Evening Headlines
Bloomberg:
- Major China Developer Sunac Misses Payment as Crisis Spreads.
- Shanghai Community Covid Spread Damps Chance of Easing Curbs.
- Goldman Joins Calls to Unleash More Rate Hikes in Emerging Asia.
- Kim Orders Lockdown After North Korea Reports First Covid Case.
- Bitcoin ETFs Arrive in Australia Just as the Crypto Market Tanks.
- Stocks Extend Slide on Worries Over High Inflation: Markets Wrap.
- Oil Holds Jump as US Fuel Stockpiles Slide Before Driving Season.
- Crypto Billionaires’ Vast Fortunes Are Destroyed in Weeks.
- Stablecoin Rescue Plan Gets Cold Shoulder From Big Investors.
- ‘Everything Broke’: Terra Goes From DeFi Darling to Death Spiral.
- Instacart Files Confidentially for an IPO That Could Happen This Year.
- Baby Formula Shortage Sparks Democratic Inquiry, GOP Attack
- Scrutiny of Elon Musk’s Twitter Moves Intensifies in Washington.
- Prices in US Outstrip Forecasts in Sign of Inflation Persisting.
- Fed Should Hike to 5% or Higher to Curb Inflation, Dudley Says.
Wall Street Journal:
- Grocery, Airfare Inflation Reached Historic Highs.
- Heard on the Street: Inflation Has a Long Way to Fall to Stop Being a Problem.
- Podcast: Why the Fed Risks Causing a Recession.
- How Prices Climbed in April.
- Inflation Stays in the Heights. The policy mix of blowout government spending and easy money is punishing workers.
- New York Leads America off a Renewable-Energy Cliff. Biden is following Andrew Cuomo’s example, with predictable results.
- Latest: Ukraine Offers Exchange of Russian POWs for Safe Passage of Injured Mariupol Fighters.
- Stablecoin at Heart of Crypto Finance Plunges.
- Moderna Ousts Finance Chief in First Week on the Job.
Fox News:
- Leftists lose it after Manchin slaps down Dems' bill guaranteeing abortion access before SCOTUS ruling.
- Why Biden adviser insists skyrocketing prices are part of 'effective strategy'.
CNBC.com:
- Inflation barreled ahead at 8.3% in April from a year ago, remaining near 40-year highs.
- Apple is no longer the world’s most valuable company.
- Bitcoin extends sell-off, Coinbase loses millions of users and LUNA crashes to $1: CNBC Crypto World.
- Student loan debt hits another record high despite payment forbearance.
- Controversial stablecoin UST — which is meant to be pegged to the dollar — plummets below 30 cents.
- Beyond Meat’s stock slides 26% on weak sales, heads lower than IPO price for first time.
- Fed’s Bullard backs plan to hike rates by 50 basis points at each of next two meetings.
- As a baby formula shortage worsens, Abbott says it can get some product back on store shelves in July.
- Coinbase CEO says company has ‘no risk of bankruptcy’.
- 8 oil stocks that are still bargains for long-term investors.
- Disney stock turns to a loss after warning about rough road ahead for streaming.
Zero Hedge:
- Acting NIH Director Admits Appearance Of Conflict Of Interest In Secret Royalty Payments To Fauci, Scientists.
- 18 Signs That Food Shortages Will Get A Lot Worse As We Head Into The Second Half Of 2022.
- Garland Perjury? FBI Whistleblowers Say Parents Investigated With Counterterrorism "Threat Tag".
- Seniors Sacrifice Health And Comfort As Inflation Lowers Standard Of Living.
- UN Chief Joins Chorus Of Western Officials Saying 'No Chance' Of Ukraine-Russia Peace Deal Anytime Soon.
- There Goes The Housing Market.
- Major Trucking Firms Prepare For "Imminent Diesel Shortage In Eastern Half Of US".
- Wall Street's Biggest Bear Sees Much More Pain, S&P Dropping As Low As 3,350.
- Biden Disinformation Czar Demands Power To Edit Other People's Tweets.
- The Growing List Of US Companies Laying People Off.
- Watch: US Intel Chief Acts Dumbfounded When Senator Warns Of "Poking The Bear" In Ukraine.
- US Overdose Deaths Reach New Record As Fentanyl/Meth Use Soars.
- What Is DARPA Planning With The WEF?
- The Chinese Slowdown: Much More Than COVID.
- Bitcoin Breaks To Lowest Since 2020 As Stablecoin 'TerraUSD' Rebounds.
- Newsquawk Asia-Pac Market Open - Markets whipsawed post-CPI data.
- After Denial, BLM Co-Founder Admits To Holding Parties At $6M Mansion Bought With Donations.
- California To Hire "Water Cops" As Residents Ignore Newsom's Conservation Plea Amid Megadrought.
- Newsquawk US Market Wrap: Markets whipsaw to CPI bombshell as stock rout continues but Bonds hold strength.
- Bonds, Bullion, & Black Gold Bid As Bad-flation Batters Bitcoin & Big-Tech.
TheGatewayPundit.com:
- After Angry Mobs Protest Justice Alito’s Home, Virginia Gov. Youngkin Sends Letter Asking Local Police to Set Security Perimeter Around Justices’ Homes.
- Biden Randomly Starts Screaming About Food Shortages… Currently Happening Under His Administration, Rips Into “MAGA Crowd” (VIDEO).
- Attorney General Garland Orders US Marshals to Beef Up Security for Supreme Court Justices Following Request by Maryland and Virginia Governors.
- Bill Clinton’s Special Advisor and Jeffrey Epstein Handler Who Flew on Lolita Express Dies at 59.
- Biden Spox Karine Jean-Pierre Laughs When Asked Who’s “Running Point” on Baby Formula Shortage (AUDIO).
- Millionaire Democrat Tells Politico Inflation Sob Story of Putting Back $9.99 Lb. Bacon as Wake Up Call to Out of Touch Dems.
- SHOCKING: Per New Mexico Auditors Dominion Voting Systems Can Fill-In Ballots – Uncovered 2019 New York State Audit Confirms This.
- Analysis of Federal Data Shows Increase in Covid-19 Deaths Occurred Among the Vaccinated – Experts Warn More Breakthrough Deaths to be Expected with More Americans Reaching Fully Vaxxed Status.
- The NIH Doled out $30 Billion Last Year in Grants and the Entity and Its Scientists Received an Estimated $350 million or More in Royalties from 2010 to 2020.
OpenVAERS:
- VAERS US COVID Vaccine Adverse Event Reports. 813,020 Reports(+2,850 from prior week) Through April 29th, 2022.
SKirsch.com:
- Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.
Covid-19(Data, Maps, Graphs):
- Our World in Data: New Global Covid-19 Cases(7-day rolling average graphs). New US Covid Hospital Admissions/ICU Admissions/Deaths
- FT.com: Fully Vaccinated by Country(graph). Global Lockdown Stringency Index(map).
- Bloomberg.com: International Travel Restrictions. Case Graphs by State.
- NYTimes.com: County Trends and Clusters. Local ICU Occupancy.
- Brown School of Public Health: Covid Severity by State/County(map). US Hospital Capacity(region).
- CovidActNow: Covid Severity/Infection Rate by Metro Area.
- KFF: US Vaccinations by Race/Ethnicity.
- Carnegie Mellon: Covid-Like Symptoms in Community. Covid Symptom Searches on Google. Covid-Related Dr.Visits. Restaurant Visits. Wearing Masks. (graphs)
- Safegraph.com: Commerce Patterns(graphs).
Night Trading
Morning Preview Links
Earnings of Note
Company/Estimate
- Asian equity indices are -1.25% to -.5% on average.
- Asia Ex-Japan Investment Grade CDS Index 129.75 -1.5 basis points.
- China Sovereign CDS 83.25 -1.75 basis points.
- Bloomberg Emerging Markets Currency Index 51.9 +.03%.
- Bloomberg Global Risk-On/Risk Off Index 3,719.0 -40.0 points.
- Volatility Index(VIX) futures 31.4 1.1%.
- Euro Stoxx 50 futures -1.6%.
- S&P 500 futures +.59%.
- NASDAQ 100 futures +.79%.
Earnings of Note
Company/Estimate
Before the Open:
- (BABA)/7.24
- (GOOS)/-.01
- (DDS)/5.87
After the Close:
- (AFRM)/-.41
- (POSH)/-.22
Economic Releases
8:30 am EST
- PPI Final Demand MoM for April is estimated to rise +.5% versus a +1.4% gain in March.
- PPI Ex Food and Energy MoM for April is estimated to rise +.6% versus a +1.0% gain in March.
- Initial Jobless Claims for last week is estimated to fall to 192K versus 200K the prior week.
- Continuing Claims is estimated to fall to 1368K versus 1384K prior.
Upcoming Splits
- None of note
Other Potential Market Movers
- The Fed's Daly speaking, UK GDP report, 30Y T-Note auction, weekly EIA natural gas inventory report, (FSLY) investor day and the (NET) investor day could also impact global trading today.
- 9:30 am - 4:00 pm EST
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