07June2022 Market Close & Major Financial Headlines: Wall Street Major Indexes Gap Down On The Opening Bell To See-Saw Higher Closing Near The Last Session Highs, Investors Shake Off Target Profit Warning Followed By Choppy Trading

Israel Sends Battleships To Escort Drilling Rig In Disputed Gas Field

At a time when the world’s gas supply is having to catch up with demand, two prospective gas majors in the eastern Mediterranean have locked horns over a disputed field that could delay the development of local resources. Israel and Lebanon have been at odds about their maritime border ever since gas was found. The issue seems to be of particular importance for troubled Lebanon: a big gas find could change the country’s quite grim fortunes. It is also important for Israel, however, as it eyes the position of a regional gas major. The focus of the

Read more at: https://oilprice.com/Energy/Energy-General/Israel-Sends-Battleships-To-Escort-Drilling-Rig-In-Disputed-Gas-Field.html

Trading Giant Trafigura Sees Oil Headed To $150 This Year

Crude oil prices may soon hit $150 per barrel or more this year, Trafigura’s CEO Jeremy Weir told the FT Global Boardroom conference on Tuesday. The spike in crude oil prices would likely trigger demand destruction for the commodity, Weir added. The forecast is just $10 per barrel over where Brent prices shot up to in March shortly after Russia invaded Ukraine. Bullish factors continue to be the Russia factor with the EU recently agreeing to an embargo on imported Russian oil, although that will not go into full effect for many monthsas

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Trading-Giant-Trafigura-Sees-Oil-Headed-To-150-This-Year.html

Upward Pressure On Oil Prices Is Only Going To Increase

Reader Update: Whether you are new to the oil and gas industry or an energy market veteran, you will regret not signing up for Global Energy Alert. Oilprice.com’s premium newsletter provides everything from geopolitical analysis to trading analysis, all for less than a cup of coffee per week. Chart of the Week- Merely a couple of days after OPEC+ sped up the pace of production increases, Saudi Aramco hiked its July formula prices for Asian buyers to higher-than-expected levels, stoking concerns that supply might be lower than expected.-

Read more at: https://oilprice.com/Energy/Energy-General/Upward-Pressure-On-Oil-Prices-Is-Only-Going-To-Increase.html

Noway’s Offshore Oil Workers Threaten To Strike

About 11% of Norway’s offshore oil workers have threatened to strike, according to labor union data cited by Reuters on Tuesday. Of Norway’s 7.500 offshore oil and gas workers, about 845 are threatening to strike starting on Sunday should wage mediation with the state fail. The strike, according to trade unions Industri Energi, Lederne, and Safe, the 845-member strong strike would have a limited impact on Norway’s oil throughput. “A strike would not initially affect Norway’s gas exports, given the current situation in Europe,” Safe said on Tuesday.

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Noways-Offshore-Oil-Workers-Threaten-To-Strike.html

Is The Battery Boom Officially Over?

The term battery metals typically refer to lithium, nickel, and cobalt. The name stems from the fact that the three metals are frequently used in the production of all types of modern batteries. Since 2021, these metals have enjoyed a rather lengthy bull run. This has proved profitable for investors and provided some much-needed predictability for traders. However, if you ask the experts at Goldman Sachs, the battery metals party is officially over. But is this really true? If so, what does it mean for the rest of 2022? Are Battery

Read more at: https://oilprice.com/Metals/Commodities/Is-The-Battery-Boom-Officially-Over.html

Environmentalists Challenge EU-Backed Gas Projects

Several environmental campaign groups said on Tuesday that they are challenging the European Union over its support for 30 natural gas projects under a directive earlier this year to consider certain gas projects as contributing to accelerating the energy transition. The European Commission updated earlier this year its Taxonomy Complementary Climate Delegated Act on climate change mitigation and adaptation covering certain gas and nuclear activities. Under the new taxonomy, some gas projects, including several pipelines, were given a sustainable

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Environmentalists-Challenge-EU-Backed-Projects.html

Target expects squeezed profits from aggressive plan to get rid of unwanted inventory

Target said it will take a short-term hit from markdowns, but wants to clear room for groceries, back-to-school supplies, and other items consumers want.

Read more at: https://www.cnbc.com/2022/06/07/target-markdowns-plan-to-cut-inventory.html

Kohl’s shares jump after retailer enters exclusive sale talks with Franchise Group

Franchise Group is proposing to buy Kohls for $60 per share.

Read more at: https://www.cnbc.com/2022/06/06/kohls-enters-exclusive-sale-talks-with-franchise-group-.html

Elon Musk says an IPO of SpaceX’s Starlink satellite internet business is still 3 or 4 years away

Elon Musk has told SpaceX employees the company isn’t likely to take its Starlink satellite internet business public until 2025 or later, CNBC has learned.

Read more at: https://www.cnbc.com/2022/06/07/spacex-starlink-ipo-elon-musk-says-offering-is-3-or-4-years-away.html

We’re changing our price targets on 8 stocks in the portfolio

The moves reflect recent earnings reports, comments from company executives, and general market multiple compression.

Read more at: https://www.cnbc.com/2022/06/07/investing-club-were-changing-our-price-targets-on-8-stocks-in-the-portfolio.html

Starbucks is looking externally for its next CEO, Howard Schultz says

Starbucks’ next CEO will come from outside the company, interim leader Howard Schultz told The Wall Street Journal.

Read more at: https://www.cnbc.com/2022/06/06/starbucks-is-looking-externally-for-its-next-ceo-howard-schultz-says.html

Actor Matthew McConaughey gives impassioned speech for gun reform in White House briefing

Actor Matthew McConaughey delivered an emotional White House appeal for gun regulations in the wake of last month’s massacre in his hometown of Uvalde, Texas.

Read more at: https://www.cnbc.com/2022/06/07/watch-live-actor-matthew-mcconaughey-joins-white-house-press-briefing-on-guns.html

Stocks making the biggest moves midday: Target, Kohl’s, Peloton and more

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

Read more at: https://www.cnbc.com/2022/06/07/stocks-making-biggest-midday-moves-target-kohls-peloton-and-more-.html

‘Yellowstone’ boom pits lifetime Montana residents against wealthy newcomers

“Yellowstone,” which is partially filmed in Montana, has become one of the hottest shows on TV, and it’s raised the profile of Big Sky Country.

Read more at: https://www.cnbc.com/2022/06/07/yellowstone-boom-pits-lifetime-montana-residents-against-wealthy-newcomers.html

Paramount sued over ‘Top Gun’ copyright as ‘Maverick’ soars at the box office

The family of the author whose article inspired 1986’s “Top Gun” based is suing Paramount Pictures for copyright infringement.

Read more at: https://www.cnbc.com/2022/06/06/paramount-sued-over-top-gun-copyright-as-maverick-soars-at-box-office.html

Ben & Jerry’s galvanizes customers to lobby for tighter gun laws after Texas, New York mass shootings

Ben & Jerry’s has called on its 8 million Facebook fans and 515,000 Twitter followers to lobby lawmakers for stronger gun safety laws.

Read more at: https://www.cnbc.com/2022/06/07/gun-laws-ben-jerrys-galvanizes-customers-to-lobby-for-tighter-laws.html

Peloton hires Amazon cloud exec to be new CFO in latest shake-up in top ranks

The handover marks another departure from the at-home fitness company’s top ranks.

Read more at: https://www.cnbc.com/2022/06/06/pelotons-cfo-is-leaving-the-company-will-be-replaced-by-amazon-cloud-executive.html

Stocks & Bonds Spike As Growth/Stagflation Scares Soar

Stocks & Bonds Spike As Growth/Stagflation Scares SoarTarget was trounced on its inventory “glut” debacle as the bullwhip effect is in full effect… but dip-buyers stepped in (or share-buyback-ers) and put some lipstick on that pig (a pig that is the canary in the coalmine – to mix metaphors – for the rest of the US economy, over-stuffed and under-consumed)

0930ET – the US equity market cash open – was once again an incredibly bullish event as the slow drip of overnight weakness was immediately flipped into a buying panic that paused briefly around the European close and then re-accelerated to drag the S&P and Nasdaq up 1%, Small Caps +1.5%…

Read more at: https://www.zerohedge.com/markets/stocks-bonds-spike-growthstagflation-scares-soar

Has JPMorgan Become Bitcoin’s Best Friend?

Authored by Tom Luongo via BictoinMagazine.com,

A recent note from JPMorgan Chase suggested the bank realizes that bitcoin isn’t going anywhere. But what do the rent-seekers really think?

There was a lot of fanfare made recently over an investment note from JPMorgan Chase which seemed to elevate bitcoin over real estate and other traditional asset classes as the “alternative asset of choice.”

A May 25 investor note made the argument that bitcoin was around 28% undervalued and that the bank was targeting an upside price of around $38,000 per coin, in effect making an argument for bitcoin’s recent price weakness …

Read more at: https://www.zerohedge.com/crypto/has-jpmorgan-become-bitcoins-best-friend

Shocking Consumer Credit Numbers: Everyone Maxing Out Their Credit Card Ahead Of The Recession

Shocking Consumer Credit Numbers: Everyone Maxing Out Their Credit Card Ahead Of The RecessionWhile it is traditionally viewed as a B-grade economic indicator, the April consumer credit report from the Federal Reserve was another shocker, especially after last month’s stunning surge in credit card debt which saw the biggest increase in revolving credit on record which is why we said that today’s G.19 print straight from the Fed would be just as important as Friday’s CPI print…

Forget CPI: the week’s most important data point is today’s monthly consumer credit update. Last month we saw a blowout, record surge in credit card usage as consumers tapped out pic.twitter.com/FoZ5XE4JWI

— zerohedge (@zerohedge) June 7, 2022

… and sure enough it was, while again confirming what we have been saying for month: any excess savings accumulated by the US middle class are long gone, and in their place Americans have unleashed a credit-card fueled spending spree.

Here are the shocking numbers: in April one month after the

Read more at: https://www.zerohedge.com/economics/shocking-consumer-credit-numbers-everyone-maxing-out-their-credit-card-ahead-recession-0

Hunter’s Hooker Scored $20,000 PPP Loan As Joe Biden Entered White House

Hunter’s Hooker Scored $20,000 PPP Loan As Joe Biden Entered White HouseA Las Vegas prostitute featured throughout Hunter Biden’s abandoned laptop scored a $20,207 Paycheck Protection Program (PPP) loan for having a “female-owned sole proprietorship,” right after Joe Biden moved into the White House, according to the Daily Wire.

The woman, Cheryl Deboves, listed herself as being in the field of “Independent Artists, Writers, and Performers.”

The prostitute frequently pledged to “f— and suck” the First Son, in between trips to buy needles and brillo pads.

She later desperately pleaded for Hunter’s help, saying she was being threatened by a male drug dealer. Hunter ignored her until he was horny.

— Luke Rosiak (@lukerosiak) June 7, 2022

Read more at: https://www.zerohedge.com/political/hunter-biden-prostitute-scored-20000-ppp-loan

Railway workers to strike over three days in June

The action planned for 21, 23, and 25 June is being dubbed the “biggest rail strike in modern history”.

Read more at: https://www.bbc.co.uk/news/business-61723515?at_medium=RSS&at_campaign=KARANGA

Stuck Brits scramble to get home after axed flights

Many travelers are taking drastic action to get home after being stranded due to flight cancellations.

Read more at: https://www.bbc.co.uk/news/business-61717223?at_medium=RSS&at_campaign=KARANGA

World Bank warns of recession risk due to Ukraine war

Many countries around the world, including many in Europe, are expected to face recession, it says.

Read more at: https://www.bbc.co.uk/news/business-61723643?at_medium=RSS&at_campaign=KARANGA

Tech view: Nifty defends 16,400 support; avoid bottom-fishing, say analysts

Nifty 50 opened on a negative note at 16,469.60, and slid to as low as 16,347.10 level. However, at lows, buying emerged to take the index to as high as 16,487.25. Eventually, it closed down 153.20 points or 0.92 percent at 16,416.35.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-defends-16400-support-avoid-bottom-fishing-say-analysts/articleshow/92063375.cms

Market Movers: Defence stocks rally up to 4% after govt’s Rs 76,000 cr-push

The government as a council gave preliminary approval to military modernization projects costing Rs 76,000 crore, including the Navy’s next-generation corvettes. The approval will help cut India’s dependence on imports for military equipment as most of the projects will go to domestic manufacturers.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/market-movers-defence-stocks-rally-up-to-4-after-govts-rs-76000-cr-push/articleshow/92063290.cms

Up 800% in 2 years! The euphoria may not be over for this smallcap multibagger

The smallcap company posted a robust set of numbers in FY22, with with a sweet 77 percent year-on-year jump in topline to Rs 1,598.24 crore, while the profit grew 48 percent to Rs 105.76 crore in the same period. Its debt/equity ratio declined from 0.66 in FY21 to 0.50 in FY22, depicting strong financial health.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/up-800-in-2-years-the-euphoria-may-not-be-over-for-this-smallcap-multibagger/articleshow/92055260.cms

In One Chart: Here’s why the stock market gets ‘squirrelly’ when bond yields rise above 3%

Investors get jittery when the 10-year Treasury yield tops 3%. A look at corporate debt levels explains why, says DataTrek’s Nicholas Colas.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7E34-2FB3B04AAA65%7D&siteid=rss&rss=1

Market Snapshot: Dow climbs more than 200 points, stock gains pick up steam as investors shake off Target profit warning in choppy trade

U.S. stock gains pick up steam heading toward closing bell, as investors shake off early losses seen after a profit warning from retailing giant Target Corp.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7E32-F794FABE495F%7D&siteid=rss&rss=1

Matthew McConaughey meets with Biden on gun reforms: ‘This time, it seems that something is different’

Uvalde, Texas, native Matthew McConaughey met with President Joe Biden on gun violence on Tuesday, as the actor delivered from the White House briefing room podium an emotional plea for measures to prevent mass shootings like the one in his hometown.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7E3B-C43FA77D2AFD%7D&siteid=rss&rss=1