Trish: I Called For $75 Oil By Summer. Sure Enough, Here We Are.

Well, here we are. Back in January I said oil would hit $75 a barrel by summer and, sure enough oil jumped to a two-year high of $75 ahead of Thursday’s OPEC+ meeting as Saudi Arabia and Russia have agreed to a preliminary deal which raises output less than expected.

Hate to say I told you so. But, well, I told you so. And, I expected it to keep climbing. $100 oil is quite possible this year as we confront runaway inflation courtesy of reckless spending by DC politicians and reckless money printing by the Federal reserve.

Meanwhile, fears about the Delta coronavirus variant are impacting the market.

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Tech stocks are trending lower as investors question valuations, while cyclical stocks are doing fairly well.

Equities

U.S. stock futures were mixed. The tech-heavy Nasdaq index was down, while cyclical stocks gained.

  • S&P 500 futures: 4,287.75, -0.02%
  • Nasdaq futures: 14,509.25, -0.27%
  • DOW futures: 34,409.00, +0.03%

U.S. Dollar and Treasuries

10-year Treasury yields dropped. The dollar dropped compared to a basket of other currencies.

  • U.S. Dollar Index (DXY): 92.38, -0.06%
  • 10-year Treasury yield: 1.443%
  • 2-year Treasury yield: 0.250%

Stocks To Watch

Shares of the Chinese hip-hop promoter Pop Culture Group surged 358% on Wednesday, after the successful initial public offering. The company is hosting hip-hop events, music festivals, and puts up music content online. Investors appreciate its appeal among the younger generation. The stock increased even further Thursday’s in premarket trading.

Alterity Therapeutics was granted a patent by the United States Patent and Trademark Office. The patent ensures it a monopoly on iron chaperones, which can redistribute excess iron in the central nervous system. This has important implications for the treatment of Alzheimer’s and Parkinson’s diseases.

Birks Group, a jewelry designer and manufacturer, announced a reopening of stores across Canada.

  • CPOP Pop Culture Group $44.99, +54.18%, 550.64K (volume)
  • ATHE Alterity Therapeutics $2.12, +63.08%, 8.32M (volume)
  • BGI Birks Group Inc 3.590, +52.77%, 2.35M (volume)

Commodities To Watch

Oil surged ahead of the OPEC+ meeting. West Texas Intermediate reached $75 for the first time since 2018. Reports say that the family office of controversial billionaire George Soros has started trading in Bitcoin. 

  • WTI crude: $75.02, +2.11%
  • Brent crude: $76.02, +1.88%
  • Gold: $1,776.80, +0.29%

Crypto

The global crypto market cap decreased by -2.53% in the last 24 hours. Bitcoin dipped below $34,000. Most major cryptos are in the red.

  • BTC: $33,497.54, -3.87%
  • ETH: $2,144.02, -0.40%
  • DOGE: $0.2523, -0.20%
  • XRP: $0.6634, -2.05%
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