U.S. stocks stage a comeback today, showing the three main Wall Street indexes closed higher after two days of back-to-back losses tied to the Fed’s Wednesday plans to control inflation. In addition, initial Jobless Claims were lower this morning while Continuing Jobless Claims were higher.
In other news, Apple Inc., Microsoft Corp, and Tesla Inc. stocks rose today and outperformed the market, while Netflex Inc. stock fell.
A summary of headlines we are reading today:
- Shell Faces $5 Billion Impairment Charge Over Exit From Russia
- Macy’s Warns That Inflation-Squeezed Consumers May Choose To Spend On Travel Over Shopping
- Walmart Says It Is Raising Truckers’ Pay And Starting A Training Program As It Grapples With A Driver Shortage
- Terror Attack On Busy Tel Aviv Bar District Leaves Two Dead, Eight Wounded – Large Manhunt Underway
- DHS Giving Cell Phones To Illegal Border-Crosser’s: White House
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. | |
 |
JP Morgan: Commodities Could Surge By Another 40%Commodities have room to soar by another 40 percent on top of the gains in recent months, as investors could pour more money into raw materials as a hedge against the highest inflation in 40 years, JPMorgan Chase & Co says. In the current juncture, where the need for inflation hedges is more elevated, it is conceivable to see longer-term commodity allocations eventually rising above 1% of total financial assets globally, surpassing the previous highs, JPMorgan strategists led by Nikolaos Panigirtzoglou wrote in a note to clients Read more at: https://oilprice.com/Metals/Commodities/JP-Morgan-Commodities-Could-Surge-By-Another-40.html |
|
Why Wind Power Growth Is Slowing In The U.S.In 2020, at the height of the novel coronavirus pandemic, it seemed that renewable energy was finally getting its chance to rise to the top of the global energy sector and reset the worlds trajectory toward a genuine green energy transition. COVID-19 had provided an unprecedented interruption to the status quo and given the world a unique window of opportunity to reset the industrial rules of engagement with intentionality and future-thinking optimism. Oil prices bottomed out, it seemed that the era of peak oil was finally upon us, and renewable Read more at: https://oilprice.com/Energy/Energy-General/Why-Wind-Power-Growth-Is-Slowing-In-The-US.html |
|
Russia Sees Steepest Oil Production Decline Since May 2020 In Early AprilRussian oil production fell in the first week of April by 4.5 percent compared to the March averagethe steepest decline in output since May 2020, according to Russias energy ministry data seen by Bloomberg. Between April 1 and 6, Russia pumped the equivalent of 10.52 million barrels per day (bpd) of oil, per Bloomberg calculations based on energy ministry data in tons. Thats some 500,000 bpd below the average Russian production for the whole month of March. If the trend continues throughout April, Russia could see its biggest Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Sees-Steepest-Oil-Production-Decline-Since-May-2020-In-Early-April.html |
|
Tanker Rates Are Soaring As Traders Shun Russian Oil CargoesSince Russia invaded Ukraine, many Western countries have banned Russian crude imports. Now, however, countries and companies are shunning the use of Russia’s massive fleet of oil tankers, which has driven up tanker rates, according to Bloomberg. Shipping analyst Peder Nicolai Jarlsby at Oslo-based Fearnley Securities wrote that Sovcomflot PJSC, a state-controlled company with the largest Aframax-class fleet in the world, has been shunned by global oil traders. The result is fewer oil tankers available to haul crude, which has pushed up tanker Read more at: https://oilprice.com/Energy/Energy-General/Tanker-Rates-Are-Soaring-As-Traders-Shun-Russian-Oil-Cargoes.html |
|
U.S. Doesnt See EastMed Pipeline As Viable Alternative To Russian GasA planned pipeline to carry natural gas from the Eastern Mediterranean to Europe is too expensive to build and will be late to help Europe diversify its gas supply away from Russia, U.S. Under Secretary for Political Affairs Victoria Nuland said on Thursday. The EastMed pipeline, for which a final investment decision is expected this year, is plannedto deliver around 10 billion cubic meters of natural gas to the European Union (EU) through Greece and Italy. The EU has backed the project as a means to diversify its natural gas imports Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Doesnt-See-EastMed-Pipeline-As-Viable-Alternative-To-Russian-Gas.html |
|
Shell Faces $5 Billion Impairment Charge Over Exit From RussiaWestern oil majors have quit Russia altogether, taking billions of dollars in vague impairment charges on Russian energy assets, and now comes the hard math. This morning energy giant Shell Plc said that it will write off between $4 and $5 billion in assets in a first-quarter 2022 outlook. Thursday’s announcement provides investors with an early glimpse at the costs of fracturing global supply chains for oil majors following Shell’s decision to exit Russia after the invasion of Ukraine. “For the first quarter 2022 results, the post-tax impact Read more at: https://oilprice.com/Energy/Energy-General/Shell-Faces-5-Billion-Impairment-Charge-Over-Exit-From-Russia.html |
|
Manhattan DA says Trump criminal investigation continues despite two prosecutors quittingThe Mahattan DA team investigating Donald “Trump harbors no doubt about whether he committed crimes — he did,” a prosecutor wrote in a resignation letter. Read more at: https://www.cnbc.com/2022/04/07/manhattan-da-says-trump-criminal-investigation-continues-.html |
|
Who loses if JetBlue buys Spirit? ComediansSpirit Airlines’ barebones business model has provided comedians with dozens of punchlines over the years. Read more at: https://www.cnbc.com/2022/04/07/jetblue-bid-for-spirit-airlines-hurts-comedians.html |
|
Methane emissions surged by a record amount in 2021, NOAA saysMethane, a key component of natural gas, is 84 times more potent than carbon dioxide but doesn’t last as long in the atmosphere before it breaks down. Read more at: https://www.cnbc.com/2022/04/07/methane-emissions-surged-by-a-record-amount-in-2021-noaa-says-.html |
|
New York Attorney General asks judge to hold Donald Trump in contempt for stonewalling on documentsNew York Attorney General Letitia James also asked the judge to fine Trump $10,000 per day for refusing to comply with an order to turn over documents. Read more at: https://www.cnbc.com/2022/04/07/new-york-attorney-general-asks-judge-to-hold-donald-trump-in-contempt-for-refusing-to-turn-over-documents.html |
|
Stocks making the biggest moves midday: HP, Constellation Brands, CDK Global and moreThese are the stocks posting the largest moves in midday trading. Read more at: https://www.cnbc.com/2022/04/07/stocks-making-the-biggest-moves-midday-hp-constellation-brands-cdk-global-and-more.html |
|
U.S. has until June to decide whether we need new Covid shots for this fall, FDA official saysDr. Peter Marks said it’s possible the U.S. could face another wave of infection in the fall as the virus evolves and immunity wanes. Read more at: https://www.cnbc.com/2022/04/07/covid-has-until-june-to-decide-whether-we-need-new-shots-for-this-fall-fda-official-says.html |
|
UFC, Formula 1 and WWE could be the next acquisition targets for streaming giantsNiche sports organizations such as UFC, WWE and Formula 1 could be alluring acquisition targets for big streaming companies like Disney and Netflix. Read more at: https://www.cnbc.com/2022/04/07/formula-1-wwe-ufc-potential-acquisition-targets-for-streaming-services.html |
|
House Speaker Nancy Pelosi tests positive for Covid but is not experiencing symptomsHouse Speaker Nancy Pelosi stood next to President Joe Biden and former President Barack Obama at a White House event on Tuesday. Read more at: https://www.cnbc.com/2022/04/07/house-speaker-nancy-pelosi-tests-positive-for-covid-is-not-experiencing-symptoms.html |
|
Macy’s warns that inflation-squeezed consumers may choose to spend on travel over shoppingWith inflation threatening to weigh on consumer demand, Macy’s says more shoppers could be faced with a consequential choice. Read more at: https://www.cnbc.com/2022/04/07/macys-warns-inflation-squeezed-consumers-may-choose-travel-over-shopping.html |
|
Box’s buzz has long since passed but the stock is trading near a record while cloud peers sufferBox CEO Aaron Levie has seen it all on Wall Street since the idiosyncratic founder took his software company public in 2015. Read more at: https://www.cnbc.com/2022/04/07/boxs-buzz-long-since-passed-but-the-stock-is-trading-near-a-record.html |
|
Longtime Tesla bull Ron Baron plans to hold the stock at least another 8 yearsRon Baron, long one of Tesla’s top investors, thinks the company’s growth streak will continue for years. And he isn’t worried that Elon Musk will lose focus. Read more at: https://www.cnbc.com/2022/04/07/tesla-tsla-ron-baron-cnbc-squawk-box.html |
|
Walmart says it is raising truckers’ pay and starting a training program as it grapples with a driver shortageWalmart is trying to expand the pipeline of truck drivers amid a national shortage. Read more at: https://www.cnbc.com/2022/04/07/walmart-says-it-is-raising-pay-for-truck-drivers-starting-training-program.html |
|
From trolling Tesla to ‘WTF mode’: Here’s why GM insiders say the Hummer EV marks a change for the automakerThe overall mission was to rapidly create a “fun” vehicle that would draw attention to General Motors and its new EVs. Read more at: https://www.cnbc.com/2022/04/07/gm-trolls-tesla-changes-approach-with-hummer-ev-rollout.html |
|
In Stunning Speech, Peter Thiel Blasts Buffett, Dimon, & Fink As “Finance Gerontocracy”; Sees Bitcoin Rising 100-FoldIn Stunning Speech, Peter Thiel Blasts Buffett, Dimon, & Fink As “Finance Gerontocracy”; Sees Bitcoin Rising 100-FoldAs Bitcoin Magazine’s Casey Carillo writes, “there’s seemingly few people who arouse such polarized responses in the Bitcoin community as Peter Thiel. Love him or hate him, he’s an exceptionally influential individual in modern finance and tech, and when it was announced that he would be speaking at Bitcoin 2022 in Miami, many were curious what he would say.” Previously, Thiel – who was the highlight of the Miami Bitcoin summit along with Michael Saylor and Cathy Wood, has said “You’re supposed to just buy Bitcoin,” and “I feel like I’ve been underinvested in it.” He even went as far as to say, “Bitcoin at $66,000. Is it going to go up? Maybe … But it surely tells us that we are at a complete bankruptcy moment for the central banks.” This of course is what Bitcoiners have been shouting from the rooftops for years — the price action, in the short term does not matter (and indeed it went down after that quote), but regardless, the decentralized currency’s rise is testament to falling trust in the monetary status quo, especially now that as part of the Bretton Woods 3 world, the US Dollar has been weaponized against Russia prompting many countries, including China, to contemplate a shift away from the reserve currency. At Bitcoin 2022, Thiel started his speech with a video from him in the past, ta … Read more at: https://www.zerohedge.com/markets/stunning-speech-peter-thiel-blasts-buffett-dimon-and-fink-finance-gerontocracy-sees-bitcoin |
|
Perception Vs. RealityPerception Vs. RealityAuthored by Michael Snyder via The Economic Collapse blog, If you only get your news from the mainstream media, you would be tempted to believe that global conditions are relatively stable right now. Yes, there is a war between Russia and Ukraine, but the mainstream media is assuring us that Ukraine is winning that war. Other than that, the mainstream media seems to think that everything is just fine. Of course the truth is that our planet is facing a whole host of extremely challenging problems at the moment. The UN has warned that we are entering the worst global food crisis since World War II, inflation has started to spiral out of control all over the world, the war in Ukraine is making our supply chain nightmares even worse and an absolutely horrifying bird flu plague is killing millions upon millions of chickens and turkeys. But if you flip on one of the corporate news channels tonight, they will be focusing on other things. Read more at: https://www.zerohedge.com/geopolitical/perception-vs-reality |
|
Terror Attack On Busy Tel Aviv Bar District Leaves 2 Dead, 8 Wounded – Large Manhunt UnderwayTerror Attack On Busy Tel Aviv Bar District Leaves 2 Dead, 8 Wounded – Large Manhunt UnderwayA mass shooting in Tel Aviv Thursday evening left at least two dead and at least eight more wounded, sending a central district into chaos as police hunted for possibly multiple attackers who fled. What’s being widely reported as a terrorist attack targeted a bar on Dizengoff Street, which is typically on the weekends a crowded nightlife area. “As the street filled with ambulances and rescuers, police carried out searches for a gunman thought to have escaped, going door to door and telling people to stay inside and lock their doors,” The Times of Israel reports.
Read more at: https://www.zerohedge.com/geopolitical/terror-attack-busy-tel-aviv-bar-district-leaves-2-dead-8-wounded-manhunt-underway |
|
Stocks & Oil Dump-n-Pump As Yield Curve Un-InvertsStocks & Oil Dump-n-Pump As Yield Curve Un-InvertsStocks all bounced off technical levels intraday after an ugly start. Small Caps were unable to join the rest of their peers in the BTFD rebound into the green as a late day puke almost spoiled the party for everyone though…
What is it about 1300ET that the trend in shorts stalls or reverses?
Never gets old sorry… Read more at: https://www.zerohedge.com/markets/stocks-oil-dump-n-pump-yield-curve-un-inverts |
|
Energy strategy: Boris Johnson defends plan amid cost of living crisisLabour says the strategy is “too little, too late” to help people facing rising energy bills. Read more at: https://www.bbc.co.uk/news/business-61027313?at_medium=RSS&at_campaign=KARANGA |
|
Tesco staff to see pay rise to £10.10 an hourThe move by the UK’s largest supermarket will bring its pay rates in line with Lidl and Aldi. Read more at: https://www.bbc.co.uk/news/business-61021465?at_medium=RSS&at_campaign=KARANGA |
|
House price rise since first lockdown revealedStrong demand and a lack of homes on the market have pushed up property values, the Halifax says. Read more at: https://www.bbc.co.uk/news/business-61024311?at_medium=RSS&at_campaign=KARANGA |
|
Trade setup: Nifty to regain some stability, unlikely to move above 18,000 soonNifty is likely to see the levels of 17,700 and 17,835 acting as potential resistance points. The supports come in at 17,700 and 17,610 levels. The trading range for the markets is likely to stay wider than usual. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/trade-setup-nifty-to-regain-some-stability-unlikely-to-move-above-18000-soon/articleshow/90711589.cms |
|
Tech View: Nifty50 forms bearish candle; support seen at 17,600 levelA reasonable negative candle was formed on the daily chart with minor upper shadow, said Nagaraj Shetti of HDFC Securities, who said the pattern indicates a continuation of weakness in the market. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-forms-bearish-candle-support-seen-at-17600-level/articleshow/90709106.cms |
|
Let us talk gas: Finding value in natural gas sectorAdani Total Gas has increased its market cap significantly due to high movement in its scrip, while the other 3 companies have ended on a negative note. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/as-natural-gas-gets-expensive-keep-an-eye-on-these-4-stocks/articleshow/90677462.cms |
|
: Walt Disney World’s latest attraction may appeal to its own workers: Affordable housingAs Orlando rents skyrocket, Disney will hire a developer to build around 1,300 housing units on Walt Disney World’s property. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7BB1-1BF46F0B8B45%7D&siteid=rss&rss=1 |
|
Earnings Results: WD-40 stock rallies following big earnings beatRead more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7BBF-7C72AA3F433E%7D&siteid=rss&rss=1 |
|
: Elon Musk, Twitter’s largest single shareholder and board member, pledges ‘significant improvements.’ Will Tesla’s founder attempt to change how you tweet?Twitter shares jumped on the news that the Tesla founder and occasional critic of the platform now owns more than 73 million shares Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7B8E-D83EBC12D000%7D&siteid=rss&rss=1 |
Via ReutersThe gunman or gunmen walked up to the popular bar called Ilka – where a lot of people were seated in a large outdoor section – and opened fire, according to eyewitnesses. People dove un …
