Futures Rise As Oil Plunge Helps Yields Ease From Nosebleed Highs; All Eyes On Yentervention

Futures Tumble On AI Spending Fears As Brent Hits 2 Week High US equity futures are lower, dragged by tech, following a report that OpenAI missed revenue and user targets and there growing internal pushback against Sam Altman's notorious aggressive spending (the company has $1.5 trillion in commitment it won't be able to meet), which is hitting semiconductors and the broader supply chain. AS of 8:15am ET, S&P futures are down 0.7% and Nasdaq futures dropped 1.2% as concerns resurfaced over whether the vast amounts of investment in artificial intelligence will...

US-Iran MOU Eases Energy Prices But Faces Sharp Pushback From Israel And GOP Hawks Summary: The US and Iran signed a preliminary cease-fire agreement at the G7 summit in France. Energy prices fell as some Saudi supertankers resumed crossing the Strait of Hormuz. The deal includes a $300 billion private reconstruction fund and temporary Iranian oil export waivers. Iranian officials declared themselves the clear winner. The agreement has opened significant new divisions within the Republican Party. Israel described the deal as a major strategic setback. US Vice President Vance will meet Iranian officials in Switzerland on Friday. Energy...

DOJ Sues New Jersey Town Over Natural Gas Ban Authored by Naveen Athrappully via The Epoch Times (emphasis ours), The Department of Justice (DOJ) filed a lawsuit against Morris Township in New Jersey over its ban on natural gas and other fossil fuels in newly constructed buildings, the department said in an April 1 statement. Blue flames from a gas stove at a home in Arlington, Va., on May 3, 2023. Olivier Douliery/AFP via Getty Images The ban “drives up energy costs for everyday American consumers and weakens our Nation’s energy dominance,” the...