11 Jun 2024 Market Close & Major Financial Headlines: S&P 500 And The Nasdaq Set New Historic Highs After A Jaw-Dropping Plunge Deep In The Red After The Opening Bell

Summary Of the Markets Today:

The Dow closed down 121 points or 0.31%,
Nasdaq closed up 0.88%, (Closed at 17,344, New Historic high 17,345)
S&P 500 closed up 0.27%, (Closed at 5,375, New Historic high 5,376)
Gold $2,333 up $5.40,
WTI crude oil settled at $78 up $0.16,
10-year U.S. Treasury 4.398 down 0.071 points,
USD index $105.27 up $0.12,
Bitcoin $67,464 down $2,034 or 2.93%

*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 NFIB Small Business Optimism Index reached the highest reading of the year in May at 90.5, a 0.8-point increase but still the 29^th month below the historical average of 98. The Uncertainty Index rose nine points to 85, the highest reading since November 2020. Twenty-two percent of owners reported that inflation was their single most important problem in operating their business, unchanged from April and the top business problem among owners. NFIB Chief Economist Bill Dunkelberg added:

The small business sector is responsible for the production of over 40% of GDP and employment, a crucial portion of the economy. But for 29 consecutive months, small business owners have expressed historically low optimism and their views about future business conditions are at the worst levels seen in 50 years. Small business owners need relief as inflation has not eased much on Main Street.

Here are some of headlines we are reading today:

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.
	What’s Next for the EU? Despite all the headlines about the surge of the populist right, the main takeaway from the European Parliament elections is that the three biggest political groups in the chamber are unchanged. After EU citizens went to vote across the 27 EU member states between June 6 and 9, the center-right European People’s Party (EPP) came in first — as they have done in every European parliamentary election since 1999 — with a projected 185 lawmakers in the 720-seat chamber. (The results are still provisional and being updated throughout the day. For the… Read more at: https://oilprice.com/Geopolitics/International/Whats-Next-for-the-EU.html
	Trade War Concerns Loom Over US and UK Elections Via Metal Miner 2024 will be a year of big elections, particularly for the United Kingdom and the United States. Amid what many experts consider to be an escalating trade war, citizens in both countries can’t help but wonder what lies in store for UK and US trade. On July 4, the UK electorate will go to the polls to vote in a national election. As in the United States, two parties will largely dominate the choice. The UK has a small Green party and a left-of-center Liberal/Democratic party, both of which perform well in local municipal elections… Read more at: https://oilprice.com/Energy/Energy-General/Trade-War-Concerns-Loom-Over-US-and-UK-Elections.html
	Mexico Raises Proven Hydrocarbon Reserves Figure Mexico’s National Hydrocarbons Commission (CNH) announced on Tuesday that the nation’s total proven hydrocarbon reserves, encompassing both crude oil and natural gas, have increased to 8.383 billion barrels of crude oil equivalent. This marks a significant development in the annual reserves data. This total aggregates the reserves held by state energy giant Pemex and other entities that entered the market following Mexico’s landmark energy reforms. These reforms aimed to attract new technology, expertise, and investment to revitalize the sector.… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Mexico-Raises-Proven-Hydrocarbon-Reserves-Figure.html
	Tata Steel’s Electric Arc Furnace Project in Limbo Tata Steel bosses have raised concerns about the impact the UK’s General Election on July 4 could have on its £1.25bn plans at its Port Talbot site. The company said it is “apprehensive” following media reports on Monday, June 10, regarding the closure of the heavy end assets and restructuring program, which was outlined earlier this year. Yesterday, Labour reiterated calls for Tata Steel to wait for the party to come into government before shutting off blast furnaces which will cost thousands of jobs in south Wales. Tata… Read more at: https://oilprice.com/Metals/Commodities/Tata-Steel-Expresses-Concerns-Over-UK-General-Elections.html
	EIA: U.S. Crude Oil Production to Average 13.2 million bpd in 2024 The U.S. Energy Information Administration (EIA) released its June 2024 Short-Term Energy Outlook (STEO) today. The EIA expects U.S. crude oil production to average 13.2 million barrels per day (b/d) in 2024—an increase of 2% from 2023 levels. The EIA sees U.S. crude oil production averaging 13.7 million bpd in 2025. The increase in production will be led by the Permian, according to the EIA, and Eagle Ford. This production outlook remains unchanged from the May version of the Short-Term Energy Outlook. Meanwhile, weekly U.S. crude oil production… Read more at: https://oilprice.com/Latest-Energy-News/World-News/EIA-US-Crude-Oil-Production-to-Average-132-million-bpd-in-2024.html
	China Expands Influence in Central Asia with Disaster Relief Initiative China and the five states of Central Asia are creating a mechanism to improve responses to natural disasters. The heads of emergency-response agencies for all six nations signed a cooperation agreement following a meeting in the western Chinese city of Urumqi. The pact establishes a working group to mitigate risks and develop more efficient natural disaster response plans. “This mechanism will serve as a new platform for deepening mutually beneficial and practical cooperation among the six countries,” the Business Kazakhstan outlet… Read more at: https://oilprice.com/Geopolitics/International/China-Expands-Influence-in-Central-Asia-with-Disaster-Relief-Initiative.html
	OPEC’s Oil Production Edged Higher Ahead of Key Policy Meeting OPEC’s crude oil production rose by 29,000 barrels per day (bpd) in May compared to April as the OPEC+ group headed for the crucial June 2 meeting to decide output policy for the rest of the year. Total crude oil production from all 12 OPEC producers averaged 26.63 million bpd in May 2024, up by 29,000 bpd compared to April, according to secondary sources in OPEC’s Monthly Oil Market Report published on Tuesday. Crude oil output increased the most in Nigeria, according to OPEC’s secondary sources. Africa’s top… Read more at: https://oilprice.com/Latest-Energy-News/World-News/OPECs-Oil-Production-Edged-Higher-Ahead-of-Key-Policy-Meeting.html
	4 Questions About the Future of Electricity With summer heating up, Donald Trump promising more deregulation if he wins, and record storms causing blackouts leaving multitudes in sweltering darkness, we decided to seek timely guidance about electricity’s future from our favorite electricity guru, the Question Man (QM). 1. Will less regulation and more competition mean better prices for consumers? QM: Your question implies that deregulation came with effective competition—which it didn’t. And that the present deregulatory framework brought benefits to consumers—… Read more at: https://oilprice.com/Energy/Energy-General/4-Questions-About-the-Future-of-Electricity.html
	Citgo’s Sale Draws Nearer as Claimants Submit Binding Bids The deadline for submitting binding bids for the parent company of Venezuelan refiner Citgo Petroleum is expiring on Tuesday while the deadline for completing the court-appointed auction and the awarding of the winners is July 15. A U.S. federal court in Delaware is accepting until today binding bids in the second bidding round for the shares of Citgo’s parent company, Venezuela’s PDV Holding, as creditors and claimants seek compensation for asset nationalization under Hugo Chavez and failure to repay debts under Nicolas… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Citgos-Sale-Draws-Nearer-as-Claimants-Submit-Binding-Bids.html
	Stocks Shrug Off EU Elections While Bitcoin, Gold, and Oil Shine US stocks shrugged off early weakness driven by the right-regime-shift in European elections, treading water on Monday, at least on the surface, following Friday’s strong Payrolls report and ahead of a big macro Wednesday, featuring both the May CPI reading and the scheduled June FOMC meeting. Small Caps had a wild day, swinging from considerable losses at the cash open to modest gains by the close. All the majors ended slightly higher on the day (with a new ATH for the S&P 500… Goldman’s trading desk notes that overall activity levels are… Read more at: https://oilprice.com/Energy/Energy-General/Stocks-Shrug-Off-EU-Elections-While-Bitcoin-Gold-and-Oil-Shine.html
	Volkswagen and Isuzu Chill South Africa’s EV Ambitions Major car manufacturers Volkswagen and Isuzu Motors do not have immediate plans to make electric or hybrid vehicles in South Africa despite generous tax breaks the country introduced earlier this year. South Africa said in February that companies that invest in the production of electric vehicles (EVs) in the country would be able to claim a 150% tax deduction on these investments, beginning in 2026. The country aims to attract EV manufacturing and incentivize its EV and hydrogen industries, which are relatively small and underdeveloped. … Read more at: https://oilprice.com/Latest-Energy-News/World-News/Volkswagen-and-Isuzu-Chill-South-Africas-EV-Ambitions.html
	Rising Fuel Demand Is Driving Bullish Sentiment in Oil Markets Bullish sentiment appears to be building in oil markets as summer demand for fuel kicks in, pushing Brent back above the $81 per barrel mark.- Supply disruptions have ratcheted up pressure on gas prices globally, with prices across Europe, Asia and the United States simultaneously edging higher to their highest in 2024 so far.- European TTF gas futures soared 13% in one day after cracks were found in Equinor’s Sleipner platform and even though the repairs concluded already, the regional benchmark continues to hover around €35 per MWh… Read more at: https://oilprice.com/Energy/Energy-General/Rising-Fuel-Demand-Is-Driving-Bullish-Sentiment-in-Oil-Markets.html
	Saudi Utility Giant Plans $1.9-Billion Rights Issue to Boost Growth ACWA Power, a major utility in Saudi Arabia, plans to raise as much as $1.9 billion via a rights issue to fund its plan to triple its assets under operation by 2030, the company said in a stock exchange filing on Tuesday. ACWA Power’s board recommended that the utility increase its capital by $1.9 billion (7.125 billion Saudi riyals) through the Offering of a Rights Issue—selling more shares to existing shareholders. The proceeds from the offering are set to allow ACWA Power “to anchor its growth strategy of tripling… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-Utility-Giant-Plans-19-Billion-Rights-Issue-to-Boost-Growth.html
	Jet Fuel Shortage Hits Japan Amid Tourism Boom Airlines in Japan are struggling to obtain enough jet fuel while some overseas air carriers have dropped plans to increase the number of flights to Japan due to a shortage of the fuel amid a booming tourist season. Eneos Holdings, Japan’s top refiner, has been overwhelmed by airline demand for more supply and is currently working with the government to boost the availability of jet fuel in the country, a spokesperson for the company told Bloomberg on Tuesday. Workforce shortages and bottlenecks in the logistics chain are also compounding… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Jet-Fuel-Shortage-Hits-Japan-Amid-Tourism-Boom.html
	Australia’s Opposition to Ditch Emissions Goal If Elected to Power Australia’s main opposition Liberal Party will not pretend that the current target to reduce greenhouse gas emissions is achievable and will not pursue the current government’s emissions goal for 2030 if elected, a senior Liberal Party official has said. “Australia needs a sensible energy policy which delivers cheaper, cleaner and consistent 24/7 electricity, and that’s what the Coalition will deliver,” Ted O’Brien, Shadow Minister for Climate Change and Energy of the Liberal-National coalition, said this… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Australias-Opposition-to-Ditch-Emissions-Goal-If-Elected-to-Power.html
	Fed meeting and inflation report both hit Wednesday, and the impact could be huge A one-two punch starts in the morning with the pivotal consumer price index reading for May, ending with the Fed’s policy meeting in the afternoon Read more at: https://www.cnbc.com/2024/06/11/fed-meeting-and-inflation-report-both-hit-wednesday-and-the-impact-could-be-huge.html
	Apple shares close at record high after company unveils AI software Apple shares reached a new record high of around $203 on Tuesday, besting the previous record from Dec. 14. Read more at: https://www.cnbc.com/2024/06/11/apple-shares-pop-to-record-high-after-company-unveils-ai-software.html
	OpenAI ex-employees worry about company’s control over their millions of dollars in shares OpenAI has plans to regularly allow employees to sell some of their equity, but ex-staffers worry they won’t receive equal treatment. Read more at: https://www.cnbc.com/2024/06/11/openai-insider-stock-sales-are-raising-concern-among-ex-employees-.html
	S&P 500, Nasdaq close at fresh highs Tuesday as Apple pops more than 7%: Live updates The moves come after a muted but important day on the Street. Read more at: https://www.cnbc.com/2024/06/10/stock-market-today-live-updates.html
	Nvidia’s wild ride in 2024 is boosting insiders’ wealth. What it could mean for employees holding the stock Tech employees who are at the right company at the right time may find themselves to be millionaires on paper. They face critical decisions before they cash in. Read more at: https://www.cnbc.com/2024/06/11/nvidias-hot-streak-is-creating-a-windfall-what-it-means-for-workers.html
	National Amusements stops discussions with Skydance on Paramount deal, sources say Share Redstone’s National Amusements has stopped talks with Skydance on proposed merger deal with Paramount Global, CNBC reported Tuesday. Read more at: https://www.cnbc.com/2024/06/11/national-amusements-stops-discussions-with-skydance-on-paramount-deal-sources-say.html
	Hunter Biden guilty in criminal gun trial A jury has reached a verdict at the criminal gun trial of Hunter Biden in federal court in Wilmington, Delaware. Read more at: https://www.cnbc.com/2024/06/11/hunter-biden-trial-verdict-reached-in-gun-case.html
	GM trims 2024 EV forecast amid slower-than-expected demand General Motors is trimming its expected sales and production of all-electric vehicles this year, as U.S. adoption of EVs occurs slower than expected. Read more at: https://www.cnbc.com/2024/06/11/gm-trims-2024-ev-sales-forecast-amid-slower-than-expected-demand.html
	Cryptocurrencies fall as investors await Fed decision, bitcoin dips under $67,000 Cryptocurrencies slumped on Tuesday as bitcoin extended its recent slide and investors awaited the Federal Reserve’s next rate decision. Read more at: https://www.cnbc.com/2024/06/11/cryptocurrencies-fall-as-investors-await-fed-decision-bitcoin-dips-under-67000.html
	Weight loss boom is spurring sales of protein, meal replacement products, Vitamin Shoppe CEO says Companies like The Vitamin Shoppe are leaning into protein and other supplements as more Americans take GLP-1 weight loss drugs. Read more at: https://www.cnbc.com/2024/06/11/glp-1-weight-loss-boom-spurs-protein-sales-vitamin-shoppe-says.html
	Apple execs explain why its AI is different from competitors Apple officials don’t talk about it as one or multiple models, just “Apple Intelligence.” Read more at: https://www.cnbc.com/2024/06/11/apple-intelligence-apple-execs-explain-why-its-ai-is-different.html
	AI is getting very popular among students and teachers, very quickly New research from a poll of students, teachers and parents conducted for the Walton Foundation finds the popularity and use of AI in education rising rapidly. Read more at: https://www.cnbc.com/2024/06/11/ai-is-getting-very-popular-among-students-and-teachers-very-quickly.html
	Apple poised to beat Nvidia and rest of Magnificent Seven from here, BTIG says The chart analyst at BTIG says Apple is poised to outperform Nvidia after recently trailing the AI chipmaker. Read more at: https://www.cnbc.com/2024/06/11/apple-poised-to-beat-nvidia-and-magnificent-seven-from-here-btig-says.html
	Bitcoin Battered, Bonds Bid, Apple Bounces Back Before Big-Risk Day Another quiet macro day, ahead of tomorrow’s extravaganza of event risk with CPI and FOMC (Dots), which the vol market is well aware of… Source: Bloomberg Interestingly, rate-cut expectations for 2025 jumped significantly today but the shift in 2024 rate-cuts was relatively benign… Source: Bloomberg For context, September is when the market is beginning to price in a rate-cut (56%) with … Read more at: https://www.zerohedge.com/markets/bitcoin-battered-bonds-bid-apple-bounces-back-ahead-big-risk-day
	Companies Unleash 2nd Biggest Stock Buyback Spree On Record Ahead Of Buyback Blackout This Friday How powerful are stock buybacks? Think of this way: back on April 22, we bottom-ticked the market when we reported that with the S&P dipping below 5,000, stocks were set to soar as “traders frontrun the end of buyback blackout period.” The S&P took and and hasn’t looked back since. And even though both institutional and retail activity in the period since the end of April had been rather muted, there has been one constant, relentless, price-indiscriminate buyer all the way: corporate buybacks. Yes, there is a reason why frontrunning the end of stock buyback period was such a powerful force, because in this market, buybacks have long ago emerged as the primary buying force, amounting to some $5 billion in daily stock purchases, eclipsing all other natural buyers. Sure enough, as Bank of America writes in its latest Equity Client Flow Trends report (available to Read more at: https://www.zerohedge.com/markets/companies-unleash-2nd-biggest-stock-buyback-spree-record-ahead-buyback-blackout-friday
	Buy Now, Pay Later Craze Coming To Apple Pay Apple’s Worldwide Developers Conference kicked off on Monday and was widely disappointing. What wasn’t disappointing was Elon Musk’s threat to ban Apple devices from his companies following Apple’s announcement of a partnership with ChatGPT-maker OpenAI. In other Apple news, iPhones and iPads will soon be integrated with Affirm’s buy now, pay later feature. This product will soon be available for Apple Pay users. First appearing in Affirm’s 8-k filing on Tuesday morning, new “payment products are expected to be available to Apple Pay users in the United States later this year.” “This will enable those users checking out online or in-app with Apple Pay on iPhone and iPad to be able to apply to pay over time with Affirm,” the fintech company wrote in the filing. Read more at: https://www.zerohedge.com/technology/buy-now-pay-later-craze-coming-apple-pay
	RFK Jr. Inching Closer To Qualifying For CNN’s June 27 Presidential Debate Authored by Jeff Louderbeck via The Epoch Times, Robert F. Kennedy Jr. is simultaneously working to get on the ballot in all 50 states and the District of Columbia, and racing to meet a June 20 deadline to qualify for CNN’s presidential debate. The independent presidential candidate is getting closer to accomplishing both objectives. After submitting 3,300 signatures in Minnesota on June 7, Mr. Kennedy noted that he has ballot access in 19 states with 278 Electoral College votes. CNN is scheduled to host the earliest televised presidential debate in history on June 27. According to debate qualification rules listed by CNN, a candidate’s name must appear on a sufficient number of state ballots to reach the 270 electoral vote threshold to win the presidency by June 20. … Read more at: https://www.zerohedge.com/political/rfk-jr-inching-closer-qualifying-cnns-june-27-presidential-debate
	Ex-BHS directors must pay £18m over chain’s collapse Two former directors of the collapsed retail chain have been found guilty of wrongful trading. Read more at: https://www.bbc.com/news/articles/c722n81kkpxo
	Unemployment rate highest for more than two years The rate has risen to 4.4%, official figures show, the highest figure since September 2021. Read more at: https://www.bbc.com/news/articles/c2881jmwjlmo
	Easy Life band renamed after EasyGroup legal row The band changed their name after a threat of legal action by the brand owners of airline EasyJet. Read more at: https://www.bbc.com/news/articles/ce44z7pgn29o
	Keen to learn about financial markets? Sebi rolls out free investor certification exam Developed in collaboration with the National Institute of Securities Markets (NISM), this voluntary certification aims to help investors assess their knowledge of markets and investing. It is designed to provide individuals with comprehensive insights into investing in the Indian securities markets. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/keen-to-learn-about-financial-markets-sebi-rolls-out-free-investor-certification-exam/articleshow/110918067.cms
	Vodafone Idea board meet on Thursday to consider share sale to vendors Telecom company Vodafone Idea (Vi) has said that itrs board will meet on Thursday to consider issuing equity shares or convertible securities on a preferential basis to its vendors. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/vils-board-to-consider-share-sale-to-vendors/articleshow/110915746.cms
	Tech View: Nifty may drift towards 23,160-23,100. Here’s how to trade on Wednesday Nifty is currently placed at the hurdle of 23,400-23,500 levels, This is weighing high for the market to sustain the new all-time highs which creates a possibility of dip in the market. Immediate support is at 23,050. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-may-drift-towards-23160-23100-heres-how-to-trade-on-wednesday/articleshow/110910024.cms
	Paramount shares fall on report that Redstone has ended talks with Skydance Shares of Paramount Global slid on Tuesday following a report that merger talks had ended between Shari Redstone’s National Amusements and Skydance Media. Read more at: https://www.marketwatch.com/story/paramount-shares-fall-on-report-that-redstone-has-ended-talks-with-skydance-8b61fb82?mod=mw_rss_topstories
	Natural-gas surges over 7% to end at 5-month high on forecasts for extreme heat Natural-gas futures jumped more than 7% Tuesday, lifted by weather forecasts calling for above-average heat across much of the U.S. Read more at: https://www.marketwatch.com/story/oil-prices-edge-lower-after-monday-bounce-opec-leaves-forecasts-unchanged-22cad734?mod=mw_rss_topstories
	Former Trump housing official sees potential for building homes on public land in a second term Two experts on housing from different sides of the aisle clashed Tuesday over what a second Trump administration could mean for Americans dealing with the tough market for home buyers. Read more at: https://www.marketwatch.com/story/former-trump-housing-official-sees-potential-for-building-homes-on-public-land-in-a-second-term-7e277409?mod=mw_rss_topstories

Summary Of the Markets Today:

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

The Market in Perspective

What’s Next for the EU?

Trade War Concerns Loom Over US and UK Elections

Mexico Raises Proven Hydrocarbon Reserves Figure

Tata Steel’s Electric Arc Furnace Project in Limbo

EIA: U.S. Crude Oil Production to Average 13.2 million bpd in 2024

China Expands Influence in Central Asia with Disaster Relief Initiative

OPEC’s Oil Production Edged Higher Ahead of Key Policy Meeting

4 Questions About the Future of Electricity

Citgo’s Sale Draws Nearer as Claimants Submit Binding Bids

Stocks Shrug Off EU Elections While Bitcoin, Gold, and Oil Shine

Volkswagen and Isuzu Chill South Africa’s EV Ambitions

Rising Fuel Demand Is Driving Bullish Sentiment in Oil Markets

Saudi Utility Giant Plans $1.9-Billion Rights Issue to Boost Growth

Jet Fuel Shortage Hits Japan Amid Tourism Boom

Australia’s Opposition to Ditch Emissions Goal If Elected to Power

Fed meeting and inflation report both hit Wednesday, and the impact could be huge

Apple shares close at record high after company unveils AI software

OpenAI ex-employees worry about company’s control over their millions of dollars in shares

S&P 500, Nasdaq close at fresh highs Tuesday as Apple pops more than 7%: Live updates

Nvidia’s wild ride in 2024 is boosting insiders’ wealth. What it could mean for employees holding the stock

National Amusements stops discussions with Skydance on Paramount deal, sources say

Hunter Biden guilty in criminal gun trial

GM trims 2024 EV forecast amid slower-than-expected demand

Cryptocurrencies fall as investors await Fed decision, bitcoin dips under $67,000

Weight loss boom is spurring sales of protein, meal replacement products, Vitamin Shoppe CEO says

Apple execs explain why its AI is different from competitors

AI is getting very popular among students and teachers, very quickly

Apple poised to beat Nvidia and rest of Magnificent Seven from here, BTIG says

Bitcoin Battered, Bonds Bid, Apple Bounces Back Before Big-Risk Day

Companies Unleash 2nd Biggest Stock Buyback Spree On Record Ahead Of Buyback Blackout This Friday

Buy Now, Pay Later Craze Coming To Apple Pay

RFK Jr. Inching Closer To Qualifying For CNN’s June 27 Presidential Debate

Ex-BHS directors must pay £18m over chain’s collapse

Unemployment rate highest for more than two years

Easy Life band renamed after EasyGroup legal row

Keen to learn about financial markets? Sebi rolls out free investor certification exam

Vodafone Idea board meet on Thursday to consider share sale to vendors

Tech View: Nifty may drift towards 23,160-23,100. Here’s how to trade on Wednesday

Paramount shares fall on report that Redstone has ended talks with Skydance

Natural-gas surges over 7% to end at 5-month high on forecasts for extreme heat

Former Trump housing official sees potential for building homes on public land in a second term

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