08June2022 Market Close & Major Financial Headlines: Wall Street Has Trading Sideways For The last Seven Sessions And Is Range-Bound, Trading Volume Tapering Off As Investors Mull Thoughts Of An Economic Slowdown And Rising Inflation: Stagflation

What Is Fueling The Surge In Gasoline Prices?

Back in the 1970s, Arab oil embargoes caused short-term pain for the West due to rising crude prices. However, it also spurred a drive for fuel efficiency that ultimately reduced the country’s reliance on foreign oil. At the same time, it boosted the GDP per unit of energy consumed. Will history repeat itself? Theres no easy way to tell. Could High Crude Prices Cause a Changing of the Guard? This week, the Economist mentioned that some modern European governments hope current pains at the pump result in a similar shift.

Read more at: https://oilprice.com/Energy/Energy-General/What-Is-Fueling-The-Surge-In-Gasoline-Prices.html

Russia Holds Grain Hostage, Demands The West Lift Sanctions

Turkish Foreign Minister Mevlut Cavusoglu says a meeting with his Russian counterpart, Sergei Lavrov, has made progress toward accepting a plan that would restart Ukrainian grain shipments from its seaports to help stave off a looming global food crisis as EU officials again accused Moscow of weaponizing food. Supplies of grain from Ukraine, a major exporter, have been drastically reduced due to Russia’s blockade of the country’s ports and the targeted bombardment of warehouses as part of its war against Ukraine, launched in late February. Cavusoglu

Read more at: https://oilprice.com/Energy/Energy-General/Russia-Holds-Grain-Hostage-Demands-The-West-Lift-Sanctions.html

U.S. Natural Gas Prices Drop After Explosion At Freeport LNG Terminal

An explosion at a liquefied natural gas (LNG) export terminal in Texas has sent natural gas prices downward as emergency crews respond and details continue to flow in. At 11:40 a.m. CT, an explosion rocked the Freeport oil and gas export terminal, with emergency response crews on the scene just over an hour later, according to media reports and Twitter accounts. No injuries have been reported as of the time of writing, and the extent of the damage remains unclear. Freeport LNG has experienced some sort of explosion. Currently,

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Natural-Gas-Prices-Drop-After-Explosion-At-Freeport-LNG-Terminal.html

War In Ukraine Forces BP To Shutdown Key Pipeline

Azerbaijan’s main oil producer, BP, has shut down the oil pipeline it operates to Georgia’s Black Sea coast for the month of June due to concerns over the safety of oil tankers in the Black Sea. BP described the closure of the Baku-Tbilisi-Supsa pipeline as “temporary” in a written response to queries from Eurasianet. The company also confirmed that the pipeline had previously been closed for extended periods from March 15 to the end of April, and then for the whole of May. It did not confirm when or if it expects the pipeline to open again. The

Read more at: https://oilprice.com/Latest-Energy-News/World-News/War-In-Ukraine-Forces-BP-To-Shutdown-Key-Pipeline.html

Biden Invokes Defense Production Act To Bolster Green Energy Independence

Solar and fuel cell names are going to continue to be on watchlists this week one day after President Biden prioritized the two sources of energy as part of a manufacturing push in the U.S. On Monday, Biden invoked the Defense Production Act, targeting the country’s solar production capacity and fuel cell production, among other forms of green energy. It’s the latest “drop in the ocean” response to a massive, looming energy cost crisis that has resulted from out-of-control money printing and geopolitical volatility. But not unlike releasing more

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/Biden-Invokes-Defense-Production-Act-To-Bolster-Green-Energy-Independence.html

Yellen: It Is Virtually Impossible To Avoid Oil Market Shocks

The United States is involved in “extremely active” discussions with European countries aimed at finding more ways to limit Russian oil revenues, U.S. Treasury Secretary Janet Yellen said. U.S. officials aim to keep Russian oil flowing into the global market to hold down prices and avoid a spike that could cause a worldwide recession, Yellen said. “But absolutely the objective is to limit the revenue going to Russia,” she told a Senate committee on June 7. There are different ways to accomplish that, including a possible move by purchasers of the

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Yellen-It-Is-Virtually-Impossible-To-Avoid-Oil-Market-Shocks.html

Mortgage demand falls to the lowest level in 22 years amid rising rates and slowing home sales

Mortgage demand continues to fall as interest rates rise further and affordability in the housing market weakens.

Read more at: https://www.cnbc.com/2022/06/08/mortgage-demand-falls-to-the-lowest-level-in-22-years.html

Spirit Airlines postpones shareholder vote on Frontier deal days after JetBlue sweetens competing offer

Spirit Airlines is postponing its shareholder meeting, previously scheduled for Friday, until June 30, to continue talks over competing offers from Frontier and JetBlue.

Read more at: https://www.cnbc.com/2022/06/08/spirit-airlines-postpones-shareholder-meeting-until-june-30-for-more-deal-talks-with-frontier-jetblue.html

This stock stands to benefit from the retail glut that Target warned about

After Target (TGT) lowered its margin guidance for the second quarter, here’s where the CNBC Investing Club would look in the retail sector.

Read more at: https://www.cnbc.com/2022/06/08/this-stock-stands-to-benefit-from-the-retail-glut-target-warned-about.html

Volkswagen is ‘actively’ looking to build new electric vehicle and battery facilities in the U.S., exec says

Volkswagen is “actively” looking to establish new assembly and battery facilities in the U.S., Volkswagen of America CEO Scott Keogh told CNBC on Wednesday.

Read more at: https://www.cnbc.com/2022/06/08/volkswagen-looks-to-build-new-ev-facilities-in-the-us-exec-says.html

Bausch Health shares drop as results from its recent eyecare IPO fail to inspire

While we don’t directly own Bausch + Lomb stock, we do hold shares of Bausch Health, which owns about 90% of its former eyecare unit.

Read more at: https://www.cnbc.com/2022/06/08/investing-club-bausch-health-shares-drop-as-results-from-its-recent-eyecare-ipo-fail-to-inspire.html

U.S. to ban sale of single-use plastic on public lands, national parks by 2032

The Interior Department’s move would reduce the more than 14 million tons of plastic that end up in the ocean each year.

Read more at: https://www.cnbc.com/2022/06/08/us-to-ban-sale-of-single-use-plastic-on-public-lands-national-parks-by-2032.html

Dungeons & Dragons maker Hasbro wins board battle against activist investor Alta Fox

Hasbro has fended off a challenge from an activist investor that wanted to shake up its board and spin-off the company’s Wizards of the Coast division.

Read more at: https://www.cnbc.com/2022/06/08/dungeons-dragons-maker-hasbro-wins-board-battle-against-activist-investor.html

Stocks making the biggest moves midday: DocuSign, Campbell, Moderna and more

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

Read more at: https://www.cnbc.com/2022/06/08/stocks-making-the-biggest-moves-midday-docusign-campbell-moderna-and-more.html

Here’s when tax-loss harvesting makes sense … and when it doesn’t

It’s possible to trim your tax bill by harvesting investment losses. But the strategy doesn’t always make sense, financial experts say.

Read more at: https://www.cnbc.com/2022/06/08/this-strategy-turns-losses-into-tax-breaks-heres-when-to-skip-it.html

Parents of Uvalde, Buffalo shooting victims ask Congress for tighter gun laws ahead of key votes

Robb Elementary school shooting survivor Miah Cerrillo, 11, told lawmakers she covered herself in a friend’s blood to survive the attack.

Read more at: https://www.cnbc.com/2022/06/08/watch-live-parents-of-uvalde-and-buffalo-mass-shootings-testify-before-congress.html

Federal agency can expand access to birth control under Medicaid if Roe v. Wade is overturned

The administrator of the Centers for Medicare and Medicaid Services wants to make it easier to switch between government and private health plans.

Read more at: https://www.cnbc.com/2022/06/08/cms-can-expand-access-to-birth-control-under-medicaid-if-roe-v-wade-is-overturned.html

Stocks making the biggest moves premarket: Campbell Soup, Moderna, Western Digital and others

These are the stocks posting the largest moves before the bell.

Read more at: https://www.cnbc.com/2022/06/08/stocks-making-the-biggest-moves-premarket-campbell-soup-moderna-western-digital-and-others-.html

Henry Hub Hammered As Texas Tea Rips; Gold Pops, Bitcoin & Bonds Drop

Henry Hub Hammered As Texas Tea Rips; Gold Pops, Bitcoin & Bonds DropWith barely any macro again, today was another day of illiquidity and extremes across asset classes – NatGas was dumped, Oil pumped; Crypto dropped as the dollar popped; Bond yields jumped as stocks slumped.

US Stocks drifted lower overnight, after yesterday’s magical rescue bid, were volatile around the open (Nasdaq jumped as Small Caps slumped), before starting their drop shortly after the European close. Small Caps were the biggest loser on the day while The Dow and Nasdaq were the prettiest horses in the glue factory…

Treasuries were sold, not helped by a really ugly 10Y auction,

Read more at: https://www.zerohedge.com/markets/henry-hub-hammered-texas-tea-rips-gold-pops-bitcoin-bonds-drop

Suspect Arrested Near Kavanaugh House Charged With Attempted Murder

Suspect Arrested Near Kavanaugh House Charged With Attempted MurderUpdate (1549ET): 26-year-old Nicholas John Roske of California has been charged with attempted murder for threatening to kill Justice Brett Kavanaugh, over the Supreme Court’s leaked opinion which would overturn the right to kill unborn babies.

According to a criminal complaint filed Wednesday in Maryland, Roske brought a Glock 17 pistol, ammunition, a knife, zip ties, pepper spray, duct tape and other items which he told police he intended to use to break into Kavanaugh’s house and kill him.

Roske, 26, told police he was upset by a leaked draft opinion suggesting the Supreme Court is about to overrule Roe v. Wade, the landmark abortion case. He also said he was upset over the school massacre in Uvalde, Texas, and believed Kavanaugh would vote to loosen gun control laws, the affidavit said.

When he got out of the taxi, Roske was spotted by two U.S. Marshals who are part of round-the-clock security provided to the justices following the leak of the draft opinion last month. But Roske was only apprehended after he called 911 in Montgomery County, Maryland, and said he was having suicidal thoughts and planned to kill Kavanaugh, having found the justice’s address online. Roske was still on the phone when Montgomery County police arrived on the scene, according to the affidavit. -Fox News

“This kind of behavior is obviously behavior we will n …

Read more at: https://www.zerohedge.com/political/armed-man-arrested-outside-brett-kavanaughs-house-planned-kill-supreme-court-justice

“The Summer Of Starvation”: Soaring Fertilizer Prices Unleash Chaos, Hunger Worldwide

One of the most pernicious consequences – if primarily for the anti-Russia west – resulting from the Ukraine war, has been the unprecedented spike in fertilizer prices which among other things, has sparked a historic surge in food prices and collapse in supply chains around the globe, as we discussed in these articles published over the past few months:

Fertilizer Prices Hit Record Highs, May Pressure Food Inflation Even Higher

“Fertilizer Is Out Of Control” – US Farmers Ditch Corn For Soy To Save On Costs

Poop-Boom: Manure Supplies Tighten As Fertilizer Prices Soar

World’s Largest Fertilizer Company Warns Crop Nutrient Disruptions Through 2023

Fast-forwarding to today, when we have some good, some bad, and some pretty terrible news. The good news it that fertilizer prices have eased modestly from all time highs, as the following chart of Tampa Ammonia CFR spot prices shows.

Read more at: https://www.zerohedge.com/markets/soaring-fertilizer-prices-unleash-chaos-hunger-worldwide

US Refining Bottleneck The Culprit For Your Gas Pump Pains

US Refining Bottleneck The Culprit For Your Gas Pump PainsThere is no quick fix to ease America’s pain at the pump because refiners struggle to meet the demand for diesel and gasoline, sending fuel prices soaring due to declining national stockpiles and fears of shortages.

The latest Energy Information Administration (EIA) data shows the U.S. refining capacity is structurally short and down 1 million barrels from April 2020 (a month after the lockdowns began) to 17.95 million BPD as of June.

“When the coronavirus pandemic occurred, demand for global oil was not expected to fall for a long time, and yet so much refining capacity was cut permanently,” Ravi Ramdas, managing director of energy consultancy Peninsula Energy, told

Read more at: https://www.zerohedge.com/commodities/us-refining-bottleneck-culprit-your-gas-pump-pains

Hospitality firms warn June rail strikes will be devastating

Bars, restaurants, theatre, live music, and museums groups say planned strikes will damage Covid recovery.

Read more at: https://www.bbc.co.uk/news/business-61738945?at_medium=RSS&at_campaign=KARANGA

TikTok probes claims of aggressive work culture

A senior executive at the firm allegedly said he “didn’t believe” in maternity leave.

Read more at: https://www.bbc.co.uk/news/business-61729896?at_medium=RSS&at_campaign=KARANGA

Petrol prices see biggest daily jump in 17 years

The average cost of filling a typical family car could exceed £100 as soon as Thursday, the RAC warns.

Read more at: https://www.bbc.co.uk/news/business-61731161?at_medium=RSS&at_campaign=KARANGA

Tech view: Nifty breaks below the support of 16,400; look for selling opportunities, say analysts

“The current choppy movement could extend for another 1-2 sessions and the lows to be watched around 16,200 levels. Strong overhead resistance is placed at 16,450-16,500 levels,” said Shetti.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-breaks-below-the-support-of-16400-look-for-selling-opportunities-say-analysts/articleshow/92083952.cms

FPIs sold Rs 16,000 crore worth of IT stocks in May amid volatility in rupee

Foreign investors have been bearish on Indian markets for a multitude of reasons, including inflation and a weakening rupee. IT stocks are among those names that have the largest concentration of foreign investor holdings thus, they were battered blue in May.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/fpis-sold-rs-16000-crore-worth-of-it-stocks-in-may-amid-volatility-in-rupee/articleshow/92087776.cms

These 7 sectors are trading below historical averages. Worth a look?

According to the latest ‘bulls vs bears’ report by Motilal Oswal, Indian equities have been trading at 19.2x FY23E earnings and all the key markets continue to trade at a discount to India. Experts say that the recent correction has made market valuations reasonable. Further, there are certain sectors that are currently valued at a discount to their historical long-period averages, offering good entry points for investors.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/these-7-sectors-are-trading-below-historical-averages-worth-a-look/bulls-vs-bears/articleshow/92079068.cms

Market Extra: This hedge fund manager called inflation early. He now says consumer prices will finish 2022 at a level that `screams failure by the Fed’

Inflation has yet to peak and has only gotten worse since 2021, Tim Magnusson, chief investment officer of Garda Capital Partners, tells MarketWatch.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7E11-C77BBC2CFD70%7D&siteid=rss&rss=1

Bond Report: Treasury yields rise, 2-year hits highest since Dec 2018 ahead of Friday’s U.S. inflation report

Treasury yields advanced on Wednesday, pushing the 2-year rate to its highest in more than three years, ahead of May’s consumer-price index data on Friday.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7E41-B0A56C2D0F8B%7D&siteid=rss&rss=1

The Margin: A new four-day work week experiment begins in the U.K. on June 6 — here’s what to know

At 70 U.K. companies, 3,300 employees will participate in the program and test working four days a week instead of five.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7E2A-AB1D17E258D9%7D&siteid=rss&rss=1