E Fan Hit

Today the proverbial whatever hit the fan after joblessness and payroll data fed the fear of inflation. Gold, despite being an inflation hedge, fell because the greenback fell more, now at $1876 per ounce. The unemployment claims fell to 393,000, the first time since covid-19 hit that it was under 400,000. The private payroll count, which measures employment rose by 978.000, much higher than consensus estimates of 680,000. The only good news, if you need some, is that the revised employment level for April is now 654,000 down by 88,000 from what was stated last month.

The 10-yr US treasury yield rose to 1.6% again. Later in the day, a rally was attempted, mostly for the meme shares.

Adding to the malaise before the opening, crude prices inched up because inventories appeared to have fallen because OPEC countries had failed to boost production as expected last month. Several oil drilling projects in Africa were canceled by US majors. Oil hit a 15-mo high before Saudi Arabia added fuel to the fire by raising prices for Asia customers. Moreover, the UK removed Portugal from its list of countries Britons could visit without having to quarantine on their return home. We used to vacation regularly in the Algarve when we lived in Paris.

The impact on stocks was high with only shares traded before the US data came out, mostly in Europe and Asia, spared falling. They will play catch-up on price drops tomorrow or with their ADRs unless Wall Street reverses course.

Equity, Fairness Equitable, Letters, Scrabble, Equal

Image Source: Pixabay

Today I plan to buy into Plug Power on news that it will be making hydrogen fuel vans with Renault. Roth Capital analysts have a $65 target price on PLUG. I am buying ahead of its next earnings report on June 15. I paid $30.42. It is a US firm. More energy below.

Drug dealers

*Pfizer's corona jab appears to have led to myocarditis, an inflammation of the heart, when given to males aged under 20, now the target in US inoculation, according to Israeli sources. Israel is one of the few places to have already massively inoculated teenagers. The impact on PFE stock so far has been minimal but Moderna rose 2.62%. I have 2 under-20 male grandchildren who are getting jabs now. Their other grandparents are both MD's who presumably will take charge.

1 2 3 4
View single page >> |
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
William K. 3 weeks ago Member's comment

Thanks forthe coverage of such a broad range of stocks. That is always interesting.

Hydrogen powered vehicles of any kind will be an interesting show because while it is easy to produce "sort of pure" hydrogen gas, delivering it at the required HIGH pressures and adequate purity uses a whole lot of energy. Thus it is by no means an energy neutral fuel. But they never mention this unfortunate reality.