified slate.” Read more at: https://www.cnbc.com/2022/03/31/kohls-calls-on-shareholders-to-reject-activist-macellums-proposal.html |
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Jeff Bezos’ Blue Origin launches first New Shepard space crew of 2022Comedian and actor Pete Davidson was previously announced to be flying with the crew, but his seat was turned over. Read more at: https://www.cnbc.com/2022/03/31/watch-live-jeff-bezos-blue-origin-launch-new-shepard-ns-20-crew-to-space.html |
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Deutsche Bank Execs Fired For Expensing Strip Club Trip Lost Millions In Deferred CompensationDeutsche Bank Execs Fired For Expensing Strip Club Trip Lost Millions In Deferred CompensationThe senior Deutsche Bank executives who were unceremoniously fired earlier this year after management learned that they had tried to expense a roughly $1,000 receipt from a trip to a NYC strip club will lose out on a combined $6 million in deferred compensation, according to the New York Post.
According to the Post, the bankers partied at Sapphire New York, a strip club on the Upper East Side that also operates a steakhouse (which offers a $25 “body sushi” menu item where patrons can eat raw fish off a stripper’s torso). While the three senior bankers who were ultimately canned over the episode insisted that the check was from the steakhouse, not the strip club, one unnamed junior banker who had been along for the ride ultimately confessed to management – and was spared the axe for his honesty. S … Read more at: https://www.zerohedge.com/markets/deutsche-bank-execs-fired-expensing-strip-club-trip-lost-millions-deferred-compensation |
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Taibbi: “Regime Change” Doesn’t Work, You MoronsTaibbi: “Regime Change” Doesn’t Work, You MoronsAuthored by Matt Taibbi via TK News, Not long ago, candidate Joe Biden’s most troubling behavioral tendency was the surprise outburst of belligerence. Campaigning, he’d challenge questioners to push-up contests, jam fingers in the sternums even of supporters, and plunge into rambling monologues about leg hairs and chain-fights.
Now, the president’s face is often a mask of terror, like a man unsure of how he came to be standing in the middle of an intersection. Mental cars racing past, he met the press Monday, to clarify a statement made last week about Vladimir Putin: “For God’s sake, this man cannot remain in power.” Many interpreted this as a call for regime change. Not at all, Biden said, reading from a Read more at: https://www.zerohedge.com/political/taibbi-regime-change-doesnt-work-you-morons |
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Global Bonds Suffer Worst Drawdown Ever As Massive March ‘Squeeze’ Rescues Stocks From RoutGlobal Bonds Suffer Worst Drawdown Ever As Massive March ‘Squeeze’ Rescues Stocks From RoutQ1 was unreal… Global Bonds – worst drawdown ever US Bonds – 3rd worst Q1 since the Civil War US Yield Curve – greatest Q1 flattening ever Commodities – best start to a year ever Oil – best start to a year since 1999 Regular Gasoline (at-the-pump) – fastest rise ever to record highs US Stocks – 3rd biggest short-squeeze rebound in March since Lehman after worst start to a year for stocks since 2009 (2nd worst in over 30 years) Ruble – stronger against the dollar in March after ugly Jan/Feb Across the major asset-classes, gold outperformed with stocks and bonds ugly…
Source: Bloomberg While all global stocks bounced in the 2nd half of March, Chi … Read more at: https://www.zerohedge.com/markets/global-bonds-suffer-worst-drawdown-record-massive-march-squeeze-rescues-stocks-rout |
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Pictures Reveal GM Benchmarking Tesla Summon Feature On Model 3Pictures Reveal GM Benchmarking Tesla Summon Feature On Model 3General Motors is investing tens of billions of dollars (up to $35bln) in autonomous and electric vehicle programs through 2025. A new report reveals GM is using at least one Tesla Model 3 sedan to benchmark the summon feature. According to GM Authority, a pearl white Tesla Model 3 with a GM vehicle inventory barcode on the driverside bumper, as well as Michigan manufacturer license plates, is being used to test the Tesla Summon feature, which allows a person when the vehicle is safely parked to autonomously maneuver around a parking lot or narrow spaces to where the driver is standing.
“Critically, the Tesla sedan did not have a driver on board when these photos were taken. In fact, the sedan was driving by itself to another person nearby,” GM Authority said. Read more at: https://www.zerohedge.com/technology/pictures-reveal-gm-benchmarking-tesla-summons-feature-model-3 |
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Russia threatens to stop supplying gas if not paid in roublesVladimir Putin orders “unfriendly” foreign buyers of Russia’s gas to open Russian bank accounts. Read more at: https://www.bbc.co.uk/news/business-60945248?at_medium=RSS&at_campaign=KARANGA |
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Energy websites crash in meter readings rushBritish Gas, E.On and EDF are among the suppliers affected, ahead of a price rise on Friday. Read more at: https://www.bbc.co.uk/news/business-60938730?at_medium=RSS&at_campaign=KARANGA |
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Biden orders ‘unprecedented’ release of oil reservesThe move will add 1m barrels a day to global markets – the largest release of oil reserves in US history. Read more at: https://www.bbc.co.uk/news/business-60936468?at_medium=RSS&at_campaign=KARANGA |
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Nifty emerges best performing index in FY22; metals, media best sectorsSector-wise, Nifty Metal was the best performer, rising 62 per cent during the year. The sector gained attention after a rally in commodity prices across the world improved the outlook of companies from the segment. Aluminium, copper and steel prices have made fresh multi-year records in the past 12 months. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/nifty-emerges-best-performing-index-in-fy22-metals-media-best-sectors/articleshow/90564103.cms |
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Market movers: Dhanlaxmi Bank shareholders finally get a reason to smileThe lender in a regulatory exchange filing said it has received ‘in-principle’ approval from Reserve Bank of India for opening of 20 new branches and one administrative office. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/market-movers-dhanlaxmi-bank-shareholders-finally-get-a-reason-to-smile/articleshow/90571011.cms |
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Trade setup: Market may again find itself prone to profit-taking boutsFriday is likely to see the levels of 17,500 and 17,585 acting as potential resistance points. The supports come in at 17,430 and 17,310 levels. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/trade-setup-market-may-again-find-itself-prone-to-profit-taking-bouts/articleshow/90571972.cms |
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Market Snapshot: U.S. stocks end lower, with Dow, S&P 500, Nasdaq booking biggest quarterly loss in two yearsAll three major U.S. stock benchmarks close lower Thursday, with the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite booking their largest quarterly drops in two years, capping a first quarter in which the Federal Reserve’s monetary tightening and the Russian invasion of Ukraine have weighed on sentiment. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7B5F-9B5C874BC041%7D&siteid=rss&rss=1 |
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The Ratings Game: Fears about end of pandemic PC boom lead to downgrades for AMD, HP and Dell, and all their stocks are fallingThe COVID-19 pandemic instigated a boom in personal-computer sales, and supply-chain issues pushed prices up, but analysts see softening sales and a normalizing supply/demand environment in 2022, which slammed a few stocks Thursday morning. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7B66-208CB25F9BD5%7D&siteid=rss&rss=1 |
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The Tell: A ‘1970s-style’ inflation spiral is a growing threat, warns major hedge fundOne of the world’s largest macro hedge funds sees a rising risk of a 1970s-type wage-price spiral, according to a Thursday news report. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7B6A-A9379AA4958C%7D&siteid=rss&rss=1 |
