NASDAQ Closes At Record High; Closes Above 17,000 For First Time Ever -- May 28, 2024

Locator: 47974B.

New record: NASDAQ-listed companies are generally more affected by high-interest rates than the larger cap stocks in the Dow and S&P 500, all things being equal. "Cash 'n' carry" telegraphed no need for a cut in the Fed rate for "quite awhile," which I interpret as "not this year." That should be "bad news" for the NASDAQ.

The NASDAQ hitting all-time highs and crossing 17,000 for the first time ever speaks volumes. 

NVDA was up more than 7% during the day, continued to rise after the market closed.

And then this: for oil bulls -- a great day. WTI up over 3% -- are you kidding me -- up over 3% -- up almost $2.50 -- and trading above $80 (again).

Hess / CVX: shareholders vote to approve the takeover. Now, let's see what XOM does. My hunch: 60 - 40 that either XOM or the US DOJ will stop the merger. In other words, better than even chance this deal won't go through any time soon or perhaps never.  

Chord Energy (CHRD): at the moment I find this the most "interesting" pure play (?) Bakken operator. They close on the Enerplus deal this week. Pays 5.5%. Ticker today:

SNOW today: 

Restaurant jargon:

• categories / most affected
  
• QSR / QSR: fast service / quick service restaurants. McDonald's. Domino's. Fifth quintile.
  
• CDR / CSDR: casual dining / casual sit-down restaurants.  Fourth and to some extent third quintile, moving into lower middle class.
  
• questions, what category?
  
• Cava? Probably the second group, CDR.
• Wingstop? Probably somewhere in between QSR and CDR.

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Back to the Bakken

WTI: $80.19.

Active rigs: 34.

Two new permits, #40788 and #40789,

• Operator: Oasis
• Field: Arnegard (McKenzie) and Bonetrail (Williams)
• Comments:
• Oasis has a permit for a Bitterroot well, lot 2, section 30-150-100,
• to be sited 2020 FNL and 634 FWL;
• Oasis also has a permit for a Merlin well, SWSE 15-156-102, 
• to be sited 421 FSL and 2575 FEL

Seven permits renewed:

• BR: seven Sequoiafill permits, Hawekeye oil field, McKenzic County

Two producing wells (DUCs) reported as completed:

• 39753, 803, Slawson, Armada Federal 3-14-18H, Mountrail County
• 40188, 899, Whiting, Tri D Ranch 5696 13-18 2BX, Williams County