June 02, 2022 TradeUP Thursday Latest news and bulletin updates
Market Trends
Dow Jones 32,809(+0.13%)
S&P 500 4,095(-0.11%)
NASDAQ 11,945(-0.41%)
(Opening price as of 06/02/2022 compared to last close)
Weekly Highlights
#1
Yellen says the administration is fighting inflation
#2
OPEC+ will increase the size of its oil supply hikes by about 50%
#3
Sheryl Sandberg to step down as Meta COO
#4
Microsoft lowers fourth-quarter guidance
Share Your Thoughts:
Gas prices are still rising, when do we expect to peak in commodity prices?
Gasoline prices have risen sharply heading into the peak summer driving season and show no signs of slowing down. The national average for unleaded gas hit another new high at$4.67 per gallon on Wednesday. Prices are up by 53% compared to last year.
While gas prices are climbing toward $5, some other commodities’ prices, such as lumber price, have dropped drastically. The table shows how the commodities’ prices compare to pre-pandemic levels.
Overall, major commodities prices peaked in March, as prices on commodities like energy and grains have surged following the Russia-Ukraine war. While overall commodity prices have pulled back from its March peak, the prices remain higher than pre-pandemic levels. Lumber prices have come crashing down in a new sign of how rising interest rates are deflating real estate markets that boomed during the pandemic.
The prices of crude oil, natural gas, and certain agricultural products remains at an all-time high due to Russia-Ukraine war and Western sanctions. In addition, the rising cost of living is also a major reason why the inflation in April remained near the highest in 40 years. President Biden quoted Zelensky’s words that ultimately this war “will only definitively end through diplomacy” in his rare comments in the New York Times. However, peace talks remain a long way to go as consensus has yet to be reached between Russia and Ukraine.
Oil prices rose to two-month highs amid EU sanctions and OPEC+ meeting.
How far can crude oil price go in 3 months?
A.<$100
B.$100-$130
C.>$130
Share your thoughts with us for a chance to win a free stock!
Inside Scoop
#1. Yellen says the administration is fighting inflation, admits she was wrong that it was ‘transitory’
• Yellen listed efforts aimed at prescription drug costs, the budget deficit and oil production that could bring down prices running near a 40-year high.
• Biden met with Yellen and Fed Chairman Powell on Tuesday. Biden declared that he will continue to respect the Fed's independence as it addresses inflation, which he called his administration’s top priority.
#2. OPEC+ will increase the size of its oil supply hikes by about 50%
• Meanwhile, EU leaders reached an agreement to ban 90% of Russian crude by the end of the year. The move would immediately hit 75% of Russian oil imports.
• President Joe Biden is likely to visit Saudi Arabia later this month as part of an international trip for the NATO and G7 meetings, according to people familiar with the matter, with record high US gas prices weighing on his party’s political prospects.
#3. Sheryl Sandberg to step down as Meta COO
• Meta COO Sheryl Sandberg is stepping down from her long-time position with the Facebook parent company. Sandberg has helped guide Facebook from its early days starting in 2008 as the so-called “adult in the room,” leading the company through a series of public relations crises that have put it in regulators' crosshairs.
• Meta's stock was down as much as 4% following the news. Earlier on Tuesday, Meta also announced the company will change its stock ticker to “META” on June 9th, following its plan from last October to rebrand and transition.
#4. Microsoft lowers fourth-quarter guidance
• Microsoft shares slid more than 3% on Thursday after the company lowered its fiscal fourth-quarter guidance, citing unfavorable foreign exchange rate movements.
• Microsoft announced that it expects to report between $51.94 billion and $52.74 billion in revenue for the quarter, while they previously forecasted fourth-quarter revenue to be in the range of $52.4 to $53.2 billion.
Disclosure:
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