 What's going on everyone? This is Jacob filling in for Tom today. He'll be back to Zalba with you Monday as well Regarding the market. We have everything a little bit down Metas up a little bit the video is up a little bit The banks obviously were far higher this morning. We'll take a look at that a little bit One of the things that was interesting is at the open if the ES mini really pop up quite a bit your second year and Then we just had a complete just decrease in volume or excuse me decrease in value here High volume on that bar down. It's been trying to get past that 41 60 For the past for the last bit of the day So we'll see what happens light volume every time it's testing it So we'll see if we get a little bit of a test again Today We'll talk about the banks which is huge I want to talk about a little bit. I yesterday. I wanted to speak some on the hydrogen fuel cells at Toyota Had been kind of developing and that broader market in general And we have a bunch of pretty interesting stuff to show you Boeing. This is big news today Boeing dropped about 5% 5.7% and What went on with this is they had a piece of their their 737 maxes And the company that they sourced it from was having production issues That company is a spirit aero systems as you can see right here Spirit really really took the dive today. Let's get it on a bigger time frame here Going to yearly. So I mean just massive volume down There's a little piece in the back wing. It's not a Safety issue Boeing is saying But regardless it's going to there's some theory or some talk that it's going to hinder their production Numbers, so we'll see that comes to fruition on that and However, Boeing is going with alternative suppliers. This is pretty bad for spirit aero systems You know When you're such a small company like this and your your major buyer is something like Boeing when you fail It's kind of hard to recover a little bit from that is Is this drop really meaningful in Boeing? You know, they're They they might meet production targets, right? If they're they're using other suppliers. There's a chance they'll meet the production Quotas that they have and it's not a safety issue This is a bit sad because as you can kind of see from October of last year you really had a lot of Very attractive momentum building. I mean, you know even the beginning of end of September, but of course On the 26 and 25th, you have this really nice volume here So this was kind of a it's kind of a shame for Boeing But just if you hold this stock just just keep a lookout. I mean, I don't think this is going to really cut in too deeply So we'll see what happens NVIDIA interesting Tesla Excuse me Elon Musk bought a bunch of their GPUs Because he wants to get into the AI business and He had made some conversation that I think he wanted to buy chat GPT And They were open AI and they're like no this guy is so spread thin. I don't understand how he has the capital for this I Don't see what his long-term kind of solution for this is or a long-term plan at least I get so nervous every time he says he's going to add some kind of new breath to his His business, it's just kind of strange We'll talk a little bit more on chips as well, especially with Intel But first I want to talk a little bit about The OPEC cuts and I spoke about this yesterday, right? And this is interesting. This is kind of going in fully to this recession talk, right? So IEA says risk oil supply deficits And threatens economic recovery so definitely in the developing world and Countries that are not the US this absolutely could be a major problem You're seeing this cut even reflect in Russian oil Which is now way way selling way above and being purchased way above by Asia namely China Then the then the cap that the West had placed on it for sanction purposes So consumer countries represented by the IEA have argued that tightening supplies drive-up prices, of course and could threaten a recession While OPEC plus blames Western monetary policy for market volatility and inflation which undercuts the value of oil interesting Oil market balances were already set to tighten in the second half of 2023 with the potential for substantial supply deficit to emerge See the IEA saw 2023 demand a record 101.9 million barrels per day up two million barrels per day on the last year and on par with this prediction last month And this kind of explains why this The sanction that the West has tried to place on Russia Isn't isn't really gonna fly The IEA said it expected global oil supply to fall by 400,000 barrels per day by the end of the year setting an expected production increase of 1 million barrels per day from outside of the OPEC plus Beginning in March versus 1.4 million decline From the producers block So yesterday what I was saying is I was looking at the CPI and one of the major Components that was pushing down the CPI was energy, right? and I was showing how there was a Little bit of deployment from the strategic petroleum reserves done through March and that all these kind of revelations with increasing prices and lowering Mainly lowering supply came in April and we're gonna see a little bump in United States I Think though what I wasn't looking at yesterday when I was saying that we might get a far higher CPI afterwards is You know one obviously we're gonna get the same amount that we were going through for the same price up until May You have some major analysts saying I mean even the Fed Saying that there's probably gonna be a recession recessions obviously drive down the price of oil because more people aren't moving around It's not as in demand as it is when the economy is chugging along fine Also in the same vein, you know America Has the you know we have the capacity to be the largest producer of oil If we aren't currently I know it kind of flips sometimes But you know if anything really happens where it gets to a point where oil is getting way out of control energy is getting way out of control I do believe that Something like increased production in the States will probably be a reality With the recession again, I do see that being kind of deflationary pressure on the price of oil If this 400,000 cut Does make some kind of a splash folks stay tuned We'll be right back if you have any questions ask me in the den ask me in YouTube You can call us as well. You can email me at Jacob at tfnn.com. We'll be right back