Happy Friday eve. Russian oil is on the move, but so is a record amount of American oil — and pressure is mounting on Moscow as the EU gears up for new potential energy sanctions.
Buckle up.
If this was forwarded to you, sign up here. Download Insider's app here.
1. Russia is racing to sell its crude. State-run oil producer Rosneft is trying to shed as much of its oil as possible before Europe tightens its energy sanctions.
Importantly, the energy producer is offering to make deals for barrels in a range of currencies, despite Putin's recent call for ruble-only transactions. But the move reveals the pressure Russian exporters could face should Europe choose to implement an oil embargo.
At the same time, the US is coming off an all-time high for weekly oil exports. Total volume of US oil and petroleum cargoes hit 10.6 million barrels a day in the week leading up to April 15, new data revealed. Plus, US exports outweighed imports by the largest-ever margin, according to Bloomberg.
The Kremlin is becoming increasingly cut off from global financial markets, and the US is stepping up as a last-ditch energy supplier as other nations slow their uptake of Russian oil.
Already, the US has ceased its own purchases of Russian oil, and a fresh round of European sanctions could spell trouble for Moscow, as an industry watchdog just deemed their latest bond payment a default signal.
In other news:
2. US futures are getting a boost from Tesla's blow-out earnings. Investors are now waiting to hear what Fed Chair Jerome Powell says at the IMF meeting later today. Read the latest on the markets here.
3. Earnings on deck: AT&T, Danaher, and Philip Morris, all reporting.
4. Goldman Sachs said investors can prepare for positive earnings by buying options for struggling stocks. The options market, according to Goldman's Vishal Vivek, can help traders secure outsized profits on these 16 dramatically underpriced stocks.
5. Tesla has notched another record quarter. But it's not all plain sailing. Boss Elon Musk says inflation is far more severe than official figures suggests and supply chain disruption is far from over. Read more here.
6. Bill Ackman lost about $400 million in 3 months on his Netflix bet. Pershing Square sold its entire stake after the stock's 35% post-earnings slump Wednesday. It said it's lost confidence in its ability to predict the company's future prospects.
7. Chaos in Chinese markets shows the yuan is no threat to the dollar, a veteran economist told Insider. To Steven Blitz, China seems unwilling to bear the economic responsibility of having the world's dominant currency — and explained how America's trade deficit plays a role.
8. Two crypto experts broke down why the SEC is likely to approve a spot bitcoin ETF this year. If this emerges, it could mean a big boost for the world's largest cryptocurrency. The industry veterans explained why a race to launch short bitcoin futures ETFs is good for the sector.
9. A fund manager who's beaten 98% of his peers over the last five years warned investors are ill-prepared for a turning point in the market. The investing landscape is about to change as inflation and high interest rates set in, Michael Cuggino explained. He shared three stocks that can help buyers thrive in the new environment.
10. Americans continued to quit their jobs in February. North Carolina and Ohio saw their quit rates increase by the highest margin, with Florida close behind. Dig into the data with Insider's interactive map.
Keep up with the latest markets news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.
Curated by Phil Rosen in New York. (Feedback or tips? Email [email protected] or tweet @philrosenn.)