22Dec2022 Market Close & Major Financial Headlines: Wall Street Opened Sharply Lower, Don’t Expect A Santa Claus Rally This Week

U.S. Consumers Get Cheap Gasoline For Christmas

The average price of a gallon of gasoline in the United States fell on Thursday ahead of the Christmas holiday, with prices now 19 cents cheaper per gallon than this time last year. The national average for a gallon of gasoline has fallen four cents this week, to $3.101, despite demand for the fuel increasing last week from 8.26 million bpd to 8.71 million bpd, according to EIA data. Still, that demand figure is still 300,000 bpd lower than this time last year. Gasoline inventories increased by 2.5 million barrels last week to 223.6 million barrels.

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Consumers-Get-Cheap-Gasoline-For-Christmas.html

Destroyed Ukrainian Energy Grids Impact Steel Production

Steel production in Ukraine took a hit this past week due to the ongoing conflict with Russia. Industry watchers told MetalMiner that several Ukrainian steelmakers are facing production and rolling issues. Energy suppliers are rationing power distribution to major consumers. The rationing is the direct result of missile attacks and other military actions by Russian forces. Since the full-scale invasion of Ukraine began back in February, many Russian offensive measures have targeted the former’s energy network. According to European news reports,

Read more at: https://oilprice.com/Energy/Energy-General/Destroyed-Ukrainian-Energy-Grids-Impact-Steel-Production.html

U.S. To Offer Oil Product Cargo’s Grace Period For Price Cap

The United States Treasury Department will grant oil product cargo from a grace period when it goes into effect next year, Reuters said on Thursday. The price cap on Russian crude oil shipments went into effect on December 5, but the price cap on Russian petroleum products such as gasoline and diesel won’t go into effect until February 5. But now, the United States said there would be a grace period for those shipments in order to provide time for them to arrive at their destination before running afoul of sanctions. For Russian oil product

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-To-Offer-Oil-Product-Cargos-Grace-Period-For-Price-Cap.html

Deflating The Bubble: Teslas Market Cap Is Silently Imploding

Tesla’s year went from bad to worse on Tuesday, when the company’s battered share price dropped another 8 percent, bringing it down to a new 52-week low. Still the world’s most valuable car maker, Tesla’s market cap now amounts to $435 billion, down 65 percent from its peak on January 3, 2022, when the electric car maker was valued at more than $1.2 trillion. Shockingly, Tesla’s drop in market capitalization, roughly $800 billion from its peak, is bigger than the combined valuation of pretty much any legacy car manufacturer

Read more at: https://oilprice.com/Energy/Energy-General/Deflating-The-Bubble-Teslas-Market-Cap-Is-Silently-Imploding.html

Putin Vows Unlimited Spending To Secure Victory In Ukraine

Thanks to a windfall tax paid by Gazprom, Russian President Vladimir Putin has announced that there will be no limitations on spending for the military’s war in Ukraine, as Western sanctions and price caps hope to crush war coffers, Bloomberg reports. The country and government is giving everything that the army asks for–everything. I trust that there will be an appropriate response and the results will be achieved, Putin told top military officials at the Defense Ministry’s annual meeting in Moscow

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Putin-Vows-Unlimited-Spending-To-Secure-Victory-In-Ukraine.html

One Of The Biggest Challenges With Lithium Ion Batteries

DOE/SLAC National Accelerator Laboratory researchers reported a polymer-based electrolyte makes for batteries that keep working and don’t catch fire when heated to over 140 F. Rechargeable lithium-ion batteries power phones, laptops, other personal electronics, and electric cars, and are even used to store energy generated by solar panels. But if the temperature of these batteries rises too high, they stop working and can catch fire. That’s in part because of the electrolyte inside of them, which ferries lithium ions

Read more at: https://oilprice.com/Energy/Energy-General/One-Of-The-Biggest-Challenges-With-Lithium-Ion-Batteries.html

NFL ‘Sunday Ticket’ goes to YouTube in seven-year, $2 billion annual deal

The NFL reached a deal with Google’s YouTube for its “Sunday Ticket” subscription package.

Read more at: https://www.cnbc.com/2022/12/22/nfl-sunday-ticket-youtube-tv.html

Airlines cancel thousands of flights as massive winter storm and bitter cold sweep U.S. ahead of Christmas

Airlines canceled more than 4,000 flights as extreme winter weather swept through the United States

Read more at: https://www.cnbc.com/2022/12/22/winter-storm-forces-airlines-to-cancel-hundreds-of-flights-christmas-week.html

AMC plunges after theater company announces capital raise, proposes a reverse stock split

AMC Entertainment announced a capital raise to help pay down debt, and proposed a reverse stock split.

Read more at: https://www.cnbc.com/2022/12/22/amc-plunges-after-theater-company-announces-capital-raise-reverse-stock-split.html

New head of United Airlines pilot union resigns after online comments spark outcry

United Airlines Capt. Neil Swindells was narrowly elected earlier this week.

Read more at: https://www.cnbc.com/2022/12/22/head-of-united-airlines-pilot-union-resigns-after-comments-surface.html

Under Armour picks Marriott exec Stephanie Linnartz to be new CEO after a seven-month search

Under Armour ended its seven-month search for a new CEO by announcing that it had hired Marriott executive Stephanie Linnartz to take the job.

Read more at: https://www.cnbc.com/2022/12/21/under-armour-picks-new-ceo-stephanie-linnartz.html

The NFL Sunday Ticket/YouTube deal is good for both the league and Alphabet

The seven-year agreement is going to cost Google’s YouTube roughly $2 billion per year for the residential rights of the Sunday Ticket, CNBC reports.

Read more at: https://www.cnbc.com/2022/12/22/the-nfl-sunday-ticket/youtube-deal-is-good-for-both-the-league-and-alphabet.html

Stocks making the biggest moves midday: AMC Entertainment, Tesla, Micron, Under Armour, and more

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

Read more at: https://www.cnbc.com/2022/12/22/stocks-making-the-biggest-moves-midday-amc-entertainment-tesla-micron-under-armour-and-more.html

Biden urges Americans to travel early if possible with a massive blizzard slated to hit the U.S.

“This is not like a snow day when you were a kid,” Biden said. “This is serious stuff.”

Read more at: https://www.cnbc.com/2022/12/22/biden-urges-americans-to-travel-early-with-a-massive-blizzard-slated-to-hit-the-us.html

Jim Cramer’s Investing Club meeting Thursday: Estee Lauder, NFL-YouTube deal, Beer buy

The Investing Club holds its “Morning Meeting” every weekday at 10:20 a.m. ET.

Read more at: https://www.cnbc.com/2022/12/22/jim-cramers-investing-club-meeting-thursday-estee-lauder-nfl-deal.html

The $52 billion plan to save New York’s low-lying areas from sea level rise and storm surges

Residents living on the far outskirts of Queens, New York, are enduring floods nearly every month and worsening coastal storms.

Read more at: https://www.cnbc.com/2022/12/22/queens-battled-monthly-floods-as-sea-levels-rise-storms-worsen.html

Home sales tumbled more than 7% in November, the 10th straight month of declines

Home sales dropped an unusually sharp 7.7% in November, as high mortgage rates and home prices keep buyers on the sidelines.

Read more at: https://www.cnbc.com/2022/12/21/home-sales-tumbled-november.html

I drove hundreds of miles ‘hands-free’ in GM, Ford, and Tesla cars – here’s how it went

CNBC’s Michael Wayland recently tested “hands-free” systems from Tesla, GM, and Ford. Theirs are among the most readily available and dynamic on the market.

Read more at: https://www.cnbc.com/2022/12/21/test-driving-gm-ford-and-tesla-hands-free-systems.html

H&M removes Justin Bieber merchandise following criticism from pop star

H&M will no longer sell a line of Justin Bieber merchandise after the musician told fans he didn’t “approve” of the clothing bearing his name and likeness.

Read more at: https://www.cnbc.com/2022/12/21/hm-justin-bieber-merchandise-removed-after-criticism-from-pop-star-.html

Hunter Biden Hires Bill Clinton’s Criminal Defense Attorney As Congressional Investigations Loom

As House Republicans gear up to grill Hunter Biden over a wide range of alleged influence peddling and other illegal activities with members of the Biden family, the First Son has hired famous white-collar criminal defense attorney Abbe Lowell of the firm Winston and Strawn.

U.S. President Joe Biden (L) waves alongside his son Hunter Biden after attending mass at Holy Spirit Catholic Church in Johns Island, S.C., on Aug. 13, 2022. (Nicholas Kamm/AFP via Getty Images)Lowell has represented several high-profile Democrats over the years, including former President Bill Clinton, former Sen. John Edwards (D-NC), Sen. Bob Mendez (D-NJ), and Jared Kushner during the Mueller Russian collusion probe.

“Hunter Biden h …

Read more at: https://www.zerohedge.com/political/hunter-biden-hires-bill-clintons-criminal-defense-attorney-congressional-investigations

ICE Prepares To Release Illegal Immigrants In Tennessee

Authored by Chase Smith via The Epoch Times (emphasis ours),

Tennessee’s two Republican senators and Gov. Bill Lee are demanding a response from Immigrations and Customs Enforcement (ICE) on its plans to transport illegal immigrants from New Orleans to the state in a letter sent on Tuesday.

Sen. Marsha Blackburn (R-Tenn.) speaks at a press conference at the U.S. Capitol in Washington on Dec. 15, 2022, in a still from video released by NTD. Sen. Marsha Blackburn (R-Tenn.) posted her frustration with …

Read more at: https://www.zerohedge.com/political/ice-prepares-release-illegal-immigrants-tennessee

$1.7 Trillion Omnibus Spending Package Passed By Senate

Update (1430ET): The Senate on Thursday voted to pass a $1.7 trillion omnibus package that had previously hit a snag over immigration reform.

The passed legislation provides Ukraine with $45 billion in additional military and economic aid, and sets aside $38 billion for emergency disaster assistance, The Hill reports.

It also includes reforms to the Electoral Count Act in response to the Jan. 6, 2021, attack on the U.S. Capitol, clarifying that the vice president does not have the power to overturn the results of a presidential election.

The package passed …

Read more at: https://www.zerohedge.com/political/omnibus-bill-stalled-after-gop-senator-demands-trump-era-border-policy-remain

Watch: CBS News Claims Climate Change Worsens Air Turbulence

Authored by Steve Watson via Summit News,

Following an incident of severe turbulence aboard a flight from Phoenix to Hawaii in which 36 people were hurt, some media outlets published misleading reports claiming that turbulence is now more dangerous because of climate change.

Yahoo News issued an article with the headline ‘How climate change may have contributed to Hawaiian Airlines’ dramatic turbulence‘, and CBS News produced a piece claiming climate change has made turbulence more deadly.

Airplane turbulence might be getting more common …

Read more at: https://www.zerohedge.com/weather/watch-cbs-news-claims-climate-change-worsens-air-turbulence

Rail fares in England to rise by up to 5.9% from March

The below-inflation increase in regulated fares will take place in March, the government said.

Read more at: https://www.bbc.co.uk/news/business-64066678?at_medium=RSS&at_campaign=KARANGA

Who is striking? How Christmas and New Year walkouts will affect you

Ambulances, airports, and trains – strikes are not taking a Christmas break – by the BBC’s Zoe Conway.

Read more at: https://www.bbc.co.uk/news/uk-64001144?at_medium=RSS&at_campaign=KARANGA

FTX founder released to parents on $250m bail

Prosecutors have accused Sam Bankman-Fried of “one of the biggest financial frauds in US history”.

Read more at: https://www.bbc.co.uk/news/business-64068810?at_medium=RSS&at_campaign=KARANGA

US stocks open lower as economic data renews rate hike worries

At 9:50 a.m. ET, the Dow Jones Industrial Average was down 331.19 points, or 0.99%, at 33,045.29, the S&P 500 was down 50.70 points, or 1.31%, at 3,827.74, and the Nasdaq Composite was down 197.23 points, or 1.84%, at 10,512.14

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/us-stocks-open-lower-as-economic-data-renews-rate-hike-worries/articleshow/96431756.cms

NSE gets in-principle nod to set up Social Stock Exchange as a separate entity

Setting up the Social Stock Exchange is on the lines of a proposal made by the government in the Union Budget of 2019-20 (April-March) to create a platform for listing social enterprises and voluntary organizations

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/nse-gets-in-principle-nod-to-set-up-social-stock-exchange-as-separate-entity/articleshow/96430286.cms

Tech View: Nifty forms long bearish candle on charts. What traders should do on Friday

Till the index holds below 18250 zones, weakness may be seen towards 18000 and 17950 zones, whereas hurdles are placed at 18250 and 18350 zones, said Chandan Taparia of Motilal Oswal.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-long-bearish-candle-on-charts-what-traders-should-do-on-friday/articleshow/96427368.cms

Market Snapshot: Dow falls 500 points, stocks off session lows in the final hour of trade after strong economic data, bearish comments by David Tepper

U.S. stocks were sharply lower in final hour of trade on Thursday, but off session lows.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-716F-31FF8EBBB0FF%7D&siteid=rss&rss=1

The Moneyist: ‘I don’t just want to survive — I want to thrive’: I’m 29, work part-time, and left a 15-year abusive relationship. How do I get back on my feet financially?

‘I want to have the ability to retire, something my generation has often given up on. I want financial wisdom and skill, but I have no idea whom to ask.’

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7169-B89C216BA709%7D&siteid=rss&rss=1

The Margin: Why you should always keep cat litter in your car — and other winter storm tips

With a severe winter storm bearing down on much of the U.S., experts advise to be prepared if you’re headed out on the roads.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-716F-83B5CF074420%7D&siteid=rss&rss=1