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29Apr2016 Market Close: DOW Closed Down 57 Points, Crude Price Lower, Short-Term Indicators Bearish

Written by Gary

Markets closed down but off the session lows, gaining 50% of the losses. WTI crude also mimicked the Equities settling in the high 45's. The US dollar traded sideways along its support and may be the bottom of its fall. SPY is supposed to decline more next week and then rally up to previous highs.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Apple's stock suffers worst week since 2013

SAN FRANCISCO (Reuters) - Apple was set on Friday to have its worst week on the stock market since 2013, as worries festered about a slowdown in iPhone sales and after influential shareholder Carl Icahn revealed he sold his entire stake.

Healthcare stocks, weak data weigh on Wall Street

(Reuters) - Wall Street was lower for a second day on Friday as investors assessed corporate earnings and data showed that U.S. inflation barely rose in March as consumer spending remains tepid.

Refining's silver lining loses luster at Exxon and Chevron

HOUSTON (Reuters) - Exxon Mobil Corp and Chevron Corpon Friday reported their most dismal quarterly results in more than a decade on low oil prices and an oversupplied fuel market that hurt what had been lucrative refining margins.

Tame U.S. inflation bolsters Fed caution on rate hikes

WASHINGTON (Reuters) - U.S. inflation barely rose in March as consumer spending remained tepid, making it less likely that the Federal Reserve will be able to follow through on its projected two interest rate increases this year.

Exclusive: Yahoo's bidder shortlist points to cash deal -sources

(Reuters) - Yahoo Inc has shortlisted close to 10 bidders in the auction for its core Internet assets, including Verizon Communications Inc, with most offers involving cash rather than a combination with another company, according to people familiar with the matter.

VW executive committee balks at Qatar's push for seat: sources

FRANKFURT/BERLIN (Reuters) - Frustrated with the pace of reform at Volkswagen, shareholder Qatar has asked the carmaker for a seat on the company's executive committee, a request that has met with substantial opposition, two sources familiar with the matter said on Friday.

U.S. earnings still lousy, but showing signs of life

NEW YORK (Reuters) - As earnings season begins to enter the homestretch, what has shaped up to be a dismal quarter for quarterly profits may have reached a bottom.

Sanofi, Medivation dig in for big biotech takeover battle

PARIS (Reuters) - Sanofi and its takeover target Medivation dug in for trench warfare on Friday, with the French drugmaker confident of winning over investors and the U.S. cancer firm insisting it was better off staying independent.

Nissan to recall 3.53 million vehicles: air bags may not deploy

WASHINGTON (Reuters) - Nissan Motor Co Ltd said on Friday it will recall 3.53 million vehicles, most in the United States, citing passenger-side air bags that may not work properly because vehicle sensors may malfunction.

The Full Story Behind Bloomberg's Attempt To "Unmask" Zero Hedge

Over the years, Zero Hedge has proven to be a magnet for media attention.

It started years ago with a NY Magazine article published in September 2009 which first "unmasked" the people behind Zero Hedge with the "The Dow Zero Insurgency: The nothing-can-be-believed chaos of the financial crisis created a golden opportunity for a blog run by a mysterious ex-hedge-funder with a dodgy past and conspiracy theories to burn" in which we were presented as a bunch of "conspiracy theory" tin foil hat paranoid loons.

We are ok with being typecast as "conspiracy theorists" as these "theories" tend to become "conspiracy fact" months to years later.

Others, such as "academics who defend Wall Street to reap rewards" had taken on a different approach, accusing the website of being a "Russian information operation", supporting pro-Russian interests, which allegedly involved KGB and even Putin ties, simply because we refused to follow the pro-US script. We are certainly ok with being the object of other's conspiracy theories, in this case completely false ones since we have never been in contact with anyone in Russia, or the US, or any government for that matter. We have also never accepted a dollar of outside funding from either public or private organization - we have prided ourselves in our financial independence because we have been profitable since inception.

Which brings us to the latest "outing" of Zero Hedge, this time from none other than Bloomberg which this morning leads with "Unmasking the Men Behind Zero Hedge, Wall Street's Renegade Blog" in which it makes the tacit admission that ...

What Slump? How Eurozone Growth is Bucking the Global Trend

Unusually, the eurozone is leading the way. Strong first-quarter growth bodes well for the year.

China's Banks Face Bad-Loan Pinch

Chinese banks' precarious balance of provisioning just enough for bad loans while keeping profits flat won't last much longer.

Freddie Mac may need another taxpayer bailout next week

The mortgage giant under government control is likely to report a big quarterly loss thanks to interest rate derivative bets.

Deep Dive: Energy stocks rebound, helping the S&P 500 generate a gain in April

Technology stocks, led by Apple, Netflix and Seagate Technology, were losers for the month.

Summary of Economic Releases this Week

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Earnings Summary for Today

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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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