05May2022 Market Close & Major Financial Headlines: A Down Day Erasing Yesterday’s Gains

Libyas Zueitina Port Receives First Oil Tanker After Lifting Force Majeure

Libyas Zueitina port has received its first oil tanker after temporarily lifting force majeure last week to free up storage space. While Libyas National Oil Company (NOC) did not issue a statement, NOC sources told LIbyan media that the Melos 21 oil tanker had docked at Zueitina for loading, after which it will sail to China. Libya declared force majeure on Zueitina, along with its largest oil field, Al-Sharara, and the El Feel oilfield in mid-April amid anti-government protests over the way oil revenues are distributed.

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Libyas-Zueitina-Port-Receives-First-Oil-Tanker-After-Lifting-Force-Majeure.html

Finland Braces For Russian Gas Cut-Off Ahead Of NATO Decision

Finland is prepared that it could be next on Russias list for cutting off gas deliveries for European Union members, as the Russian neighbor to northwest is expected to decide within weeks whether to apply to join NATO. Finland is prepared for the possibility that gas deliveries from Russia would end, Finnish Minister of European Affairs Tytti Tuppurainen told Reuters on Thursday. Russia has already halted natural gas supply to two EU members as it insists customers start paying in rubles for its gas. Last week, Gazprom

Read more at: https://oilprice.com/Energy/Natural-Gas/Finland-Braces-For-Russian-Gas-Cut-Off-Ahead-Of-NATO-Decision.html

Jamie Dimon: The Cold War Is Back And Commodity Turmoil Could Get Much Worse

Like the old saying goes: Hindsight is 20/20. That’s especially true for financial markets and the Federal Reserve. So, while investors wait to see whether the Fed will signal the possibility of a 75 bp rate hike at its next meeting, JPM CEO Jamie Dimon is telling Bloomberg (and its audience) that investors should take a deep breath and trust the Fed, while acknowledging that there’s “a chance” of a policy mistake that could trigger a punishing recession. On that front, Dimon told Bloomberg during a recent interview that the Fed should have moved

Read more at: https://oilprice.com/Energy/Energy-General/Jamie-Dimon-The-Cold-War-Is-Back-And-Commodity-Turmoil-Could-Get-Much-Worse.html

How Russias Gas-For-Rubles Scheme Is Helping Lift Armenias Currency

As Russias invasion of Ukraine has upended economies around the region, Armenias currency has sharply gained in value. After hovering at its usual rate of just under 500 to the dollar, it dropped to about 518 to the dollar in mid-March before rising to 450 on May 4, a 15 percent gain in about six weeks. Explanations for the drams rise vary. The Central Bank of Armenia connected it to the influx of Russians who have come to the country to escape repression and sanctions at home. “We have international visitors

Read more at: https://oilprice.com/Energy/Energy-General/How-Russias-Gas-For-Rubles-Scheme-Is-Helping-Lift-Armenias-Currency.html

Germany Will Have First LNG Import Capacity By Years End

Germany has begun construction on its first LNG import terminal, and in the meantime, has rented four mobile floating tankers as it scrambles to rid itself of the need for Russian natural gas. Construction of the LNG import terminal has been fast-tracked, with German Economics Minister Robert Habeck hoping to complete this at Tesla speed, in less than a year. The terminal is being built in Wilhelmshaven on the German North Sea, and officials are aiming to see the first LNG tankers dock at it by the end of this year.

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Germany-Will-Have-First-LNG-Import-Capacity-By-Years-End.html

U.S. Senate Passes NOPEC Antitrust Bill

The U.S. Senate Judiciary Committee has approved the No Oil Producing and Exporting Cartels Act (NOPEC) bill, Reuters reports, paving the way if signed into law by the president for a lawsuit against OPEC for antitrust behavior and market manipulation. The Thursday vote saw the U.S. Senate panel come out in favor of NOPEC, which has been on and off the table for decades, failing to get past Congressional committees until recently, when gasoline prices in the U.S. have maintained all-time highs. It is still unclear whether

Read more at: https://oilprice.com/Energy/Energy-General/US-Senate-Passes-NOPEC-Antitrust-Bill.html

Stacey Abrams on why companies shouldn’t always speak out on political issues

Stacey Abrams, Georgia governor candidate, is a star of the Democratic Party, but as a business owner she says speaking out on politics isn’t always right.

Read more at: https://www.cnbc.com/2022/05/05/stacey-abrams-on-why-companies-shouldnt-always-speak-out-on-politics.html

Why the market is taking Powell’s ‘soft-ish’ economic language so hard: Former Fed official Roger Ferguson

Inflation may go down, but isn’t going away, and the markets and economy will be ‘rocky’ for up to two years, says former Fed official Roger Ferguson.

Read more at: https://www.cnbc.com/2022/05/05/why-the-market-is-taking-powells-soft-ish-economic-language-so-hard.html

Spirit CEO says he wonders whether JetBlue’s bid was meant to block Frontier deal

In February, Spirit and Frontier announced plans to merge in what would create a massive discount airline, the fifth-largest carrier in the U.S.

Read more at: https://www.cnbc.com/2022/05/05/spirit-ceo-wonders-whether-jetblue-bid-meant-to-block-frontier-deal.html

Stocks making the biggest moves midday: Shopify, Etsy, Twitter and more

These are the stocks posting the largest moves in midday trading.

Read more at: https://www.cnbc.com/2022/05/05/stocks-making-the-biggest-moves-midday-shopify-etsy-twitter-and-more.html

E-commerce stocks plummet as consumers pull back online spending

Shares of Etsy, Shopify, Wayfair, Poshmark and a number of other e-commerce retailers were falling Thursday afternoon.

Read more at: https://www.cnbc.com/2022/05/05/e-commerce-stocks-plummet-as-consumers-pull-back-online-spending.html

SpaceX adds $25 monthly fee for users to temporarily change Starlink locations

Elon Musk’s SpaceX rolled out a new $25 a month fee for its Starlink internet service called “portability,” adding flexibility at a cost for users.

Read more at: https://www.cnbc.com/2022/05/05/spacex-adds-25-portability-monthly-fee-for-starlink-service.html

Rising interest rates mean higher loan costs when you go to buy a car. Monthly payments already average $650

With the Federal Reserve increasing a key interest rate, borrowing costs are poised to head higher on a variety of consumer loans, including those for autos.

Read more at: https://www.cnbc.com/2022/05/05/rising-interest-rates-mean-higher-borrowing-costs-to-buy-a-car.html

Main Street is convinced that a recession will hit the U.S. economy this year

Eight in ten small business owners across the U.S. tell CNBC that they expect the economy to enter a recession this year.

Read more at: https://www.cnbc.com/2022/05/05/main-street-is-more-sure-than-wall-street-a-recession-is-coming.html

Nikola stock jumps as EV truck maker reports start to production and surprise Q1 revenue

Nikola reported a Q1 loss per share that was narrower than Wall Street expected and confirmed that its fuel cell truck is on track for a 2023 launch.

Read more at: https://www.cnbc.com/2022/05/05/nikola-nkla-earnings-q1-2022.html

5 things to know before the stock market opens Thursday

U.S. stock futures dropped Thursday, one day after a strong Fed-driven relief rally pushed Wall Street higher for a third straight session.

Read more at: https://www.cnbc.com/2022/05/05/5-things-to-know-before-the-stock-market-opens-thursday-may-5.html

New York City could bring back Covid mask mandate, vaccine checks if hospitals come under pressure

Health Commissioner Ashwin Vasan said the city could reinstate mask mandates and vaccine checks if hospitalizations overwhelm the health system.

Read more at: https://www.cnbc.com/2022/05/05/covid-new-york-city-could-bring-back-mask-mandate-vaccine-checks.html

Fanatics adds SoftBank executive, former Airbnb marketing chief to board of directors

Fanatics, which has an estimated valuation of $27 billion, wants to transform into a $100 billion company that offers online sports gambling.

Read more at: https://www.cnbc.com/2022/05/05/fanatics-adds-softbank-executive-ex-airbnb-marketing-chief-to-board.html

Wayfair loses customers and money in a messy quarter, announces its CFO will retire

Wayfair co-founder and Chief Executive Officer Niraj Shah said, despite sliding sales, consumer health remains “relatively strong.”

Read more at: https://www.cnbc.com/2022/05/05/wayfair-w-reports-q1-2022-losses.html

Sinko De Mayo: Post-Powell Panic-Bid Hangover Prompts Panoramic Pukefest

Sinko De Mayo: Post-Powell Panic-Bid Hangover Prompts Panoramic PukefestTl;dr: The bond market just told Powell (and the stock market), “you’re wrong!”

Remember yesterday was the best performance for a Fed rate-hike day since 1978!

And today, the Nasdaq 100 Index fell 6% at its lows, the most since March 2020…

Read more at: https://www.zerohedge.com/markets/sinko-de-mayo-post-powell-panic-bid-hangover-sparks-market-carnage

Adam Schiff: “I Don’t Care How The Draft Leaked”

Adam Schiff: “I Don’t Care How The Draft Leaked”Authored by Paul Joseph Watson via Summit News,

House Intelligence Committee Chairman Adam Schiff asserted, “I don’t care how the draft leaked” in response to the Roe v Wade decision leak, despite it representing an unprecedented breach in Supreme Court history.

“I don’t care how the draft leaked. That’s a sideshow,” tweeted Schiff.

“What I care about is that a small number of conservative justices, who lied about their plans to the Senate, intend to deprive millions of women of reproductive care. Codifying Roe isn’t enough. We must expand the court,” he added.

As Breitbart reports, Schiff’s response is similar to how he attempted to protect the identity of the leaker of President Donald Trump’s classified call with the Ukrainia …

Read more at: https://www.zerohedge.com/political/adam-schiff-i-dont-care-how-draft-leaked

34% Of Retailers Couldn’t Make Rent In April, New Survey Shows

34% Of Retailers Couldn’t Make Rent In April, New Survey ShowsDespite the fact that consumer spending is expected to rise this year, retailers are having a hell of a time trying to pay the cost of their rising rents.

In fact, according to a new report by Bisnow, 34% of small retail businesses were unable to make their rent in April. This number was up 6% from February, the report says, citing survey data from Alignable.

Among reasons for not being able to meet their financial obligations, retailers noted inflation, gas prices, supply chain issues, labor shortages and reduced revenues.

National Retail Federation Chief Economist Jack Kleinhenz has argued that inflation is going to subside and that retailers may not have to worry about shoppers pulling back. His organization predicts “retail sales for 2022 will rise between 6% and 8% to between $4.86T and $4.95T”.

Read more at: https://www.zerohedge.com/markets/34-retailers-couldnt-make-rent-april-new-survey-shows

Rickards: Collapse Is Happening Before Our Eyes

Rickards: Collapse Is Happening Before Our EyesAuthored by James Rickards via DailyReckoning.com,

Analysts and authors, myself included, have been warning about the collapse of the dollar as the global reserve currency for years. I described this prospect in my first book, Currency Wars (2011), and in several other books in the years since.

This process can take many years. For example, the decline of sterling as the leading global reserve currency played out over 30 years from 1914 (the beginning of World War I) to 1944 (the Bretton Woods conference).

Still, events today are playing out so quickly that the collapse is happening in front of our eyes.

It’s no longer a matter of a major event on the horizon; it’s occurring in real-time. Russia has just linked the ruble to gold at a rate of 5,000 rubles to one gram of gold. China is discussing with Saudi Arabia the prospect of paying for oil in yuan.

Israel is likewise considering taking yuan in exchange for its high-tech exports. China and Russia are creating new payments systems to avoid U.S. sanctions. You get the point.

Read more at: https://www.zerohedge.com/markets/rickards-collapse-happening-our-eyes

McColl’s convenience store chain on brink of collapse

The retailer said on Thursday that it was increasingly likely it would enter administration.

Read more at: https://www.bbc.co.uk/news/business-61341350?at_medium=RSS&at_campaign=KARANGA

Is now a good time to buy a home? Most Americans don’t think so — and Gallup says it’s the first time more than 50% of people feel that way

Rates rise to 1% from 0.75%, their highest level since 2009, in a bid to tackle soaring inflation.

Read more at: https://www.bbc.co.uk/news/business-61319867?at_medium=RSS&at_campaign=KARANGA

Interest rates: What are they and how high could they go?

Interest rates are one of the main tools used to keep the UK economy growing steadily.

Read more at: https://www.bbc.co.uk/news/business-57764601?at_medium=RSS&at_campaign=KARANGA

Two ways to find stocks at dirt-cheap valuations: ​Raamdeo Agrawal

It is about the gap between perception and reality and investors need to identify the same, says the market veteran.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/two-ways-to-find-stocks-at-dirt-cheap-valuations-raamdeo-agrawal/articleshow/91339757.cms

Tech View: Nifty forms bearish candle, support at 16,600

Nagaraj Shetti, Technical Research Analyst at HDFC Securities said Thursday’s movement indicates a lack of strength to sustain the highs. “But, it also signals a halt in a sharp follow-through weakness after a sharp downside breakout of the 16,800 level in the previous session. If Nifty50 manages to sustain above 16,600 level and shows upside bounce from here, then one may expect chances of upside bounce in the market,” Shetti said.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-bearish-candle-support-at-16600/articleshow/91346313.cms

4 stocks that may deliver up to 77% returns in short term

NEW DELHI: Amid “extreme choppiness” in the market, traders have become cautious. But this volatility in the market is also providing opportunities as many stocks have given breakouts on technical charts. Below are four such names that may deliver strong returns in short term:

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/mphasis-among-4-stocks-that-may-deliver-up-to-77-returns-in-short-term/money-making-ideas/articleshow/91333442.cms

Is now a good time to buy a home? Most Americans don’t think so — and Gallup says it’s the first time more than 50% of people feel that way

Americans still view real estate as an attractive investment, but rising prices are creating major barriers.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7CCB-21D1C07ED3F9%7D&siteid=rss&rss=1

DoorDash orders hit record high, leading to revenue beat

DoorDash Inc. said Thursday that its business continues to grow, with total orders for the first quarter increasing 23% year over year to reach a record high, breaking 400 million for the first time.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7CB1-33AA25D0496C%7D&siteid=rss&rss=1

Yelp overcomes online-advertising issues for record quarterly revenue, stock gains

Yelp Inc. produced record revenue for a third consecutive quarter to start 2022, despite economic clouds that have darkened the online-advertising sector.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7C98-967DA34B3657%7D&siteid=rss&rss=1