Wall Street opened mostly down as the DOW traded zig-zag across the unchanged line and finally snapped its four-day winning streak. The major indexes started to slide further into the red with NASDAQ making the steepest plunge closing near the session bottom. WTI settled at 107, slightly down, but remaining above its support. It appears that the S&P 500 has exitied correction territory – for now!
Today’s session traded on fractionally low red volume, yesterday, it was low green volume. This tells me many traders are remaining on the sidelines to see what the Fed’s are going to do about inflation. Many analysts are making dire predictions for a global recession that could happen withing two years.
If anything, the war in Ukraine and inflation remain the most important worries investors have in today’s market arena. Many EU countries are now asking citizens to curb or restrict gas consumption. In addition, investors are carefully watching diesel availability as that tends to drive inflation more than other indicators. However, recent signs of progress for peace talks between Ukraine and Russia waned against a backdrop of a hawkish central bank denting economic growth.
A summary of headlines we are reading today:
- Netherlands Asks Citizens To Restrict Gas Consumption
- Biden Administration Signals No Gulf Of Mexico Leases Through 2023
- Poland Aims To Stop Using Russian Oil By End-2022
- FEC Fines Hillary Clinton, DNC Over Steele Dossier Hoax
- S&P 500 Exits Correction: Here’s What History Says Happens Next To U.S. Stock-Market Benchmark
These and other headlines and news summaries moving the markets today are included below.
The Market in Perspective
| Here are the headlines moving the markets. | |
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Biden Administration Signals No Gulf Of Mexico Leases Through 2023The Biden Administration appears not to plan to hold any lease sales for offshore oil and gas areas in the Gulf of Mexico, according to a draft budget proposal analyzed by Bloomberg. In the budget plan for the fiscal year 2023, the U.S. Administration expects oil and gas rents and bonuses of just $25 million in the fiscal year 2023, compared to $395.5 million for fiscal year 2022. The drop of $370 million, Bloomberg notes, is the typical haul for the government from two oil and gas lease auctions in the Gulf of Mexico. Estimates related Read more at: https://oilprice.com/Latest-Energy-News/World-News/Biden-Administration-Signals-No-Gulf-Of-Mexico-Leases-Through-2023.html |
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Could Fracking Save Colombias Energy Industry?Despite spiraling oil prices which see the international Brent benchmark up by a stunning 53% since the start of 2022 to be trading at over $109 per barrel, Colombias economically crucial energy patch is struggling to come to life. The crisis-riven Andean country, despite implementing a peace deal with the Revolutionary Armed Forces of Colombia (FARC Spanish initials) finds itself crippled by violence and geopolitical uncertainty. Last year, 2021, was the most violent year in nearly a decade. The total number of homicides rose to Read more at: https://oilprice.com/Energy/Energy-General/Could-Fracking-Save-Colombias-Energy-Industry.html |
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Is Russia Obstructing The Iran Nuclear Deal?Addressing the Iran nuclear deal, EU Foreign Policy Chief Josep Borrell noted “sometimes they think theyre almost there. And other days not.” That seems to be a succinct summary of what is happening with the Vienna talks. Borrell came in trying to facilitate the tail end of negotiations, but is now suggesting that Iran is the hold-up, and that the status of the Revolutionary Guard (IRGC) being removed from a terror blacklist is clearly part of whats slowing this down. Thats a surprise, as previous reports were that the IRGC Read more at: https://oilprice.com/Latest-Energy-News/World-News/Is-Russia-Obstructing-The-Iran-Nuclear-Deal.html |
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Netherlands Asks Citizens To Restrict Gas ConsumptionThe Dutch government will advise citizens and businesses to use less gas but has stopped short of activating emergency energy plans. Earlier today, Germany declared triggered the first phase of emergency gas plans known as an early warning amid escalating concerns over supply shortages. Its decision not to follow in Germanys footsteps has staved off the possibility of a regional or bloc-wide crisis plan within the European Union (EU) This only occurs when two member states declare an emergency based on the same Read more at: https://oilprice.com/Latest-Energy-News/World-News/Netherlands-Asks-Citizens-To-Restrict-Gas-Consumption.html |
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The Ukraine War Is Threatening Peace In Bosnia And HerzegovinaRising tensions in Bosnia and Herzegovina are dragging the country into its most precarious political situation since the Bosnian War of 1992-1995. In early October 2021, Milorad Dodik Bosnian Serb leader and member of Bosnia and Herzegovinas tripartite presidency announced plans to form an independent Bosnian Serb Army and pull out of joint state institutions. With international presence in the region waning, unresolved rivalries and opposing interests among the various ethnic groups have resurfaced. Combined with political Read more at: https://oilprice.com/Energy/Energy-General/The-Ukraine-War-Is-Threatening-Peace-In-Bosnia-And-Herzegovina.html |
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Poland Aims To Stop Using Russian Oil By End-2022Poland is looking to stop using Russian oil by the end of this year and place an embargo on Russian coal imports within two months time, Polish Prime Minister Mateusz Morawiecki said on Wednesday. Poland imports from Russia around 60 percent of the oil its refineries process, and its top refiner PKN Orlen has term contracts with Russias oil firms Rosneft and Tatneft expiring at the end of 2022 and 2024, respectively. We will do everything to stop using Russian oil by the end of this year, the Polish Prime Minister Morawiecki Read more at: https://oilprice.com/Latest-Energy-News/World-News/Poland-Aims-To-Stop-Using-Russian-Oil-By-End-2022.html |
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Biden warns U.S. won’t have enough Covid vaccine shots this fall if Congress fails to pass fundingHowever, Biden said the U.S. currently has enough vaccine supply to ensure people ages 50 and older can get their fourth doses. Read more at: https://www.cnbc.com/2022/03/30/biden-warns-us-wont-have-enough-covid-vaccine-shots-without-aid-from-congress.html |
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Next decade will transform health care more than past century: Johnson & Johnson CEOJohnson & Johnson’s new CEO Joaquin Duato says in his first interview that AI in medicine will lead to innovations including real-time surgery decisions. Read more at: https://www.cnbc.com/2022/03/30/next-decade-will-transform-health-care-more-than-past-century-jj-ceo.html |
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Why Delta Air Lines’ health chief thinks the airplane mask mandate will soon be liftedThe U.S. airplane and airport mask mandate will likely be lifted on April 18 or “shortly thereafter,” according to Delta’s chief health officer. Read more at: https://www.cnbc.com/2022/03/30/deltas-health-chief-thinks-the-plane-mask-mandate-will-soon-be-lifted.html |
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Chris Rock’s first comedy show since Will Smith slapped him is sending ticket resell prices way upThere are more than a dozen tickets to Rock’s Wednesday shows up for sale on StubHub, with prices ranging from $444 per ticket to $1,705. Read more at: https://www.cnbc.com/2022/03/30/chris-rocks-first-show-since-will-smith-slap-sees-ticket-prices-soar.html |
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Watch live: Biden speaks about fight against Covid as more contagious omicron BA.2 gains groundPresident Joe Biden will give an update on the U.S. fight against Covid-19 and receive his second vaccine booster shot. Read more at: https://www.cnbc.com/2022/03/30/watch-live-biden-speaks-about-us-fight-against-covid.html |
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Stocks making the biggest moves midday: Robinhood, Chewy, RH, Lululemon and moreThese are the stocks posting the largest moves in midday trading. Read more at: https://www.cnbc.com/2022/03/30/stocks-making-the-biggest-moves-midday-robinhood-lululemon-and-more.html |
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Biden announces new funding to make homes more energy efficientBiden officials said the new funding will allow them to retrofit about 450,000 homes and slash monthly energy bills for families. Read more at: https://www.cnbc.com/2022/03/30/biden-announces-new-funding-to-make-homes-more-energy-efficient.html |
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Bold design and body positivity: Superstar Lizzo previews her new line of Fabletics shapewearLizzo tells CNBC she wanted to disrupt the category following her experiences as a young girl wearing body girdles and other skin-tight suits to contort her shape. Read more at: https://www.cnbc.com/2022/03/30/lizzo-launches-yitty-shapewear-brand-in-tie-up-with-fabletics.html |
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Weeks after surprising shuffle, new TuSimple CEO pledges to be an ‘evangelist’ for autonomous drivingXiaodi Hou co-founded autonomous-driving startup TuSimple in 2015, but he just took over as CEO and chairman of the board March 3. Read more at: https://www.cnbc.com/2022/03/30/tusimple-ceo-pledges-to-be-an-evangelist-for-autonomous-driving.html |
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Stadium developer plans $3 billion sports arena and casino project in Las VegasThe new project, from Tim Leiweke’s Oak View Group, aims to be ready for an NBA team if one ever comes to Las Vegas. Read more at: https://www.cnbc.com/2022/03/30/las-vegas-sports-district-3-billion-arena-hotel-and-casino-project-planned.html |
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Walgreens turns to robots to fill prescriptions, as pharmacists take on more responsibilitiesThe drugstore chain is opening 22 micro-fulfillment centers across the country and tapping pharmacists to provide more health care at stores. Read more at: https://www.cnbc.com/2022/03/30/walgreens-turns-to-robots-to-fill-prescriptions-as-pharmacists-take-on-more-responsibilities.html |
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White House Cites Intel Claiming Putin Being “Misled” By His Own Generals On War’s ProgressWhite House Cites Intel Claiming Putin Being “Misled” By His Own Generals On War’s ProgressUpdate(1640): The White House has made the unexpected and unusual claim Wednesday that Russia’s military is currently misleading its commander-in-chief Vladimir Putin about the true state of the battlefield and Russian forces’ advance inside Ukraine. A White House spokesperson said the US has information that points to Putin being “misled” by his generals. “We believe that Putin is being misinformed by his advisors about how badly the Russian military is performing, and how the Russian economy is being crippled by sanctions because his senior advisors are too afraid to tell him the truth,” White House Communications Director Kate Bedingfield told a press briefing. “We have information that Putin felt misled by the Russian military. There is now persistent tension between Putin and the (Ministry of Defence), stemming from Putin’s mistrust in MOD leadership,” the US official asserted further. An earlier in the day CNN report coupled the ‘misinformation’ that Putin may be getting also with the extent of sanctions impact on the Russian economy. The report said:
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UN Establishes War Crimes Tribunal To Probe Russian Actions In UkraineUN Establishes War Crimes Tribunal To Probe Russian Actions In UkraineStarting two weeks ago Joe Biden began using the label “war crimes” to describe Putin’s actions and that of this military, a charge the US president repeated this past weekend while visiting Ukrainian refugees and American troops in Poland. Of course, this has also been echoed among some European allies as well, particularly the United Kingdom, which has established its own legal probe. On Wednesday the United Nations formally established a war crimes investigative tribunal, naming three human rights experts to initiate a probe into Russia’s military actions in Ukraine, amid allegations of “indiscriminate” bombardment of civilians and other acts of aggression toward non-combatants.
What’s been dubbed an “independent” panel is to be led by Erik Mose of Norway, and tasked with looking into human rights abuses “in the context of the aggression against Ukraine by the Russian Federation,” acc … Read more at: https://www.zerohedge.com/geopolitical/un-establishes-formal-war-crimes-tribunal-probe-russian-action-ukraine |
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Matt Gaetz Enters Hunter Biden Laptop Data Into Congressional RecordMatt Gaetz Enters Hunter Biden Laptop Data Into Congressional RecordAuthored by Ken Silva via The Epoch Times (emphasis ours), “I seek unanimous consent to enter into the record on this committee the contents of Hunter Biden’s laptop, which I am in possession of.”
Read more at: https://www.zerohedge.com/political/matt-gaetz-enters-hunter-biden-laptop-data-congressional-record |
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Bonds, Bullion, & Black Gold Bid As Putin Sparks Stock Skid, Dollar DumpBonds, Bullion, & Black Gold Bid As Putin Sparks Stock Skid, Dollar DumpSo much for all that ‘peace’ optimism. Russia’s defense ministry stole the jam out of the market’s euphoric donut earlier this morning with comments that indicated the war is only just beginning and comments from the peace-talks suggested no progress had been made whatsoever. That spoiled the party (even with a decent ADP jobs print) and more hawkish talk from Fed Speakers likely did not help as it seems like the gamma-squeezers finally ran out of ammo. Small Caps led the charge lower followed by Nasdaq and the Dow was the least worst horse in the glue factory…
Notably Nasdaq and Small Caps both reversed close to their 100DMAs… Read more at: https://www.zerohedge.com/markets/bonds-bullion-black-gold-bid-putin-sparks-stock-skid |
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P&O Ferries: New ferry pay rules won’t work, warn portsThe trade body representing the UK’s main ferry ports says they are not the right bodies to enforce pay rules. Read more at: https://www.bbc.co.uk/news/business-60929670?at_medium=RSS&at_campaign=KARANGA |
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Germany and Austria take step towards gas rationingGermany and Austria have both issued gas supply warnings as a payments row with Russia escalates. Read more at: https://www.bbc.co.uk/news/business-60925016?at_medium=RSS&at_campaign=KARANGA |
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Ukraine conflict: Russia to allow unauthorised imports from WestThe decision is in response to Western sanctions and surging inflation since the war in Ukraine. Read more at: https://www.bbc.co.uk/news/world-europe-60932975?at_medium=RSS&at_campaign=KARANGA |
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Just a fad or secular change? Next 6 months may test retail resilienceRetail investors perhaps expect high returns from the market and are acting on their ‘positive’ expectations by investing aggressively directly and through mutual funds, said Kotak Institutional Equities. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/will-retail-flows-stay-strong-if-d-st-stays-dull-for-another-6-months/articleshow/90539015.cms |
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Trade setup: Higher possibilities of Nifty extending upmoveMarket will not only have the weekly options expiry on Thursday, but also has monthly derivative expiry. The session will stay highly influenced by the rollover-centric activities. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/trade-setup-higher-possibilities-of-nifty-extending-upmove/articleshow/90546891.cms |
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Market movers: Pharma stocks fall as they come under GST scanner; GR Infra climbs furtherNifty Pharma closed lower, bucking the overall trend. Aurobindo Pharma fell 2 per cent while Glenmark Pharma declined about half a per cent. Ipca and Dr Reddy’s Labs , however, ended in the green. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/market-movers-pharma-stocks-fall-as-they-come-under-gst-scanner-gr-infra-climbs-further/articleshow/90545291.cms |
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Earnings Results: UiPath stock drops 20% after outlook falls short of Wall Street expectationsUiPath Inc. shares dropped in the extended session Wednesday after the “software robots” provider’s weaker-than-expected outlook overshadowed a beat of Wall Street’s quarterly results estimates. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7B5B-732DCEBB15F1%7D&siteid=rss&rss=1 |
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Market Extra: What stock-market investors need to know about the bond market’s recession signalA closely watched measure of the Treasury yield curve briefly inverts, underlining recession worries. Here’s what it means for the stock market. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7B4C-C61E5A7B2368%7D&siteid=rss&rss=1 |
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Living With Climate Change: Processed foods like ramen packets and frozen pizza can hurt your heart — and the globe, study saysOur reliance on packaged ramen, frozen pizza and too much pasta doesn’t only put our health at risk — highly processed diets are damaging the planet, study says. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7B29-2A1FADFF040B%7D&siteid=rss&rss=1 |
Hunter Biden walks to Marine One on the Ellipse outside the White House in Washington on May 22, 2021. (Brendan Smialowski/AFP via Getty Images)This request from Rep. Matt Gaetz (R-Fla.) briefly brought the House Judiciary Committee to a standstill March 29, before chairman Jerry Nadler (D-N.Y.) relented and allowed the laptop data to become congressional record—archiving the business deals, pornog …
