Summary Of the Markets Today:

• The Dow closed up 140 points or 0.36%,
• Nasdaq closed up 0.17%,
• S&P 500 closed up 0.15%,
• Gold $2,347 down $22.20,
• WTI crude oil settled at $73 down $0.90,
• 10-year U.S. Treasury 4.332 down 0.070 points,
• USD index $104.14 down $0.001,
• Bitcoin $70,250 up 1,459 or 2.12%

*Stock data, cryptocurrency, and commodity prices at the market closing.

Click here to read our current Economic Forecast – June 2024 Economic Forecast: Our Index Marginally Weakened And There Is Another Indicator Warning Of A Recession

Today’s Economic Releases Compiled by Steven Hansen, Publisher:

The number of job openings changed little at 8.1 million on the last business day of April 2024. Over the month, both the number of hires and total separations were little changed at 5.6 million and 5.4 million, respectively. When comparing the unemployment level to job openings – we find the ratio of the unemployment level to job openings is growing which implies the number of available jobs to each unemployed person is modestly declining. However, this decline at this point is insignificant which implies May 2024 jobs growth should be similar to April’s.

Here is a summary of headlines we are reading today:

• Tech Hardware Stocks Primed for Another AI-Fueled Liftoff
• First Solar and Qcells Score Panel Ecolabel Preferred in U.S. Federal Tenders
• China-Taiwan Conflict Raises Concerns for Semiconductors and Gold
• OPEC’s Oil Production Rises as Iraq Continues to Overproduce
• Chinese EV Sales in Europe Jump by 23%
• Dow closes more than 100 points higher Tuesday, S&P 500 ekes out a gain in muted session: Live updates
• Elon Musk ordered Nvidia to ship thousands of AI chips reserved for Tesla to X and xAI
• Bitcoin crosses back above $70,000 as more spot ETFs launch around the world: CNBC Crypto World
• Job openings fell again in April, hitting lowest level since February 2021 in a sign of labor market weakening
• India stocks see biggest fall for over four years
• Why bitcoin will become a currency we use and an inflation hedge like gold

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

The Market in Perspective

Here are the headlines moving the markets.
	Tech Hardware Stocks Primed for Another AI-Fueled Liftoff The decline in personal computer sales may end as soon as next year as consumers will be enticed to upgrade their legacy Covid-era PCs. The introduction of PCs equipped with fancy new AI chips, capable of running as digital assistants in the background and faster computing power, could boost sales that have been sagging since the upgrade cycle boosted by remote workers during Covid peaked in late 2021. On Sunday, comments from AI chip leader Nvidia, whose CEO, Jensen Huang, told the audience at the 2024 Taipei International Information Technology… Read more at: https://oilprice.com/Finance/the-Markets/Tech-Hardware-Stocks-Primed-for-Another-AI-Fueled-Liftoff.html
	Shell CEO Warns of Policy Stability Ahead of U.S. Presidential Election During a recent visit to Washington D.C., Shell CEO Wael Sawan highlighted the critical importance of policy stability for the energy sector, especially in the lead-up to the US presidential election. Speaking at the Center for Strategic and International Studies, Sawan underscored how political decisions in the US capital—the “energy capital of the world”—significantly influence global investment strategies and spending. Sawan’s visit comes at a pivotal moment as Shell adjusts its focus towards its core petroleum business amid… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Shell-CEO-Warns-of-Policy-Stability-Ahead-of-US-Presidential-Election.html
	Can London Become a Global Leader in Sustainable Finance? Investing in the green transition, in the companies based in the Square Mile, is good for the climate fight and for our own economic development, says Chris Hayward Of the City’s many strengths, few have such global significance as our expertise in sustainable finance. Tomorrow, that talent and expertise will be on show at the City of London Corporation’s annual Net Zero Delivery Summit. London is ranked first is the Global Green Finance Index because we offer a one-stop-shop to investors, firms, and governments. In the Square Mile,… Read more at: https://oilprice.com/Energy/Energy-General/Can-London-Become-a-Global-Leader-in-Sustainable-Finance.html
	New Blast Furnace Could Cut Liberty Steel’s Emissions by 80% Via Metal Miner   Steel manufacturing giant Liberty Steel recently signed a contract with Chinese engineering company CISDI, finalizing a feasibility study to build an electric arc furnace at the Dunaújváros plant in Hungary. Steel production estimates state that the facility would have an annual crude capacity of 1.5 million metric tonnes. According to a May 16 announcement by the former’s parent company, GFG Alliance, Liberty Steel executive chairman Sanjeev Gupta and CISDI chairman Xiao Peng signed the agreement on the… Read more at: https://oilprice.com/Metals/Commodities/New-Blast-Furnace-Could-Cut-Liberty-Steels-Emissions-by-80.html
	First Solar and Qcells Score Panel Ecolabel Preferred in U.S. Federal Tenders Solar panel manufacturers First Solar and Hanwha Qcells have registered several of their solar panel designs under a label of most sustainably produced panels, which the U.S. government prefers when sourcing solar equipment in tenders.    Qcells’ residential and commercial solar panels achieved the Global Electronics Council’s (GEC) stringent sustainability criteria, making them EPEAT registered products, Hanwha Q CELLS America Inc said on Tuesday. The EPEAT standard for solar panels is among the low environmental-impact… Read more at: https://oilprice.com/Latest-Energy-News/World-News/First-Solar-and-Qcells-Score-Panel-Ecolabel-Preferred-in-US-Federal-Tenders.html
	Occidental Joins Berkshire In New Lithium JV Occidental Petroleum has entered into a joint venture with Berkshire Hathaway’s BHE Renewables in a tie-up to extract and produce lithium compounds, Occidental said in a news release on Tuesday. The merger isn’t out of left field. Occidental’s wholly-owned subsidiary TerraLithium has patented DLE technologies that can process any lithium-containing brine “into a responsibly sourced supply of high-purity lithium,” Oxy said. As for BHE, it operates 10 geothermal power plants in California that process 50,000 gallons… Read more at: https://oilprice.com/Energy/Energy-General/Occidental-Joins-Berkshire-In-New-Lithium-JV.html
	Erdogan Says Turkmenistan Could Soon Begin Gas Exports to Turkey and Europe Turkmenistan could soon begin exporting natural gas to Turkey and then Europe via the expanded Trans Anatolian Natural Gas Pipeline Project (TANAP), Turkey’s President Recep Tayyip Erdogan was quoted as saying on Tuesday.   Turkmenistan, rich in natural gas, has been vying for an export route of its gas to Europe, after Russian pipeline flows to the EU slumped in the wake of the Russian invasion of Ukraine. Turkmenistan has been negotiating gas exports to Turkey and global markets through swap deals, with a focus on electricity… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Erdogan-Says-Turkmenistan-Could-Soon-Begin-Gas-Exports-to-Turkey-and-Europe.html
	China-Taiwan Conflict Raises Concerns for Semiconductors and Gold Via SchiffGold.com, American-made weapons will soon be bound for Taiwan, American lawmakers are telling Taiwanese President Lai Ching-te, sending shockwaves of uncertainty through electronics and metals markets this week. In a pointed “celebration” of Lai’s recent inauguration, Chinese military aircraft and warships have been conducting large-scale drills around the island. China considers Taiwan a strayed member of its territory and hasn’t ruled out the use of force to assert its claim. “China will surely be reunified,”… Read more at: https://oilprice.com/Metals/Commodities/China-Taiwan-Conflict-Raises-Concerns-for-Semiconductors-and-Gold.html
	Singapore Looks to Have More Gas-Fired Power Plants to Meet Rising Demand Singapore is seeking proposals from companies to build and operate two new natural gas-fired power plants by the end of the decade as it looks to have more generation capacity to meet soaring electricity demand. Singapore’s Energy Market Authority (EMA) launched on Tuesday a second Request for Proposal for new electricity generation capacity, inviting companies to build, own, and operate two new hydrogen-ready Combined Cycle Gas Turbine (CCGT) generating units to be ready in 2029 and 2030 respectively. Each generating unit is expected… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Singapore-Looks-to-Have-More-Gas-Fired-Power-Plants-to-Meet-Rising-Demand.html
	Chinese Money Managers Eye Middle East Oil Wealth China’s sovereign wealth fund and a number of banks and hedge funds have boosted their presence in the Middle East, aiming to get a larger slice of the oil-wealth pie and raising concerns in the United States over closer cooperation between China and the U.S. allies in the Gulf region.    This year, several state-held Chinese banks, the Chinese $1.35-trillion sovereign wealth fund, and a number of asset managers from the world’s second-largest economy have established offices and businesses in Dubai, Abu Dhabi, and other financial… Read more at: https://oilprice.com/Energy/Energy-General/Chinese-Money-Managers-Eye-Middle-East-Oil-Wealth.html
	Oil Price Plunge Hits BP and Shell Shares The slump in oil prices so far this week has dragged down shares in the top UK-based oil and gas supermajors, Shell and BP, with their stock falling on Tuesday and pushing London’s main FTSE 100 index in the red. As oil prices fell by more than 3% on Monday and continued to drop early on Tuesday, shares in BP and Shell also slumped in London today. BP (LON: BP) was down by 3.7%, and Shell’s (LON: SHEL) stock had dropped by 2% as of 2 p.m. in London on Tuesday.  As major constituents of the FTSE 100 index, the supermajors dragged… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Price-Plunge-Hits-BP-and-Shell-Shares.html
	Can Turkmenistan’s Energy Exports Buy Influence in Beijing? Turkmenistan occupies a unique position in Central Asia as the lone state in the region enjoying a trade surplus with China. Nevertheless, Beijing’s diplomatic signals suggest that Turkmenistan isn’t a high priority for Chinese diplomats. According to a report published by the Turkmen government-connected website, Business Turkmenistan, first quarter trade turnover in 2024 between Ashgabat and China totaled almost $2.6 billion. Turkmenistan accounted for almost 92 percent of that figure, or $2.39 billion, via sales of natural gas to… Read more at: https://oilprice.com/Energy/Energy-General/Can-Turkmenistans-Energy-Exports-Buy-Influence-in-Beijing.html
	OPEC’s Oil Production Rises as Iraq Continues to Overproduce OPEC’s crude oil production rose by 145,000 barrels per day (bpd) in May compared to April, as Iraq continues to pump above its quota and boosted output alongside African producer Nigeria, the monthly Reuters survey showed on Tuesday. OPEC produced a total of 26.63 million bpd in May, an increase of 145,000 bpd compared to April, according to the Reuters survey, which tracks supply to the market and is based on information provided by industry sources and shipping data. Iraq, OPEC’s second-biggest producer behind Saudi Arabia,… Read more at: https://oilprice.com/Latest-Energy-News/World-News/OPECs-Oil-Production-Rises-as-Iraq-Continues-to-Overproduce.html
	Nigeria Oil Rig Workers Ready to Join Nationwide Strike One of the largest trade unions in Nigeria’s oil and gas sector is ready to join the ongoing nationwide strike over minimum wage but is awaiting the outcome of a Tuesday meeting before ordering offshore oil workers off platforms, the head of the union told Reuters. The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) said this weekend it would comply with the call of one of the country’s largest trade unions, the Nigeria Labour Congress, to join the indefinite nationwide strike. In a notice on Saturday, NUPENG notified… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Nigeria-Oil-Rig-Workers-Ready-to-Join-Nationwide-Strike.html
	Chinese EV Sales in Europe Jump by 23% Sales of China-made electric cars in Europe went up by 23% over the first four months of the year despite efforts by EU authorities to set up barriers for these imports in a bid to protect local manufacturers. Some 119,300 electric cars manufactured in China were registered in Western Europe, including the UK, between January and April this year, the Financial Times reported, citing data compiled by Schmidt Automotive Research. Over half of these, or 54%, were vehicles of Western European brands as well as Teslas and Japanese-brand EVs. The… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinese-EV-Sales-in-Europe-Jump-by-23.html
	How Roaring Kitty’s wealth went from $53,000 to nearly $300 million — and could one day top $1 billion GameStop champion Keith Gill saw his position in GameStop balloon from $53,000 in 2019 to over $289 million. Read more at: https://www.cnbc.com/2024/06/04/how-roaring-kittys-wealth-went-from-53000-to-nearly-300-million-and-could-one-day-top-1-billion.html
	Dow closes more than 100 points higher Tuesday, S&P 500 ekes out a gain in muted session: Live updates The 30-stock Dow rose as Wall Street sought its footing after an uneven start to the month. Read more at: https://www.cnbc.com/2024/06/03/stock-market-today-live-updates.html
	Elon Musk ordered Nvidia to ship thousands of AI chips reserved for Tesla to X and xAI Emails circulated inside Nvidia show that Elon Musk was telling the chipmaker to prioritize shipments of GPUs to X and xAI ahead of Tesla. Read more at: https://www.cnbc.com/2024/06/04/elon-musk-told-nvidia-to-ship-ai-chips-reserved-for-tesla-to-x-xai.html
	NBA, NHL voice concerns over future of Diamond Sports, as it tries to craft post-bankruptcy plan The NBA and NHL voiced concerns over the future of regional sports network owner Diamond Sports, which has been under bankruptcy protection since March 2023. Read more at: https://www.cnbc.com/2024/06/04/diamond-sports-bankruptcy-nba-nhl-concerns.html
	Mizuho’s top June contrarian picks, where research firm is more bullish than the rest of Wall Street Mizuho shared top stock picks where its analysts are more bullish than the Wall Street consensus. Read more at: https://www.cnbc.com/2024/06/04/mizuhos-top-june-contrarian-picks-where-its-more-bullish-than-wall-street.html
	Warner Bros. Discovery hikes prices for Max streaming service Warner Bros. Discovery’s Max announced price increases to its monthly and yearly ad-free options Tuesday, ahead of season two of “House of the Dragon.” Read more at: https://www.cnbc.com/2024/06/04/max-price-increases.html
	Bitcoin crosses back above $70,000 as more spot ETFs launch around the world: CNBC Crypto World CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Jenny Johnson, president and CEO of Franklin Templeton, discusses adoption of the asset manager’s spot bitcoin ETF, and progress on real-world asset tokenization. Read more at: https://www.cnbc.com/video/2024/06/04/bitcoin-crosses-70000-more-spot-etfs-launch-crypto-world.html
	Attorney General Merrick Garland fires back at House GOP contempt threat: ‘I will not be intimidated’ Garland in his testimony pushed back on the wave of conspiracy theories surrounding Thursday’s historic criminal conviction of former President Donald Trump. Read more at: https://www.cnbc.com/2024/06/04/merrick-garland-house-republicans-doj-trump-verdict-trump.html
	Job openings fell again in April, hitting lowest level since February 2021 in a sign of labor market weakening Job openings fell more than forecast in April, signaling a potential weakening in the labor market. Read more at: https://www.cnbc.com/2024/06/04/job-openings-report-april-2024-job-openings-fell-again.html
	Paramount leadership team outlines job cuts, streaming JV plans at annual meeting Paramount and Skydance have agreed to terms of a merger, but the deal is awaiting signoff from controlling shareholder Shari Redstone. Read more at: https://www.cnbc.com/2024/06/04/paramount-annual-meeting-job-cuts-streaming-jv.html
	MLB hits Tucupita Marcano with lifetime ban for betting on baseball games The San Diego Padres infielder is the first active player banned for gambling in more than a century. Read more at: https://www.cnbc.com/2024/06/04/mlb-hits-tucupita-marcano-with-lifetime-ban-for-betting-on-baseball-games.html
	Shohei Ohtani’s former interpreter pleads guilty to gambling-related theft charges Ippei Mizuhara admitted guilt to bank fraud for surreptitiously taking nearly $17 million from the baseball super star’s bank account to pay off wagering debts. Read more at: https://www.cnbc.com/2024/06/04/shohei-ohtanis-former-interpreter-pleads-guilty-to-gambling-related-theft-charges.html
	These restaurants are taking the lead on AI and robots. What it means for their stocks As the restaurant sector forays into artificial intelligence and automation, these stocks have what it takes to lead their peers. Read more at: https://www.cnbc.com/2024/06/04/these-restaurants-are-taking-the-lead-on-ai-and-robots-what-it-means-for-their-stocks.html
	Child Benefit delay ‘forced me to go to a food bank’ Parents have reacted angrily after an error meant 580,000 people did not receive a payment. Read more at: https://www.bbc.com/news/articles/cd11d9ld0n0o
	War will drive a decade of arms restocking, says firm The defence company projects sales will reach £1bn by 2030 amid conflicts in Ukraine and Gaza. Read more at: https://www.bbc.com/news/articles/c3ggd88er4ro
	India stocks see biggest fall for over four years Indian stocks fall as it looks less likely that Prime Minister Narendra Modi’s party will be able to form a majority government. Read more at: https://www.bbc.com/news/articles/cgrrnl93k7lo
	5 past instances when Sensex has seen bigger falls than today’s intraday slide Sensex erased all gains it made in the 2024 calendar year and fell below the 70,500 threshold after the polls, indicating that the BJP may not win as many seats as the market expected. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/5-past-instances-when-sensex-has-seen-bigger-falls-than-todays-intraday-slide/slideshow/110702418.cms
	Technical Breakout Stocks: How to trade Tata Technologies, Blue Star and Suzlon on Wednesday Nifty recorded its biggest single-session fall in over 4 years. The Nifty Midcap and Nifty Smallcap indices also reported their biggest-ever fall in absolute terms while Nifty Bank plunged nearly 8%. FMCG space saw some buying. Public sector, infrastructure and CPSE indices saw heavy selling pressure, down by over 15% each. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/technical-breakout-stocks-how-to-trade-tata-technologies-blue-star-and-suzlon-on-wednesday/articleshow/110708099.cms
	Tech View: Nifty forms long bearish candle. Here’s how to trade on Wednesday Nifty slipped below short-term and medium-term averages. Now, 50-day SMA or 22,400/73,500 and 22,500/74,000 are likely to act as key resistance areas for traders. Nifty has violated the higher-top and higher-bottom formations and suggests change in short-term trend. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-long-bearish-candle-heres-how-to-trade-on-wednesday/articleshow/110706106.cms
	Why bitcoin will become a currency we use and an inflation hedge like gold The cryptocurrency benchmark will be a stable, long-term asset. Read more at: https://www.marketwatch.com/story/bitcoins-bright-future-viable-currency-and-an-inflation-hedge-like-gold-03b30e25?mod=mw_rss_topstories
	HPE scores a big revenue beat fueled by AI, and its stock rockets Earnings top expectations as well, even as networking business remains pressured. Read more at: https://www.marketwatch.com/story/hpe-scores-a-big-revenue-beat-fueled-by-ai-and-its-stock-rockets-36a8f046?mod=mw_rss_topstories
	Don’t let Roaring Kitty take you to GameStop fantasyland: No short squeeze is coming Here’s the reality: GameStop has few growth prospects and questionable survival potential. Read more at: https://www.marketwatch.com/story/dont-let-roaring-kitty-take-you-to-gamestop-fantasyland-no-short-squeeze-is-coming-1219dd7e?mod=mw_rss_topstories