On a similar note, Sevens Report Research founder Tom Essaye said that “from a technical perspective, there are signs that a potential bottom for the dollar has been formed.” Click here to ad the full article.
The natural-gas market is reaching a historically pivotal phase of the year, with the price swings typically occurring in the summer and winter months, said Tyler Richey, co-editor at Sevens Report Research. Natural gas is the largest source of electricity in the U.S., at roughly 40%, so when temperatures heat up in the summertime, demand for power to run air conditioning units rises in lockstep. Click here to read the full article.
What’s in Today’s Report:
S&P 500 futures are solidly higher while Nasdaq futures surge 2% thanks to blow out NVDA earnings.
NVDA beat on revenue and EPS and raised guidance on strong AI chip demand, and the stock surged more than 20% after hours.
Fitch put the U.S. on “credit watch negative” as the potential “X” date for the debt ceiling is less than a week away.
Today focus will be on any debt ceiling progress (although none is expected with the looming holiday weekend) and on economic data, and the most important report is Jobless Claims (E: 248K) and markets will want to see that number flat or just slightly higher (another big jump would increase hard landing worries).
Other data today includes Revised Q1 GDP (E: 1.1%) and Pending Home Sales (E: 1.1%), but neither number should move markets. On the Fed, we have two speakers today, Barkin (9:50 a.m. ET) and Collins (10:30 a.m. ET), but neither should move markets.
The natural-gas market is reaching a historically pivotal phase of the year, with the price swings typically occurring in the summer and winter months, said Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.
Oil futures moved sharply higher on Monday, with U.S. prices posting their highest settlement in a week, buoyed by some doubts that an Iran nuclear deal will be reached anytime soon. A lack of cooperation by Iran, as well as “skeptical comments about Iranian compliance” by U.S. Secretary of State Antony Blinken, both “lower the odds that a new agreement is…” said Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.
“The general optimism about the economic reopening process, especially in the U.S.,” buoyed all risk assets Monday, “especially oil and refined products as traders look ahead to the unofficial start of the summer driving…” said Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.
Oil futures climbed on Friday, erasing previous losses to finish higher for the week. “The Colonial Pipeline debacle got most of the attention from energy traders this week…” said Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.
If the pipeline isn’t back up and running by the end of the week, “we could see gasoline prices go parabolic in the near term, as there are already reports of…” said Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.
There is some chatter about demand concerns “with new lockdown measures being imposed in India and other COVID-19 hotspots around the globe, however…” Tyler Richey, co-editor at Sevens Report Research, told MarketWatch. Click here to read the full article.
The latest string of strong economic data, including the good March U.S. jobs report last Friday and ‘hot’ ISM purchasing managers surveys, have “suggested the economic recovery is accelerating,” said Tyler Richey, co-editor at Sevens Report Research. Subsequently, 5-year…Click here to read the full article.
