June 03 (Friday)

Latest Morning Briefing Executive Summary: Oil Trade & AI
Ever wonder why the US is still dependent on oil imports even though fracking has boosted the amount of oil produced domestically to about the same as that consumed? And with that being the case, why does the US bother exporting oil anyway? The answers involve both a mismatch between the kind of oil America produces and consumes as well as a 100-year-old shipping law that has outlived its usefulness. Eliminating the Jones Act could not only help the US oil industry but could also revive US shipping and improve supply chains. … Also: How Nvidia and others hope to capitalize on AI and high-performance computing.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on May 31.

Markets
S&P 500, Nasdaq Finish Higher in Volatile Session | W
Dow jumps 400 points, Nasdaq adds more than 2% to cut two-day losing streak | C
OPEC+ raises output faster as Russia’s war roils global energy markets | C
Cloud stocks mount rally led by UiPath, as investors see market bottom | C

Global
The world may be careening toward a 1970s-style energy crisis — or worse | NN

Central banks
Federal Reserve’s Portfolio Runoff Has Begun | W
Fed’s Loretta Mester Sees Need for Aggressive Rate Hikes at Next Two Meetings | W
Fed’s Logan Says Digital Money Could Affect Central Bank Operations | W
Fed Vice Chair Lael Brainard says it’s ‘very hard to see the case’ for the Fed pausing rate hikes | C

US
Job growth seen cooling in May but wage increases were still hot | C
U.S. Jobless Benefits Fell Last Week, Extending Stretch of Low Filings | W
White House weighs oil profits tax to fund consumer rebate | R
Social Security Reserves Expected to Be Depleted in 2035, Year Later Than Prior Projection | W
 
Geopolitics & trade
White House praises Saudi royals on Yemen truce before expected Biden trip | R
As Shanghai reopens, California ports prepare for cargo surge | R
Russia limits exports of noble gases, a key ingredient for making chips | R
 
Industries & companies
Autos: GM draws target on Tesla with EV price cut | R

Corporate finance
Ford to Create Thousands of Factory Jobs, Invest $3.7 Billion in EV, Gas-Engine Production | W
 
Climate & sustainability
Why hydropower is the world’s most overlooked renewable | C