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27Oct2015 Market Close: Averages Close Lower, WTI Drops To High 42's, US Dollar Stable At 97, Many Investors Remain Sidelined Before FOMC Meeting

Written by Gary

Averages moved off early afternoon lows to regain some losses on low volume, only the $NDX popped up into the green. 'Texas Tea' (WTI) remains in the low 43's after dipping to 42.60 if it can stay under support that is bad news for the bulls, both in the commodities and stocks. Be prepared for volatility at the FOMC minutes release tomorrow afternoon.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall St. slips on rate uncertainty, economic data

(Reuters) - U.S. stocks slipped on Tuesday on uncertainty about the U.S. rate outlook and after a gauge of U.S. business investment plans fell for a second straight month.

IBM says SEC investigating company's accounts

(Reuters) - International Business Machines Corp said the U.S. Securities and Exchange Commission was investigating the company's accounts.

Alibaba gets more bang for its buck as revenue growth tops forecasts

(Reuters) - China's Alibaba Group Holding Ltd is squeezing more money from online shopping than expected, beating analyst forecasts for revenue growth and putting its shares on track for their biggest daily rise since the firm's blockbuster flotation.

Exclusive: VW shelves overhaul of U.S. business until scandal abates - sources

BERLIN/HAMBURG (Reuters) - Volkswagen has shelved plans to overhaul the management of its North American business and will not address its future strategy there until it has reached legal agreements over its rigging of emission tests, two sources familiar with the matter said.

Walgreens Boots Alliance nears deal to buy Rite Aid: sources

(Reuters) - Walgreens Boots Alliance Inc , the largest U.S. drugstore chain, is nearing a deal to buy smaller peer Rite Aid Corp for more than $10 billion, people familiar with the matter said on Tuesday.

Ford Motor third-quarter profit misses estimate, shares drop

DETROIT (Reuters) - Ford Motor Co reported sharply higher quarterly profit on Tuesday, driven by its record quarterly performance in North America, but missed Wall Street estimates because of higher taxes.

McDonald's asks judge to toss out U.S. labor board's 'massive'' subpoena

(Reuters) - McDonald's Corp has asked a U.S. judge to reject a subpoena from the National Labor Relations Board in its case claiming the company is a "joint employer" of franchise workers, saying the requests are unfair and costly.

Top U.S. drugmakers ride new products to strong results

NEW YORK (Reuters) - Growing sales of expensive new cancer drugs and other newer medicines propelled top U.S. drugmakers Pfizer Inc , Merck & Co and Bristol-Myers Squibb Co to stronger-than-expected third-quarter profits.

Sweden Warns That Government Debt Can Be Risky... Unless It's Swedish Government Debt

On Wednesday, Sweden’s Riksbank will announce its decision on whether to cut the repo rate further into NIRP-dom and on whether to expand QE.

Who’s excited?

Ok, so it may not sound as compelling as “US sails guided missile destroyer around man-made Chinese military outposts,†but tomorrow’s decision by Sweden’s central bank actually has serious implications for the global currency wars.

As we explained on Monday (and on several prior occasions, here and here for instance) the Riksbank is in a tough spot. They’ve driven rates into negative territory and virtually exhausted the market’s capacity to absorb central bank purchases of government bonds and yet they’re still falling behind in the race to the bottom (i.e. incipient krona strength is still jeopardizing the inflation target).

An uber dovish Mario Draghi and the attendant threat of an ECB depo rate cut in December isn’t helping matters.

And so, the Riksbank’s decision on Wednesday will be watched closely to see if Sweden will once again take a wait and see approach to the ECB or attempt to get out ahead by either cutting the repo rate or expanding the country’s already broken QE.

This is well worn territory and we’re sure we’ll be revisiting it tomorrow, so we won’t delve further into it here other than to say that if the Riksbank does expand QE, they’d better revise the list of eligible paper lest the lack of market depth for government bonds should once again cause investors to reconsider the trade off between liquidity ...

The Calm Before The Storm

Submitted by Michael Snyder via The Economic Collapse blog,

Have you noticed that things have gotten eerily quiet in the month of October? After the chaos of late August and early September, many had anticipated that we would be dealing with a full-blown financial collapse by now, but instead we have entered a period of "dead calm" in which things have become exceedingly quiet in almost every way that you can possibly imagine. Other "watchmen" that I highly respect have made the exact same observation.

Even though the economic numbers are screaming that we have entered a global recession, they aren't really making any headline news. A whole host of major financial institutions around the planet are currently in danger of collapsing and creating the next "Lehman Brothers moment", but none of them has imploded just yet. And of course Barack Obama seems bound and determined to start World War III. On Monday, it was announced that he is sending a guided missile destroyer into Chinese waters in the South China Sea. The Chinese have already stated that they might just start shooting if this happens, but Barack ...

The Beginning Of The End For Theranos?

It started off as a bad enough day for embattled, recently notorious, biotech startup Theranos, which after a series of reports by the WSJ has found itself, and its $9 billion valuation, reeling.

First, the Verge reported citing New Yorker, WaPo, Economist and Fortune, that according to Theranos, it "earns a portion its income from large pharmaceutical companies Pfizer and GlaxoSmithKline, who reportedly use Theranos' tech to conduct clinical trials. But according to representatives from both companies who spoke to the Financial Times that information is factually incorrect."

"I cannot find any evidence that we've done business with them in recent years," a spokesperson for GSK told the Financial Times. Pfizer, on the other hand, said that the company's dealings with Theranos were limited. "We've done only very limited historical exploratory work with Theranos through a few pilot projects

Stocks Edge Lower as Oil Prices Fall

A drop in oil prices weighed on energy shares, though moves in major indexes were muted as investors waited for hints from the Federal Reserve.

Fed Strives for a Clear Signal on Interest Rates

As 2016 approaches, pressure is on the central bank and Janet Yellen to better manage expectations for rates and the U.S. economy.

Chinese Firms Vie to Buy Starwood Hotels

At least three big Chinese companies are competing to win Beijing’s approval to bid for Starwood Hotels, setting the stage for what could be the largest-ever Chinese takeover of a U.S. company.

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To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

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