The DOW climbed 230 points, or 0.7%, while the S&P 500 remained flat after the three main indexes opened the session in the red. The NASDAQ Composite ended down on pace for its first weekly loss in four weeks.
U.S. stocks closed mixed today, with investors continuing to contemplate the next policy moves and investors braced for tighter monetary policy from the Federal Reserve.
Oil prices rose 2% today and recorded their second straight weekly decline. Brent crude futures settled up $2.20, or 2.19%, at $102.78 a barrel. Brent dropped 1.5% this week while WTI slid 1%.
Also, in the news, Campbell Harvey said, the recent brief inversion of the 2-year, 10-year Treasury spread “needs to persist for three months to provide a meaningful signal. When it comes to the slope of the yield curve, flat is bad, and inverted is really bad.” Also commenting, a recession has not been signaled yet.
A summary of headlines we are reading today:
- Bearish News Is Mounting For Oil
- Permian Takes The Lead As U.S. Drillers Add 16 Rigs
- Jeep Says Its New Electric Wrangler SUV Concept Goes 0-60 Mph In 2 Seconds
- Palladium, Platinum Soar After London Market Blocks Russian Products
- Two-Year Treasury Yield Has Biggest Five-Week Advance In Almost 15 Years As Yields Rise Across The Board
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. | |
 |
Gasoline Subsidy To Cost Nigeria 10 Times More Than BudgetedThe rising cost of crude oil will increase the cost of Nigerias gasoline subsidy by nearly ten times what it had originally budgeted, Nigerias President Muhammadu Buhari said in a recent letter to lawmakers. Nigerias Petroleum Motor Spirit subsidy is now set to cost 4 trillion naira this year, or $9.6 billion. This compares to Nigerias previous projections, which called for just 443 billion naira in gasoline subsidies. Even though Nigeria is a major producer of crude oil, the high price of crude oil has come with drawbacks Read more at: https://oilprice.com/Latest-Energy-News/World-News/Gasoline-Subsidy-To-Cost-Nigeria-10-Times-More-Than-Budgeted.html |
|
Nigeria Says OPEC Is Out of Spare CapacityOPEC does not have the additional spare capacity to lift crude oil production much more than it is doing today, Nigerias Petroleum Minister Timipre Sylva told Anadolu Agency on Friday. It is not something that you can open a tap for at this point. You must have the additional capacity, the idle capacity to bring on, but it takes a lot of work and a lot of investment for it to have additional production, the Nigerian minister told the Turkish news agency in an interview. Many OPEC producers, including Nigeria, are currently Read more at: https://oilprice.com/Latest-Energy-News/World-News/Nigeria-Says-OPEC-Is-Out-of-Spare-Capacity.html |
|
Bearish News Is Mounting For OilOil prices remained fairly stable this week, with ICE Brent balancing slightly above the $100 per barrel mark. Fears of Russian supply disruptions were temporarily put on the back burner by the vast IEA-coordinated inventory release that greatly helped in flattening out the futures curves of all three key crude benchmarks. The extensions of COVID lockdowns in China, especially in Shanghai, have also helped the bearish cause, however it remains to be seen how long will it take for disruption fears to resurface again. Oilprice Alert:Our trading Read more at: https://oilprice.com/Energy/Energy-General/Bearish-News-Is-Mounting-For-Oil.html |
|
Germany Looks To Avoid Insolvency Of Local Gazprom UnitThe German federal network regulator has urged the customers, partners, and banks working with the German unit of Russian gas giant Gazprom to keep doing business with the company so as to avoid insolvency of Gazprom Germany and a possible threat to gas supply. Without being able to procure operating resources or offer services, the operational business would be at risk, while without access to financial resources, the group could face insolvency, Germanys Federal Network Agency, known as BNetzA, wrote in a letter seen by Bloomberg. Read more at: https://oilprice.com/Latest-Energy-News/World-News/Germany-Looks-To-Avoid-Insolvency-Of-Local-Gazprom-Unit.html |
|
Citi: Fears Of Oil Supply Shortage Are Exaggerated, ButThe world will have more than enough oil because the Russian supply loss could be lower than feared. But it will also have enough oil simply because demand growth could slow down with higher prices and COVID lockdowns in China, analysts at Citigroup say. Even as Russian production slides and OPEC+ actually reduces total flows to markets, a slowdown in global growth is reducing oil demand growth, and the IEA release of 220mln barrels of oil between now and October point to market weakness and inventory builds ahead, Citi analyst Read more at: https://oilprice.com/Energy/Crude-Oil/Citi-Fears-Of-Oil-Supply-Shortage-Are-Exaggerated-But.html |
|
NATO Agrees To Send More Modern Weapons To UkraineAs NATO foreign ministers met in the Belgian capital of Brussels to hear the demands from Ukraine for more equipment, they agreed to arm Kyiv to the teeth with much more modern weapons. NATO allies have agreed to supply new and heavier weapons to Ukraine as Kyiv warned it needs immediate reinforcement in its struggle against Russia or it will be too late. UK Foreign Secretary Liz Truss said, following a meeting with alliance counterparts in Brussels, there had been an agreement to help the Ukrainian defenders upgrade Read more at: https://oilprice.com/Latest-Energy-News/World-News/NATO-Agrees-To-Send-More-Modern-Weapons-To-Ukraine.html |
|
Target tiptoes back into resale with new ThredUp deal, as it makes sustainability pushThe retailer’s landing page on ThredUp includes items from its private labels along with select items from luxury and designer brands. Read more at: https://www.cnbc.com/2022/04/08/target-tiptoes-back-into-resale-with-new-thredup-deal.html |
|
Elon Musk says Tesla may have to get into the lithium business because costs are so ‘insane’According to Benchmark Mineral Intelligence, the cost of the metal has gone up more than 480% in the last year. Read more at: https://www.cnbc.com/2022/04/08/elon-musk-telsa-may-have-get-into-mining-refining-lithium-directly.html |
|
Will Smith banned from attending the Oscars for 10 years after slapping Chris Rock on stageWill Smith will not be permitted to attend the Academy Awards for 10 years after slapping Chris Rock during the 94th annual ceremony last month. Read more at: https://www.cnbc.com/2022/04/08/will-smith-banned-from-attending-the-oscars-for-10-years-after-slapping-chris-rock-on-stage.html |
|
New York City loses court fight to boot Trump Organization from operating Bronx golf courseThe company owned by ex-President Donald Trump had been threatened with the loss of a golf course in New York because of the Jan. 6 Capitol riot. Read more at: https://www.cnbc.com/2022/04/08/-nyc-loses-fight-to-boot-trump-from-ferry-point-bronx-golf-course.html |
|
United pushes back the return of dozens of Boeing 777 jets until at least May 13The airline had most recently planned for at least some of the planes to return to service this month. Read more at: https://www.cnbc.com/2022/04/08/united-pushes-back-the-return-of-dozens-of-boeing-777-jets-until-at-least-may-13.html |
|
‘Dancing With the Stars’ moves to Disney+ as company looks to boost streaming subscriptionsDisney, which is looking to boost its streaming subscription numbers, is moving “Dancing With the Stars” from ABC to Disney+. Read more at: https://www.cnbc.com/2022/04/08/dancing-with-the-stars-moves-to-disney.html |
|
All eyes are on ‘Sonic 2’ as movie theater owners hope families will finally return to cinemas“Sonic the Hedgehog 2” is the first major family film released in 2022 and is expected to signal if this demographic is finally ready to return to theaters. Read more at: https://www.cnbc.com/2022/04/08/sonic-2-opening-weekend-could-signal-return-of-families-to-cinemas.html |
|
Stocks making the biggest moves midday: Robinhood, EPAM Systems, Kroger and moreThese are the stocks posting the largest moves in midday trading. Read more at: https://www.cnbc.com/2022/04/08/stocks-making-the-biggest-moves-midday-robinhood-epam-systems-kroger-and-more.html |
|
JetBlue offers flight attendants $1,000 attendance bonuses for spring travel surgeJetBlue is offering flight attendants $1,000 bonuses for perfect attendance from Friday through May 31. Read more at: https://www.cnbc.com/2022/04/08/jetblue-offers-flight-attendants-1000-attendance-bonuses-for-spring-travel-surge-.html |
|
The role of natural gas in the Russia-Ukraine conflictDespite being at the center of the the largest military conflict in Europe since World War II, Russia’s natural gas continues to flow to the rest of Europe. Read more at: https://www.cnbc.com/2022/04/08/the-role-of-natural-gas-in-the-russia-ukraine-conflict.html |
|
Inflation may cause Americans to cut back on travel. Here’s how to vacation and save moneySome 40% of Americans plan to cut back on travel if inflation persists, a CNBC + Acorns Invest in You survey found. Here’s how to find deals and save money. Read more at: https://www.cnbc.com/2022/04/08/how-to-save-money-on-travel-amid-rising-inflation.html |
|
Academy Reveals Punishment For Will Smith After Oscars SlapAcademy Reveals Punishment For Will Smith After Oscars SlapAuthored by Jack Phillips via The Epoch Times, Will Smith cannot attend the Academy Awards ceremony for the next 10 years after he slapped comedian Chris Rock during the awards show last month, said the Academy.
The decision was handed down after a Board of Governors meeting on Friday. While there was speculation that Smith could lose his “King Richard” Best Actor Oscar, which he was given just minutes after slapping Chris Rock, the Academy’s statement did not indicate that he would lose his award.
The Academy added that during the broadcast, they “did not adequately address the situation in the room. For this, we are sorry. This was a … Read more at: https://www.zerohedge.com/political/academy-reveals-punishment-will-smith-after-oscars-slap |
|
Bonds & Stocks Battered As Hawkish Fed Flexes, Europe PanicsBonds & Stocks Battered As Hawkish Fed Flexes, Europe PanicsThe reality of a looming recession appears to be striking home for stocks this week as ‘Defensive’ stocks hugely outperformed ‘Cyclicals’…
Source: Bloomberg After an exciting start to the week (when Nasdaq spiked and Small Caps puked on Monday as the ‘QE trade’ kicked back in with ‘growth’ bid), its been a one way street lower since as The Fed issued its most hawkish Minutes since Volcker. Small Caps and Nasdaq were the week’s biggest losers… Read more at: https://www.zerohedge.com/markets/bonds-stocks-battered-hawkish-fed-flexes-europe-panics |
|
Elon Musk To Host ‘Rare’ Internal Q&A As Twitter Employees Grumble About His InfluenceElon Musk To Host ‘Rare’ Internal Q&A As Twitter Employees Grumble About His InfluenceElon Musk’s ascension to Twitter’s board has led the company’s workers to privately grumble to the press about Musk’s ‘free speech absolutism’ and the possibility that he might push for a rollback of the platform’s rules against ‘harassment’ (ie criticism) and ‘hate speech’ (ie conservative views, or anything that contradicts the company’s stated woke ideology).
Unwilling to let these criticisms go unaddressed, the company announced on Friday that Musk had agreed to host an internal Q&A with the company’s employees, which CEO Parag Agrawal announced in an internal email to employees that leaked to the press.
|
|
Palladium, Platinum Soar After London Market Blocks Russian ProductsPalladium, Platinum Soar After London Market Blocks Russian ProductsFirst Russian gold and silver, then diamonds, now platnium and palladium. On Friday, newly refined Russian platinum and palladium was suspended from trading in London, denying Russia access to the metals’ biggest trade hub in the latest in a growing list of measures against Russian interests because of the conflict in Ukraine. Of course, the Russian physical metal ban also means that commodity traders will now have to buy much more for physical – not paper – metal. The London Platinum and Palladium Market (LPPM), an industry association, said the situation in Ukraine prompted it to review its list of “good delivery” refiners accredited to deliver metal into the London trading system. The LPPM said it would suspend with immediate effect both Russian refiners on its list, JSC Krastsvetmet and the Prioksky Plant of Non-Ferrous Metals. The suspension blocks platinum and palladium produced by these refiners after April 8 from trading in London, though products they made while accredited remain eligible to trade, the LPPM said. The decision comes a month after a similar industry group, the London Bullion Market Association (LBMA), suspended the accreditation of Russian refiners, blocking new Russian gold and silver from London. Prices of palladium surged as much as 11%, with traders fearing the move could worsen a shortage of the metal automakers use in e … Read more at: https://www.zerohedge.com/commodities/platinum-palladium-soar-after-london-market-blocks-russian-products |
|
Rishi Sunak’s wife to pay UK tax on overseas incomeAkshata Murty has previously not paid UK tax on shares worth £700m in an Indian tech company. Read more at: https://www.bbc.co.uk/news/uk-politics-61045825?at_medium=RSS&at_campaign=KARANGA |
|
Dover queues ‘worst seen since Christmas 2020’The Kent Resilience Forum said a number of problems have created a “perfect storm” for congestion. Read more at: https://www.bbc.co.uk/news/business-61041928?at_medium=RSS&at_campaign=KARANGA |
|
1MDB scandal: Ex-Goldman Malaysia boss found guiltyRoger Ng had fought the charges that he played a role in the massive 1MDB corruption scheme. Read more at: https://www.bbc.co.uk/news/business-61043609?at_medium=RSS&at_campaign=KARANGA |
|
Role Reversal: RBI is trying to anchor the market now, says Nilesh Shah“This is the policy where RBI has started the normalisation process. Liquidity will be adequate but not in excess. The monetary policy will be less accommodative and hopefully with SDF, even though the reverse repo and repo rate corridor is maintained. It will probably result in the operating rate moving towards repo rate. This policy will make the market confident to keep faith in RBI.” Read more at: https://economictimes.indiatimes.com/markets/expert-view/now-rbi-is-trying-to-anchor-the-market-rather-than-market-leading-rbi-nilesh-shah/articleshow/90723378.cms |
|
Market movers: Adani Group stocks get 2 billion reasons to rallyAdani Group said Abu Dhabi’s International Holding Company PJSC (IHC) will invest $2 billion as primary capital in three portfolio companies – Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL) and Adani Enterprises Ltd (AEL). Read more at: https://economictimes.indiatimes.com/markets/stocks/news/market-movers-adani-group-stocks-get-2-billion-reasons-to-rally-further/articleshow/90730996.cms |
|
Tech View: Nifty50 sends mixed signals; support seen at 17,550 level“The daily chart is hinting at a short-term bottom but an indecisive Doji on the weekly chart is raising the question mark about the upmove, which is in progress from the low of 15,671 over a period of five weeks. A stay above 17,600 level can help the bulls retest recent highs at around 18,100 levels,” said Mazhar Mohammad of Chartviewindia.in. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-sends-mixed-signals-support-seen-at-17550-level/articleshow/90729476.cms |
|
Key Words: Will Smith’s 10-year Oscar ban ‘extreme,’ ‘dumb’ and ‘unnecessary,’ audiences sayCan Will Smith still win an Oscar? Probably, but he can’t attend the Academy Awards ceremony to accept after getting banned for 10 years for hitting Chris Rock. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7BCB-8CED18036CFB%7D&siteid=rss&rss=1 |
|
Earnings Outlook: U.S. banks are facing body blows from Ukraine war and a slump in investment banking activityJPMorgan Chase, Bank of America, Wells Fargo, Goldman and Citi earnings to reflect mixed landscape from Russia sanctions to a capital markets slowdown. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7B92-A4E94D89CB77%7D&siteid=rss&rss=1 |
|
Mark Hulbert: This forecast model says interest rates are nearing a peak. Bond investors will reap the rewards.Looking at rates on both an after-tax and after-inflation basis gives a complete picture. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7BC0-8B86DB6133D6%7D&siteid=rss&rss=1 |
