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The Buzz 🐝 in a few words: Dow set to jump on the first day of June; AMC shares to add to last week’s strong rally; Elon Musk reveals reason for Tesla vehicle price hikes; SoFi to debut on Wall Street after closing SPAC deal; & more 🐝 below…
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INDICES
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| Name |
Last |
% Chg |
Change |
| NASDAQ |
13,723.17 |
-0.19% |
-25.57 points |
| S&P 500 |
4,204.03 |
0.00% |
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| DOW |
34,618.18 |
+0.26% |
+88.73 points |
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*Stock data as of market close, cryptocurrency data as of 3:00pm CDT. Here’s what these numbers mean.
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Optimism is in the air with stocks indexes pushing higher; Spending boosted in April as inflation surges;
Traders are awaiting on the American jobs data report for any clues on how the biggest world economy performs amid lingering inflation concerns.
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| Name |
Last |
% Change |
Price Vol. |
| AMC |
30.98 |
+18.11%* |
10,105,573** |
| Tesla Inc. |
626.06 |
+0.14%* |
7,126,039** |
| Amazon |
3,220.96 |
+0.07%* |
4,824,743** |
| Apple |
124.63 |
+0.02% |
4,431,158** |
| Nvidia |
643.99 |
-0.89%* |
4,309,284** |
| Alibaba |
218.66 |
+2.20%* |
3,232,512** |
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* The difference b/n the current price and the previous day settlement price expressed in %.
** Current price time current volume divided by 1000. Here’s what these numbers mean.
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What else is buzzing:
- AMC short sellers dealt massive $1.2 billion blow after stock rally;
- Tesla is turning cars into phones. Elon Musk reveals reason for Tesla vehicle price hikes;
- Nvidia RTX 3080 Ti And 3070 Ti Announcement Today at 10pm;
- Apple could launch a new MacBook Pro, new iMac, new Mac mini, and AirPods, as well as show off iOS 15, macOS 12 and more in June;
- Amazon Prime Day: Most purchased items we covered last year;
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| Name |
5D% Chg* |
Last |
%Chg. |
5D High |
5D Low |
| Tellurian Inc |
+65.58% |
4.66 |
+6.88% |
4.73 |
2.66 |
| Utime Limited |
+39.33% |
48.24 |
+0.44% |
52.00 |
35.00 |
| Viant Technology Inc |
+38.65% |
31.76 |
+8.80% |
31.59 |
22.70 |
| Hudson Tech Inc |
+37.21% |
2.92 |
+3.55% |
3.07 |
2.15 |
| Ehang Holdings Ltd Ads |
+34.56% |
28.74 |
+6.41% |
29.85 |
21.17 |
| Target Hospitality Corp |
+32.14% |
3.97 |
+3.12% |
4.19 |
2.95 |
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Stocks with 5 days of consecutive price advances.
* The % difference b/n the current price and the settlement price from 5 day ago. Here’s what these numbers mean.
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What else is buzzing:
- Shares of Tellurian Inc have crossed above the average analyst 12-month target price of $4.44, changing hands for $4.80/share.Target price – The price at which you want to settle your position, buy or sell.
If price increases and crosses, the profit is booked.
What does it mean?
When a stock reaches the target an analyst has set, the analyst logically has two ways to react:
-downgrade on valuation, or,
-re-adjust their target price to a higher level.
Analyst reaction may also depend on the fundamental business developments that may be responsible for driving the stock price higher — if things are looking up for the company, perhaps it is time for that target price to be raised.
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| Name |
Last |
%Chg. |
 Bitcoin |
35,815.34 |
-6.89% |
 Ethereum |
2,503.38 |
-8.04% |
 Tether |
1.000803 |
-0.02% |
 Binance |
332.7850 |
-9.17% |
 Cardano |
1.541290 |
-6.77% |
 XRP |
0.898998 |
-7.26% |
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*Cryptocurrency data as of 4:00pm ET. Here’s what these numbers mean.
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Bitcoin rebounded from Friday’s slump to trade above $36,500.
What else is buzzing:
- Bitcoin is on the cusp of a potential ‘death cross’; It’s a technical chart pattern when a short-term moving average crosses below its long-term moving average.
Typically, it indicates a potential for a major sell-off;
Bitcoin-U.S. dollar are higher in early U.S. trading Wednesday. Not much new this week. Recent price action has formed a bearish symmetrical triangle pattern on the daily bar chart. The Bitcoin bears still have the overall near-term technical advantage as prices are also in a near-term downtrend on the daily chart.
- Ethereum price is showing positive signs. ETH broke the $2,600 resistance zone and it settled nicely above the 100 hourly simple moving average*.
* A simple moving average is a technical indicator that equals a range of prices, often closing prices, divided by the number of time periods. Often, the simple moving average is used to show a security’s price trend. If the simple moving average is trending upwards, for example, this indicates its price is rising.
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| Name |
Last |
Change |
| EURUSD |
1.21917 |
-0.00009 |
| USDCAD |
1.20744 |
+0.00105 |
| USDJPY |
109.836 |
+0.025 |
| USDCHF |
0.89940 |
+0.00290 |
| GBPUSD |
1.41891 |
-0.00110 |
| USDCNY |
6.3675 |
-0.0144 |
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*Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here’s what these numbers mean.
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Yuan weakened after China forced banks to hold more foreign currencies in reserve for the first time in more than a decade.
What else is buzzing:
- EUR/USD erases losses, climbs back above 1.2200 as USD weakens;
The EUR/USD rose fifty pips from the daily low it reached hours ago at 1.2163, and recently it climbed to the 1.2215 area, erasing daily losses. The move higher took place amid a decline of the US Dollar across the board.
- GBP/USD reenters positive ground but holds below 1.42;
GBP/USD recovered from a daily low at 1.4111 as US traders rushed into high-yielding assets. Pound supported by reopening hopes later this month, despite fears of new variants persist.
- XAU/USD battles support, eyes $1,1913;
It seems impossible to keep XAU/USD down for too long – the precious metal has staged a comeback and trades above the $1,900 at the time of writing.
- US inflation? Only if the Fed says so:
US inflation figures point higher and would warrant a rate hike in normal times. But the Feds remains (almost) perfectly unified in dismissing higher prices.
There is speculation in markets that the Fed would use its June meeting to say that it will begin talking about it. Dallas Fed President Robert Kaplan is already calling for a debate on tapering bond-buys from the current level of $120 billion/month.
However, there is a different scenario – supply appears to meet demand, shortages trim down and prices pressures also dissipate. That would be a vindication for the Fed’s patient approach. How likely is that?
There is no clear answer, but it seems that markets are shifting away from following the data and only listening to the Fed.
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| Name |
Last |
%Chg. |
| Gold |
1,903.41 |
+0.37% |
| Silver |
27.897 |
+0.23% |
| Platinum |
1,180.31 |
+0.21% |
| Palladium |
2,812.80 |
+0.59% |
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*Stock data as of market close, cryptocurrency data as of 3:00pm CDT. Here’s what these numbers mean.
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Gold headed for the biggest monthly advance since July and most industrial metals gained.
What else is buzzing:
- Gold stocks price expected to see 10x gains in three years;
- Bitcoin is substitute for copper, not gold, since they are both risk-on assets – Goldman’s top commodity analyst:”Bitcoin substitutes against risk-on inflation hedges, not risk-off inflation hedges. Another way to say it, there is good inflation, and there is bad inflation. Good inflation is when demand pulls it. That’s what bitcoin, copper and oil hedge. Gold hedges bad inflation where supply is being curtailed, which has people focused on shortages of chips, commodities, and other types of input raw materials. And you would want to use gold as a hedge,” he said.
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| Name |
Last |
Change |
| WTI Crude |
70.26 |
+3.08 |
| Brent Crude |
72.18 |
+2.83 |
| Natural Gas |
3.949 |
+0.073 |
| RBOB Gasoline |
2.1910 |
+0.0805 |
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*Stock data as of market close, cryptocurrency data as of 3:00pm CDT. Quotes are for the nearest month. Here’s what these numbers mean.
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What else is buzzing:
- Energy remains firm amid concerns about tighter global supplies;
- U.S. gasoline demand in the week ended May 28 rose +1.5% w/w to 9.534 million bpd, the highest since the pandemic began last year. Increased U.S. air travel is positive for fuel demand and crude prices (that is bullish for the price)
- OPEC+ on Tuesday agreed to increase the group’s crude production levels by +841,000 bpd starting in July, that is bearish for prices;
- Iran crude exports may be delayed as nuclear talks drag on and sanctions against Iran remain in place;
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| Name |
Last |
Change |
| US 2-YR |
0.147* |
UNCH |
| US 5-YR |
0.8* |
-0.009 |
| US 10-YR |
1.594* |
-0.021 |
| US 30-YR |
2.283* |
-0.013 |
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*Yield: Bond yield yield is calculated when divide its coupon payment by the face value of the bond. This is called the coupon rate. If a bond has a face value of $1,000 and made interest or coupon payments of $100 per year, then its coupon rate is 10% ($100 / $1,000 = 10%).
** Data as of market close. Here’s what these numbers mean.
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What else is buzzing:
Treasury yields dip as investors await jobs data;
– The yield on the benchmark 10-year Treasury note ticked 2.1 basis points lower to 1.594% by around 1:05 p.m. ET.
– The yield on the 30-year Treasury bond dipped 1.7 basis points to 2.279%.
Yields move inversely to prices. One basis point is equal to 0.01%.
Inflation remains in focus after the release of the core personal consumption expenditures index — a key inflation gauge — last week.
The core PCE rose 3.1% in April from a year earlier, hotter than expected.
Gold, which often is used as an inflation hedge, is still holding above a key level of $1,900.
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