Dow tumbled 808 (session lows), decliners over advancers 4-1 & NAZ sold off 514. The MLP index fluctuated near 209 & the REIT index fell 6+ to 480. Junk bond funds were sold & Treasuries had reduced buying in the PM. Oil was up 3 to 101 & gold added 2 to 1898.
AMJ (Alerian MLP Index tracking fund)
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2180338269244485)
3 out of every 5 people in the US now have antibodies from a previous Covid-19 infection with the proportion even higher among children, demonstrating how widespread the virus was during the winter omicron surge, according to data from the Centers for Disease Control & Prevention (CDC). The proportion of people with natural Covid antibodies increased substantially from about 34% of the population in Dec to about 58% in Feb during the unprecedent wave of infection driven by the highly contagious omicron variant. The CDC’s analysis didn't factor in people who had antibodies from vaccination. The increase in antibody prevalence was most pronounced among children, indicating a high rate of infection among kids during the winter omicron wave . About 75% of children & teenagers now have antibodies from past Covid infections, up from abut 45% in Dec. The high rate of infection among children is likely due to lower vaccination rates than adults. Only 28% of children 5-11 years-old & 59% of teens 12-17-years-old were fully vaccinated as of Apr. Children under 5-years-old are not yet eligible for vaccination. About 33% of people ages 65 & older, the group with the highest vaccination rate, had antibodies from infection. Roughly 64% of adults ages 18-49 & 50% of people 50-64 had the antibodies. The CDC analyzed 74K blood samples every month Sep-Jan from a national commercial lab network. The sample size decreased to about 46K blood samples in Feb. The CDC tested the samples for a specific type of antibody that is produced in response to Covid infection, not from vaccination. CDC officials said that the study did not measure whether people with prior infections had high enough antibody levels to protect against reinfection & severe illness. However, CDC Director Dr Rochelle Walensky said health officials believe there is a lot of protection in communities across the country from vaccination, boosting & infection taken together, while cautioning that vaccination is the safest strategy to protect yourself against the virus.
At least 58% of U.S. population has natural antibodies from previous Covid infection, CDC says
Russia has said that the threat of a nuclear war
is very significant, as Foreign Minister Sergey Lavrov stressed the
risks should not be underestimated. However, he added that there was a
danger the risks were being “artificially” inflated. Defense
Secretary Lloyd Austin called the nuclear war rhetoric “very dangerous
and unhelpful,” shortly after his visit to Kyiv. The US also
said it plans to send diplomats back to Ukraine as Russia focuses its
assault on the eastern & southern parts of the country. Civilians take up temporary residence in new
“container towns” in Lviv, Ukraine provided by the Polish gov &
made available to refugees from eastern Ukraine. The rooms include beds for 4 people, storage space for clothing & a small table, with an electric heater. Meals
are provided by the World Central Kitchen charity. Lviv has served as a
stopover & shelter for the Ms of Ukrainians fleeing the Russian
invasion, either to the safety of nearby countries or the relative
security of western Ukraine.
The threat of nuclear war is real, top Russian official says; UN chief visits Putin in Moscow
UPS reported better-than-expected quarterly earnings as the parcel
delivery company raised prices to cash in on a boom in the e-commerce
industry. Since taking charge of UPS in Jun 2020, CEO Carol Tome has pushed the company to adopt a “better, not
bigger” strategy, which prioritizes lucrative deliveries over volume. UPS
has also sharpened its focus on industry segments that generate more
revenue & profit, including healthcare companies & small- &
medium-sized businesses (SMBs). “The agility of our network and
the continued execution of our strategy delivered another quarter of
strong financial performance, putting us on our way to achieving our
2022 consolidated financial targets,” Tome added. Q1 adjusted EPS of $3.05 compared with expectations of $2.88. The delivery company reaffirmed its full-year
revenue forecast of about $102B. It expects consolidated adjusted
operating margin of about 13.7% & adjusted return on invested capital
above 30%. UPS
posted quarterly revenue of $24.4B, beating
expectations of $23.8B. Revenue from its domestic segment rose 7.7% to $15.1B. UPS plans to double its share buyback in 2022, taking the target to $2B for the year. The stock dropped 5.32. The stock dropped 5.32.
If you would like to learn more about UPS click on this link:
club.ino.com/trend/analysis/stock/UPS_aid=CD3289&a_bid=6ae5b6f
UPS Q1 earnings
Goya Foods CEO Bob Unanue warned that the world is on the brink of a food crisis. He also argued that the world has "weaponized food." "We are on the precipice of a global food crisis," he said. Inflation accelerated to a new 4-decade high in
Mar with supply chain constraints, the Russian war in Ukraine &
strong consumer demand fueling rapid price gains that wiped out the
benefits of rising wages for most Americans. The
Labor Dept said earlier this month that the consumer price index –
which measures a bevy of goods including gasoline, health care,
groceries & rents – rose 8.5% in Mar from a year ago, the fastest
pace since 1981, when inflation hit 8.9%. Prices jumped 1.2% in
the one-month period from Feb, the largest month-to-month jump
since 2005. Price increases were widespread: Energy prices rose a stunning 11% in
Mar from the previous month & are up 32% from last year. Gasoline,
on average, costs 48% more than it did last year after rising 18.3% in
Mar on a monthly basis as the Russian war in Ukraine fueled a rapid
increase in oil prices. Food prices have also climbed 8.8% higher
over the year & 1% over the month, with the largest increases in
cereal & bakery products (10%), poultry, fish & meat (13.8%), fresh
fruits & vegetables (8.1%), & eggs (11.2%). Unanue said that the war in Ukraine had contributed to
further price hikes, noting that Ukraine & Russia contribute a large
percentage of certain commodities to the global economy.
Goya CEO warns world on the brink of a food crisis
Oil futures rose, with the US benchmark finishing back above the $100-a-barrel threshold as China's central bank said it would aim to assist small businesses & industries affected by COVID-19. Also, Germany said it would take steps aimed at replacing Russian oil supplies in coming days, news reports said. Russia will also halt natural-gas flows to Poland tomorrow. West Texas Intermediate crude for Jun rose $3.16 (3.2%) to close at $101.70 a barrel.
Gold futures ended slightly higher, a day after finishing at its lowest since late Feb as a flight to quality left the yellow metal behind. Gold for Jun rose $8 (0.4%) to settle at $1904 an ounce after closing yesterday at its lowest since Feb 25, following a 2.1% decline last week.
Treasury yields slipped as uncertainties surrounding the war in Ukraine & the Federal Reserve's efforts to bring down inflation kept investors cautious about the future despite better-than-expected economic data. The yield on benchmark 10-year Treasury notes slid 5.4 basis points to 2.77%, while yields on 3-month bills to 30-year bonds were all lower.
In 4 trading days, the Dow has fallen almost 2K to where it was about 13 months ago. That's a chilling thought because earnings season is not giving the stock market a lift. There is just too much negative thinking by investors because too much is going on that is out of control by the leaders. The short term outlook remains grim.Dow Jones Industrials
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