10May2022 Market Close & Major Financial Headlines: Markets Closed Mixed After Attempting A Comeback By Gapping Up At The Opening Bell, Major Indexes Lose Steam As Inflation And Recession Fears Continue

The Call For Windfall Taxes On Energy Firms Is Growing

Tesco chairman John Allan has joined calls for energy giants to be slapped with a windfall tax to ease the pressure on households suffering the most from the cost-of-living crisis. Speaking on BBC Radio 4s Today program he argued there was an overwhelming case for a one-off levy on North Sea oil and gas companies, revealing some of the supermarket’s customers have started rationing the amount of food they buy at the supermarket. He warned the country was facing real food poverty for the first time in a generation,

Read more at: https://oilprice.com/Energy/Energy-General/The-Call-For-Windfall-Taxes-On-Energy-Firms-Is-Growing.html

Fears Of An Economic Slowdown Drag Oil Prices Lower

Reader Update: Whether you are new to the oil and gas industry or an energy market veteran, you will regret not signing up for Global Energy Alert. Oilprice.com’s premium newsletter provides everything from geopolitical analysis to trading analysis, all for less than a cup of coffee per week. Chart of the Week- Russian crude exports have reached post-pandemic highs despite falling production rates, with robust buying coming on the back of heavily discounted barrels. – The main export grade of Russia, the medium sour Urals, has been

Read more at: https://oilprice.com/Energy/Energy-General/Fears-Of-An-Economic-Slowdown-Drag-Oil-Prices-Lower.html

Russian Gas Flows To Europe Via Ukraine To Stop Wednesday

Russian gas headed to Europe through Ukraine will stop flowing on Wednesday, Ukraine’s Gas Transmission System Operator (GTSOU) said on Tuesday. The flows will stop at 7 a.m. local time after Russia’s occupying forces disrupted gas transit operations in the area. According to the operator, Ukraine will no longer be able to accept gas transit from Russia via Sokhranivka. The move has the potential to disrupt supplies to Europe if an alternative path isn’t found. Ukraine has voiced its criticism of Europe’s reliance on Russian

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russian-Gas-Flows-To-Europe-Via-Ukraine-To-Stop-Wednesday.html

Is Central Asia’s Crypto-Mining Boom Going Bust?

Kazakhstan and Uzbekistan have introduced new regulations for cryptocurrency mining. The changes indicate anxieties over the technology’s grid-busting electricity consumption. Kazakhstan has added reporting requirements for existing investors in the sector, with would-be miners expected to produce a detailed plan before getting the green light. In Uzbekistan, the new rules aim to boost renewable energy, while also, like Kazakhstan, punishing illegal farms. In both cases, the changes entered force in late April, but were reported

Read more at: https://oilprice.com/Energy/Energy-General/Is-Central-Asias-Crypto-Mining-Boom-Going-Bust.html

Oil Prices Go For Wild Ride On Heightened Volatility

Crude oil prices remain exceptionally volatile on Tuesday, with WTI fluctuating between sub-$100 and nearly $104 per barrel after sinking from more than $110 on Monday as bearish and bullish factors push and pull crude benchmarks. Monday saw crude oil prices drop sharply as China lockdowns and Saudi Arabia’s crude oil price cutting contributed to worries about a possible slump in crude oil demand in the world’s top crude importer. But oil prices seesawed on Tuesday as the EU continued to try to reach a consensus on a Russian crude oil

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Go-For-Wild-Ride-On-Heightened-Volatility.html

Big Oil Sells Billions Of Dollars Of Assets To Less Transparent Firms

Oil companies with climate goals and commitments are increasingly selling assets to private and less scrutinized operators with lower environmental standards, which does not help the global push to cut overall emissions, Environmental Defense Fund (EDF) said in a new report on Tuesday. Deal-making in the oil and gas industry has been increasingly shifting to companies with lower climate commitments becoming buyers of more and more oil and gas assets over the past five years, the U.S.-based non-governmental organization said in the study. If

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Big-Oil-Sells-Billions-Of-Dollars-Of-Assets-To-Less-Transparent-Firms.html

U.S. gun homicides reached highest level in 25 years during Covid pandemic, CDC says

During the first year of the pandemic, the homicide rate from guns rose 35% to the highest level since 1994, according to the CDC.

Read more at: https://www.cnbc.com/2022/05/10/us-gun-homicides-reached-highest-level-in-25-years-during-covid-pandemic-cdc-says.html

Stocks making the biggest moves midday: Peloton, Upstart, Vroom and more

These are the stocks posting the largest moves in midday trading.

Read more at: https://www.cnbc.com/2022/05/10/stocks-making-the-biggest-moves-midday-peloton-upstart-vroom-and-more.html

Here’s why a Roth individual retirement account conversion may pay off in a down market

Roth individual retirement account conversions may be cheaper during a stock market downturn. Here’s what to consider before making the transfer.

Read more at: https://www.cnbc.com/2022/05/10/heres-why-a-roth-ira-conversion-may-pay-off-in-a-down-market.html

Peloton CEO says he was surprised by how deep some issues ran at the company

“The nature of turnarounds is they are full of surprises,” Peloton CEO Barry McCarthy told analysts on Tuesday, during his first conference call at the company.

Read more at: https://www.cnbc.com/2022/05/10/peloton-ceo-surprised-by-how-deep-some-issues-ran-at-the-company.html

Netflix could introduce ads, crack down on password sharing by the end of this year, source says

An end-of-year target would put the ad-supported tier on a much faster track than Netflix originally indicated.

Read more at: https://www.cnbc.com/2022/05/10/netflix-ads-password-crackdown-expected-as-early-as-this-year-source-says.html

Erling Haaland: Man City confirm agreement to sign Borussia Dortmund striker in £51m deal

Manchester City have confirmed an agreement to sign Borussia Dortmund striker Erling Haaland for £51.1m.

Read more at: https://www.cnbc.com/2022/05/10/erling-haaland-man-city-confirm-deal-to-sign-borussia-dortmund-striker.html

Citadel founder Ken Griffin wins Blue Origin spaceflight auction, donates 2 seats to New York City teachers

Ken Griffin, billionaire founder of hedge fund Citadel, placed the winning $8 million bid in an auction for a seat on a spaceflight with Bezos’ Blue Origin.

Read more at: https://www.cnbc.com/2022/05/10/ken-griffin-wins-8-million-bezos-spaceflight-auction-donating-seats.html

Boeing aircraft orders, deliveries slipped in April

Deliveries of Boeing’s 787 Dreamliners remain on hold.

Read more at: https://www.cnbc.com/2022/05/10/boeing-aircraft-orders-deliveries-slipped-in-april.html

‘We’re doing a job. We’re connecting people’: Emirates CEO defends continued flights to Russia

Emirates Airline has defended its decision to continue its flights to Russia saying that people and government decisions should not be conflated.

Read more at: https://www.cnbc.com/2022/05/10/emirates-ceo-defends-continued-russia-flights-says-no-ban-from-uae-.html

Tom Brady agrees to join Fox Sports as lead NFL game day analyst whenever his career ends, CEO Lachlan Murdoch says

Tampa Bay Buccaneers quarterback Tom Brady has agreed to join Fox Sports as its lead color commentator whenever he decides to retire.

Read more at: https://www.cnbc.com/2022/05/10/tom-brady-agrees-to-join-fox-sports-as-nfl-analyst-when-career-ends.html

How the digital sneaker boom changed Foot Locker’s business

Foot Locker is the largest footwear retailer in the world with a strong brick-and-mortar presence, but can it keep up with the growing digital sneaker world?

Read more at: https://www.cnbc.com/2022/05/10/how-nike-stockx-and-goat-changed-foot-lockers-business.html

Virgin Orbit is assembling a fleet of 747 jets to launch more rockets into space

Virgin Orbit is assembling a fleet of rocket-launching 747 jets, the company announced on Tuesday, ordering two new modified cargo airframes.

Read more at: https://www.cnbc.com/2022/05/10/virgin-orbit-assembling-fleet-of-747-jets-to-launch-more-rockets-.html

Hispanic Voters Are Losing Faith In The Democratic Party: Poll

Hispanic Voters Are Losing Faith In The Democratic Party: PollAuthored by J.M. Phelps via The Epoch Times (emphasis ours),

The support of Hispanic voters at the midterms later this year could prove to be “extremely instrumental” in turning the tide of liberal policies of the current administration, a conservative Hispanic group says.

U.S. President Joe Biden speaks to employees at Lockheed Martin, a facility that manufactures weapon systems such as Javelin anti-tank missiles, in Troy, Alabama, on May 3, 2022. (Julie Bennett/Getty Images)According to a Quinnipiac University poll published in April, only 26 per …

Read more at: https://www.zerohedge.com/political/hispanic-voters-are-losing-faith-democratic-party-poll

Revenge Of The Based: Thiel-Backed Fund To Take On ‘Woke’ Blackrock Activism

Revenge Of The Based: Thiel-Backed Fund To Take On ‘Woke’ Blackrock ActivismA new financial firm backed by Peter Thiel and Bill Ackman aims to take the ‘woke’ out of corporate America – and is taking aim at BlackRock’s push for ‘stakeholder capitalism’ ESG purity tests with several new funds that instead promote “Excellence Capitalism.”

Vivek Ramaswamy, author of “Woke, Inc,” has raised $20 million to launch “Strive Asset Management,” an activist fund which will urge  companies to drop unprofitable social justice issues pushed by BlackRock, Vanguard and State Street, which Ramaswamy refers to as the “ideological cartel.”

The firm seeks to ‘restore the voices of everyday citizens in the American economy by leading companies to focus on excellence over politics.’

Strive aims to solve a fiduciary problem created by the three largest U.S. asset managers — BlackRock, Vanguard and State Street — which control over $20 trillion in assets, exceeding the total U.S. gross domestic product. These “Big 3” firms bear a fiduciary duty to advance the best interests of their clients. Yet in the name of …

Read more at: https://www.zerohedge.com/political/revenge-based-thiel-backed-fund-take-woke-blackrock-activism

Fed Warns Of Negative Feedback Loop, Fragile Liquidity, And More Volatile Prices

Fed Warns Of Negative Feedback Loop, Fragile Liquidity, And More Volatile PricesAuthored by Mike Shedlock via MIshTalk.com,

The Fed’s Financial Stability Report is a real hoot. Importantly the Fed fails to point a finger at itself…

Image clip from Fed’s Financial Stability Report

Please consider the Fed’s May 2022 Financial Stability Report

Pertinent Warnings

Despite markedly higher Treasury yields, real and financial asset prices generally remained high relative to their corresponding expected cash flows.

House prices continued to rise at a rapid pace that outstripped increases in rents.

Structu …

Read more at: https://www.zerohedge.com/markets/fed-warns-negative-feedback-loop-fragile-liquidity-and-more-volatile-prices

JPMorgan’s Published Its Notorious “Uninvestable” Call On Chinese Tech Stocks In Error

JPMorgan’s Published Its Notorious “Uninvestable” Call On Chinese Tech Stocks In ErrorRemember when back on March 14, JPMorgan – easily the staunchest bull on US stocks – stunned Wall Street when its analyst Alex Yao told the truth about Chinese tech stocks, saying they were “uninvestable”? For those who have forgotten, this is what the bank said:

As risk management becomes the most important consideration for global investors in relation to their China Internet investment strategy as they price in China’s geopolitical risks and incremental concerns about regulatory risks, we find China Internet uninvestable on a 6-12 month view with an unpredictable share price outlook, depending on the market perception of China’s geopolitical risks, macro recovery and Internet regulation risk. The sector-wide sell-off might continue given lack of valuation support in the near term, in our view. We downgrade 28 coverage stocks to Neutral or Underweight. The only name with an OW rating in our coverage universe is Kuaishou.

Well, just two days later JPM was fed a horse dose of humiliation when a rally sparked by PBOC jawboning sent all these “uninvestable” stocks soaring as much as 40% (a move which we had predicted just hours earlier, when we said that the JPM downgrade “confirms the price action and if anything suggests that with the bottom having fallen out of the sector, now is the time to buy …

Read more at: https://www.zerohedge.com/markets/jpmorgans-published-its-notorious-uninvestable-call-chinese-tech-stocks-error

Elon Musk would reverse Donald Trump’s Twitter ban

He says Twitter’s decision to ban the former US president was ‘morally wrong and flat-out stupid’.

Read more at: https://www.bbc.co.uk/news/business-61399483?at_medium=RSS&at_campaign=KARANGA

Apple to discontinue the iPod after 21 years

The end of an era for Apple’s original music player, which has been overshadowed by the iPhone.

Read more at: https://www.bbc.co.uk/news/technology-61401626?at_medium=RSS&at_campaign=KARANGA

UK government to bring in e-scooter law

It says it plans to legislate to make private e-scooters ‘safer’ as part of a new transport law.

Read more at: https://www.bbc.co.uk/news/business-61354078?at_medium=RSS&at_campaign=KARANGA

Why does it look like a carnage in global mkts when the S&P 500 is down only 17% from peak?

Many ‘hot’ themes that were enthusiastically pursued in the last year or two, with many thrilled at their trading prowess in the US markets, have come crashing to the ground.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/why-does-it-look-like-a-carnage-in-global-markets-when-the-sp-500-is-down-only-17-from-peak/articleshow/91466119.cms

Cipla Q4 Results: Profit falls 12.4% YoY to Rs 362 cr, misses estimates

​The total revenue from operations was Rs 5,260.33 crore, up 14.19 percent from Rs 4,606.45 crore the company reported in the year-ago quarter.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/cipla-q4-results-profit-falls-12-4-yoy-to-rs-362-cr-misses-estimates/articleshow/91471691.cms

Nifty500 & S&P500: Will jittery US stocks keep haunting Dalal Street?

But the fall in Nifty500 at 8 per cent in 2022 has been pretty comforting, compared with a 16 per cent drop in the S&P500 index during the same period.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/nifty500-sp500-will-jittery-us-stocks-keep-haunting-dalal-street/articleshow/91465274.cms

: How Tom Brady made his $475 million fortune

Tom Brady just signed a massive $375 million contract to broadcast NFL games when he retires, according to the New York Post

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-78F0-4F26DF69DC66%7D&siteid=rss&rss=1

Market Extra: Here are 4 reasons why market volatility is unlikely to soon subside

The list of reasons why the financial market’s wild swings can keep going is growing by the day.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7D10-D6340D79D15F%7D&siteid=rss&rss=1

Market Snapshot: Dow turns lower heading toward closing bell, while S&P 500, Nasdaq rise in choppy stock-market trade

U.S. stock benchmarks were mixed heading toward the closing bell Tuesday, after three days of heavy losses, with the Dow Jones Industrial Average turning lower on the eve of a key inflation reading.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7D0A-6DC2A1DA179B%7D&siteid=rss&rss=1