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18May2016 Market Close: Wall Street Down After Fed Policy Makers Give O.K. To A June Hike, Crude Dives After US Dollar Gains

Written by Gary

Wall Street closed lower, Crude slips dramatically after Fed policy makers say a June rate hike would be appropriate and driving the US dollar up. Investors have used Cisco Systems Inc. to measure the temperature of the enterprise tech sector, and recent weakness for competitors could make this week's gauge even more important. Short-term indicators remain bearish.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Fed signals interest rate hike firmly on the table for June

WASHINGTON (Reuters) - U.S. Federal Reserve officials said it would be appropriate to raise interest rates in June if economic data points to stronger second-quarter growth as well as firming inflation and employment, according to minutes from their policy meeting last month.

Wall Street turns negative as Fed signals June rate hike possible

(Reuters) - Wall Street turned negative on Wednesday after minutes from the Federal Reserve's April policy meeting showed the U.S. central bank will likely raise interest rates in June if supported by economic data.

Charter Communications completes purchase of Time Warner Cable

WASHINGTON (Reuters) - Charter Communications Inc said Wednesday it has completed its acquisition of Time Warner Cable Inc and Bright House Networks LLC, creating the second-largest U.S. broadband provider and third-largest pay TV provider.

Ex-JPMorgan, Citi FX sales employees sue banks

LONDON (Reuters) - A former London-based JPMorgan foreign exchange sales person is suing the Wall Street bank for unfair dismissal, according to a court filing released on Wednesday.

Target shares plunge after sales, outlook disappoint

CHICAGO (Reuters) - Retail chain Target Corp gave a cautious outlook on Wednesday after reporting a lower-than-expected increase in quarterly sales due to unseasonable weather and weaker demand for electronics and groceries.

Takeover talk by rival 'wild speculation': Monsanto executive

NEW YORK (Reuters) - Talk of a takeover of Monsanto Co by rivals Bayer AG or BASF SE is "wild speculation," and Monsanto is staying focused on its own strategy, president and chief operating officer Brett Begemann said on Wednesday.

JPMorgan wins dismissal of Madoff investors' U.S. lawsuit

NEW YORK (Reuters) - JPMorgan Chase & Co on Wednesday won dismissal of a lawsuit brought by former customers of Bernard Madoff who blamed the U.S. bank for playing an active role in his Ponzi scheme and ignoring red flags of his fraud.

Fiat Chrysler recalls half million Jeep Wrangler SUVs

(Reuters) - Fiat Chrysler Automobiles said on Wednesday it will recall 506,420 of its popular Jeep Wrangler SUVs because off-road driving may cause the driver-side air bag not to open in a crash.

Issue resolved at NYSE, some orders canceled: exchange

NEW YORK (Reuters) - The New York Stock Exchange said on Wednesday a critical technical issue that disrupted trading in nearly 200 ticker symbols had been resolved.

Late-Day Buying Panic Keeps Stocks Green For 2016 After Fed Shock

Another roller-coaster day... "you're a crook, and a cheat, and a swindler..."

Today's melt-ups (pre-FOMC Minutes) were all thanks to broken markets

But after FOMC, things went south in everything (except the Dollar)...

Post-fed, bonds win (but they all lose)...

Obviously we were panic bid into the FOMC minutes but that all changed when The Fed hawks appeared...

The machines were in full rescue mode eying VWAP twice after the minustes smashed stocks lower...perfect VWAP close!

Venezuelan Police Unleash Tear-Gas, Rubber Bullets Amid Violent Anti-Government Protests

The conflagration that is the collapse of a socilaist utopia continues to escalate in Venezuela today. With morgues overflowing, medicines running out, and apocalyptic scenes playing out across the nation, Venezuelans took to the streets of Caracas today - at the behest of the opposition - demanding a recall referendum to end Venezuelan President Nicolas Maduro's socialist rule. The troubled nations leader was not happy and security forces fired tear gas and shut subway stations to block the thousands of protesters.

Over the last two weeks, several provinces have hosted scenes of looting in pharmacies, shopping malls, supermarkets, and food delivery trucks. In several markets, shouts of "we are hungry!" echoed. On April 27, the Venezuelan Chamber of Food (Cavidea) reported that the country's food producers only had 15 days left of inventory.

PanamPost adds that lootings are becoming an increasingly common occurrence in Venezuela, as the country's food shortage resulted in yet another reported incident of violence in a supermarket — this time in the Luvebras Automarket located in the La Florida Province of Caracas.

Venezuelans lost control this week when

Why Some Frackers Look Good After the Oil Bust

Oil-and-gas frackers destroyed a lot of wealth but aren't hopeless cases going forward.

Why Wal-Mart Can Weather Retail Storm

Wal-Mart's fiscal first-quarter results Thursday might be able to withstand retail's broader troubles.

Why Burberry Isn't Cut Out for Cost-Cutting

Burberry chief Christopher Bailey wants to revive the luxury retailer's growth while cutting costs. But scrimping doesn't sit easily with the U.K. retailer's brand.

27 April 2016 FOMC Meeting Minutes: Funds Rate Increase Still On For June.

Fed-sealSMALLThe 27 April 2016 meeting statement presented the actions taken. This post covers the economic discussion during this FOMC meeting between the members (minutes were released today). There was a significant amount of discussion about economic conditions and how it relates to the federal funds rate. The quote of these minutes was:

... if incoming data were consistent with economic growth picking up in the second quarter, labor market conditions continuing to strengthen, and inflation making progress toward the Committee's 2 percent objective, then it likely would be appropriate for the Committee to increase the target range for the federal funds rate in June .....

The Fed: Fed open to hiking interest rates in June

'Most' Fed policy makers say a June rate hike would be appropriate providing the economic data cooperate, according to the minutes from the central bank's April meeting.

Bond Report: Treasury yields log largest daily spike in nearly 5 months after Fed minutes

Short-term Treasury prices dived Wednesday, pushing yields to their highest level in over two months, after the minutes from the Federal Reserve's April meeting showed most Fed policy makers were ready to lift interest rates in June.

Market Extra: Chances of June hike jump after Fed minutes

The likelihood that the Federal Reserve will raise interest rates at its upcoming meeting in June rose markedly after the release of minutes from the central bank's previous meeting.

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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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