Evening Headlines
Bloomberg:
- EU Braces for Storm as Ukraine Fallout Cascades in Economy.
- Ukraine Latest: First Fighters Are Evacuated From Mariupol Plant.
- One-Time Richest Singapore Tycoon Has Lost 80% of His Fortune.
- Asia Stocks Set for Cautious Open on Growth Worry: Markets Wrap.
- OPEC+ Ministers Say Pumping More Oil Won’t Ease Gasoline Prices.
- Gasoline Metrics Are Flashing Red for a Tight, Costly US Summer.
- Bitcoin’s Plunge Exposes Idea of Uncorrelated Asset as ‘Big Lie’.
- Musk Sees US as ‘Probably’ in Recession Lasting Up to 18 Months.
- Twitter Wipes Out All Gains Since Elon Musk Disclosed His Stake.
- Demand Is Up at Human Milk Banks Amid Baby Formula Crisis.
- Here’s How US Cities Rank on Baby Formula Shortages.
- California Push to Seat More Women on Boards Ruled Unlawful.
- US Set to Extend Covid-19 Public Health Emergency Past July.
- Meet the Hedge-Fund Manager Who Warned of Terra’s $60 Billion Implosion.
- Another Stablecoin Loses Peg as Algorithm Fails to Keep Pace.
- Is It Covid or Flu? New At-Home Test Spots Multiple Viruses.
- CBO Sounds a Warning of American Fiscal Ruin. As lawmakers defer the reckoning, stabilizing the federal debt gets more difficult each year.
- China’s Economic Distress Deepens as Lockdowns Go On.
- Ukrainians in Occupied Village Learn to Live With the Enemy.
- Latest Updates: More Than 260 Azovstal Fighters Evacuated From Steel Plant.
- Falling Markets Will Crush Government Budgets. Tax revenue from capital gains is about to dry up. Are federal and state officials ready for it?
Fox News:
- Former Biden COVID advisor dismisses latest White House warning.
- Justice Clarence Thomas rips into his liberal media critics.
CNBC.com:
- How Carvana went from a Wall Street top pick to trading with meme stocks.
- White House hits back at Amazon’s Bezos after Biden inflation spat.
- Rivian’s shares sink after a report says legal battle with a supplier could delay Amazon vans.
- Economists
conclude remote learning could hurt children’s future earnings and
economic mobility, after crunching data from 2.1 million students in
10,000 schools .
- Odds of ‘hard landing’ jump as stock, bond investors worry about economic growth, says Morgan Stanley.
- Take-Two sales and forecast undershoot Wall Street’s expectations, but the stock is doing fine
- PayPal borrows $3 billion to help fund debt buyback plan.
- 15 stocks that have fallen at least 33% but by these measures are still standouts in their sectors.
- Bitcoin will not become an alternative form of money, or a store of value, says Bernanke.
Zero Hedge:
- Did Fauci Just Convince Swing-Voters To Pull For Trump?
- Twitter Deal Still Happening? Musk Says 'Not Out Of The Question' But At Lower Price.
- The Post-Roe World: A Reality Check On The Implications Of The Leaked Supreme Court Opinion.
- Lott: Guess How Many Violent Crimes Actually Involve Guns?
- Goya CEO Issues Dire Warning On Looming Food Crisis.
- Newsquawk Asia-Pac Market Open - Choppy mood on Wall St amid growth concerns.
- Oil Prices Surge Past $113 As Shanghai Signals End Of Lockdown.
- White House 'Near Deal' To Reopen Abbott Baby Formula Plant, Allow Imports.
- Newsquawk US Market Wrap: Stocks choppy and Treasuries supported on mounting growth concerns.
- Morgan Stanley Sees S&P Tumbling As Low As 3,400: "That's Where Valuation And Technical Support Lie".
- "Debt Piles Haven't Shrunk": SocGen Warns Bear Market Will Lead To Fresh Corp Leverage Concerns.
- Foreigners Sold The Most US Stocks On Record In March, China Dumps TSY Holdings To Lowest Since 2010.
- Growth Scare Sparks Stock Chaos; Bonds & Bullion Jump As Bitcoin & The Buck Dump.
Newsmax:
TheGatewayPundit.com:
- New Peer-Reviewed Study Finds Pfizer’s Covid-19 Vaccine Protection Against Omicron Wanes Just a Week After Receiving Second and Third Dose.
- Michigan Vote Investigators Reveal Mountain of New Evidence.
- Ignored by Fake News Media: Gas Prices Reach ALL-TIME RECORD HIGH for SEVENTH STRAIGHT DAY.
- WATCH: Peter Doocy Grills White House Spox: How Come Biden is Visiting Buffalo, But He Couldn’t Visit Waukesha?
- Surgeon General to Panicked Parents Looking for Baby Formula: “Check with Your Dr. To See if They Have Samples” (VIDEO).
- Authorities Say Gunman in SoCal Church Attack is Chinese Immigrant Motivated by Hate For Taiwanese.
- Get Woke, Go Broke: Sports Illustrated Puts Big Girl and 74-Year-Old on Cover of Swimsuit Issue.
- True the Vote Announces They Now Have Footage of the 2020 Green Bay Drop Boxes – Are Working with Law Enforcement in Wisconsin (VIDEO).
OpenVAERS:
- VAERS US COVID Vaccine Adverse Event Reports. 813,020 Reports(+2,363 from prior week) Through May 6th, 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 -.25% to +.5% on average.
- Asia Ex-Japan Investment Grade CDS Index 129.0 -.25 basis point.
- China Sovereign CDS 81.75 -.75 basis point.
- Bloomberg Emerging Markets Currency Index 51.8 +.01%
- Bloomberg Global Risk-On/Risk Off Index 4,097.0 +32.0 points.
- Volatility Index(VIX) futures 28.1 -.02%.
- Euro Stoxx 50 futures n/a.
- S&P 500 futures -.01%.
- NASDAQ 100 futures +.11%.
Earnings of Note
Company/Estimate
Before the Open:
- (HD)/3.69
- (JD)/1.64
- (ONON)/-.04
- (SE)/-1.22
- (WMT)/1.48
- (WB)/.46
After the Close:
- (DOCS)/.15
- (KEYS)/1.68
Economic Releases
8:30 am EST
- Retail Sales Advance MoM for April is estimated to rise +1.0% versus a +.5% gain in March.
- Retail Sales Ex Autos MoM for April is estimated to rise +.7% versus a +.2% gain in March.
- Retail Sales Ex Autos and Gas for April is estimated to rise +.7% versus a +.2% gain in March.
9:15 am EST
- Industrial Production MoM for April is estimated to rise +.5% versus a +.9% gain in March.
- Capacity Utilization for April is estimated to rise to 78.6% versus a 78.3% gain in March.
- Manufacturing Production for April is estimated to rise +.4% versus a +.9% gain in March.
10:00 am EST
- Business Inventories for March is estimated to rise +1.9% versus a +1.5% gain in Feb.
- The NAHB Housing Market Index for May is estimated to fall to 75.0 versus 77.0 in April.
Upcoming Splits
- None of note
Other Potential Market Movers
- The Fed's Powell speaking, Fed's Mester speaking, Fed's Bullard speaking, China Industrial Production report, weekly US retail sales reports, BofA Metals/Mining/Steel Conference, Goldman Staples Forum, RBC Healthcare Conference, BofA Transport/Airlines/Industrials Conference, (MRNA) Science Day, Goldman Sachs Consumer Conference, (WING) investor day and the (CAT) investor day could also impact global trading today.
- 9:30 am - 4:00 pm EST
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