• Tesla got dumped from an ESG index. The S&P Dow Jones Indices division said the company, which has helped push the car industry toward electric vehicles, doesn't have a comprehensive low-carbon strategy and no longer qualifies for inclusion in the S&P 500 ESG Index. While Tesla’s S&P DJI ESG Score has remained fairly stable year-over-year, it was pushed further down the ranks relative to its global industry group peers.

  • U.S. existing homes sales fall for a third straight month in April. Existing-home sales fell 2.4% to a seasonally adjusted annual rate of 5.61 million in April, the National Association of Realtors said Thursday. Compared with April 2021, home sales were down 5.9%.  The scarcity of homes for sale continued to be a major factor. The total inventory of homes for sale was 1.03 million units, down 10.4% from one year ago. Read more here.

  • Rents jump to a new record once again. The U.S. median rental price reached a new high in April—$1,827,® reports. Rents have maintained their record-breaking streak that began in January 2021. The April data illustrates the perfect storm of supply and demand dynamics behind the continued rent surge, from a low number of available rentals to higher for-sale housing costs forcing many would-be buyers to rent.

  • Canada to ban Chinese telecoms Huawei and ZTE from 5G networks. A top Canadian official said companies who already have equipment installed from the two companies will have to remove it and they won’t be compensated. Canada is following similar moves by the US and its allies who fear Chinese technology. They believe it’s being used by Beijing for spying. Source(0:52)

  • This is only the beginning of more layoffs. We're only starting to see the ramifications of inflation. Netflix recently laid off 150 people. Meanwhile, both Walmart and Amazon said on their calls that they are overstaffed. Amazon and Walmart are both the number 1 and 2 employers in America. If they are overstaffed, this foreshadows a labor market that does not look good months from now. Source(35:35)


  • Key markets are on the verge of reversing, says Tom DeMark. The S&P 500 SPX, DeMark says, will see one more sell-off, with a close below 3,863, before a “shocking rally” lifts the index between 4,400 and 4,500. The 10-year Treasury will make one more high before peaking, and crude oil CL will make a top within four trading days — $117.29 per barrel, he forecasts — before turning lower. Read more here.

  • An epic wheat rally could soon end. The market is so overbought right now, says agricultural expert Jim Roemer. This means that the market squeeze should begin to end in June or July. Or put simply, these sky-high prices likely won’t last many months more, although Roemer doesn’t rule out some volatility before it’s all over. Much-needed rain is also likely on the way this month for the drought-afflicted places.

  • GOP-led legislation would force the breakup of Google’s ad business. A bipartisan group of senators introduced legislation that would aim at conflicts of interest in the advertising technology industry. The Competition and Transparency in Digital Advertising Act would prohibit companies processing more than $20 billion in digital ad transactions annually from participating in more than one part of the digital advertising ecosystem. Read more here.

  • Renault's electric-hydrogen hybrid car will have a 497-mile range. The design for Renault’s Scenic Vision incorporates a hydrogen engine, electric motor, battery, fuel cell, and a hydrogen tank. The 2.5-kilogram tank is located at the vehicle’s front. Renault says it will take around five minutes to fill. French carmaker says the Scenic Vision’s 40-kilowatt hour battery is recyclable and will be produced at a facility in France by 2024.

  • A meaningful slowdown is coming for home sales and construction. Fannie Mae economists expect a “meaningful slowdown” in home sales for the second and third quarters of 2022, followed by a slowdown in new home construction due to worsening affordability of homes for entry-level homebuyers. Current homeowners are also less likely to trade in their existing lower-rate mortgages and list their homes for sale. Read more here.
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