The state was once a draw for bitcoin miners, but environmental concerns are weighing on the industry.
WM (NYSE: WM), formerly known as Waste Management, is one of the few industrial stocks that is outperforming the Nasdaq Composite, S&P 500, and Dow Jones Industrial Average so far in 2022. In fact, share prices of WM are down just 7% from their all-time highs, while the Nasdaq is in a deep bear market and the S&P 500 is just a few percentage points away from a bear market. Demand for its services is far less correlated to the economic cycle than most industrial companies.
With fuel stockpiles expected to continue dropping, we have a dire warning from JPMorgan that US petrol prices could top $6 a gallon as Americans hit the road this summer. Today’s Data Drill shows the huge toll China’s zero-Covid lockdowns are taking on both electric vehicle sales in the country and the factories that turn out the cars. Prices in the UK and across Europe are at all-time highs too, fuelling a surge in inflation and weighing heavily on the global economy.