17June2022 Market Close & Major Financial Headlines: Wall Street Seesaws Through Friday’s Session And Closes In The Green, We’re Off This Monday For The Juneteenth Freedom Day Holiday

Oil Bears Burst Back Onto The Scene

Oil prices plunged on Friday morning as fears of a recession outweighed growing geopolitical threats to supply. Oilprice Alert: This month’s Intelligent Investor column, now available for Global Energy Alertmembers, highlights two oil and gas pipeline stocks that could provide strong income for investors. If you’re an investor in the energy space then now is the time to sign up for Global Energy Alert. Friday, June 17th, 2022The adoption of the EU oil sanctions appears to have led to Russia retaliating by holding back its

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Bears-Burst-Back-Onto-The-Scene.html

Freeport LNG Extends Force Majeure Until September

Freeport LNG has declared a force majeure on LNG exports from its Gulf Coast location until September, Bloomberg sources said on Friday. The company had reported earlier in the week that its Gulf Coast facility would be completely offline through September when it would operate in a partial capacity through the end of the year. It did not, however, specify a force majeure. The original estimate for Freeport LNG’s outage was three weeks, but the estimate was quickly revised to span until September as the damage from a fire last week was assessed.

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Freeport-LNG-Extends-Force-Majeure-Until-September.html

U.S. Drillers Add 7 Rigs Amid Oil Price Slide

The number of total active drilling rigs in the United States rose by 7 this week, according to new data from Baker Hughes published on Friday. The total rig count rose to 740 this week270 rigs higher than the rig count this time in 2021, but insufficient to ease market fears in the current tight oil market. Oil rigs in the United States rose by 4 this week to 584. Gas rigs rose by 3 to 154. Miscellaneous rigs stayed the same at 2. The rig count in the Permian Basin was flat this week at 345. Rigs in the Eagle Ford rose by 1, to 69. Oil

Read more at: https://oilprice.com/Energy/Energy-General/US-Drillers-Add-7-Rigs-Amid-Oil-Price-Slide.html

Musk Slammed With $258 Billion Lawsuit Over Crypto Posts

Elon Musk, Tesla, and SpaceX were hit by a $258bn (210.2bn) lawsuit on Thursday by a Dogecoin investor accusing them of running a Crypto Pyramid Scheme (aka Ponzi scheme) relating to the cryptocurrency. The complaint, filed in a Manhattan court, alleged that the world’s richest man and the two companies he runs, electric vehicle maker Tesla and spacecraft manufacturer SpaceX, were engaged in a fraudulent scheme concerning Dogecoin. Plaintiff Keith Johnson, seeking to represent a class of people, claimed

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Musk-Slammed-With-258-Billion-Lawsuit-Over-Crypto-Posts.html

Italy May Declare State Of Alert If Russian Gas Cuts Persist

Italy may declare next week a state of alert if natural gas supplies from Russia continue to be limited, government sources told Reuters on Friday. Before the Russian invasion of Ukraine, Italy sourced around 40% of the gas it uses from Russia. Italy has sought to diversify its gas imports with more supply from North African producers, but it still is a major consumer of Russian gas. The state of alert is the second step in Italy’s gas emergency protocols. The country has been in a state of pre-alert since February when Russia invaded Ukraine,

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Italy-May-Declare-State-Of-Alert-If-Russian-Gas-Cuts-Persist.html

Russias Gas Deliveries To Europe Plunge Further

Natural gas flows from Russia to Europe continued to dive on Friday, with buyers in Italy, Germany, Austria, and Slovakia receiving much lower volumes than usual. Gas flows to France from Germany have ceased completely. The cut in Russian gas deliveries to European customers, which have agreed to the ruble-to-gas scheme Putin has demanded, is explained by Moscow with Siemens Energy delaying the return of a repaired gas turbine from Canada because of the sanctions on Russia. European leaders, however, say that Russia’s official explanation

Read more at: https://oilprice.com/Energy/Natural-Gas/Russias-Gas-Deliveries-To-Europe-Plunge-Further.html

Starbucks’ North American head to leave the company as chain shakes up leadership

Over the last year, Williams has been one of the public faces of the company’s efforts to curb unionization efforts by its baristas.

Read more at: https://www.cnbc.com/2022/06/17/starbucks-north-american-head-to-leave-the-company-as-chain-shakes-up-leadership.html

SpaceX fires at least 5 employees over internal letter criticizing CEO Elon Musk

SpaceX has fired at least five employees involved in circulating a letter around the company that was critical of CEO Elon Musk.

Read more at: https://www.cnbc.com/2022/06/17/spacex-fires-employees-after-internal-letter-criticizes-ceo-elon-musk.html

WWE boss Vince McMahon steps away from CEO role, will address misconduct probe on ‘Smackdown’

WWE Chairman and CEO Vince McMahon is stepping back from his duties as the company’s board investigates alleged misconduct by the executive.

Read more at: https://www.cnbc.com/2022/06/17/wwe-boss-vince-mcmahon-to-step-back-from-ceo-duties-during-misconduct-probe-.html

Black personal finance influencers are making financial freedom a focus this Juneteenth

Social influencers focused on financial education for the Black community are emphasizing a message of financial freedom this Juneteenth.

Read more at: https://www.cnbc.com/2022/06/17/juneteenth-black-personal-finance-influencers-focus-on-financial-freedom.html

Casino stocks are taking a hit as consumers struggle with inflation and recession fears

Casino stocks have underperformed the S&P 500 as consumers grapple with the highest inflation rates since the early 1980s.

Read more at: https://www.cnbc.com/2022/06/17/casino-stocks-take-a-hit-as-inflation-rocks-economy.html

Elon Musk had a bad week

In what’s been a particularly eventful year for Elon Musk, this was a decidedly rough week.

Read more at: https://www.cnbc.com/2022/06/17/elon-musk-had-a-bad-week-at-tesla-spacex-and-twitter.html

GM is raising the price of its electric Hummer starting this weekend

GM is increasing the price of its EV Hummer by $6,250.

Read more at: https://www.cnbc.com/2022/06/17/gm-is-raising-the-price-of-its-hummer-ev-starting-this-weekend.html

In-demand teen workers are winning higher pay and more flexibility this summer

Thirty percent fewer teenage workers secured jobs in May than during the same month in 2021.

Read more at: https://www.cnbc.com/2022/06/16/teen-summer-workers-are-winning-higher-pay-and-more-flexibility-this-year.html

‘Lightyear’ bans over same-sex kiss are unlikely to have a major impact on the Pixar film’s global box office

“Lightyear” is the fifth film in Pixar’s Toy Story franchise. Chris Evans voices the lead character, legendary space ranger Buzz Lightyear.

Read more at: https://www.cnbc.com/2022/06/16/lightyear-movie-ban-wont-have-major-impact-on-global-box-office.html

Netflix’s binge-release model is under new scrutiny as the streaming giant struggles

Netflix disrupted traditional TV by releasing entire seasons of shows all at once. Now, the model is under scrutiny as the streamer deals with big losses.

Read more at: https://www.cnbc.com/2022/06/15/will-netflix-stop-binge-releases-experts-weigh-in.html

Airline stocks tumble as economic concerns overshadow travel surge

Inflation and recession concerns are pressuring airline shares despite a strong summer.

Read more at: https://www.cnbc.com/2022/06/16/travel-demand-is-surging-but-stocks-are-tanking.html

Cosmetics giant Revlon files for Chapter 11 bankruptcy protection

Revlon filed for Chapter 11 bankruptcy protection on Wednesday evening as it grappled with a cumbersome debt load and a snarled supply chain.

Read more at: https://www.cnbc.com/2022/06/16/cosmetics-giant-revlon-files-for-chapter-11-bankruptcy-protection.html

A huge offshore wind farm is jumping on a growing industry trend — recyclable turbine blades

Swedish energy firm Vattenfall is one of several companies looking into recycling wind turbine blades to address an industry headache.

Read more at: https://www.cnbc.com/2022/06/17/huge-offshore-wind-farm-to-use-recyclable-turbine-blades.html

Hawkish Fed Sparks Dow’s Worst Streak Ever; Crypto, Crude, & Credit Crushed

Hawkish Fed Sparks Dow’s Worst Streak Ever; Crypto, Crude, & Credit CrushedUS equities are down 10 of the last 11 weeks – the first time since 1970.

But, The Dow has now had 11 down weeks out of the last 12. This has never happened before… (in Nov 1929, The Dow fell for 10 of 11 weeks)…

Which perhaps fits as US macro data is collapsing at an unprecedented pace (wi …

Read more at: https://www.zerohedge.com/markets/hawkish-fed-sparks-dows-worst-streak-ever-crypto-crude-credit-crushed

Kemp: White House Tries To Blame US Refiners For Its Own Overheating Error

By John Kemp, senior energy analyst at Reuters

The White House has sought to deflect the blame for high gasoline prices onto refiners for cutting capacity and not making enough fuel, but the real source of the price increases is the attempt to run the economy “hot”. In conjunction with the Federal Reserve, White House policy has been to run the economy as fast as possible to minimize unemployment and under-employment, especially among the most disadvantaged groups in the labor market.

But spare capacity is not evenly distributed across the economy; there has proved to be much less unused capacity in the fuel market than in the labor market. As a result, capacity has run out in the fuel market before it is exhausted in the job market. Tensions in the fuel market are generating rapid price increases which are propagating across the rest of the economy.

The imposition of sanctions in response to Russia’s invasion of Ukraine has intensified the inflation problem because Russia was one of the world’s largest exporters of both crude and middle distillates.

In the event, the fuel supply system, not the job market, has proved to be the economy’s rate-limiting factor, which has thrown the White House’s economic and political strategies off course.

The Pinch Point

In trying to lower fuel prices and tame inflation, the White House has focused on gasoline, which is the price most visible to consumers and therefore the most politically sensitive ahead of congressional elections in November. But the most severe fuel s …

Read more at: https://www.zerohedge.com/markets/kemp-white-house-tries-blame-us-refiners-its-own-overheating-error

Housing Crash Imminent: As Mortgage Rates Explode Price Cuts Soar And Buyer Demand Collapses

A little over a month ago, when mortgage rates were still “only” 5% we shared several devastating anecdotes from real estate agents and industry execs who validated our worst fears: US housing was imploding… fast, with subsequent observations only confirming this dire conclusion about the state of the most popular asset class among the US middle class.

Fast forward to this week when things have gone from worse to catastrophic, because with 30Y mortgage rates soaring at the fastest pace on record to above 6%, or levels last seen just before the housing bubble burst…

…. sending the average mortgage payment on a median mortgage up by almost $80 …

Read more at: https://www.zerohedge.com/economics/housing-crash-imminent-mortgage-rates-explode-price-cuts-soar-and-buyer-demand-collapses

Watch: NY Post Correspondent Accuses White House Of ‘Blacklisting’ Reporters They Don’t Like

Authored by Steve Watson via Summit News,

A New York Post reporter implied Thursday that the White House is actively ‘blacklisting’ correspondents and outlets they don’t like from events.

The Post’s Steven Nelson told Press Secretary Karine Jean-Pierre “For more than a year now the White House press office has been having … press events in the stateroom, state dining room, the executive office building,” adding that “There’s a process where people are selected and able to go into these presidential events where the president often takes questions.”

Nelson continued, “The correspondence association has tried in vain to figure out how this process works,” adding that “over time it has kind of morphed into a kind of black list where cer …

Read more at: https://www.zerohedge.com/political/watch-ny-post-correspondent-accuses-white-house-blacklisting-reporters-they-dont

Big pay rises could push prices up, says minister

Treasury minister Simon Clarke warns bosses to be “very careful” in setting wage increases.

Read more at: https://www.bbc.co.uk/news/business-61846102?at_medium=RSS&at_campaign=KARANGA

Gatwick cuts summer flights after staff shortages

The airport says it will lead to more reliable service, after a wave of cancellations and delays.

Read more at: https://www.bbc.co.uk/news/uk-61835843?at_medium=RSS&at_campaign=KARANGA

People cut back on food, fuel, and clothes as prices rise, BBC survey suggests

More than eight in 10 people say they are worried about the cost of living, a BBC survey suggests.

Read more at: https://www.bbc.co.uk/news/business-61813857?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty50 forms indecisive Doji; analysts unsure of recovery ahead

“On the flip side, the Nifty50 is exactly placed at the previous breakout point of May 2021, which is around 15,400 – 15,300. The ‘RSI-Smoothened’ oscillator on the daily chart is showing a ‘Positive Divergence’ i.e. lower lows in recent prices and higher lows in the oscillator. This condition generally happens at the fag end of any downtrend. Hence, looking at the charts, we are clearly in two minds at this juncture,” he said.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-forms-indecisive-doji-analysts-unsure-of-recovery-ahead/articleshow/92283175.cms

This hedge fund manager tells you how to generate alpha in volatile times

These strategies are at a nascent stage in India but they are getting investors’ attention, says Mumbai-based Vaibhav Sanghavi, who was among the first few fund managers to venture into hedge funds.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/this-hedge-fund-manager-tells-you-how-to-generate-alpha-in-volatilite-times/articleshow/92272058.cms

PVs or 2-wheelers? How to play the impending rally in auto sector

Automobiles are a good trade which is building in especially from the recovery of volume perspective, said Vikas Khemani, Founder, Carnelian Capital Advisors. “We know that because of the semiconductor chip shortage, demand and growth have been muted but 2023 could be a very good year from that perspective,” Khemani added.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/pvs-or-2-wheelers-how-to-play-the-impending-rally-in-auto-sector/articleshow/92273888.cms

: As Fed raises rates, economists are now warning of ‘overvalued’ property markets. Some homes in Provo, Utah, drew 50 offers at the peak of housing boom. Not anymore.

An influx of California residents, coupled with a big millennial home-buying population, and a housing shortage, are all pressuring Utah home prices.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7E2F-267DE3C646DA%7D&siteid=rss&rss=1

: Fed’s biggest rate hike since 1994 means millions more homebuyers may be priced out of housing market, as 30-year mortgage rate spikes

Expect that 30-year mortgage rate to get even more expensive.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7E99-19441E82DBBD%7D&siteid=rss&rss=1

: The Fed rate hike makes annuities seem attractive — but know how to pursue them

Look out for the types of annuities there are, the fees, and how payments are structured

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7EB7-EA039177E550%7D&siteid=rss&rss=1