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• ☕️What Else is Brewing Thursday Morning
  Home sales unexpectedly fell last month. People aren’t ...
  Home sales unexpectedly fell last month. People aren’t buying houses, and it’s not because they’re splurging on too much avocado toast. High interest rates coupled with high home prices led existing home sales to drop 1.9% in April from March. The sluggish sales during the usually busy homebuying season come as the median price of a previously owned home rose 5.7% from last year to $407,600, according to the National Association of Realtors. Although it was the second consecutive monthly decline, analysts weren’t expecting it.
  
  The Department of Justice is expected to file an antitrust lawsuit against Live Nation today, at least in part over the dominance of Ticketmaster.
  
  UK Prime Minister Rishi Sunak set a national general election for July 4 to determine who will rule the country. It’ll be the UK’s first such election for Parliament in five years, and Sunak’s Conservative Party looks poised to lose.
  
  OpenAI made a content licensing deal with News Corp. valued at $250 million to use the news publisher’s content to improve ChatGPT.
  
  The Biden administration said it had canceled an additional $7.7 billion in student loans for 160,000 Americans as it works to chip away at the problem after the Supreme Court tossed its larger student debt forgiveness program.
  
  More Americans report using marijuana daily than drinking alcohol daily for the first time as recreational weed becomes legal in more states, according to a new study.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for July delivery ...
  Benchmark U.S. crude oil for July delivery fell $1.09 to $77.57 per barrel Wednesday. Brent crude for July delivery fell 98 cents to $81.90 per barrel.
  
  Wholesale gasoline for June delivery fell 4 cents to $2.47 a gallon. June heating oil fell 3 cents to $2.43 a gallon. June natural gas rose 17 cents to $2.84 per 1,000 cubic feet.
  
  
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• Stocks stumble after Fed minutes raise rate-hike fears as Nvidia earnings await
  Stocks ended the day with losses, after falling in afternoon action in...
  Stocks ended the day with losses, after falling in afternoon action in the wake of minutes from the Federal Reserve's April 30-May 1 meeting that showed "various" officials were willing to hike rates if deemed necessary.
  
  "The investing world will have to wait at least another month to hear anything about rate cuts but the kicker in this report was the willingness of some participants to restrict policy further which apparently according to the markets action was quite the surprise," said Alex McGrath, chief investment officer at NorthEnd Private Wealth, in a note.
  
  Attention now turns to what many anticipated to be the main market event of the week, earnings due after the bell from chip maker and standard bearer of the stock market's AI-fueled rally Nvidia Corp.
  
  The Dow Jones Industrial Average ended with a loss of around 202 points, or 0.5%, near 39,672, according to preliminary figures.
  
  The S&P 500 finished around 14 points lower, down 0.3%, near 5,307.
  
  The Nasdaq Composite closed near 16,802, down around 31 points, or 0.2%.
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• Layoffs at Chesapeake Energy ahead of merger vote by shareholders
  The same day that shareholders of Chesapeake Energy...
  The same day that shareholders of Chesapeake Energy voted on whether to approve a proposed merger with Southwestern Energy, Chesapeake confirmed the layoffs of 80 workers.
  
  The layoffs represented about 10% of the Oklahoma City company’s workforce, reported The Oklahoman. The company explained the layoffs came as a result of Chesapeake’s sale last year of its previous crude oil operations largely in the Eagle Play of south Texas. Chesapeake divested its oil production and exploration efforts in return for more emphasis on natural gas operations.
  
  Source: OK Energy Today
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• Mexico New Refinery Reporting More Delays
  Mexico’s New Refinery Sees Another Delay. The...
  Mexico’s New Refinery Sees Another Delay. The pet project of Mexico’s outgoing president Andres Manuel Lopez Obrador, the 340,000 b/d Dos Bocas refinery, is unlikely to be commissioned before the country’s elections this week as Pemex is supplying only 5% of the plant’s total capacity. 
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