June 04 (Saturday)

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
Dow falls 300 points, Nasdaq drops 2%, as major indexes notch weekly losses | C
Global stock markets fall, U.S. yields rise after strong employment data | R
U.S. Stocks Are Trading at a Rarely Seen Discount | Morningstar

Energy
U.S. gas production must accelerate to meet LNG export demand: Kemp | R
Oil settles up despite OPEC+ output hike plan; supply still tight | R
EPA Trims Ethanol Fuel Mandate for 2020-21 But Raises It for 2022 | W
Pumped-Up Prices | N
The End of Energy Free Trade | W

Global
Russia’s War on Ukraine at 100 Days Has No End in Sight, Threatening Global Costs | W

Central banks
Fed’s Mester says inflation hasn’t peaked and multiple half-point rate hikes are needed | C

US
Hiring Remains Strong Even as Fed Tries to Cool Economy | N
U.S. labor market keeps Fed on aggressive rate hike path | R
Employers Added 390,000 Jobs in May; Unemployment Steady at 3.6% | C
Retailers Cut Jobs in May With Consumers Facing Inflation, Pivoting to Services | W
Corporate Executives Assess U.S. Economy as Clouds Form | W
Why a Not-So-Hot Economy Might Be Good News | N
Gen Z Workers Want Mission-Driven Jobs. A Big Paycheck Would Be Nicer. | W

China
Beijing Sticks to Xi’s Covid-19 Stance While Endorsing Premier as Economic Fixer | W

Geopolitics & trade
Ukraine says its troops have retaken ground from Russia in eastern city | R
 
Industries & companies
Autos: Tesla to Cut 10% of Salaried Staff, Musk Tells Employees | N
Communications Services: Who Is Mark Zuckerberg’s New No. 2? It’s a Trick Question. | N
Retail: Stores Are Stocked Like We’re All Still Working From Home | W

Corporate finance
Bristol-Myers to Buy Turning Point Therapeutics for $4.1 Billion | W

Crypto
Crypto firms say thousands of digital currencies will collapse, compare market to early dotcom days | C
 
Beyond markets
Is ‘Greedflation’ Rewriting Economics, or Do Old Rules Still Apply? | N