Wall St. slumps more than 1.5 percent as all major indexes extended losses today, falling more than 1.5 percent, and were on track for their worst weekly performance in a month as growing oversupply concerns dragged down crude oil prices to their 7-year lows.
Here is the current market situation from CNN Money
North and South American markets are broadly lower today with shares in U.S. off the most. The S&P 500 is down 1.60% while Mexico's IPC is off 1.18% and Brazil's Bovespa is lower by 0.28%.
(Reuters) - All three major indexes extended losses on Friday, falling more than 1.5 percent, and were on track for their worst weekly performance in a month as growing oversupply concerns dragged down crude oil prices to their 7-year lows.
(Reuters) - Wells Fargo & Co is moving the New York headquarters of its Wells Fargo Securities arm to Manhattan's West Side, to 30 Hudson Yards, which is currently under development, the company said in a statement.
NEW YORK (Reuters) - It has been so long since the Federal Reserve raised interest rates that U.S. stock market investors probably should not look to past rate hike cycles for clues about potential winners and losers.
(Reuters) - Chemical titans DuPont and Dow Chemical Co agreed to combine in an all-stock merger valued at $130 billion, a move that could trigger more consolidation, please activist investors and generate tax savings while drawing scrutiny from regulators.
WASHINGTON (Reuters) - U.S. regulators are considering restrictions on how mutual, exchange-traded and other funds can use derivatives, with the Securities and Exchange Commission head saying she is concerned that investors are exposed to too much risk.
PARIS (Reuters) - Renault said on Friday it had reached agreements with Japanese partner Nissan and the French government to end an eight-month dispute over increased state influence on the carmaking alliance.
WASHINGTON (Reuters) - A gauge of U.S. consumer spending rose solidly in November, suggesting enough momentum in the economy for the Federal Reserve to raise interest rates next week for the first time in nearly a decade.
HONG KONG (Reuters) - Fosun International said on Friday its Chairman Guo Guangchang, one of China's best-known entrepreneurs, is assisting authorities with an investigation, after an earlier report said the group lost contact with its billionaire founder.
One of the catalysts for today's selloff was the thoroughly unexpected announcement by the Chinese Foreign Exchange Trade System (part of the PBOC), which as we said earlier, hints at substantially more devaluation of the Chinese currency, a currency which as is well-known, is pegged to a dollar which has been soaring in the past year, and which many believe will continue to soar after the Fed hikes rates.
This is what the CFETS said:
... it is consistent with international practice that CFETS publishes its RMB exchange rate index. Since the beginning of 2015, the trend of this index has been relatively stable. The index is 102.93 on November 30th, appreciated 2.93% from the end of 2014. This shows that, even though RMB has depreciated against USD since the beginning of this year, it has appreciated modestly against a basket of currencies. Therefore, RMB is relatively a strong currency among the major international currencies.
Lots of words to say one thing, China has revealed its own trade-weighted index, and this is how we explained why first thing this morning: "the Trade-Weighted Yuan is still too strong."
Yes, China will henceforth look at the Yuan not only relative to the USD but relative to the currencies of all its trade partners (since the USD keeps surging and on a relative basis, China's deval to the USD means nothing at all relative to all other currencies).
Why is this a big deal? Because as frequent readers will recall, as we noted on August 11, just hours after Chin ...
(CNBC) - Corporate insiders have been selling their shares at near-record levels, and according to some, this could be a sign for outside investors to start selling as well.
Investment research firm TrimTabs reported on Wednesday that insider selling reached $7.6 billion for the month of November, the fourth-highest monthly level on record. For some this may be an alarming indicator, as corporate insiders tend to have more knowledge than public shareholders on the inner workings of the company, and what may drive stock prices up or down.
"Historically when insiders are selling heavily it's not the greatest sign," TrimTabs' chief executive, David Santschi, told CNBC in a phone interview Wednesday. "I'm surprised given the valuations in the market that they're not selling more than they are."
According to Todd Gordon of TradingAnalysis.com, this combined with widening disparities in stock leaders and laggers could spell some short-term trouble for the market.
Why isn't it a surprise that insiders are bailing? Because they see the reality of their businesses up close and personal. Revenues have been falling for the past ye ...
Oil tumbled to fresh lows Friday, with the U.S. benchmark price slipping below $36 a barrel after a top energy watchdog said low prices are taking a toll on supply but that isn't yet enough to relieve the global crude glut.
China's central bank signaled its intention to change the way it manages the yuan's value by potentially loosening its peg to the U.S. dollar and instead letting it track the currencies of its broader trading partners.
ECRI's WLI Growth Index which forecasts economic growth six months forward - improved but remains in negative territory. This index had spent 28 weeks in negative territory, then 15 weeks in positive territory - and now is in its 17th week in negative territory.
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