20May2022 Market Close & Major Financial Headlines: Friday’s Wall Street Equities Opened In The Green And Closed Mostly In The Red After A Volatile Trading Session In A Bear Market, Investors Growth Concerns, Fed Inflation Fears, Push Index’s Down

Oil Prices Under Pressure As China Considers Russian Crude

China added some downward pressure to oil prices this week when it clearly signaled its intent to buy more discounted Russian oil. Between China and India, Russia is racing to pivot towards Asia as the EU attempts to ditch its oil. Oilprice Alert: This week’s Global Energy Alert highlights two ways to play a turbulent stock market, securing high yields in uncertain times. Also, if you join Global Energy Alert today you will receive our 20-page research report ”5 Ways To Play The 2022 Oil BoomFriday, May 20th, 2022Up

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Under-Pressure-As-China-Considers-Russian-Crude.html

Heat Wave Tests the Limits Of Texas Power Grid

Power demand in Texas amid the current heatwave reached a new record on Thursday and was set to break that record on Friday. The Electric Reliability Council of Texas, or ERCOT, reported that conditions on Friday were normal, so far. But the grid’s capabilities in times of extreme weather have been again called into question as last week, ERCOT asked customers to scale back their energy usage as several power plants in the state shut down, causing prices to soar to more than $4,000 / MWh. ERCOT has maintained that it was merely a proactive

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Heat-Wave-Tests-the-Limits-Of-Texas-Power-Grid.html

Permian Drillers Lead The Charge As Rig Count Climbs

The number of total active drilling rigs in the United States rose by 14 this week, on top of the 9 rig increase in the week prior, according to new data from Baker Hughes published on Friday. The total rig count increased to 728 this week273 rigs higher than the rig count this time in 2021 and the highest count since March 2020. Drilling has picked up substantially since the Russian invasion of Ukraine, adding 78 rigs. Oil rigs in the United States rose this week by 13 rigs to 576, while gas rigs rose by 1 to 150. Miscellaneous rigs stayed

Read more at: https://oilprice.com/Energy/Crude-Oil/Permian-Drillers-Lead-The-Charge-As-Rig-Count-Climbs.html

Will Crude Hit $120 Again?

U.S. West Texas Intermediate crude oil futures are inching higher on Friday, putting it in a position to finish higher for the week, as a planned European Union ban on Russian oil balanced demand concerns over slowing global economic growth. The price action this week suggests a stalemate between bullish traders hoping a European Union embargo of Russian crude oil would tighten supply and bearish traders worried that higher interest rates would choke economic growth and consequently, crude oil demand. Russian Oil Embargo Negotiations Stall EU foreign

Read more at: https://oilprice.com/Energy/Energy-General/Will-Crude-Hit-120-Again.html

Russian Oil Revenues Soar Despite Sanctions

1. Gasoline Tightness Becomes Main US Concern- With the EIA reporting an almost 5-million-barrel stock draw in gasoline over the week ending May 13, with inventories dropping to levels last seen in December and completely ignoring the seasonal build-up trend, gasoline has become the talk of the US market. – This week brought a long-anticipated breakthrough as even the last states to see gasoline prices below $4 per gallon (Georgia, Kansas, and Oklahoma) have surpassed that threshold and every single US state now sees gasoline prices above the WTI

Read more at: https://oilprice.com/Energy/Energy-General/Russian-Oil-Revenues-Soar-Despite-Sanctions.html

Can Venezuela Help Lower Gasoline Prices?

Politics, Geopolitics & Conflict Venezuela: With gasoline prices in the United States at all-time highs over $6 per gallon in California the pressure is on the Biden Administration to vigorously pursue ways to lower prices. With U.S. production stagnating at more than a million barrels per day shy of pre-pandemic levels, and with major oil consumers such as Europe looking for alternate supplies, the situation has grown worse, despite the Administrations’ first step of releasing millions of barrels of oil from the SPR. Even

Read more at: https://oilprice.com/Energy/Energy-General/Can-Venezuela-Help-Lower-Gasoline-Prices.html

Asian grocery start-up Weee draws shoppers with tradition, tech and a dash of Hollywood

The company, which specializes in Asian and Hispanic groceries, encourages shoppers to share videos of favorite foods and recipes on its app.

Read more at: https://www.cnbc.com/2022/05/20/weee-taps-crazy-rich-asians-director-jon-m-chu-in-push-for-grocery-growth.html

Report says SpaceX paid woman over Musk sex misconduct claim – he denies ‘wild accusations’

SpaceX founder Elon Musk said in a tweet late Thursday that “wild accusations” against him are not true.

Read more at: https://www.cnbc.com/2022/05/20/musk-denies-wild-accusations-against-him-in-apparent-reference-to-harassment-report.html

Goodbye, American soft power: McDonald’s exiting Russia after 32 years is the end of an era

For a generation of Russians, McDonald’s represented their first exposure to capitalism and American culture.

Read more at: https://www.cnbc.com/2022/05/20/mcdonalds-exiting-russia-after-32-years-is-the-end-of-an-era.html

Kohl’s says final sale bids expected in coming weeks; retailer slashes full-year outlook after earnings miss

Kohl’s joins a growing list of major retailers that have seen logistics and staffing expenses eat into profits amid 40-year-high inflation.

Read more at: https://www.cnbc.com/2022/05/19/kohls-kss-reports-q1-2022-earnings.html

Here’s what Walmart, Target, Home Depot and Lowe’s tell us about the state of the American consumer

Four major retailers — Walmart, Target, Home Depot and Lowe’s — reported quarterly financial results this week.

Read more at: https://www.cnbc.com/2022/05/18/what-walmart-target-home-depot-and-lowes-tell-us-about-the-economy.html

Europe admits it’ll have to burn more coal as it tries to wean itself off Russian energy

The European Union has said it wants to be carbon neutral by 2050.

Read more at: https://www.cnbc.com/2022/05/20/eu-plans-renewables-expansion-says-coal-needed-a-little-while-longer.html

Battle over smoking in New Jersey casinos pits workers’ health against profits

The casino industry says a total ban on smoking would hurt business and result in job losses. Workers say their health is at stake.

Read more at: https://www.cnbc.com/2022/05/19/atlantic-city-smoking-ban-fight-worker-health-vs-profits.html

McDonald’s to sell Russian business to existing Siberian licensee

McDonald’s said Thursday it has struck a deal to sell its Russian business to its current licensee in the market, Alexander Govor.

Read more at: https://www.cnbc.com/2022/05/19/mcdonalds-to-sell-russian-business-to-existing-siberian-licensee.html

Jim Cramer predicts these 5 Charitable Trust holdings will rebound ‘after the smoke clears’

“I remain unshakable in my belief that after the smoke clears, they will be higher, not lower,” the “Mad Money” host said.

Read more at: https://www.cnbc.com/2022/05/19/jim-cramer-predicts-these-5-charitable-trust-holdings-will-rebound-after-the-smoke-clears.html

Cramer’s lightning round: I am fine with Cloudflare

“Mad Money” host Jim Cramer rings the lightning round bell, which means he’s giving his answers to callers’ stock questions at rapid speed.

Read more at: https://www.cnbc.com/2022/05/19/cramers-lightning-round-i-am-fine-with-cloudflare.html

Jim Cramer says investors should have these four defense stocks on their shopping lists

“If the defense contractors can hold up this well during the worst tape in years, I bet they can soar when the market gets a little less hostile,” Cramer said.

Read more at: https://www.cnbc.com/2022/05/19/jim-cramers-list-of-four-investable-defense-stocks.html

Reality TV shows based on real estate are ‘horrible’ for the industry, says brokerage CEO

Bess Freedman, CEO of Brown Harris Stevens, took aim at the rise of shows like Netflix’s “Selling Sunset” and Bravo’s “Million Dollar Listing.”

Read more at: https://www.cnbc.com/2022/05/19/brown-harris-stevens-ceo-calls-real-estate-reality-tv-horrible-.html

Health officials confirm first U.S. case of monkeypox virus this year in Massachusetts

U.S. officials confirmed a case of monkeypox in Massachusetts, and are urging medical professionals to watch out for rash illnesses similar in nature.

Read more at: https://www.cnbc.com/2022/05/19/monkeypox-virus-case-confirmed-in-massachusetts.html

Dow Suffers Longest Losing Streak In 99 Years, Bonds & Bullion Bid

Dow Suffers Longest Losing Streak In 99 Years, Bonds & Bullion BidUS Macro Surprise data slumped for the 5th straight week, back into negative territory at its weakest weekly close since Nov 2021…

Source: Bloomberg

China ‘stimulus’ (cutting only 5Y prime rates) overnight offered some hope against the relentless tightening of financial conditions by The Fed and that buoyed stocks ahead of the open (and OpEx). But that all ended after the cash open (OpEx) and what had been a relatively calm week of selloffs turned more violent as gamma expired away and stocks puked. Then as the final drips of gamma were wrung out into the close, stocks went literally vertical with The Dow and S&P briefly tagging unchanged…

Read more at: https://www.zerohedge.com/markets/dow-suffers-longest-losing-streak-99-years-bonds-bullion-bid

Biden Admin Places $119 Million Order For Monkeypox Vaccines As Virus Hits US

Biden Admin Places $119 Million Order For Monkeypox Vaccines As Virus Hits USAuthored by Mimi Ngyuen Ly via The Epoch Times (emphasis ours),

The Biden administration has placed an order for millions of doses of a vaccine intended to protect against smallpox and monkeypox, after the first case of monkeypox in the United States this year was confirmed in Massachusetts on May 18.

Read more at: https://www.zerohedge.com/medical/biden-admin-places-119-million-order-vaccines-after-single-case-monkeypox-reported-us

US, Russian Generals Talk For 1st Time Since War Began As Ukraine Vows ‘We Won’t Cede Territory’

US, Russian Generals Talk For 1st Time Since War Began As Ukraine Vows ‘We Won’t Cede Territory’Top US and Russian generals spoke for the first time since the invasion of Ukraine in February, with the Pentagon confirming a phone call between Joint Chiefs Chairman Gen. Mark Milley and Russia’s Chief of General Staff Valery Gerasimov.

“The military leaders discussed several security-related issues of concern and agreed to keep the lines of communication open,” a US Joint Chiefs of Staff spokesperson said. “In accordance with past practice, the specific details of their conversation will be kept private,” the spokesman added. However, Russia’s state RIA confirmed Ukraine was a central topic and other issues of “mutual interest’.

Image: AP/SputnikEarlier this month Pentagon officials raised the alarm over what they described as many instances of the Russian side refusing to pick up the established “deconfliction” military-to-military hotline.

The Pentagon has said that …

Read more at: https://www.zerohedge.com/military/us-russian-generals-talk-1st-time-war-began-ukraine-vows-we-wont-cede-territory

Rabobank: We Are In An Undeclared Global Economic War, And Worldwide Famine Is Coming

Rabobank: We Are In An Undeclared Global Economic War, And Worldwide Famine Is ComingBy Michael Every of Rabobank

How Dare You

Markets whipsawed yesterday after bad US initial jobless claims and Philly Fed data, with stocks down and bond yields also lower, as was the US dollar. Commodities were a mixed picture, however, and oil prices rose around 5% again from its intra-day low to close over $111. Referring again to a bond yields/commodities matrix, that suggested the Fed falling behind the curve, not getting ahead of it, in crushing demand to fit restrained supply. Lo and behold, we then got the headline, ‘Fed’s George Says ‘Rough’ Market Won’t Alter Fed Tightening Plan’. So, how far down can bond yields go when actual Fed Funds are still going up? Likewise, how far down can the US dollar go when the 1-month Treasury bill is 41bps, and trending lower, when Fed Funds is 100bps, and trending higher – which screams ‘Eurodollar collateral shortage’?

As I tried to flag yesterday, those (valid) questions are desperately small beer in the face of what now confronts us globally – or at they should be. That is because The Economist’s front page and main story this week is ‘The coming food catastrophe’, replete with a graphic of sheaves of wheat made up of human skulls. The summary concludes,

“The high cost of staple foods has already raised the number of people who cannot be sure of getting …

Read more at: https://www.zerohedge.com/markets/rabobank-we-are-undeclared-global-economic-war-and-worldwide-famine-coming

Will there be a national rail strike?

A strike ballot of 40,000 members of the RMT union closes on Tuesday.

Read more at: https://www.bbc.co.uk/news/business-61525780?at_medium=RSS&at_campaign=KARANGA

Russia halts gas supplies to Finland

Finland has refused to pay for gas in roubles but also angered Moscow by applying to join Nato.

Read more at: https://www.bbc.co.uk/news/world-europe-61524933?at_medium=RSS&at_campaign=KARANGA

Retail sales jump in April driven by cigarettes and alcohol

Demand for tobacco and alcohol was behind a surprise rise in sales, but the longer-term trend is still down.

Read more at: https://www.bbc.co.uk/news/business-61519378?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty forms bullish candle; enjoy the rally till it lasts, say analysts

The steep decline of May 19 was arrested near the swing low of 15,735, said Gaurav Ratnaparkhi of Sharekhan, who added that the March low of 15,671 offered additional support on the downside.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-bullish-candle-enjoy-the-rally-till-it-lasts-say-analysts/articleshow/91691124.cms

What CLSA says on Lupin; Morgan Stanley on DRL, Godrej Consumer

In the case of DRL, Morgan Stanley said that the drug maker continued to deliver granular growth and that the growth trend should continue in FY23.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/what-clsa-says-on-lupin-morgan-stanley-on-drl-godrej-consumer/articleshow/91680440.cms

Top cryptocurrency prices today: Bitcoin, Ethereum, XRP and BNB gain up to 5%

The global cryptocurrency market cap was trading higher at the $1.28 trillion mark, jumping more than 3 percent in the last 24 hours. However, the total cryptocurrency trading volume added about a percent to $82.39 billion.

Read more at: https://economictimes.indiatimes.com/markets/cryptocurrency/top-cryptocurrency-prices-today-bitcoin-ethereum-xrp-and-bnb-gain-up-to-5/articleshow/91679117.cms

Washington Watch: It’s crunch time for the push to ban Congress from trading stocks

Congress faces a big to-do list before taking its August recess and then focusing primarily on November’s midterm elections, but advocates for a ban on congressional trading of individual stocks say they’re upbeat about lawmakers delivering on that issue.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7D76-5737C12D8080%7D&siteid=rss&rss=1

: ‘I chose to take a gamble’: Husband-wife lab researchers admit taking Pfizer vaccine data to develop their own cancer treatment

The plot unraveled after Chenyan Wu was caught trying to sneak toxic chemicals into the U.S. from China to start a lab in San Diego.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7D98-381F2CD19F13%7D&siteid=rss&rss=1

Ross Stores shares sink as lower-income shoppers feel the squeeze of inflation

Ross Stores shares sank after an earnings miss, with the off-price retailer’s lower-income consumers pulling back amid inflation

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7D8F-C78BB09A6346%7D&siteid=rss&rss=1