Dow was off 14, decliners were modestly ahead of advancers & NAZ rose 210. The MLP index stayed in the 209s & the REIT index declined 4+ to the 485s, Junk bond funds crawled higher & Treasuries were sold bringing higher yields. Oil rose 3+ to the 103s & gold jumped 16 to 1939.
AMJ (Alerian MLP index tracking fund)
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2 American energy groups are targeting the Biden administration over its dismissal of domestic oil & gas production, one with a 5 figure ad purchase & another whose pres will offer testimony before a Senate committee next week. The American Energy Alliance launched a 5 figure ad campaign against Pres Biden & his administration for "sending mixed signals" when it comes to energy production in America. The ad – titled "Which is it?" – features remarks from Biden, Energy Secretary Jennifer Granholm & US special presidential envoy for climate John Kerry when they dismissed oil production in the US & compares those statements to more recent remarks they have made regarding the importance of increasing oil supply. "So which is it," the advertisement questions. "We need clear support for domestic energy production." Thomas Pyle, pres of the American Energy Alliance, claimed the Biden administration has "done everything it possibly can to strangle domestic energy production," saying Biden's plan to release a M barrels of oil per day for the next 6 months from the Strategic Petroleum reserve is not a "sustainable plan to reduce prices." Pyle also gave similar comments. "In spite of their rhetoric, the Biden Administration is doing absolutely nothing to encourage the production of American natural gas & oil. In fact, they are making it more difficult," Pyle added: "The pain at the pump is real and this Administration is making it worse, not better." The Western Energy Alliance is also pushing back against the Biden administration over its unwillingness to increase domestic oil supply. Tomrrow, Western Energy Alliance Pres Kathleen Sgamma will testify in a hearing by the Senate Commerce Committee.
DRILLING DOWN: Energy groups target Biden over dismissal of US oil production
The US & its European allies are preparing to deliver another slew of sanctions on Russia following mounting evidence of war crimes committed by its forces in Ukraine. “The European Union condemns in the strongest possible terms the reported atrocities committed by the Russian armed forces in a number of occupied Ukrainian towns, that have now been liberated,” the European Council said. Ukraine has accused Russian forces of carrying out a massacre in the town of Bucha, where it said 300 residents were killed. “The massacres in the town of Bucha and other Ukrainian towns will be inscribed in the list of atrocities committed on European soil,” the European Council's statement added. Haunting photos of residential streets strewn with bodies have been published by intl news outlets. Russia is denying the accusations, calling the photos “another provocation” from Ukraine. A German gov spokesperson said that further sanctions would be decided “in the coming days.” Germany's defense minister has also said the EU must discuss banning imports of Russian gas. “There has to be a response. Such crimes must not remain unanswered,” Christine Lambrecht said. But Poland says the biggest obstacle to this is Germany itself. “It’s Germany that is the main roadblock on sanctions,” Polish Prime Minister Mateusz Morawiecki said. So far, Berlin has refused to embargo oil & gas imports from Russia, saying that Europe depends too heavily upon them. Some 40% of Europe's gas is provided by Russia — & Germany imports almost 60% of its natural gas from the country. Other Western leaders have also called for expanding the penalties on Russia. Secretary of State Antony Blinken said that the US & its European counterparts were examining new financial penalties for Russia “every single day.”
Russia faces barrage of new sanctions after accusations of atrocities in Bucha
Ford's (F) US sales of new vehicles declined 17% during Q1
including a 26% slide last month, as it battles a global shortage of
semiconductor chips. The automaker reported Q1 sales of 432K vehicles, including 159K units in
Mar. Those figures were in line with expectations. Andrew
Frick, VP of sales, distribution & trucks, said
the company experienced some positive signs heading into the spring
selling season. “While the global semiconductor chip shortage
continues to create challenges, we saw improvement in March sales, as
in-transit inventory improved 74% over February. F-Series had a record
50,000 new retail orders in March, while a record 41% of our overall
retail sales came from previously placed retail orders,” he said. Sales of trucks were off 23% during Q1 & car sales were down 49%, while SUV sales were off just 5.1%. Ford touted demand for its newest vehicles, such as the Bronco &
Bronco Sport SUVs & the Maverick small pickup truck. Mar Maverick
sales increased 115% from Feb, with the average vehicle selling off
a dealer lot just 4 days after arrival. The stock was off 8¢.
If you would like to learn more about Ford click on this link:
club.ino.com/trend/analysis/stock/F_aid=CD3289&a_bid=6ae5b6f
Ford’s first-quarter sales fell 17% as the automaker battled a chip shortage
The rise in demand for oil & gold is the most exciting goings on today. Meanwhile Treasury yields are rising again. The 10 year Treasury yields 2;4%. Last year it was under 1%.
Dow Jones Industrials
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