Summary Of the Markets Today:
- The Dow closed up 261 points or 0.67%,
- Nasdaq closed down 1.09%,
- S&P 500 closed down 0.31%,
- Gold $2,346 up $14.30,
- WTI crude oil settled at $82 up $0.99,
- 10-year U.S. Treasury 4.244 down 0.013 points,
- USD index $105.48 down $0.320,
- Bitcoin $59,288 down $3,883 or 6.15%
*Stock data, cryptocurrency, and commodity prices at the market closing.
Click here to read our current Economic Forecast – May 2024 Economic Forecast: No Real Change So Expect The Economy To Continue To Plod Along
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
The Dallas Fed Manufacturing Outlook Survey‘s production index inched up to 0.7 from -2.8 in May 2024. The near-zero reading signals little change in output after a slight decline over the prior period. The new orders index remained slightly negative, though it has moved up steadily over the past few months to -1.3 in June from -11.8 in March. The capacity utilization index slipped to -4.8 from -2.0, while the shipments index moved back into positive territory, climbing six points to 2.8. Overall, manufacturing in the U.S. remains in the doldrums.
Here is a summary of headlines we are reading today:
- Investigation Reveals Russian Firms Are Exporting Stolen Ukrainian Grain
- SpaceX Leads the Way in Sustainable Space Exploration
- Why U.S. Diesel Demand Is Underwhelming
- Lithium Battery Factory Blaze in S Korea Claims 22 Lives
- British Banks Have Abandoned North Sea Oil
- Novo Nordisk to build $4.1 billion North Carolina facility to boost output of Wegovy, Ozempic
- David Rubenstein says Fed not likely to cut rates before the election
- Morgan Stanley says economic growth is bigger risk than inflation, gives quality stocks to own in a slowdown
- Bitcoin drops to $60,000 level to start the week: CNBC Crypto World
- There’s No Good Reason To Raise The Inflation Target
- 2-year Treasury yield climbs for third day as traders await PCE inflation data later in week
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. | |
 |
Investigation Reveals Russian Firms Are Exporting Stolen Ukrainian GrainRussian firms shipped tens of thousands of tons of wheat and peas out of occupied parts of Ukraine in 2023 to EU member Spain, NATO member Turkey, and Azerbaijan, the investigative unit of RFE/RL’s Ukrainian Service, Schemes, and its partners have found.Similar amounts of barley and corn reached Moscow allies Iran and Syria, which have an established track record of buying Ukrainian grain appropriated by Russia, Schemes, the Ukrainian hacker group KibOrg, the Belarusian Investigative Center, and Vyortska, an independent Russian-language media… Read more at: https://oilprice.com/Geopolitics/International/Investigation-Reveals-Russian-Firms-Are-Exporting-Stolen-Ukrainian-Grain.html |
|
In $1.5B Deal with Siemens, Saudis Target Gas-Powered PlantsSaudi Arabia has signed a $1.5-billion deal with Siemens Energy for two gas-fired power plants that will produce electricity for the Kingdom as soon as 2026, with full operations to begin the following year, Gulf media reported on Monday. Siemens will supply the key components for the Taiba 2 and Qassim 2 power plants to be built in Saudi Arabia’s western and central regions, providing approximately 2,000 megawatts of electricity as the Kingdom seeks to change up its energy mix. China Energy International Group is Siemens’ contracting… Read more at: https://oilprice.com/Latest-Energy-News/World-News/In-15B-Deal-with-Siemens-Saudis-Target-Gas-Powered-Plants.html |
|
SpaceX Leads the Way in Sustainable Space ExplorationAs of early last week, Elon Musk’s SpaceX had completed 356 launches, 319 landings, and 290 relights, according to flight data from Fox News. This is a monumental achievement for the world’s first private space company to pioneer and deploy reusable rockets. The reusable Falcon 9 rocket has dominated the launch industry and propelled America into the number one spot in the global space race. Data from BryceTech shows SpaceX launched 525 spacecraft into orbit in the first quarter. This is more than any other space program worldwide,… Read more at: https://oilprice.com/Energy/Energy-General/SpaceX-Leads-the-Way-in-Sustainable-Space-Exploration.html |
|
Aluminum Prices Face Downward Pressure Amid Oversupply ConcernsVia Metal Miner Overall, the Aluminum Monthly Metals Index (MMI) rose 4.09% from May to June. Aluminum prices outperformed all other base metals throughout May, with a 5.28% rise. Prices found a peak at their highest level since June 2022 on May 29 before losing all of May’s gains during the first three weeks of June. Aluminum Prices Follow Copper Prices Lower Months ago, fears of copper shortages sparked renewed interest in the market. This had knock-on effects across the base metal category, triggering roughly three months of uptrends.… Read more at: https://oilprice.com/Metals/Commodities/Aluminum-Prices-Face-Downward-Pressure-Amid-Oversupply-Concerns.html |
|
Covestro in “Concrete Transaction Negotiations” for $12.5B ADNOC TakeoverThe year-long efforts of Abu Dhabi National Oil Company (ADNOC) to acquire German chemicals firm Covestro moved a step closer to a successful conclusion after Covestro said on Monday it had decided to “enter into concrete negotiations with Adnoc” and open its books for due diligence on a proposed $12.5 billion (11.7 billion euros) deal. Covestro’s board has decided to enter into these talks with ADNOC regarding a potential transaction after Abu Dhabi’s state energy firm has raised its offer. “Starting point… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Covestro-in-Concrete-Transaction-Negotiations-for-125B-ADNOC-Takeover.html |
|
Why U.S. Diesel Demand Is UnderwhelmingLackluster diesel demand in the United States has weighed on oil market sentiment and oil prices in recent months. U.S. diesel demand has been underwhelming so far this year. Alongside weaker-than-expected gasoline demand, diesel consumption in the first five months of the year signals weakness in manufacturing and the economy, as well as the rise in renewable diesel supply substituting larger volumes of petroleum-derived distillates. U.S. manufacturing output has been essentially stagnant over the past six years, Reuters columnist John… Read more at: https://oilprice.com/Energy/Energy-General/Why-US-Diesel-Demand-Is-Underwhelming.html |
|
Lithium Battery Factory Blaze in S Korea Claims 22 LivesTwenty-two workers were killed in a fire that followed a series of explosions at a lithium battery factory just outside of Seoul, South Korea on Monday, with authorities not yet clear on what caused the disaster. Citing a local fire official, the Associated Press reported that the fire started when battery cells exploded inside the warehouse, though authorities are still investigating the cause of the explosion. The victims were reportedly foreign workers, the majority of whom are Chinese laborers. The blaze started at 10:30 a.m.… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Lithium-Battery-Factory-Blaze-in-S-Korea-Claims-22-Lives.html |
|
US West Coast Refiners Swap Expensive Iraqi Crude for Cheap Canadian OilCanada’s newly expanded Trans Mountain pipeline is now prompting American refiners on the West Coast to swap more expensive Iraqi crude with cheaper Canadian crude, Reuters reports, chalking up a 7X increase in June volumes. The western U.S. states of California and Washington will be importing 150,000 barrels per day of Canadian crude in June, for a seven-fold increase, while Iraqi crude exports to U.S. West Coast refiners will drop from 76,000 bpd in May to just over 3,500 bpd in June, according to figures cited by Reuters. … Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-West-Coast-Refiners-Swap-Expensive-Iraqi-Crude-for-Cheap-Canadian-Oil.html |
|
British Banks Have Abandoned North Sea OilVirtually all British banks have stopped financing smaller independent oil and gas producers, responsible for the bulk of output and investment in the North Sea, Neptune Energy has revealed. Changes in the UK tax regime, in particular a windfall levy on oil and gas that was recently extended up to March 2029, has negatively impacted the ability of the country’s independent oil and gas producers to raise money. Bank financing for the sector is typically based on the value of reserves, which drops when there’s an increase in… Read more at: https://oilprice.com/Energy/Energy-General/British-Banks-Have-Abandoned-North-Sea-Oil.html |
|
U.S. Remains The World’s Most Attractive Renewables MarketThe United States kept its number one spot on EY’s Renewable Energy Country Attractiveness Index in the latest ranking of the world’s top markets on the attractiveness of their renewable energy investment and deployment opportunities. EY’s Renewable Energy Country Attractiveness Index (RECAI) has ranked the top 40 markets to reflect its assessments of market attractiveness and global market trends. For yet another issue of the index, the U.S. retains the top spot, after adding 4.6 gigawatts (GW) of solar power in the first… Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/US-Remains-The-Worlds-Most-Attractive-Renewables-Market.html |
|
Mexico’s New Refinery Won’t Be Ready for Commercial Output in 2024Mexico’s newest refinery, the long-delayed Olmeca processing facility with a planned capacity of 340,000 barrels per day (bpd), is unlikely to be ready to produce commercial quantities of fuels by the end of this year, five sources familiar with the operations told Reuters on Monday. The Olmeca refinery, also known as Dos Bocas, is a flagship project of outgoing Mexican President Andrés Manuel López Obrador, who sought to reduce Mexico’s dependence on fuel imports from the United States. The refinery, however,… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Mexicos-New-Refinery-Wont-Be-Ready-for-Commercial-Output-in-2024.html |
|
U.S. to Set New Oil Production Record, But 2025 Looks BleakI have noted in recent articles that U.S. oil production is presently at about the same level it was 10 months ago. In August 2023, the U.S. produced 13.0 million BPD of crude oil. That gradually rose to 13.3 million BPD by the end of 2023 but has since declined back to 13.1 million BPD. In a recent TikTok video, I pointed this out and one commenter asked “How can this be if we are producing more oil than ever?” The confusion is understandable, so I will explain here how two things can be true: The U.S. will probably set an annual production… Read more at: https://oilprice.com/Energy/Crude-Oil/US-to-Set-New-Oil-Production-Record-But-2025-Looks-Bleak.html |
|
Pipeline Giant Enbridge Partners With First Nations for Wind Project in CanadaEnbridge is teaming up with a consortium of First Nations to develop a wind power project in Canada’s Saskatchewan province in the first Indigenous partnership in renewables for the Canadian pipeline giant. Enbridge and Six Nations Energy Development LP (Six Nations) – a newly-created consortium of Cowessess First Nation, George Gordon First Nation, Kahkewistahaw First Nation, Métis Nation-Saskatchewan, Pasqua First Nation, and White Bear First Nations – plan to advance the 200-megawatt Seven Stars Energy Project.… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Pipeline-Giant-Enbridge-Partners-With-First-Nations-for-Wind-Project-in-Canada.html |
|
Dangote Claims Oil Majors Are Trying to Sabotage Africa’s Biggest RefineryThe international oil companies operating in Nigeria are seeking to undermine the operations and profit margins of Africa’s largest refinery, Dangote, by asking for high premiums for domestically produced crude, a senior official at the Dangote refinery has told local media. The Dangote Refinery in Nigeria, Africa’s biggest, began the production of fuels in January 2024, marking the start-up of the refinery that has seen years of delays. Now a senior official accuses the multinational companies operating… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Dangote-Claims-Oil-Majors-Are-Trying-to-Sabotage-Africas-Biggest-Refinery.html |
|
EU Targets LNG and Dark Fleet in New Sanctions Against RussiaThe European Union adopted on Monday a new sanctions package against Russia, targeting Russian LNG projects and shipments for the first time and looking to curb Moscow’s use of the so-called dark fleet to circumvent the price caps on Russian crude and oil products. The EU member states approved today the 14th package of sanctions against Russia over its invasion of Ukraine. The EU’s latest sanction measures target high-value sectors of the Russian economy, like energy, finance, and trade, and make it ever more… Read more at: https://oilprice.com/Latest-Energy-News/World-News/EU-Targets-LNG-and-Dark-Fleet-in-New-Sanctions-Against-Russia.html |
|
Novo Nordisk to build $4.1 billion North Carolina facility to boost output of Wegovy, OzempicThe new plant in Clayton, North Carolina, will be responsible for filling and packaging syringes and injection pens for Wegovy, Ozempic and other drugs. Read more at: https://www.cnbc.com/2024/06/24/novo-nordisk-nc-facility-wegovy-ozempic-output.html |
|
Paramount+ to increase prices for its streaming plansParamount Global’s streaming service Paramount+ will raise prices for its plans after its merger plan with Skydance fell through. Read more at: https://www.cnbc.com/2024/06/24/paramount-to-increase-prices-for-its-streaming-plans.html |
|
Disney’s ‘Inside Out 2’ could be the first billion-dollar movie of 2024Disney and Pixar’s “Inside Out 2” is the highest-grossing film of 2024 and soon could be the first since Warner Bros.’ “Barbie” to surpass $1 billion globally. Read more at: https://www.cnbc.com/2024/06/24/disney-pixar-inside-out-2-box-office.html |
|
David Rubenstein says Fed not likely to cut rates before the electionDon’t expect rate cuts from the Federal Reserve before the November election, according to David Rubenstein. Read more at: https://www.cnbc.com/2024/06/24/david-rubenstein-says-fed-not-likely-to-cut-rates-before-the-election.html |
|
Morgan Stanley says economic growth is bigger risk than inflation, gives quality stocks to own in a slowdownEquity strategist Mike Wilson worries that the stock market’s poor breadth is a signal that slowing growth is becoming a risk to markets. Read more at: https://www.cnbc.com/2024/06/24/morgan-stanley-gives-quality-stocks-to-own-in-case-of-a-slower-economy.html |
|
Bitcoin drops to $60,000 level to start the week: CNBC Crypto WorldCNBC 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, Chen Arad, Solidus Labs co-founder, weighs in on what Consensys’ announcement that the SEC was dropping its investigation into the firm and the Ethereum network means for adoption of the network. Read more at: https://www.cnbc.com/video/2024/06/24/bitcoin-drops-60000-level-start-week-cnbc-crypto-world.html |
|
Trump Media stock soars 21%, breaking weekslong decline in DJT share priceTrump Media stock value had fallen by nearly 50% in the weeks since former President Donald Trump was found guilty of falsifying business records. Read more at: https://www.cnbc.com/2024/06/24/djt-stock-price-rises-after-trump-media-decline.html |
|
Target taps Shopify to add sellers to its third-party marketplaceTarget is partnering with Shopify as it looks for ways to drive online traffic and get back to sales growth. Read more at: https://www.cnbc.com/2024/06/24/target-taps-shopify-to-add-sellers-to-its-third-party-marketplace.html |
|
Fast fashion retailer Shein confidentially files for London IPO as U.S. listing stallsShein confidentially filed for a U.S. initial public offering late in 2023, but the retailer has faced mounting backlash. Read more at: https://www.cnbc.com/2024/06/24/shein-files-for-london-ipo.html |
|
Yellen announces $100 million affordable housing fund as shelter costs weigh on BidenPresident Joe Biden and Donald Trump will meet Thursday at their first presidential debate of the 2024 election, where inflation could be a major focus. Read more at: https://www.cnbc.com/2024/06/24/yellen-affordable-housing-fund-biden-election-shelter-inflation.html |
|
Trump previews debate attacks against Biden’s economy days before candidates face offDonald Trump and President Biden will face off in the first presidential debate of the November election on June 27. Read more at: https://www.cnbc.com/2024/06/23/trump-debate-preview-biden-economy-faith-freedom-convention.html |
|
401(k) plan savings rates are at record-high levels — here’s where your target should beThe average 401(k) savings rate maintained a record high in 2023, according to Vanguard. Here’s how it compares to the recommended target percentage. Read more at: https://www.cnbc.com/2024/06/24/average-401k-savings-rate.html |
|
Here’s how Wall Street is playing fixed income in the second half of the yearFixed-income investors may want to consider making a few tweaks to their portfolio as the second half of the year gets underway. Read more at: https://www.cnbc.com/2024/06/24/how-wall-street-is-playing-fixed-income-in-the-second-half-of-the-year.html |
|
There’s No Good Reason To Raise The Inflation TargetAuthored by Alexander William Salter via The American Institute for Economic Research, The Federal Reserve has a 2-percent inflation target. Central bankers are supposed to conduct monetary policy such that the long-run trajectory of the price level follows a 2-percent growth path. Most policy-focused macroeconomists think this is a reasonable way to achieve price stability and predictability without running the risk of deflation. But some economists want the Fed’s inflation target to be higher. They think something like a 4-percent inflation target would give the Fed more wiggle room to ease policy, should recessionary pressures emerge. Read more at: https://www.zerohedge.com/economics/theres-no-good-reason-raise-inflation-target |
|
Netanyahu Ready To Wind Down Gaza Operations To Battle Hezbollah In NorthSeveral Western officials have warned that the Middle East is on the brink of a wider war between Israel and Lebanese Hezbollah, which includes a fresh statement by EU foreign policy chief Josep Borrell warning “We are on the eve of the war expanding.” “The risk of this war affecting the south of Lebanon and spilling over is every day bigger,” Borrell told reporters while going into a foreign ministers meeting in Luxembourg.
Southern Lebanese village of Khiam near the Israeli border on June 21, 2024. AFP/Getty Images This follows days ago Hezbollah chief Hassan Nasrallah declaring that if Israel launches a bigger offensive, “nowhere would be safe” and even EU member Cyprus could come under fire given its histo … Read more at: https://www.zerohedge.com/geopolitical/netanyahu-ready-wind-down-gaza-operations-battle-hezbollah-north |
|
Biden DHS Group Used Jan. 6 To Justify Supercharged Surveillance Of Trump Supporters: Court DocsA Department of Homeland Security (DHS) ‘Experts Group’ that included deep state ‘laptop letter’ partisans James Clapper and John Brennan, advocated using Jan. 6 and the Mar-a-Lago raid to justify expanding surveillance of political dissent.
Illustration via aflegal.org This latest bombshell comes from America First Legal, which is suing the Biden DHS along with former acting DNI Richard Grenell over the September 2023 formation of the “Homeland Intelligence Experts Group,” which they have accused of violating the Federal Advisory Committee Act due to lack of balance and transparency. Read more at: https://www.zerohedge.com/political/biden-dhs-group-used-jan-6-justify-supercharged-surveillance-trump-supporters-court-docs |
|
Texas Logistics Company With 500 Truck Drivers Abruptly Ceases OperationsTexas Logistics Company With 500 Truck Drivers Abruptly Ceases Operations by Clarissa Hawes of FreightWaves About 2,000 truck drivers, warehouse and dock workers, and office personnel of Humble, Texas-based U.S. Logistics Solutions (USLS), formerly Forward Air Solutions, say they were blindsided late Thursday when they were notified via conference calls or by text messages that the company was ceasing operations and that they would not receive paychecks Friday.
Eric Culberson, former president of USLS, confirmed the closure in a LinkedIn post on Saturday, stating that thousands of workers were without jobs after the company’s owner, private equity firm Ten Oaks Group, headquartered in Charlotte, North Carolina, shuttered operations. Read more at: https://www.zerohedge.com/economics/texas-logistics-company-500-truck-drivers-abruptly-ceases-operations |
|
AI: World’s biggest music labels sue over copyrightRecord labels say the unauthorised use of music to train AI is a threat to the music industry. Read more at: https://www.bbc.com/news/articles/ckrrr8yelzvo |
|
Tax rises hard to avoid over next 5 years, says IFSThe economic research group says the main parties have “ducked” addressing public finance challenges. Read more at: https://www.bbc.com/news/articles/ckkkk90lw50o |
|
Gareth Jenkins: An ‘unreliable god’ at the heart of the Post Office scandalWhy the former Fujitsu engineer is such a key figure in the Post Office scandal. Read more at: https://www.bbc.com/news/articles/cy66zq64q13o |
|
Officer’s Choice whisky maker Allied Blenders raises Rs 449 cr from anchor investorsThe company has allocated 1.6 crore equity shares to 17 funds at Rs 281 each, the top of the price band, amounting to a deal size of Rs 449 crore, according to the report. The public offering, priced between Rs 267 and Rs 281 per share, aims to raise Rs 1,500 crore and will be open for subscription from June 25 to June 27. Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/ahead-of-ipo-officers-choice-whisky-maker-allied-blenders-raises-rs-449-cr-from-anchor-investors/articleshow/111238260.cms |
|
Commodity Talk: How to trade precious metals this weekIn this week’s Commodity Talk, ET Markets spoke to Naveen Mathur, Director – Commodities & Currencies, Anand Rathi Shares and Stock Brokers, to understand what is happening in the world of commodities. From bullion to silver, here is everything you need to know. Read more at: https://economictimes.indiatimes.com/markets/commodities/commodity-talk-how-to-trade-precious-metals-this-week/articleshow/111235567.cms |
|
5 Quant Mutual Fund schemes managing assets worth at least Rs 5,000 croreQuant Mutual Fund, a significant participant in the Indian mutual fund sector, is currently being investigated by the Securities and Exchange Board of India (SEBI) for suspected involvement in front-running activities. Read more at: https://economictimes.indiatimes.com/mf/analysis/5-quant-mutual-fund-schemes-managing-assets-worth-at-least-rs-5000-crore/slideshow/111226769.cms |
|
Financial-market participants are wary of these 3 political risksInvestors are facing an intense stretch of political events over the next three weeks, ranging from Thursday’s debate between President Joe Biden and Republican Donald Trump to elections in France, the U.K., and Iran. Read more at: https://www.marketwatch.com/story/financial-markets-are-wary-of-these-3-political-risks-53bcef0e?mod=mw_rss_topstories |
|
Warren Buffett and other billionaires are buying blue-chip energy stocks. Here’s why.The energy sector is keeping the lights on for investors. Read more at: https://www.marketwatch.com/story/warren-buffett-and-other-billionaires-are-buying-blue-chip-energy-stocks-heres-why-a63b6436?mod=mw_rss_topstories |
|
2-year Treasury yield climbs for third day as traders await PCE inflation data later in weekYields on U.S. government debt finished mixed on Monday amid a lack of market-moving catalysts ahead of this week’s next major inflation update. Read more at: https://www.marketwatch.com/story/treasury-yields-steady-as-traders-eye-pce-inflation-data-later-in-week-8873c718?mod=mw_rss_topstories |
