Markets closed up, barely. DOW up 35 points, NASDAQ up 100 points, and $SPX up 0.3%. Very slow session in terms of points spread. SP 500 climbed within rock-throwing distance of its record high, continuing its upward movement. WTI inched higher, settling at 72.70. Gold and silver tracked each other, with gold at 1782 and silver slipping to 22.40.
Bitcoin was relatively stable for the second day at 50600.
| Here are the headlines moving the markets. | |
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Iceland Cuts Electricity To Crypto Miners Amid Power CrunchDue to low hydropower generation, Iceland has seen a shortage of electricity supply in recent days to the point where its biggest utility curtailed power to some industrial activities, data centers, and cryptocurrency mining. Iceland generates nearly 100 percent of its electricity from renewable energy sources, with hydropower generation accounting for around 73 percent of power supply and geothermal power representing the other 27 percent of electricity generation. This week, however, low levels of hydro reservoirs, a fault at one power station, Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iceland-Cuts-Electricity-To-Crypto-Miners-Amid-Power-Crunch.html |
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The U.S. Looks To Beat Qatar To Become The World’s Top LNG Exporter In 2022The United States will have the worlds largest liquefied natural gas (LNG) export capacity next year, exceeding the capacity of the top LNG exporters Australia and Qatar. Thanks to a growing number of U.S. LNG export projects coming into service, by the end of 2022, U.S. nominal capacity will increase to 11.4 billion cubic feet per day (Bcf/d) and peak capacity to 13.9 Bcf/d across 7 LNG export facilities and 44 liquefaction trains, the Energy Information Administration (EIA) said in its latest natural gas weekly update Read more at: https://oilprice.com/Energy/Natural-Gas/The-US-Looks-To-Beat-Qatar-To-Become-The-Worlds-Top-LNG-Exporter-In-2022.html |
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Supply Bottlenecks Continue To Impact U.S. Car SalesFord Motor Co. reported November U.S. sales increased by 5.9% year over year to 158,793 vehicles. Total truck sales increased by 4.6%. Meanwhile, SUV sales increased by 20.8% and electrified vehicle sales increased by 153.6%. Fords electrified vehicle sales in November grew at a rate more than three times faster than the overall electrified vehicle segment, taking Fords electrified vehicle share to 10 percent compared to 5.4 percent last year, the automaker said in its November report. This set up a record November Read more at: https://oilprice.com/Latest-Energy-News/World-News/Supply-Bottlenecks-Continue-To-Impact-US-Car-Sales.html |
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Top Executive In U.S. Shale Is Worried Oil Prices Could Go To $100After half a decade of U.S. oil drillers underinvesting in projects and returning money to shareholders, it could take years to resume pre-pandemic production levels that could further roil oil markets for years to come. “I’m worried that it may get too high, above $100 (per barrel),”according to Scott Sheffield, CEO of shale explorer Pioneer Natural Resources Co., who was speaking toReutersin an interview at the Petroleum Congress in Houston on Tuesday. “I hope it stabilizes between an $80 to $100 range over the next Read more at: https://oilprice.com/Energy/Oil-Prices/Top-Executive-In-US-Shale-Is-Worried-Oil-Prices-Could-Go-To-100.html |
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Early Winter Disrupts Russias Black Sea Oil ExportsBad weather at Russias Black Sea port of Novorossiysk is delaying loadings and creating traffic congestion on the straits of the Black Sea leading to the Mediterranean, trading sources told Reuters. Early winter storms have delayed loadings at the Novorossiysk and Yuzhnaya Ozereyevka terminals and disrupted the schedules of crude deliveries of the Urals and CPC Blend grades in November and December, according to the sources. Weather conditions in Novorossiysk are terrible. Nearly every cargo loading has been delayed, one source Read more at: https://oilprice.com/Latest-Energy-News/World-News/Early-Winter-Disrupts-Russias-Black-Sea-Oil-Exports.html |
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Oil Investment Must Rise To $525 Billion Per Year To Avoid Supply CrunchUpstream oil and gas investment must rise to the pre-pandemic levels of around $525 billion per year through the end of the decade so that the industry can ensure a demand-supply balance, Saudi Arabia-based International Energy Forum (IEF) and IHS Markit said in a new report this week. This year, upstream investment is still depressed, for a second year in a row, and is estimated at around $341 billion. This is almost 25 percent below the investment levels of the last normal year in 2019, says the report from IHS Markit and IEF, which Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Investment-Must-Rise-To-525-Billion-Per-Year-To-Avoid-Supply-Crunch.html |
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GameStop shares fall as video game retailer reports widening losses in third quarterGameStop shares fell after the video game retailer reported that its losses widened in the fiscal third quarter. Read more at: https://www.cnbc.com/2021/12/08/gamestop-gme-3q-2021-earnings.html |
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Rent the Runway posts widening losses, as subscribers have yet to return to pre-pandemic levelsRent the Runway booked a wider fiscal third-quarter loss compared with 2020, as its sales shot up 66% year over year. Read more at: https://www.cnbc.com/2021/12/08/rent-the-runway-rent-q3-2021-earnings-.html |
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Biden to expand federal fleet of EVs in bid to make government carbon-neutral by 2050The White House is set to spend billions of dollars to expand a federal fleet of electric vehicles, upgrade buildings and add clean electricity to the grid. Read more at: https://www.cnbc.com/2021/12/08/biden-to-order-federal-government-to-become-carbon-neutral-by-2050.html |
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WHO says omicron variant could change the course of the Covid pandemic“Certain features of omicron, including its global spread and large number of mutations, suggest it could have a major impact on the course of the pandemic,” Tedros said. Read more at: https://www.cnbc.com/2021/12/08/who-says-omicron-covid-variant-could-change-the-course-of-the-pandemic.html |
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Black and nonbinary representation in TV and film jumps during pandemic, report saysThe study compared the leading casts in television and movies over the course of two 18-month periods, according to Variety. Read more at: https://www.cnbc.com/2021/12/08/black-and-nonbinary-representation-in-tv-and-film-jumps-during-pandemic.html |
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Pfizer CEO says fourth Covid vaccine doses may be needed sooner than expected due to omicron“When we see real-world data, will determine if the omicron is well covered by the third dose and for how long,” Pfizer CEO Albert Bourla told CNBC. Read more at: https://www.cnbc.com/2021/12/08/omicron-pfizer-ceo-says-we-may-need-fourth-covid-vaccine-doses-sooner-than-expected.html |
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Starbucks workers in Buffalo to decide this week whether to form coffee chain’s first U.S. unionStarbucks workers at three cafes in Buffalo, New York, voted this week to decide if they will form a union. Read more at: https://www.cnbc.com/2021/12/08/starbucks-workers-in-buffalo-to-decide-whether-to-form-a-union.html |
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Pro cyclist Mark Cavendish reveals violent home invasion robbery months after Tour de France stage winsMark Cavendish stunned pro cycling with a comeback in the 2021 Tour de France that saw him tie Eddy Merckx for the most stage wins. Read more at: https://www.cnbc.com/2021/12/08/cyclist-mark-cavendish-reveals-robbery-months-after-tour-de-france-wins.html |
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Passenger travel is back, but stock market investors haven’t stuck with airlines in the pastThe stock market has cleared carriers like Delta Air Lines for takeoff after omicron selling, and traffic is up, but the Covid profit path will be bumpy. Read more at: https://www.cnbc.com/2021/12/08/why-airline-stocks-even-with-omicron-may-finally-be-good-market-bets.html |
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Pfizer will submit full data on Covid treatment pill to the FDA in a few days, CEO saysPfizer CEO Albert Bourla said he’s confident clinical trials will show the oral antiviral pill, Paxlovid, reduces Covid hospitalization and death by 89%. Read more at: https://www.cnbc.com/2021/12/08/pfizer-will-submit-full-data-on-covid-treatment-pill-to-the-fda-in-a-few-days-ceo-says.html |
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The push to legalize sports betting fuels DraftKings’ riseDraftKings announced third-quarter revenue of $213 million in November, 60% higher than a year earlier. Read more at: https://www.cnbc.com/2021/12/08/sports-betting-and-the-rise-of-draftkings.html |
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Stocks making the biggest moves midday: Stitch Fix, Roku, Norwegian Cruise Line and moreThese are the stocks posting the largest moves in midday trading. Read more at: https://www.cnbc.com/2021/12/08/stocks-making-the-biggest-moves-midday-stitch-fix-roku-norwegian-cruise-line-and-more.html |
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Japanese billionaire arrives at ISS on space tourism trip ahead of SpaceX lunar journeyJapanese billionaire Yusaku Maezawa arrived at the International Space Station on Wednesday, where he’ll spend nearly two weeks visiting. Read more at: https://www.cnbc.com/2021/12/08/japanese-billionaire-yusakua-maezawa-arrives-at-iss.html |
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SEC’s Inspector General Kept Job Despite “Abusing His Authority” By Protecting SubordinatesSEC’s Inspector General Kept Job Despite “Abusing His Authority” By Protecting SubordinatesThis isn’t a good look for the SEC, the agency that’s received widespread criticism for going easy on Elon Musk, Tesla and Goldman Sachs while jumping at the opportunity to prosecute small-time traders guilty of acting on bits of MNPI.
Hoecker According to an exclusive Reuters report, Carl Hoecker, the SEC’s inspector general, was briefly suspended in May 2020 following an investigation into “serious misconduct” on Hoecher’s part. Instead of firing him, the SEC temporarily suspended its own IG without pay for an undisclosed period. And now he’s now back on the job. The investigation was led by the SEC’s Integrity Committee, a federal panel that examines allegations of wrongdoing against inspectors general. The panel determined that Hoecker had abused his position by carrying out “a remarkably biased and flawed” internal investigation into allegations … Read more at: https://www.zerohedge.com/markets/secs-inspector-general-kept-job-despite-abusing-his-authority-protecting-subordinates |
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Democrats View Socialism More Favorably Than Capitalism: GallupDemocrats View Socialism More Favorably Than Capitalism: GallupAuthored by Jeffrey Jones via Gallup, Americans remain much more positive toward capitalism than socialism, and their ratings of each have been largely stable over the past decade-plus. And yet the fact that a whopping 38% of Americans view socialism positively is an ominous indicator of the current social state.
These results are based on an Oct. 1-19 Gallup survey. Since 2010, Gallup has measured Americans’ basic opinions of several economic or governmental terms, including capitalism and socialism. Their views of socialism have held steady, even as Sen. Bernie Sanders and progressive Democratic politicians have pursued an expanded government role in addressing healthcare, poverty and early childhood education — policies their critics describe as moving the U.S. toward socialism. Likewise, Americans’ opinions … Read more at: https://www.zerohedge.com/markets/democrats-view-socialism-more-favorably-capitalism-gallup |
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Bonds Bloodbath, Dollar Dumped As Omicron Anxiety Ebbs & FlowsBonds Bloodbath, Dollar Dumped As Omicron Anxiety Ebbs & FlowsAnxiety over Omicron was higher overnight from South African data showing Pfizer vaxx efficacy weakened against Omicron… but then the CEO of the company that makes billions from the vaccine – and is protected from any liabilities – said, all you need is a 3rd jab and that will save you all from Omicron… and the market rejoiced. Small Caps outperformed today but traded in a truly chaotic manner. The Dow ended the day unchanged-ish and S&P and Nasdaq modestly higher…
Notably, the major US equity indices remain unable to extend gains above pre-Omicron levels… Read more at: https://www.zerohedge.com/markets/bonds-bloodbath-dollar-dumped-omicron-anxiety-ebbs-flows |
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Russia Delivers Protest Note To US Embassy Warning “Dangerous Consequences” For Border “Provocations”Russia Delivers Protest Note To US Embassy Warning “Dangerous Consequences” For Border “Provocations”Russia’s Foreign Ministry has handed a “note of protest” to the US Embassy-Moscow just a day after the Biden-Putin talks which focused on the build-up of tensions centered on Ukraine, amid widespread accusations the Kremlin is mustering troops for an offensive in Donbass. The note warns of “dangerous consequences” should any “provocations near Russia’s borders” ensue. It cites increased NATO combat aircraft and naval activities. “The military activity of the United States and NATO member states along the perimeter of Russia’s border, including flights by combat aircraft and dangerous maneuvers by naval ships, continues to spiral upwards,” Kremlin spokeswoman Maria Zakharova said in a written statement posted late in the day Wednesday, based on what was communicated in the note.
“The US military and its NATO allies have switched from attempts to test the system of our border protection to provocations against … Read more at: https://www.zerohedge.com/geopolitical/russia-delivers-protest-note-us-embassy-warning-dangerous-consequences-border |
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Covid vaccine passports ‘devastating’ for nightclubsAn industry body says nightclubs and bars should not be “thrown under the bus” by the government. Read more at: https://www.bbc.co.uk/news/business-59579503?at_medium=RSS&at_campaign=KARANGA |
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New home working order another blow for small firmsNew guidance to work from home is greeted with dismay by firms that thrive when workers are in offices. Read more at: https://www.bbc.co.uk/news/business-59577353?at_medium=RSS&at_campaign=KARANGA |
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Boss says sorry for ‘blundered’ Zoom firing of 900 staffVishal Garg says he “is deeply sorry” for sacking 900 staff in an online meeting. Read more at: https://www.bbc.co.uk/news/business-59573146?at_medium=RSS&at_campaign=KARANGA |
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Is FY22 the best year for IPO mart? Zerodha founder shares some interesting dataZerodha’s CEO Nithin Kamath on Wednesday shared insight on the craze in the 90s and compared that to the current frenzy. The data accessed from Prime Database and shared by him on Twitter shows that in the last 33 fiscal years, 1995-96 saw the most number of new companies entering stock markets: 1,402. A year prior 1,336 companies launched their issues. Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/is-fy22-the-best-year-for-ipo-mart-zerodha-founder-shares-some-interesting-data/articleshow/88165502.cms |
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This top token has surged 15,000% in one year. Does it have more steam left?On a year-to-date basis, the token has surged about 12,000 per cent, the data from Coinmarketcap suggested. For perspective, if you had invested Rs 10,000 in the token on January 1, the value of your investment would be Rs 12,00,000 today. Read more at: https://economictimes.indiatimes.com/markets/cryptocurrency/this-top-token-has-surged-15000-in-one-year-does-it-have-more-steam-left/articleshow/88161661.cms |
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‘Big fish in small pond’ strategy can do wonders for your portfolioInstead of starting out as a small fish in a large pond, starting out as a big fish in a small pond may not be so bad — not so bad for art, not bad for investing, and certainly not unsuitable for life. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/big-fish-in-small-pond-strategy-can-do-wonders-for-your-portfolio/articleshow/88170588.cms |
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Earnings Results: Rent the Runway stock falls sharply after first public resultsIn its first earnings report since its IPO, Rent the Runway said it added subscribers and grew revenue and gross margins during the third quarter, but its net loss almost doubled. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-77D6-90D4633B719B%7D&siteid=rss&rss=1 |
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Market Snapshot: S&P 500 ends near record and Nasdaq closes higher on hope that omicron won’t derail economic reboundU.S. stocks finish higher Wednesday, with the major indexes near records, aided partly by news suggesting the omicron variant may not be as bad as feared. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-77D3-2A7DDBB88A17%7D&siteid=rss&rss=1 |
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Earnings Results: UiPath stock drops even as results top Street expectationsUiPath Inc. shares fell in the extended session Wednesday even as the “software robots” provider’s quarterly results topped Wall Street expectations. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-77D5-9B70281FF829%7D&siteid=rss&rss=1 |
