Tuesday Watch

Evening Headlines

Bloomberg:

• China Real Estate, Production Slide Highlights More Stimulus Needed.
• Asian Shares Follow Record-Breaking Wall Street.
• Oil Holds Gain as Risk-On Sentiment Helps to Support Commodities.
• S&P 500 Hits 30th Record of 2024 as Megacaps Rally.
• Fed’s Harker Says One Rate Cut in 2024 Is Appropriate Based on Outlook.
• Five Things You Need to Know to Start Your Day: Asia.

Zerohedge:  

• "Shouldn't Be Happening": Illegal Alien Gang Member Arrested In Death Of Maryland Mom Of Five.
• How Trump Wins The Debate – And The Election.
• Why Modi's India Is Suddenly Getting Washington's Cold-Shoulder.
• "Clearly Not Satisfied": McDonald's Winds Down IBM's Drive-Thru AI Chatbot Test.
• The Corruption Of Merrick Garland.
• China's New Home Prices Plunge The Most Since October 2014.
• Former CDC Director Predicts Bird Flu Virus Will Cause Next Pandemic.
• LA Studying Removing Police From Traffic Enforcement.
• VDH: How Left-Wing Conspiracies Work.
• Overbought Mania.
• US stocks and oil prices gained amid dollar weakness, while participants await a slew of Fed speakers - Newsquawk Asia-Pac Market Open.
• US Has Reportedly 'Ramped Up' Intel-Sharing With Israel, Alarming Democrat Lawmakers .
• Sense And Nonsense On Petrodollars.
• Xi Said US Is Trying To 'Goad Beijing' Into Attacking Taiwan.
• Stocks and oil bid as Dollar slips ahead of a deluge of Fedspeak - Newsquawk US Market Wrap.
• The United States Of 'Go Figure'...
• Bitcoin, Black Gold, & Big-Tech Rip To Start The Week.

Wall Street Journal:

• Corporate Tax Rate Spurs Political Fight With Over $1 Trillion at Stake.
• Biden to Give Legal Status to Immigrant Spouses of Citizens.
• Boeing’s CEO Search Hits Some Snags.
• Netanyahu Dissolves Israel’s War Cabinet.
• U.S. Surgeon General Calls for Warning Labels on Social-Media Platforms.

CNBC.com:

• Nvidia to get 20% weighting and billions in investor demand, while Apple demoted in major tech fund.
• Apple stops offering buy now, pay later loans in U.S. 
• Judge tosses Exxon Mobil lawsuit against activist shareholder Arjuna over climate proposal.
• New Jersey Democratic kingmaker George Norcross indicted on racketeering charges.
• GameStop closes more than 12% lower after annual meeting fails to offer details on firm’s strategy.
• 80% of Americans say their grocery costs have notably increased since the pandemic started.

MarketWatch.com: 

• How Nvidia’s new Street-high stock-price target stacks up in the chip sector.
• 8 stocks other than Microsoft, Apple and Nvidia that could be worth $4 trillion in three years.
• Merck’s vaccine approval poses threat to one of Pfizer’s top-selling products.
• Chegg says it’s doubling down on students while cutting nearly a quarter of its staff.

Fox News:

• Trump pulls far ahead of Biden in one-time swing state Obama won twice, poll finds.
• Ex-deputy CIA director warns US faces ‘serious threat’ of terror attack in ‘months ahead’.
• John Kerry under scrutiny from his time as top US diplomat as whistleblowers step forward.

TheGatewayPundit.com:

• IT BEGINS: Kansas Sues Pfizer — State Alleges Company Knew of ‘Serious Adverse Events’ Yet Marketed COVID-19 Vaccine as ‘Safe’.
• 320,000 GHOST VOTERS Identified in MUST-WIN State of MI — Are Democrats Resorting to Dirty Tricks Reportedly Used by a Third-World Country to Win in 2024?
• Blinken Sits for Interview with Al-Jazeera News Anchor Who Expresses Hope for Israel’s Destruction.
• State Bar Quaking, Warns Lawyers Not to Criticize Lawfare Against Trump.
• The Look on Obama’s Face Says it All: Biden Incoherently Babbles About “Joe Jobs” as Obama Stares (VIDEO).
• Biden’s Failure: US Taxpayers to Spend Another $22M to Repair Gaza Pier – Report.
• Joe Biden to Deplete Oil Reserves to Artificially Lower Gas Prices Months Before Election.
• “Holy Cow… I’ve Never Seen Anything Like This, I’m Like Speechless” – CNN Data Reporter Shocked at Trump’s Level of Support with Black Voters (VIDEO).

The Epoch Times:

• Poverty in China Is Rising.
• The Chinese Dream Is Dying.
• Warren Buffett Is Unloading More BYD Stock.
• China the ‘Main Supporter’ of Russia’s War in Ukraine: Stoltenberg.

Around X:

• @elonmusk

• Wow! (video)
  

• @WallStreetApes

• This Is Going To Truly Blow Your Mind. “Every Taliban member who died during the war with us, the US government is paying them a stipend, the family. So our families of Americans who died there aren't getting squat, but we are paying Taliban families for basically dying while attacking us”. “The $40 million a week that comes on the airplane and comes into Afghanistan. The amount of money on the plane weekly is $43 million to $87 million. But one thing I want Americans to understand is in that bucket of the $40 million we send each week, we are paying basically welfare to the Taliban martyrs family.” (video)

• @wideawake_media

• Wind turbines require more energy to build than they will generate in their entire lifespans. It's not about "saving the planet". It's about making energy intermittent, scarce and expensive, so it can be rationed and switched off if you're not obedient enough to the ruling "elite".
• "Most people will be willing to give up their privacy in exchange for much better health care, based on 24 hour monitoring of what's happening inside their bodies." — WEF "agenda contributor", Yuval Noah Harari. "Very soon, people will walk around with biometric sensors—on, or even inside their bodies—and will allow Google, or Facebook, or the Chinese government, or whoever, to constantly monitor what's happening inside [their] body."
• Stanley Johnson—the depopulation-obsessed father of Boris Johnson—admits it's "part of the national plan" that people will be forbidden from travelling by plane, under the guise of tackling "climate change". "If that means, actually, some of us are told 'well you can't go on a plane', that's fine. That's part of the national plan." (video)

• @amuse

• FAILURE: President Biden touted his massive $42B Broadband 'Equity' plan in 2021. Since then not a single American has been connected to the internet under the plan. Meanwhile Biden canceled Elon Musk's $1B plan to bring internet to 1M rural locations.

• @realchrisrufo

• BREAKING: The Biden Administration has unsealed the indictment against Dr.
  @EithanHaim, who blew the whistle on the child sex-change program at Texas Children's Hospital. He is now facing up to 10 years in prison for telling the truth about a practice that is now illegal. (pic)
  

• @The_Real_Fly

• VP HARRIS: BIDEN TO FIX GOVT CONTRACTS TO AT LEAST 50% NON WHITES. (video)

• @naomirwolf

• There it is. Send our men and women overseas into a war and the new illegal population gets to stay here and remain safe.

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 1,011,672 Reports(+1,127 from prior report) Through May 31st, 2024.

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 

• Asian equity indices are +.5% to +1.0% on average.

• Asia Ex-Japan Investment Grade CDS Index 100.25 +.5 basis point.

• China Sovereign CDS 67.25 -1.0 basis point.
  
• China Iron Ore Spot 108.2 USD/Metric Tonne +.27%.

• Bloomberg Emerging Markets Currency Index 39.1 unch.
• Bloomberg Global Risk-On/Risk Off Index 61.0 +2.0%.
• Volatility Index(VIX) futures 14.4 +.2%.
• Euro Stoxx 50 futures +.53%.

• S&P 500 futures +.02%.

• NASDAQ 100 futures -.05%.  

Morning Preview Links

BOTTOM LINE: Asian indices are modestly higher, boosted by technology and industrial shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 100% net long heading into the day.