In response to our reader Monday – who had a rosy outlook on the U.S. economy – another reader counters: “Transition to what? All change is not good.

“There will be no soft landing for the economy. Inflation is just starting. It is going to get much worse. This will last until Biden reverses what he has done and he shows no signs of changing.

“Buckle up, butter cup,” he finishes.  

Per Zach Scheidt’s inflation-busting stock recommendation, a reader writes: “I had the same opinion on Cleveland-Cliffs Inc. (CLF). The sick part is that I just sold my CLF position not two minutes before deciding to check my email.

“Oh well, when it recovers I guess I can get back in.”

It’s not too late! According to Investor’s Business Daily, CLF is among its 50 Growth Stocks To Watch. 

“Steelmakers aren't your typical growth stock, most having a strong cyclical nature that ebbs and flows with economic tides. But any company can enter a growth phase for an extended period. Cleveland-Cliffs' fundamentals suggest it has a ways to go.” 

Send your opinions to, TheRundownFeedback@StPaulResearch.com

Your Rundown for Wednesday, May 4, 2022...

Greasing the Wheels…  

For more stock surprises, we turn to U.S. oil which has rebounded mightily from bottom-of-the-barrel oil prices two years ago, during the most extreme of the pandemic lockdowns. 

(Remember when prices technically went negative… and oil producers could hardly give the stuff away?) 

But a drilling bonanza has reached U.S. oil fields, particularly since Western sanctions levied against Russian oil. 

“At $100 oil, everything is busy,” says CEO Jeff Miller of Halliburton (HAL). Among the world’s largest oil-field services companies, HAL’s profits surged over 50% in the first quarter of 2022. 

“Investors are starting to pile back into oilfield services shares on signs of rising profitability after years of weak returns,” The Financial Times says. 

“The S&P Oil and Gas Equipment and Services index is up about 35% since the start of the year, a period when the S&P 500 has declined by 10%.”

Source: Refinitiv, FT

“There is growing confidence in some corners that with global oil supply expected to be tight for several years, the drilling boom will last,” FT says. 

For one, Halliburton’s CEO expects a “very busy years ahead” for his company in an “accelerating multiyear upcycle.” 

As we said last week, oil isn’t going anywhere… Not anytime soon. 

Market Rundown for Wednesday, May 4, 2022

S&P 500 futures are up 0.25% to 4,180. 

Oil is up almost 4% to $106.31 for a barrel of WTI. 

The yellow metal’s down 0.20% to $1,867 per ounce. 

But Bitcoin is rallying – up 3.65% to $39,020.

Send your comments and questions to, TheRundownFeedback@StPaulResearch.com

Check back for more on Friday. Talk to you then! 

For The Rundown,

Matt Insley
Publisher, The Rundown
TheRundownFeedback@StPaulResearch.com