Evening Headlines
Bloomberg:
- Rate Hikes Echo Around the World as Inflation Proves Unrelenting.
- Biden Says Dictator Remark About China's Xi Hasn’t Undermined Ties.
- Japan’s Inflation Outpaces Forecast Amid Focus on BOJ Price View.
- Yen Slumps Broadly as Bank of Japan’s Policy Diverges From Peers.
- Asian Stocks Open Mixed Amid Elevated Bond Yields: Markets Wrap.
- Oil Heads for Steep Weekly Loss as Fed Sees Further Tightening.
- Powell Signals Higher Rates as Lawmakers Press Him on Bank Rules.
- Shares of Startups Are Turning Dirt Cheap, Attracting Venture Funds.
- Adani Group Draws Regulatory Scrutiny in the US After Short Seller Report.
- Remote Work Still Threat to US Cities’ Credit Quality, S&P Says.
- Yellen Sees Lower US Recession Risk, Says Consumer Slowdown Needed.
- San Francisco Mayor Floats Razing Mall in Crisis-Ridden Downtown.
- Citi Signals Consequences for Flouting Return to Office.
- Billionaire Hedge Fund Managers Go Hollywood in ‘Dumb Money’.
Zero Hedge:
- Watch: Tucker Calls Out 'Media Hysteria Typhoon' Over RFK Jr.
- IRS Whistleblowers Release New Bombshell Evidence Against Bidens, DOJ And AG Garland.
- Schools Are Now Allowing Children To Identify As Cats, Horses, Dinosaurs...
- Wawa Shuttering Another Philadelphia Location, Marking Three Center City Closures In A Year.
- AMC Cancels Documentary Detailing Long-Term Health Implications Of Gender Transitioning After Backlash.
- RV Bust Kicks Into High Gear As Winnebago Records Big Revenue Miss.
- It's Not Just People - Illinois Suffered The Nation's 3rd-Worst Loss Of Businesses.
- "We Need Rain": Corn, Soy, Wheat Prices Soar As Drought Conditions Worsen In Midwest.
- Chris Hedges: The Imminent Extradition Of Julian Assange & The Death Of Journalism.
- Murder, They Spun: Selective Stats Leave Suspicious Fingerprints All Over The Crime Debate.
- EU Readies €50BN Package & Pentagon Ramps Up Shell Production, Even As Ukraine Offensive Falters.
- US stocks were mixed and yields gained as participants digested US data and busy global central bank activity - Newsquawk Asia-Pac Market Open.
- 15 Questions That Are More Useful Than "What Presidential Candidate Should Americans Vote For?".
- Down - mission impossible.
- BofA Is First To Call Market Meltup A New "Bubble"; Has Trade Recommendation How To Ride It Until It Bursts.
- Woke Sports? Consider The Big Leagues' Longstanding Great Awakening.
- Fed Emergency Bank Bailout Facility Usage Hits New Record High; Money Market Funds See Another Small Outflow.
- SPX and NDX snap losing streaks as Big Tech rallies amid Central Bank bonanza - Newsquawk US Market Wrap.
- VIX Crushed As Curve & Commodities Scream Recession; Banks Skid, Big-Tech Bid.
Wall Street Journal:
- At Ford, Government Is Now Job One. The auto maker gets a $9.2 billion low-cost loan—along with orders on how to use it.
- On Wall Street, Lawyers Make More Than Bankers Now.
- Musk vs. Zuckerberg: The Billionaire Bout for the Social-Media Age.
- Why You Shouldn’t Always Tell Your Bank How Much You Make.
- Black Americans Are Leaving Cities in the North and West.
CNBC.com:
- Fed Chair Powell says smaller banks likely will be exempt from higher capital requirements.
- China dilemma: Europe wants a new relationship but is wary of retaliation.
- Moderna files for FDA approval of updated Covid vaccine for fall.
- Flavored e-cigarette sales are booming despite federal crackdown.
- New technologies hurt car quality as EV brands fare poorly, J.D. Power says.
- AWS is investing $100 million in generative A.I. center in race to keep up with Microsoft and Google.
MarketWatch:
- 3M stock rallies after $10.3 billion ‘forever chemical’ settlement offered.
- Virgin Galactic stock drops more than 13% after space-tourism company seeks to raise $400 million.
- Global growth outlook deteriorates on central bank rate hikes, raising risks for U.S. and markets.
- U.S. stocks head for punishing selloff as ‘unknown unknowns’ could drag market lower, analysts warn.
- A known Tesla bull is the latest analyst to turn cautious on Tesla stock.
Fox News:
- Bombshell revelation in Durham hearing should chill Americans to the core
- New Bud Light ad ridiculed up and down social media: ‘They’re trying so hard’
TheGatewayPundit.com:
- California Dems Advance Legislation to Give Therapists Unconditional Power to Remove 12 Year Olds From Their Parents.
- WHISTLEBLOWER: Federal Prosecutors Have Evidence Joe Biden Met with Hunter’s Chinese Energy Client CEFC.
- Navy Knew Titan Submarine Imploded Days Ago – Military Acoustic Detection System Picked Up Implosion Hours After Vessel Began Its Exploration
- BREAKING: Tennessee Republican Lawmakers Receive Threatening Letters From ‘Liberal Activist’ Containing White Powder, Prompting Lockdown
- Chief ‘Diversity Officer’ Latondra Newton Is Exiting Crumbling Disney.
- Whistleblower Reveals Hunter Biden Demanded Payment From His Chinese Business Associate Over Text Message – While Joe Biden Was Sitting Next to Him!
- John Durham Gives Chilling Response to Harriet Hageman Question About Two-Tiered Justice System: ‘The Nation Can’t Stand’ (VIDEO).
- Far-Left MSNBC Contributor Elie Mystal Tweets ‘Death Wish’ Against Supreme Court Justice Alito “Please Take Him to See the Titanic”.
- Megyn Kelly Responds to Report About NY Schools Hiding Student Gender Transitions From Parents: ‘Very Dark Days’.
- New Illinois Bill Would Allow Non US Citizens to Serve in Law Enforcement.
- Elon Musk Makes Trans Activists Melt Down After Declaring that Their Two Favorite Words are Now Slurs on Twitter – His Community Notes then Buries Joe Biden After He Tells Big Lie About Deficit Reduction.
- Report Reveals the “Sensitive” U.S. Intelligence on the Chinese Spy Balloon that Joe Biden Casually Blurted Out to Democrat Donors During a Campaign Fundraiser (VIDEO).
- A Step Too Far: U.S. Approves Sale of Lab-Grown Chicken Meat in Unsettling Precedent.
The Epoch Times:
Twitter:
- @TPostMillennial - BREAKING: US Navy detected Titan implosion on Sunday, but Biden admin only released news on Thursday after Hunter plea deal and whistleblower reports released.
- @ggreenwald - Exciting! Congrats to this former CIA operative on his major promotion to overseeing elections for Meta! CIA doesn't need Operation Mockingbird now because it controls political discourse and news reporting out in the open, by getting hired by them:
OpenVAERS:
- VAERS US COVID Vaccine Adverse Event Reports. 964,389 Reports(+1,106 from prior week) Through June 2nd, 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 lower, weighed down by financial and consumer shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 50% net long heading into the day.
- Asian equity indices are -.5% to +.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 114.25 +.5 basis point.
- China Sovereign CDS 58.25 -.5 basis point.
- China Iron Ore Spot 111.3 USD/Metric Tonne -.32%.
- Bloomberg Emerging Markets Currency Index 44.5 -.12%.
- Bloomberg Global Risk-On/Risk Off Index 64.7 +1.7%.
- Bloomberg US Financial Conditions Index .32 -6.0 basis points.
- Volatility Index(VIX) futures 15.8 +.13%.
- Euro Stoxx 50 futures +.02%.
- S&P 500 futures -.06%.
- NASDAQ 100 futures -.05%.
BOTTOM LINE: Asian indices are mostly lower, weighed down by financial and consumer shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 50% net long heading into the day.
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