Evening Headlines
Bloomberg:
- China Blasts US ‘Sincerity’ as Biden Calls for More Talks.
- How a Billion-Dollar Hong Kong Luxury Tower Highlights Developer Distress.
- US Stock Futures Rise on ‘Productive’ Debt Talks: Markets Wrap.
- Oil Edges Higher as Traders Track Talks to Head Off US Default.
- Jamie Dimon Has No Plans to Step Down as JPMorgan CEO Anytime Soon.
- Hedge Funds Rush to Buy Stocks on S&P 500’s Momentum.
- Key Takeaways From JPMorgan’s Investor Day Presentation.
- Two Fed Officials Say More Interest-Rate Raises May Be Needed to Cool Prices.
- Fed’s Kashkari Argues for Much Higher Capital to Bolster Banks.
- How Fake AI Photo of a Pentagon Blast Went Viral and Briefly Spooked Stocks.
- Regional Banks Rallied Last Week. Traders Continued to Short the Sector.
- More Americans Struggling With Their Finances, Fed Survey Shows.
Zero Hedge:
- Former Deputy Nat'l Security Adviser: FBI, CIA & DOJ Will Rig 2024 Election.
- Russia Issues Dire Warning After US Approves Ukrainian Strikes On Crimea.
- Will June Tax Payments Bump Debt Debate Into July?
- Panama Canal Hit By Shipping Restrictions As Water Crisis Set To Worsen.
- PAC To 'Draft' Tucker Carlson For President In 2024 Launches.
- Trump Town Hall Destroys Fake News Silo.
- Hedge Funds Most Bearish On Oil Since 2011 Just As Physical Demand Surges.
- 646 Hospitals At Risk Of Closure, Ranked By State.
- Narrow goes narrower.
- Lawmakers Want Answers On NIH Trans Kids Study That Led To Two Suicides.
- US stocks finished mixed amid the debt ceiling overhang - Newsquawk Asia-Pac Market Open.
- WTF Chart Of The Day: Bud Light Sales Dump For 6th Straight Week.
- Back-To-Office Trend Fades, Worsening Potential 'Doom Loop' For Big Downtowns Like Chicago's.
- Markets in trepidation mode ahead of Biden/McCarthy debt limit meet - Newsquawk US Market Wrap.
- The Middle Class Is Being Systematically Destroyed.
- Despite Hawkish FedSpeak & Deposit Outflows, Banks Lead Squeezy Stocks Higher; Hedges Hit Record High.
Wall Street Journal:
- Meta Fined $1.3 Billion Over Data Transfers to U.S.
- Activist Investor Calls on Yelp to Explore Sale.
- Slow Return to Work Pummels Office Stocks.
- How Did Hyundai Get So Cool?
- Biden Courts Another Mortgage Crisis. Housing officials double down on the policies that preceded the crash of 2008.
- Your Company Doesn’t Want You to Take Ozempic for Weight Loss. Here’s Why.
- Immigrants’ Share of the U.S. Labor Force Grows to a New High.
- Peaceful Sweden Has Become Europe’s Gun-Murder Capital.
- As Borrowing Costs Rise, Big Companies Get the Upper Hand.
- Bank Runs Trash Long-Held Assumption on Deposits.
CNBC.com:
- Biden, McCarthy cautiously optimistic about debt ceiling deal as Treasury reaffirms June 1 deadline.
- Jamie Dimon warns souring commercial real estate loans could threaten some banks.
- Paramount streaming service to merge with Showtime on June 27.
- Fed’s Kashkari says a June pause on rates wouldn’t indicate an end to hiking cycle.
- Walmart will offer pet telehealth in latest bid to compete with Amazon.
MarketWatch:
- Apple readies launch of $3,000 headset: Will it succeed where others have failed?
- Market’s favorite recession gauge has been flashing for longest streak since 1980.
- Investors rushing into stocks are wandering into a bull trap, warns Morgan Stanley Mike Wilson and others.
- A stock-market milestone: Apple is now worth more than the entire Russell 2000.
- Home buyers will now be able to put down as little as 1% on their house purchase, Rocket Mortgage says.
Fox News:
- Biden admin announces 'historic' plan to reduce western states' water supply
- Bud Light reportedly buying back unsold, expired beer from wholesalers
TheGatewayPundit.com:
- FDA Posts Tweet Warning about Dangers of Online Disinformation – Then Reality Comes Back Hard and Bites Them in the Horse’s Ass.
- Biden DOJ Formally Shut Down Clinton Foundation “Investigation” in August 2021 – FBI Destroyed All Evidence!
- JUST IN: AZ State Senator Borrelli Throws Down The Gauntlet, ORDERS County Supervisors to Comply With SCR1037 Which Bans Foreign Voting Machines in Arizona.
- Tucker Biographer Discloses Final Tucker Monologue That Did Not Air and What It Entailed – Says Dominion Demanded Tucker’s Ouster as Part of Fox News Settlement – Tucker Tweets in Response (VIDEO).
- Kevin McCarthy in Driver’s Seat as Debt Ceiling Negotiations With Biden Resume Monday; Polls Show Strong Majority of Americans Back GOP Position, Approval of McCarthy Rising.
- Report Confirms Dozens of Senators Are Being Issued Taxpayer-Funded Satellite Phones in Preparation for a “Disruptive Event”.
- “It Is Marxist” – They Want to Gather Biodata from All Humans and Share It – Dean Michele Bachmann Gives Update from World Health Assembly in Geneva (VIDEO).
- Stunning! Kari Lake Reveals Maricopa Had 99 Signature Validators Who Could Work from Home, Alone, Unsupervised, Behind Closed Doors – At Least 250,000 Ballots in Question (VIDEO).
- Croatian EU Parliamentarian Mislav Kolakusic Publicly Declares WHO a TERRORIST Organization (VIDEO).
- WATCH: High School Track Star Flashes Unhappy Gesture After Being Cheated Out of State Championship Opportunity by Arrogant Trans Competitor – Security Kicks Out People Peacefully Protesting Trans Athlete’s Inclusion.
- Princeton University Announces Pro-Abortion Musical ‘Comedy’ Playing on Campus This Month -‘To All the Babies I’ve Killed Before’.
- JUST IN: Fox News Caves to Marxist Democrat Ideology With New Woke Policies…Viewers Respond.
Twitter:
- @MichaelKantro - Consumers confidence has dropped sharply in recent days … consumers seems more worried about the debt ceiling than investors. (graph)
- @KatieDaviscourt - NETHERLANDS: The war on the Dutch farmers continues as the government proposes to limit 2 cows per acre. Pres. Biden’s climate czar John Kerry made recent remarks insisting that the US govt needs to start taking similar measures My report for @HumanEvents.
- @kylenabecker - Dominion CEO predicts bleak future for the voting machine company.
- @xxclusionary - College student gets a 0 on an assignment for using the words “biological women.” (video)
- @JennieSTaer - NEW:‘These Numbers Are Staggering’: Chinese Migrants Continue To Surge Across Southern Border. “Right now in China there’s extreme pessimism, especially among people in their 20s about the future of their country,”
@GordonGChang tells me. - @MikeZaccrdi - The World Trade Uncertainty Index has spiked to its highest level since the start of the pandemic. (graph)
- @zerohedge - S&P 500 % of stocks outperforming the index. (graph)
- @catturd2 - They’re so worried they sent $350 million to Ukraine yesterday.
OpenVAERS:
- VAERS US COVID Vaccine Adverse Event Reports. 961,352 Reports(+1,715 from prior week) Through May 12th, 2023.
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.
Night Trading
Morning Preview Links
BOTTOM LINE: Asian indices are mostly higher, boosted by industrial and tech shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.
- Asian equity indices are -.25% to +.5% on average.
- Asia Ex-Japan Investment Grade CDS Index 125.75 -1.0 basis point.
- China Sovereign CDS 67.25 -1.0 basis point.
- China Iron Ore Spot 101.60 USD/Metric Tonne -.53%.
- Bloomberg Emerging Markets Currency Index 47.2 -.02%.
- Bloomberg Global Risk-On/Risk Off Index 58.9 +1.2%.
- Bloomberg US Financial Conditions Index .05 +3.0 basis points.
- Volatility Index(VIX) futures 19.6 -.62%.
- Euro Stoxx 50 futures +.18%.
- S&P 500 futures +.28%.
- NASDAQ 100 futures +.31%.
BOTTOM LINE: Asian indices are mostly higher, boosted by industrial and tech shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.
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