Evening Headlines
Bloomberg:
- Asia to Ramp Up Gasoline Exports to US as Sky-High Prices Beckon.
- Stocks Set to Sink as Bonds Jump on Growth Fears: Markets Wrap.
- Oil Falls as Equities Sink and China Imposes More Lockdowns.
- Stock Bounce Call ‘Proved Wrong,’ Cantor Strategist Concedes.
- What You Need to Know About the Baby Formula Shortage.
- Democrats Press Biden to Go Big on Forgiving Student Loan Debt.
- Farmers Are Buying Up Expensive Weedkiller Even As Costs Soar.
- The Long, Slow Death of Lehman Brothers Is Almost Complete.
- Vast Swath of US at Risk of Summer Blackouts, Regulator Warns.
- Buying Call Options Is New Stock Hedge for Traders Eyeing a Big Bounce.
- Surging Dollar Stirs Markets Buzz of a 1980s-Style Plaza Accord.
- Biden Can Boost Energy Production—and Protect National Parks. Renewing offshore oil and gas leases would support Land and Water Conservation Fund.
- Blue chips have worst day since 2020 as S&P, Nasdaq lose over 4%.
- Stock Selloff Crunches SPAC Creators.
- Heard on the Street: This Could Be a Lost Decade for Stocks.
- High Inflation, Slowing Growth Raise Risk of Global Downturn.
- Recession Looms, but Markets Haven’t Got the Message.
- The Next Emerging-Market Crisis? Developing economies face a perilous return to monetary normal.
- Fentanyl Overdose Rates Are Rising Fast. The drug will continue killing Americans until Biden decides to get control of the border.
- There’s a New Media Mogul Tearing Up Hollywood: ‘Zas Is Not Particularly Patient’
- Treasury Likely to Prevent U.S. Investors From Receiving Russian Debt Payments.
- Latest Updates: U.S. Embassy Resumes Work in Kyiv.
- Elon Musk Calls ESG ‘An Outrageous Scam’.
- More Crypto Market Pain Seen by SEC Chairman.
Fox News:
- Biden admin’s ‘bureaucratic bungling' made baby formula shortage worse, CEO who rescued GM says.
- Dem witness tells House committee men can get pregnant, have abortions.
CNBC.com:
- Here’s what Walmart, Target, Home Depot and Lowe’s tell us about the state of the American consumer.
- Bath & Body Works shares fall as retailer cuts profit outlook due to inflation.
- Cisco stock plunges as company forecasts surprising revenue decline.
- Under Armour CEO Patrik Frisk to step down, interim chief to take over June 1.
- Treasury yields fall, prices rise as investors huddle in bonds for safety amid stock sell-off.
- A ‘summer of pain’? The Nasdaq could plunge 75% from peak, S&P 500 skid 45% from its top, warns Guggenheim’s Scott Minerd
- Fed will keep raising interest rates until it is ‘confident’ inflation is moving down, Harker says
- Goldman Sachs CEO sees a ‘30% chance of recession’ within the next 12 to 24 months.
- Next big shoe to drop in financial markets: Inflation that fails to respond to Fed rate hikes.
- You bought. They sold. Meet some of the insiders who unloaded $35 billion of stock in the tech IPO bonanza that tanked.
- Bad news for the 2022 hurricane season: The Loop Current, a fueler of monster storms, is looking a lot like it did in 2005, the year of Katrina.
Zero Hedge:
- Musk Vs. Soros: "I Can No Longer Support Democrats, Will Vote Republican".
- Biden's 'Disinfo' Board Paused As 'Scary Poppins' Resigns.
- Biden Admin Bracing For Wave Of Summer Violence Over Roe v. Wade.
- Diesel Costs Deliver Body Blow To Trucking Industry, Impacting Broader Economy.
- Mortality Among White Collar Workers Jumped 24 Percent Between 2020 And 2021, Life Insurance Data Show.
- Guess What Comes Next.
- China Mulls Extending EV Subsidies Amidst Surging Raw Material Costs.
- Trucking Stocks Massacred After Target Warns Of $1 Billion In Incremental Freight Costs.
- Goldman Economist Warns US Consumers Maxing Out Credit Cards Will Lead To Late 2022 Spending Collapse.
- UFO Hearing: Pentagon Shows Declassified Footage of Flying Spherical Object.
- "I Have Given Everything I Could": Melvin Capital Calls It A Day, Will Wind Down Fund After Gigantic Losses.
- Weaponizing The Pursuit Of Profit: Rubio Warns Of 'Extraordinary' Leverage Held By China Over American Companies.
- Newsquawk Asia-Pac Market Open - Wall Street bloodbath.
- Over-Aggressive Fed Faces "Financial Accident" - Guggenheim Warns Recession Risk Rising.
- Newsquawk US Market Wrap: Spoos records worst day since June 2020 while Treasuries and Buck soar.
- Cisco Crashes 20% On Catastrophic Guidance; Blames China, Ukraine.
- Key NIH Research Executive Received 70 Secret Royalty Payments; Colleague Got 7.
- Stocks & Bond Yields Crater As The 'American Consumer Is Strong' Narrative Implodes.
Newsmax:
TheGatewayPundit.com:
- Months After Infant Formula Shortages Started, Slow Joe Biden Invokes Defense Production Act.
- Just In: Health Officials Confirm First 2022 U.S. Case of Monkeypox in Massachusetts.
- Hilarious! Doocy to Jean-Pierre After Jankowicz Resigns: “The Disinformation Board is Being Shut Down Because of Disinformation?” (VIDEO).
- Here We Go: US Government to Extend Covid-19 Public Health Emergency Past July.
- Watch: Continuous Protests Spread Across Iran Following a Massive Price Hike in Food and Other Basic Goods.
- US Citizen, Four Chinese Intelligence Officers Charged with Acting as Secret Police to Harass, Stalk, Spy on US Residents Critical to China.
- Biden Transportation Secretary Pete Buttigieg Says Truckers Can Work Longer Hours to Address the Baby Formula Shortage.
- WATCH: Trump Endorsed AZ Gubernatorial Candidate Kari Lake “Flabbergasted” By Conservative Media’s Silence On 2000 Mules – “We Want People To Be Arrested, Prosecuted, And Thrown In Jail”.
- Autopsy Reveals Healthy 36-Year-Old Mother Died from Acute Myocarditis Due to Her Covid-19 Immunization.
The Epoch Times:
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 -2.25% to -1.5% on average.
- Asia Ex-Japan Investment Grade CDS Index 129.5 +3.5 basis points.
- China Sovereign CDS 84.75 +5.75 basis points.
- Bloomberg Emerging Markets Currency Index 51.64 unch.
- Bloomberg Global Risk-On/Risk Off Index 3,842.0 -33.0 points.
- Volatility Index(VIX) futures 32.0 +1.5%.
- Euro Stoxx 50 futures -1.01%.
- S&P 500 futures -.40%.
- NASDAQ 100 futures -.62%.
Earnings of Note
Company/Estimate
Before the Open:
- (BJ)/.72
- (GOOS)/-.01
- (EXP)/1.83
- (KSS)/.70
- (MNRO)/.46
- (PLCE)/1.46
- (VIPS)/1.90
After the Close:
- (AMAT)/1.90
- (DECK)/1.32
- (FLO)/.39
- (PANW)/1.68
- (ROST)/1.00
- (VFC)/.47
Economic Releases
8:30 am EST
- The Philly Fed Business Outlook Index for May is estimated to fall to 15.0 versus 17.6 in April.
- Initial Jobless Claims for last week are estimated to fall to 200K versus 203K the prior week.
- Continuing Claims are estimated to fall to 1320K versus 1343K prior.
10:00 am EST
- Existing Home Sales for April is estimated to fall to 5.65M versus 5.77M in March.
- The Leading Index for April is estimated unch. versus a +.3% gain in March.
Upcoming Splits
- None of note
Other Potential Market Movers
- The weekly EIA natural gas inventory report could also impact global trading today.
- 9:30 am - 4:00 pm EST