09Dec2021 Market Close: Wall Street Heads Down After Three Days Of Gains

New Bill Could Force Biden To Boost Oil Production

A group of Republican lawmakers have introduced a bill that would protect the U.S. Strategic Petroleum Reserves and shore up U.S. energy security, according to a press release published by the Energy and Commerce Committee. Known as the Strategic Production Response Act, the bill was put forward by Cathy McMorris Rodgers (R-WA), Steve Scalise (R-LA), and Fred Upton (R-MI). The bill would prevent the Secretary from executing the first drawdown of petroleum products in the Reserve except when there is a severe energy supply interruption,

Read more at: https://oilprice.com/Energy/Crude-Oil/New-Bill-Could-Force-Biden-To-Boost-Oil-Production.html

Oil Prices Slide Ahead Of Key Inflation Report

Oil prices slid more than 2% on Thursday ahead of higher risk events that are expected to headline on Friday. Brent had rallied above $75 earlier on Thursday in a confidence boost for OPEC+ that they had done the right thing by planning to boost production by another 400,000 bpd in January. But by Thursday afternoon, both WTI and Brent had trailed off considerably. At 3:05 p.m. EDT, WTI had slid $1.73 (-2.39%) to $70.63, while Brent had fallen $1.71 (-2.26%) to $74.11. There is some fear lingering in the market with regards to additional Covid-19

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Slide-Ahead-Of-Key-Inflation-Report.html

The Latest Breakthroughs In The Battery War

With the global electrification drive in full swing, electric cars have constantly been improving in terms of mileage, performance, charging time – and costs. And, Wright’s law has so far proven to be right. According to Wright’s Law, aka the learning curve effect, lithium-ion (Li-ion) battery cell costs fall by 28% for every cumulative doubling of units produced. The battery pack is the most expensive part of an electric vehicle, and the sticker prices of EVs have been falling along with declining battery costs. By 2023, the cost of Li-ion batteries

Read more at: https://oilprice.com/Energy/Energy-General/The-Latest-Breakthroughs-In-The-Battery-War.html

Traders Rush To Dump European Diesel Contracts

Open interest in Europes main diesel futures contract has plunged by more than one-third since the beginning of October as traders are getting out of their positions with the fall of diesel prices, according to exchange data quoted by Bloomberg. The open interest of speculators and investors in European diesel has now dropped to the lowest level since 2015, the data showed. Declining prices of Europes diesel resulted in the fastest exit of traders out of the futures contract in years. The lower prices have prompted many traders and

Read more at: https://oilprice.com/Energy/Energy-General/Traders-Rush-To-Dump-European-Diesel-Contracts.html

U.S. Gasoline Prices Finally Start To Fall

U.S. gasoline prices are finally falling after the major correction in international crude oil prices at the end of November driven by fears of the new COVID variant, Omicron. As of December 9, the national average price of a gallon of regular gasoline was $3.338, according to data from AAA. Thats lower than the week-ago average of $3.378 and the average price of $3.419 one month ago. Gasoline prices in America are still much higher than at this time last year, when a gallon of regular gasoline sold for an average of $2.158 across the country.

Read more at: https://oilprice.com/Energy/Energy-General/US-Gasoline-Prices-Finally-Start-To-Fall.html

Another Iranian Pipeline Explosion As Aging Infrastructure Fails

Reports are emerging of a pipeline explosion at Irans Parsian refinery in the countrys southwest, where an excavator reportedly hit a 10-inch gas condensate pipeline today. While the story is still developing, as reported by Reuters and Irans Fars news agency, there were no casualties in the explosion, and rescue squads are still on the scene. This is the third major explosion since this summer affecting Irans gas pipeline infrastructure. In mid-November, an explosion at an oil pipeline in southern Iran was

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Another-Iranian-Pipeline-Explosion-As-Aging-Infrastructure-Fails.html

Lululemon shares rise as retailer tops earnings estimates, raises sales forecast

Lululemon’s stock rose after the apparel market reported fiscal third-quarter earnings and sales ahead of analysts’ estimates.

Read more at: https://www.cnbc.com/2021/12/09/lululemon-lulu-q3-2021-earnings.html

CVS CEO Karen Lynch says smash-and-grab robberies fueled by online marketplaces

The health-care executive joined a growing number of executives who have expressed concern about the rise in organized crimes.

Read more at: https://www.cnbc.com/2021/12/09/cvs-ceo-karen-lynch-says-smash-and-grabs-are-fueled-by-online-marketplaces.html

NY state confirms 20 omicron cases, 13 in NYC as variant spreads across state, Gov. Hochul says

New York has confirmed 20 cases of the omicron variant of Covid-19, with 13 found in the New York City metropolitan area, Gov. Kathy Hochul said.

Read more at: https://www.cnbc.com/2021/12/09/ny-state-confirms-20-omicron-cases-13-in-nyc-as-variant-spreads-across-state-gov-hochul-says.html

Starbucks will have at least one unionized cafe in Buffalo, New York — a U.S. first for the chain

Starbucks workers in Buffalo, New York, voted to unionize at least one cafe.

Read more at: https://www.cnbc.com/2021/12/09/starbucks-employees-at-a-buffalo-cafe-vote-to-unionize-a-first-for-the-coffee-chain-in-the-us.html

Ford CEO says automaker needs EV batteries more than semiconductor chips as electric F-150 reservations hit 200,000 units

Ford needs batteries for its electric vehicles more than semiconductor chips, CEO Jim Farley told CNBC’s Jim Cramer on Thursday.

Read more at: https://www.cnbc.com/2021/12/09/ford-needs-ev-batteries-more-than-semiconductor-chips-ceo-says.html

CDC strongly encourages Pfizer Covid booster shots for 16- and 17-year-olds amid omicron fears

The CDC on Thursday endorsed Pfizer Covid vaccine booster shots for older teenagers at least six months after they complete their first two Covid-19 doses.

Read more at: https://www.cnbc.com/2021/12/09/fda-expands-eligibility-for-pfizer-covid-booster-shots-to-16-and-17-year-olds.html

Shares of Ford- and BMW-backed battery supplier Solid Power surge in Nasdaq debut

The company, whose investors include Ford Motor and BMW, is trading under the ticker symbol “SLDP.” Its warrants are trading under “SLDPW.”

Read more at: https://www.cnbc.com/2021/12/09/shares-of-battery-supplier-solid-power-surge-in-nasdaq-debut.html

American Airlines trims 2022 international flights due to Boeing Dreamliner delay

Deliveries of Boeing’s 787s have been paused for much of the last year.

Read more at: https://www.cnbc.com/2021/12/09/american-airlines-trims-2022-international-flights-because-boeing-dreamliner-delay.html

Three charts show South Africa’s Covid crisis as omicron takes hold

CNBC has compiled charts reflecting case rates, hospitalizations and the degree of Covid vaccine protection in South Africa.

Read more at: https://www.cnbc.com/2021/12/09/south-africa-omicron-crisis-cases-hospitalizations-and-vaccinations.html

Rent the Runway CEO says it is changing how it buys apparel from brands to boost its profits

Rent the Runway is still losing money, but CEO Jenn Hyman hopes to sell investors on her strategy to turn a profit — eventually.

Read more at: https://www.cnbc.com/2021/12/09/rent-the-runway-ceo-discusses-path-to-profitability-as-stock-falls.html

CVS says sales will accelerate as it offers more health-care services, builds on pandemic gains

CVS said it will provide more medical care at drugstores and people’s homes to make it easier and more affordable for customers to stay healthy.

Read more at: https://www.cnbc.com/2021/12/09/cvs-says-it-expects-earnings-revenue-to-grow-in-2022-as-it-steps-up-health-care-focus.html

FAA research grants aim to tackle aviation’s massive deficit of greener fuel

Greener aviation fuel is key to airlines’ commitments to cut carbon emissions, but supply is scarce.

Read more at: https://www.cnbc.com/2021/12/09/faa-research-grants-aim-to-tackle-aviations-massive-deficit-of-greener-fuel.html

Rapid infection rate of omicron Covid variant is causing concern, as UK braces for 1 million cases

“The omicron data is enormously worrying,” immunologist Danny Altmann told CNBC, pointing to the U.K’s 2.5-day doubling time of cases.

Read more at: https://www.cnbc.com/2021/12/09/the-uk-braces-for-1-million-omicron-cases-as-covid-variant-spreads.html

Illinois Bill Proposes To Strip Unvaxxed Of Their Health Insurance

Illinois Bill Proposes To Strip Unvaxxed Of Their Health InsuranceAuthored by Kit Knightly via Off-Guardian.org,

Illinois Representative Jonathan Carroll wants to push through a change to the state’s insurance law that would mean health insurers no longer have to cover unvaccinated people who get Covid, forcing people to pay their medical bills out of pocket.

The Democrat lawmaker told the Chicago Sun-Times:

I think it’s time that we say ‘You choose not to get vaccinated, then you’re also going to assume the risk that if you do catch COVID, and you get sick, the responsibility is on you,’”

The potential corruption and abuse of such a rule should be obvious to anyone …

Read more at: https://www.zerohedge.com/political/illinois-bill-proposes-strip-unvaxxed-their-health-insurance

Let It Go Girl: A Verklempt Hillary Clinton Recites Tearful 2016 ‘Victory Speech’

Let It Go Girl: A Verklempt Hillary Clinton Recites Tearful 2016 ‘Victory Speech’Former Secretary of State and twice-failed presidential candidate Hillary Clinton became verklempt while sharing part of the ‘victory speech’ she would have given in 2016, had she not lost the presidential election to Donald Trump.

“I’ve never shared this with anybody. I’ve never read it out loud. But it helps to encapsulate who I am, what I believe in and what my hopes were for the kind of country that I want for my grandchildren and that I want for the world,” said Clinton during a portion of her upcoming lesson on MasterClass (at destroying phones with hard objects?).

The course, which debuts Thursday, is focused on the “power of resilience” (to lie under oath about keeping national secrets on an illegal private server?).

Clinton’s ‘victory’ speech begins:

“My fellow Americans, today you sent a message to the whole world: Our values endure, our democracy stands strong and our motto remains ‘e pluribus unum,’ out of many one,” she says, adding “You will not be defined only by our differe …

Read more at: https://www.zerohedge.com/political/let-it-go-girl-verklempt-hillary-clinton-recites-tearful-2016-victory-speech

Elon Musk: “Civilization Is Going To Crumble”

Elon Musk: “Civilization Is Going To Crumble”Authored by Michael Snyder via TheMostImportantNews.com,

Even billionaires like Elon Musk can see that the current state of affairs is completely and utterly unsustainable.  If we stay on the path that we are on, and there are absolutely no indications that we plan to reverse course, societal collapse is inevitable.  In fact, as I detail on a regular basis, societal collapse has already begun all around us.  Unfortunately, most people still can’t bring themselves to admit that it is actually happening.

I don’t always agree with everything that Elon Musk does or says, but he is certainly a very interesting guy.

He is not afraid to anger the establishment, and he often expresses opinions which run counter to the dominant narratives of our day.

For example, he just told the Wall Street Journal that our declining birth rates are

Read more at: https://www.zerohedge.com/geopolitical/elon-musk-civilization-going-crumble

Small Caps, Crude, & Crypto Crushed As Inflation-Induced Taper-Tensions Ignite

Small Caps, Crude, & Crypto Crushed As Inflation-Induced Taper-Tensions IgniteThe Dow managed to get back to even from pre-Omicron levels today (NOTE in the chart that Nasdaq also touched the unchanged line very briefly before being rejected), but as the day worse on weakness hit and took everything back into the red since Omicron first hit…

Small Caps were clubbed like a baby seal today but everything tumbled into the red as post-margin-call weakness hit (1430ET). The Dow battled for green in the last 15 minutes…

Read more at: https://www.zerohedge.com/markets/inflation-induced-taper-anxiety-wrecks-tech-crushes-crypto-bonds-bounce

‘I borrowed £50 and we ended up homeless’

People could fall into serious debt if they use loan sharks this Christmas, charities warn.

Read more at: https://www.bbc.co.uk/news/business-your-money-59595246?at_medium=RSS&at_campaign=KARANGA

HS2 agrees £2bn deal to build UK’s fastest trains

Hitachi and Alstom will build more than fifty 225mph trains for the high speed network.

Read more at: https://www.bbc.co.uk/news/business-59597308?at_medium=RSS&at_campaign=KARANGA

UK warns US of retaliation over steel tariffs

After “very frank” talks in Washington, the UK’s international trade secretary says action may be taken soon.

Read more at: https://www.bbc.co.uk/news/business-59597310?at_medium=RSS&at_campaign=KARANGA

Current dip in the market could be a good entry point for long-term investors

We are in the ninth month of FY22. FY23 is expected to deliver 15 per cent earnings growth and by now, the market should have priced around 10 per cent of the same if it moved in lockstep with earnings. This means against the peak valuations seen in December 2019, on earnings, we are slightly cheap.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/current-dip-in-the-market-could-be-a-good-entry-point-for-long-term-investors/articleshow/88188644.cms

Market Movers: A small announcement helps ITC steal show on a dull day

If the company adds the cherry on top with some major demerger news, then today’s sentimental 5 per cent jump in the stock will look increasingly inadequate.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/market-movers-a-small-announcement-helps-itc-steal-show-on-a-dull-day/articleshow/88187558.cms

Tech view: Nifty’s movement in 17,500- 17,600 zone will decide future course

“The Nifty witnessed a tough battle between the bulls and the bears near the key hurdle zone of 17,500-17,600. With the recent bounce, the index has reached its crucial daily moving averages, which acted as a cap for the day,” said Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-niftys-movement-in-17500-17600-zone-will-decide-future-course/articleshow/88189274.cms

NewsWatch: Why bitcoin may face another 20% plunge in coming weeks, as ‘risk is heightened,’ says prominent technical analyst: ‘We’re watching $37,000.’

A weekly look at the most important moves and news in bitcoin and Ether and what’s on the near-term horizon in digital assets.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B72B8D430-B009-4F7D-BA6A-F2630E368912%7D&siteid=rss&rss=1

Earnings Results: Costco profit and revenue beat estimates

Costco on Thursday reported first-quarter profit and revenue that beat Wall Street expectations.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-77DC-8C4134C0E8E6%7D&siteid=rss&rss=1

: Senate advances bill paving way for debt-limit increase

The Senate on Thursday advanced a bill that is designed to allow Democrats to raise the U.S. debt limit on their own, as Washington works to avert a default.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-77D9-D99F318D4EA6%7D&siteid=rss&rss=1