24June2022 Market Close & Major Financial Headlines: Wall Street Sees Highest Dead Cat Bounce In Twenty Years, Major Indexes Rally Making A Big Comeback Closing At Session Highs, Bear Market Over?

Oil Prices Bounce As EIA Fails To Publish Inventory Data

The world’s most-watched oil data report won’t be released this week due to a power problem. Oil prices, meanwhile, are climbing higher on Friday to cancel out losses from earlier in the week. Disruptions, disruptions, and disruptions. Even the Energy Information Administration can’t avoid them, with electricity problems meaning the world’s most-watched oil data report won’t be released this week. Preliminary estimates pointed to the largest crude stock build in the past four months. The EIA hopes to shed more light on that on Monday. Meanwhile,

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Bounce-As-EIA-Fails-To-Publish-Inventory-Data.html

India’s Russian Oil Imports Soar 50-Fold

India’s intake of Russian crude oil has soared 50-fold since April and, to date, makes up a tenth of the subcontinent’s imported oil, the Economic Times reported today, citing a senior government official. Some 40 percent of the total Russian oil imports are going into private refineries, the report noted. Earlier this month, data showed India’s imports of Russian crude over the first quarter of this year alone were five times higher than all the Russian crude India imported in 2021. Also this month, Bloomberg reported that some of the largest

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Indias-Russian-Oil-Imports-Soar-50-Fold.html

U.S. Drillers Add 10 Oil Rigs As Permian Takes The Lead

The number of total active drilling rigs in the United States rose by 13 this week, according to new data from Baker Hughes published on Friday. The total rig count rose to 753 this week283 rigs higher than the rig count this time in 2021. Oil rigs in the United States rose by 10 this week to 594. Gas rigs rose by 3 to 157. Miscellaneous rigs stayed the same at 2. The rig count in the Permian Basin rose by 4 this week at 349. Rigs in the Eagle Ford rose by 3, to 72. Oil and gas rigs in the Permian are 113 above where they were this time

Read more at: https://oilprice.com/Energy/Crude-Oil/US-Drillers-Add-10-Oil-Rigs-As-Permian-Takes-The-Lead.html

Germany Considers Expropriating Nord Stream 2 For LNG Flows

Germany is considering expropriating the German section of the Russia-led Nord Stream 2 gas pipeline project, cutting it off from the rest of the pipeline, and using the part on German territory for connecting to LNG supply that will come from Baltic Sea ports, German magazine Der Spiegel reported on Friday. The plan will likely escalate the gas row between Germany and Russia, Der Spiegel comments on the information, for which it didn’t cite sources. Russia completed the Nord Stream 2 project last year, but Germany halted the certification

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Germany-Considers-Expropriating-Nord-Stream-2-For-LNG-Flows.html

Centrica Turns To Former Soldiers In Push Towards Net-Zero Ambitions

Centrica is planning to hire about 500 former soldiers, sailors, and air force personnel by the end of next year as it looks to transition to Net-Zero. The energy giant will recruit them into engineering roles across British Gas and the wider group as the company aims to reach Net Zero by 2045. Greg McKenna, managing director of Centrica Business Solutions, said: Supporting our customers to get to Net Zero is at the forefront of our plans, but we need the skilled workforce to deliver at the scale and pace necessary.

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Centrica-Turns-To-Former-Soldiers-In-Push-Towards-Net-Zero-Ambitions.html

Biden Snubbed Oil Firms And Met With Offshore Wind Partnership

U.S. President Joe Biden met on Thursday with governors, labor leaders, and business leaders to discuss the implementation of more offshore wind capacity, snubbing oil company executives who were meeting with U.S. Energy Secretary Jennifer Granholm to discuss the soaring gasoline prices in America. The White House is desperate to lower gasoline prices, which are the most important election issue for many Americans ahead of the mid-term elections in November. Ideas juggled by the Biden Administration range from invoking the Defense Production Act

Read more at: https://oilprice.com/Energy/Natural-Gas/Biden-Snubbed-Oil-Firms-And-Met-With-Offshore-Wind-Partnership.html

Disney, Apple and Amazon keep waiting as NFL considers Sunday Ticket offers

The NFL must choose between offers for Sunday Ticket as streamers wait for a decision.

Read more at: https://www.cnbc.com/2022/06/24/disney-apple-and-amazon-keep-waiting-as-nfl-considers-sunday-ticket-offers.html

United Airlines pilots to get raises of more than 14%, 8 weeks of maternity leave in new contract

United is the first of the major U.S. airlines to reach a contract agreement with a pilot’s labor union.

Read more at: https://www.cnbc.com/2022/06/24/united-airlines-pilots-to-get-raises-of-more-than-14percent-in-new-contract.html

Juul asks court for temporary block on FDA’s ban of its e-cigarettes

Juul asked a federal appeals court on Friday for a temporary block on the Food and Drug Administration’s ban of its e-cigarettes.

Read more at: https://www.cnbc.com/2022/06/24/juul-asks-court-for-temporary-block-on-fdas-ban-of-its-e-cigarettes.html

Disney tells employees it will provide ‘comprehensive access’ for reproductive care

Disney told employees it will help pay for pregnancy-related care if they have to travel to a different state after the Supreme Court’s Roe v. Wade decision.

Read more at: https://www.cnbc.com/2022/06/24/roe-v-wade-decision-disney-sends-memo-to-employees.html

Polestar becomes latest electric vehicle maker to go public via SPAC merger

Polestar’s SPAC deal has closed, and it now plans an aggressive global expansion.

Read more at: https://www.cnbc.com/2022/06/24/polestar-psny-nasdaq-debut-growth-plans-2025.html

The retail industry is facing a potential wave of bankruptcies – here’s why

Last week, Revlon became the first consumer-facing name in months to file for bankruptcy. Now the questions are: Which retailer will be next, and how soon?

Read more at: https://www.cnbc.com/2022/06/23/why-retail-industry-is-facing-bankruptcy-wave.html

‘Top Gun: Maverick’ sets sights on $1 billion global box office haul

“Top Gun: Maverick” soared past the $900 million mark globally Monday and has set its sights on hitting the coveted $1 billion box office threshold.

Read more at: https://www.cnbc.com/2022/06/23/top-gun-maverick-sets-sights-on-1-billion-global-box-office-haul.html

McDonald’s simplifies franchising policies to attract more diverse candidates

McDonald’s is making changes to how it awards franchises in the hopes of attracting more diverse candidates.

Read more at: https://www.cnbc.com/2022/06/23/mcdonalds-simplifies-franchising-policies-to-attract-more-diverse-candidates.html

Fanatics is in talks to buy sports betting company Tipico, sources say

Fanatics, the sports merchandising company, is in talks to acquire sports betting company Tipico, according to two people familiar with the matter.

Read more at: https://www.cnbc.com/2022/06/23/fanatics-is-in-talks-to-buy-sports-betting-company-tipico-sources-say.html

FDA bans Juul e-cigarettes as U.S. pursues broader crackdown on nicotine products

The Food and Drug Administration rejected Juul’s application to sell its e-cigarettes in the U.S.

Read more at: https://www.cnbc.com/2022/06/23/fda-bans-juul-e-cigarettes-as-us-cracks-down-on-nicotine-products.html

Can media companies weather a recession? Executives say they’re in stronger shape this time

History shows recessions have led to spikes in media layoffs, but executives say this time may be different.

Read more at: https://www.cnbc.com/2022/06/23/media-executives-say-they-can-weather-recession.html

Netflix lays off 300 more employees as revenue growth slows

Netflix is laying off around 300 employees across the company, CNBC confirmed Thursday.

Read more at: https://www.cnbc.com/2022/06/23/netflix-lays-off-300-more-employees-as-revenue-growth-continues-to-slow.html

Chipotle restaurant in Maine becomes chain’s first to file for union election

A Chipotle Mexican Grill location in Augusta, Maine, filed a petition for a union election on Wednesday.

Read more at: https://www.cnbc.com/2022/06/23/chipotle-restaurant-in-maine-files-petition-for-union-election-.html

Stocks Emerge From Bear Market As End Of Fed Rate Hikes Priced In With Recession Looming

Stocks Emerge From Bear Market As End Of Fed Rate Hikes Priced In With Recession LoomingThere was an interesting headline earlier this afternoon in Bloomberg, which tried to explain today’s furious rally which pushed e-minis right back out of bear market territory:

It’s a good headline, unfortunately, it’s dead wrong, because while stocks did in fact snap a three week losing streak and also averted being down for a record 11 out of 12 weeks…

Read more at: https://www.zerohedge.com/markets/stocks-soar-markets-price-end-fed-rate-hikes-recession-looming

Biden Snubbed Oil Firms And Met With Offshore Wind Partnership

Biden Snubbed Oil Firms And Met With Offshore Wind PartnershipBy Charles Kennedy of Oilprice.com

U.S. President Joe Biden met on Thursday with governors, labor leaders, and business leaders to discuss the implementation of more offshore wind capacity, snubbing oil company executives who were meeting with U.S. Energy Secretary Jennifer Granholm to discuss the soaring gasoline prices in America.

The White House is desperate to lower gasoline prices, which are the most important election issue for many Americans ahead of the mid-term elections in November. Ideas juggled by the Biden Administration range from invoking the Defense Production Act to boost refining capacity and output, to restrictions on oil exports. President Joe Biden also stepped up rhetoric toward oil companies, telling them

Read more at: https://www.zerohedge.com/commodities/biden-snubbed-oil-firms-and-met-offshore-wind-partnership

Miami Housing Rents Jump A Stunning 41% In April

Miami Housing Rents Jump A Stunning 41% In AprilNationally, single-family rent growth surged 14% year-over-year in April, according to real estate research firm CoreLogic. The supply-demand mismatch continues to drive rents higher, as many parts of the country print double-digit jumps in monthly rent prices.

Among large cities, Miami recorded a stunning 41% increase in single-family rent growth for April. It was the most significant increase in April rent across all major metro areas CoreLogic tracks. The second was Orlando, with a 25.8% increase.

It’s crucial to note Miami and Orlando are both located in Florida and had the largest rental price gains out of all US cities. The reason is supply shortages due to a large influx of people piling into the Sunshine State from high taxed, violent metro areas in the Northeast. We pointed out last month that New Yorkers are still panic exiting the city for Florida.

Read more at: https://www.zerohedge.com/markets/miami-housing-rents-jump-41-april

Dallas Fed: Surging Costs Hamper US Shale Growth

Dallas Fed: Surging Costs Hamper US Shale GrowthAuthored by Tsvetana Paraskova via OilPrice.com,

The business activity index in the energy firms operating in Texas, northern Louisiana, and southern New Mexico jumped in the second quarter to the highest level in six years, but costs continue to escalate and supply chain delays are worsening, the Dallas Fed Energy Survey showed on Thursday.

Activity in the oil and gas sector in the most prolific U.S. shale basin, the Permian, expanded at a robust pace in the second quarter, with the business activity index—the survey’s broadest measure of conditions facing energy firms—up from 56.0 in the first quarter to 57.7, registering its highest reading in the survey’s six-year history, the Dallas Fed said.

Read more at: https://www.zerohedge.com/energy/dallas-fed-surging-costs-hamper-us-shale-growth

Risk of further BA strikes as more staff consulted

The airline’s engineers and call centre workers in the UK are being consulted over industrial action.

Read more at: https://www.bbc.co.uk/news/business-61923815?at_medium=RSS&at_campaign=KARANGA

Robinsons ends Wimbledon sponsorship after 86 years

The soft drink has had a partnership with the tennis championships since the mid-1930s.

Read more at: https://www.bbc.co.uk/news/business-61926014?at_medium=RSS&at_campaign=KARANGA

Cost of living: People cut back on food shopping as price rises bite

Retail sales fell 0.5% in May as households cut spending in supermarkets due to the rising cost of living.

Read more at: https://www.bbc.co.uk/news/business-61920559?at_medium=RSS&at_campaign=KARANGA

Four factors that may make Nifty stage technical pullback towards 16,600

In the current scenario, 10 per cent will mature at 16,700. A report by domestic brokerage ICICI Securities said that it expects the index to gradually resolve higher and extend pullback towards the 16,600 region in coming months wherein strong support is placed in the vicinity of 14,800-14,600 zone, which is 80 per cent retracement of CY-21 rally (13,596-18,604), at 14,600.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/four-factors-that-may-make-nifty-stage-technical-pullback-towards-16600/articleshow/92436442.cms

Tech View: Nifty50 bulls eye more gains, 15,850 key hurdle ahead

“On the daily time frame, Nifty50 has not made a new low since June 16. This reluctance of the market to trade below the low, even after six days, does suggest that the market is not in a mood to trade lower immediately.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-bulls-eye-more-gains-15850-key-hurdle-ahead/articleshow/92438839.cms

Chart Check: Down 40% from highs! Patterns of this Ashish Dhawan pick could be hinting at reversal

The stock first hit its first support just below the 200-DMA in February 2022, but the bounce back failed to sustain momentum and the rally fizzled out in April 2022 after hitting a high of Rs 497 on the BSE.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/chart-check-down-40-from-highs-patterns-of-this-ashish-dhawan-pick-could-be-hinting-at-reversal/articleshow/92429976.cms

Senate Democrat Manchin reacts to Roe v. Wade ruling: ‘I trusted Justice Gorsuch and Justice Kavanaugh’

Sen. Susan Collins also expressed similar disappointment in the Supreme Court ruling.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7EF3-46A95B16E854%7D&siteid=rss&rss=1

Market Snapshot: Dow climbs 700 points as U.S. stocks on track to snap three weeks of losses

U.S. stocks trade sharply higher Friday afternoon, with all three major benchmarks heading for big weekly gains.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7EEC-9F5386F59C35%7D&siteid=rss&rss=1

Futures Movers: Oil ends higher on tight supplies, but U.S. prices hold on to a weekly loss on recession worries

Crude futures finish sharply higher on Friday, as tight supplies help prices rebound from back-to-back session declines, but worries that economic slowdowns will hit demand pull U.S. prices lower for the week.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7EED-0FB002254E80%7D&siteid=rss&rss=1