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17May2016 Market Close: Markets Close Down, WTI Crude Pushes Higher, US Dollar Remains Weak

Written by Gary

Markets closed down with the DOW off 181 points and the SP500 closing out at -0.9%. Crude is still climbing after the close, currently at 49.56 and is expected to climb higher in the next several sessions, before retreating.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Strong U.S. data bolsters second-quarter growth prospects

WASHINGTON (Reuters) - U.S. consumer prices recorded their biggest increase in more than three years in April as gasoline and rents rose, pointing to a steady inflation build-up that could give the Federal Reserve ammunition to raise interest rates later this year.

Wall St. falls on rate hike jitters, Home Depot

NEW YORK (Reuters) - Wall Street sold off on Tuesday as investors boosted their bets on the Federal Reserve raising rates later this year, while Home Depot dragged on indexes following its quarterly report.

Novartis splits drugs business into two, pharma chief to leave

ZURICH/LONDON (Reuters) - Novartis is splitting its pharmaceuticals division into two business units, one focused on cancer and the second on other drugs, while switching out its current pharma head in the second high-profile management reshuffle this year.

S&P cuts Icahn Enterprises rating to junk, outlook stable

NEW YORK (Reuters) - U.S. ratings agency Standard & Poor's on Tuesday cut the credit rating of billionaire investor Carl Icahn's Icahn Enterprises to junk status after the portfolio absorbed declining investment values and higher leverage in the last few months.

Home Depot raises forecasts after strong start to the year

(Reuters) - Home Depot Inc boosted its sales and profit forecasts for the year on Tuesday after a stronger-than-expected first quarter, driven by a healthy housing market and favorable weather that encouraged Americans to spruce up their homes.

Shell shareholders advised to oppose CEO's pay

LONDON (Reuters) - Two investor advisory firms have recommended Royal Dutch Shell shareholders oppose the CEO's 2015 remuneration, in the latest sign of rising discontent over pay amid falling oil prices.

Standard Life faces investor ire over executive pay

LONDON (Reuters) - Standard Life was given an embarrassing dressing down by shareholders at its AGM, with reaction to its 2015 pay report delivering a metaphorical bloody nose to an insurer that in its role as an investor in other companies has itself been critical of high executive pay.

Dell launches $20 billion high-grade bond

NEW YORK (IFR) - Dell launched a US$20bn investment-grade bond on Tuesday, upsizing the trade on the back of a massive order book as it finances its acquisition of data storage company EMC.

U.S. crude prices hits seven-month high as inventory drop seen

NEW YORK (Reuters) - Oil prices rose for a second straight day on Tuesday, with U.S. futures hitting seven-month highs, on expectations of a drawdown in U.S. crude stockpiles and a new wildfire threat on Canadian oil supplies.

Stocks Give Up "Volumeless, No Good Reason" Gains On Hawkish FedSpeak

It's over...Hotflation and Fedspeak - unless the S&P plunged 200 points, June is on like Donkey Kong.

Who could have seen that coming...

The S&P 500 tumbled back into negative territory for the year once again...

TS YTD

What goes up, comes back fast on heavy volume... Weak China data's dip was a panic buying opportunty for the machines which quickly evaporated...

Trannies started off in a hurry on the day...

Once again VIX was pressured to keep the S&P 500 above unch year-to-date...

There is one odd outlier post payrolls...

'Transitory' Excuses Destroyed As Mainstream Wakes Up To Crashing Yield Curve

Submitted by Jeffrey Snider via Alhambra Investment Partners,

The US Treasury yield curve is flattening again, with parts finally in 2016 surpassing the bearishness exhibited to start 2015. The mainstream is just now starting to notice likely because unlike last year there are no longer credible excuses to simply wish it away. "Transitory" is not a word you find much anymore, replaced instead by reluctant and forced acknowledgement that there is real economic peril here.

Bearishness in the yield curve is not something new, however, only the notice of it. While risks to the economy are part of this shift in commentary, the Federal Reserve's haplessness is as well.

"The yield curve itself signals that things are not good looking into the future and talking about recession risk," Major said in an interview on Bloomberg Television's "On the Move" with Guy Johnson. "The market is now ready for a long, long time with very low rates and it's been painful because people have been expecting the Fed to do what it said it was going to do. The Fed really wants to hike rates but can't."

Flattening has been the operative condition going all the way back to late 2013; in the 5s10s dating to November 20 that year; in the 2s10s to December 31. That means that credit markets, echoing bearishness in funding, read the economic risks of QE3's pot ...

The Rate Debate: Inflation Says Go, Markets Say Stop

Inflation has firmed to the point that the Federal Reserve can be more comfortable about raising rates again. But investors aren't there yet.

LendingClub's Loans Come Home to Roost

LendingClub's business model is breaking down as it admits it may need to start holding loans on its balance sheet.

For Salesforce, Clouds Part Yet Again

Salesforce.com's sharp rally will be put to the test following Wednesday's earnings report.

TJX Cos. wants to open thousands more stores

Discount retailer reckons its 'treasure hunt' model is an advantage.

The Fed: Fed officials Williams, Lockhart stress that June meeting is 'live'

Two Fed officials stressed on Tuesday that the U.S. central bank could hike rates at the upcoming June meeting.

Capitol Report: Senate approves bill to allow 9/11 victim families to sue Saudi Arabia

The Senate passed a bill Tuesday that would allow families of victims of the Sept. 11 attacks to sue the government of Saudi Arabia, over the objections of the U.S. ally and the White House.

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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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