Evening Headlines
Bloomberg:
- North Korea Fires Ballistic Missiles as Biden Wraps Up Asia Tour.
- Soros Warns ‘Civilization May Not Survive’ Putin’s War.
- ECB Battle Lines Shift With Lagarde Urged to Speed Up Rate Hikes.
- Korea Poised to Raise Rates, Cut Growth View: Decision Guide.
- Asia Stocks Seen Pressured as Growth Fears Mount: Markets Wrap.
- Excess Weight in Early to Mid-Adulthood Linked to Poorer Cancer Survival.
- Pandemic Housing Boom Hits a Wall With US Buyers Priced Out.
- Tesla Resumes Plunge as Fears of Slow Production Weigh.
- ‘Cash Cows’ Are Feasting in the Inflation-Tormented Stock Market.
- Sector ETFs Are Drained at Record Pace With ‘No Door Out’.
- Retailer Selloff Leaves Covid Slump in the Dust as Rout Widens.
- Rupture in the Stock-Bond Relationship Shows Recession Angst Rising Fast.
Wall Street Journal:
- Georgia GOP Primaries Are in Spotlight as State Polls Close.
- Fed Searches for Magic Number to Cool a Red-Hot Housing Market.
- Inflation, Rising Rates Curb Global Economic Growth.
- Between Front Lines, Ukrainian Reconnaissance Teams Hunt Russian Targets.
- Latest Updates on the War.
- Covid-19 Vaccine and Drug Sales, Once Booming, Plateau.
Fox News:
- At least 18 children and 2 adults killed in shooting at elementary school, Biden will address nation soon.
- LIVE UPDATES:Biden speaks with Texas Gov. Abbott to offer assistance in Uvalde shooting.
CNBC.com:
- Snap’s warning sends shock across digital advertising as investors flee social media stocks.
- Bill Ackman says a more aggressive Fed or market collapse are the only ways to stop this inflation.
- Nordstrom raises full-year outlook as first-quarter sales top expectations.
- U.S. bars Russia from paying bondholders through American banks, increasing default risk.
- Bitcoin falls, SEC’s Hester Peirce talks regulation and Tether withdrawals soar: CNBC Crypto World.
- Stellantis CEO warns of electric vehicle battery shortage, followed by lack of raw materials.
- Wendy’s stock rallies 15% as Nelson Peltz’s hedge fund Trian discloses plans for possible sale.
- ‘Real wealth destruction’: This Deutsche Bank chart shows what could happen to assets in a repeat of the stagflationary 1970s.
- Lyft cutting hiring, costs as its stock nears all-time low.
- Opinion:
Inflation will be higher for longer — and you’re not going to like what comes next.
- Dow, S&P 500 head for worst start to a year since 1970 — for tech it’s the worst in history.
Zero Hedge:
- 14 Students, One Teacher Killed After Texas Elementary School Shooting; Shooter Dead.
- Stunning Images Show Potash Train Derailed In Canada Amid Fertilizer Crunch.
- 60,000 Migrants Waiting In Mexico Across Border From El Paso, Texas.
- Cattle Supply And Demand Issues For 2022.
- Baby Formula Airlift: Government "Fixing" A Problem Of Its Own Making.
- Banks Face Trouble As Credit Cycle Turns.
- Letter From A US Supplier Of Industrial Chemicals: "I Have Never Seen Anything Like The Current Supply Problems".
- Newsquawk Asia-Pac Market Open - US stocks mostly declined after disappointing data stoked economic concerns.
- Bidenflation Watch: Campbell's Tomato Soup Prices Keep Escalating.
- Jets Scrambled In Response To Rare Joint Russian-Chinese Patrol Over Pacific As Biden Visits Tokyo.
- Watch: Davos Elites Warn "Painful Global Transition" Should Not Be Resisted By Nation-States.
- Dalio: "Cash Is Still Trash... But Equities Are Trashier", Prefers Gold & Bitcoin.
- 22 House Republicans Demand Accountability On Biden's $40b War Spending.
- Newsquawk US Market Wrap: Snap, PMIs, pop market recovery as US exceptionalism tested.
- WTI Bounces After Small Crude Build, Big Gasoline Draw.
- National Teachers' Guide Advises Against Use Of "Parent", "Male", "Female", "Mother", & "Father".
- Big-Tech & Bond Yields Plunge As US Macro 'Snaps', Gold Gains.
TheGatewayPundit.com:
- 18-Year-Old Salvador Romas Posted Photos on Instagram Before Mass Shooting at Texas School.
- Failed WHO Chief and China Puppet Tedros Re-elected to Second 5-Year Term.
- CONFIRMED: Search Warrants Served at Arizona Nonprofit and for Employee’s Home in Connection with “2000 Mules” Ballot Trafficking Election Scandal.
- Experts Warn Of US “Grid Failure” In Hot Summer Months — Is It Time To Prepare?
- Shocker: State Farm Abandons Grooming Book Program for Kids in Florida After National Backlash.
- The Same FBI Agents that Knew Hillary Was Behind Trump-Russia Lie Were Members of Mueller Team Who Neglected to Include this Important Fact.
- Democrat Stacey Abrams Complains About Record Early Voting in Georgia Primary: “We Know That Increased Turnout Has Nothing to do with Suppression” (VIDEO).
- IGNORED BY FAKE NEWS MEDIA: Two Straight Weeks of Record High Gas Prices – 14 Days and 11 Record Highs.
- Turncoat Mike Pence Building Presidential Campaign with a Group of RINOs and NeverTrumpers – Good Luck.
- Tragic: 15-Year-Old Freshman Student Dies Reportedly of Cardiac Arrest During Lawrence North Track Practice.
Rebel News:
- Introducing The Reset: The Great Reset Docuseries. (video)
OpenVAERS:
- VAERS US COVID Vaccine Adverse Event Reports. 817,537 Reports(+4,517 from prior week) Through May 13th, 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 +.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 127.75 -.25 basis point.
- China Sovereign CDS 80.0 +.75 basis point.
- Bloomberg Emerging Markets Currency Index 52.61 -.02%.
- Bloomberg Global Risk-On/Risk Off Index 3,654.0 -36.0 points.
- Volatility Index(VIX) futures 29.1 -.29%.
- Euro Stoxx 50 futures n/a.
- S&P 500 futures +.41%.
- NASDAQ 100 futures +.66%.
Earnings of Note
Company/Estimate
Before the Open:
- (BMO)/3.22
- (DKS)/2.53
- (DY)/.16
After the Close:
- ((ELF)/.06
- (GES)/.29
- (NVDA)/1.29
- (SNOW)/.00
- (SPLK)/-.75
- (VSAT)/.36
- (WSM)/2.87
Economic Releases
8:30 am EST
- Durable Goods Orders for April is estimated to fall to +.6% versus a +1.1% gain in March.
- Durables Ex Transports for April is estimated to rise +.5% versus a +1.4% gain in March.
- Cap Goods Orders Non-Defense Ex Air for April is estimated to rise +.5% versus a +1.3% gain in March.
10:30 am EST
- Bloomberg consensus estimates call for a weekly crude oil inventory inventory decline of -1,850,890 barrels versus a -3,394,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -1,293,440 barrels versus a -4,779,000 barrel decline the prior week. Distillate inventories are estimated to rise by +661,780 barrels versus a +1,235,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.66% versus a +1.8% gain prior.
2:00 pm EST
- FOMC Meeting Minutes for May 4.
Upcoming Splits
- None of note
Other Potential Market Movers
- The Fed's Brainard speaking, Eurozone GDP report, weekly MBA Mortgage Applications report, B.Riley Investor Conference, (RJF) investor day and the TD Securities Telecom/Media Conference could also impact global trading today.
- 9:30 am - 4:00 pm EST
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