FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.

03Jun2016 Market Close: Friday Afternoon Jitters, A Falling Dollar, Slipping Crude And A Poor Jobs Report Keeps Investors Sitting On Collective Hands And Worried

Written by Gary

US Markets closed down, near the unchanged line, as investors leave for the burbs for the weekend wondering if Ms Yellen will shock Wall Street Monday. The general consensus among analysis is that the Fed will not raise rates in light of the latest negative financial reports, namely the employment report. J.P. Morgan says, 'One in three chance of recession in 2016'.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

U.S. lawmakers probe Fed cyber breaches, cite 'serious concerns'

WASHINGTON (Reuters) - A U.S. congressional committee has launched an investigation into the Federal Reserve's cyber security practices after a Reuters report revealed more than 50 cyber breaches at the U.S. central bank between 2011 and 2015.

Weak U.S. employment report dims prospect of Fed rate hike

WASHINGTON (Reuters) - The U.S. economy created the fewest number of jobs in more than 5-1/2-years in May as manufacturing and construction employment fell sharply, which could make it harder for the Federal Reserve to raise interest rates.

Banks lead Wall Street slide after dismal jobs data

NEW YORK (Reuters) - Financial stocks led Wall Street lower on Friday after a surprisingly weak jobs report for May prompted concerns about the U.S. economy and whether it can sustain a near-term interest rate hike.

Don't know where U.S. stocks are headed? The options market has a deal for you

NEW YORK (Reuters) - One year after the U.S. stock market topped out, indexes are again near their highs and that makes options traders nervous, so much so that bullish bets on U.S. equities now are bargain priced, even though the underlying stocks are not.

Ex-Oppenheimer adviser arrested for trading on Pfizer employee's tips

NEW YORK (Reuters) - A former Oppenheimer & Co Inc investment adviser was arrested on Friday on charges he traded on inside information supplied by a childhood friend about deals that drugmaker Pfizer Inc was considering.

BMW revamps R&D for new era of self-driving cars

MUNICH (Reuters) - BMW is overhauling its research and development activities to focus on self-driving cars, board member Klaus Froehlich told Reuters, a move which includes a revamp of its "i" sub-brand of carbon-fibre based electric vehicles.

Oil slips on U.S. economy concern, Brent holds near $50

NEW YORK (Reuters) - Oil prices dipped on Friday on concerns about the U.S. economy, but Brent crude held close to $50 a barrel in choppy trading with support from a weaker dollar and relief that most OPEC members do not plan to flood the market with excess crude.

Sumner Redstone has capacity to make trust decisions, says doctor

(Reuters) - A psychiatrist who examined Sumner Redstone twice last month found the 93-year-old retained the mental capacity needed to remove Viacom Inc Chief Executive Philippe Dauman from the trust that will eventually control the company, according to a spokesman for the media mogul.

Facebook's Zuckerberg may lose majority voting control if he exits

(Reuters) - Facebook Inc's board has proposed removing Mark Zuckerberg's majority voting control in the event of the social media giant's chief executive and founder deciding to exit management at some point in future.

Bonds & Bullion Soar As Plunge-Protection-Team Rescues Stocks From Painful Payrolls Puke

Who could have seen that coming?

closing above 2,100 > worst jobs report since 2010

— zerohedge (@zerohedge) June 3, 2016

Worst jobs print in 6 years and tumbling PMI, ISM, and Factory Orders - Did The Fed just lose it completely?

Rate Hike odds plunged... even as stocks ripped back

But Bonds and Bullion were the biggest post-payrolls winners...

VIX was crushed once again in just utter idiocy off the lows to get S&P back to 2,100... notice a pattern there?

On the day, The Dow got closest to getting back to unchanged

These Are The 9 Zero Hedge Charts Showing "Obama's Recovery" That Angered The Washington Post

As regular readers know, one of our favorite chartpacks to show "Obama's recovery" is the one below, presented most recently just two days ago during Obama's now almost weekly televised sermon of how the economy is great and anyone who disagrees is "peddling fiction", which using simple Bloomerg data, summarize recent changes in key economic indicators including soaring federal debt and government dependency via food stamp use, surging healthcare costs and social inequality, plunging homeownership, income, and labor force participation, and - of course - driving it all, none of the president's or Congress' actions, but the Fed's balance sheet, something even major banks admit is better known as "printing money" - money that ends up blowing one after another asset bubble unable to finds its way into the broader economy - a stigma that is now gone in a world in which helicopter money is seriously considered by lunatics in power.

To be sure, the charts do not in any way imply that Obama started any of these disastrous trends (with a few exceptions); they do however make it very clear that more than 7 years under president Obama, these same trends have not changed.

This means that while Obama may have inherited a bad economy, contrary to the endless propaganda, the economy has only gotten worse. One needs only to go on a very short drive through any of the neighborhoods of Obama's native Chicago to get a clear realization of this sad fact (while wearing a bulletproof ...

A Jobs Jolt for the Fed

A poor employment report has sent the odds of the Federal Reserve raising rates this summer spiraling down.

Jobs Report Sends Bank Stocks Back to Square One

The weak unemployment numbers are bad news for bank shares in more ways than one.

Noble Group Raises Cash But Hopes Still Dashed

Noble's founder Richard Elman is leaving the scene and only partly participating in the company's cash call.

April 2016 Trade Data Improves But In Contraction Year-over-Year

Written by Steven Hansen

A quick recap to the trade data released today continues to paint a relatively dismal view of global trade. The unadjusted three month rolling average value of exports accelerated and imports decelerated (but all rolling averages are in contraction). Many care about the trade balance which improved because exports improved more than imports.

Bank stocks take a beating after weak jobs report

Bank stocks take a broad beating as a surprisingly weak May jobs report sent longer-term interest rates sharply lower, which could hurt future bank earnings.

The Wall Street Journal: The case for buying a second home in the same town as your first

Getting away from it all doesn't have to mean actually getting away. Some home buyers are buying vacation homes in the same city or metropolitan area as their primary residence.

Bond Report: Short-term Treasury yields log largest weekly drop in 1.½ years

Treasury prices soared this week, pushing yields sharply lower, as a flurry of weak economic data, culminating in Friday's abysmal jobs report, diminished expectations the Federal Reserve would raise interest rates later this month.

Summary of Economic Releases this Week

Real Time Economic Calendar provided by

Earnings Summary for Today

Earnings Calendar provided by

leading Stock Positions

Leading Stock Quotes powered by

Current Commodity Prices

Commodities are powered by

Current Currency Crosses

The Forex Quotes are powered by

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

Click here for Historical Releases Listing

Make a Comment

Econintersect wants your comments, data and opinion on the articles posted.  As the internet is a "war zone" of trolls, hackers and spammers - Econintersect must balance its defences against ease of commenting.  We have joined with Livefyre to manage our comment streams.

To comment, using Livefyre just click the "Sign In" button at the top-left corner of the comment box below. You can create a commenting account using your favorite social network such as Twitter, Facebook, Google+, LinkedIn or Open ID - or open a Livefyre account using your email address.

You can also comment using Facebook directly using he comment block below.

Econintersect Live Market


Print this page or create a PDF file of this page
Print Friendly and PDF

The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.

Take a look at what is going on inside of
Main Home
Analysis Blog
A Short Note on a Connection Between Marginalist Economics and Folk Medicine
Run A High Pressure Economy? Janet Yellen Does Not Understand the Problem
News Blog
A Pony And His Beloved Teddy Bear Reunite After Being Apart For 3 Years
October 2016 Kansas City Fed Manufacturing Remains In Expansion
September 2016 Median Household Income Not Statistically Different Than The Previous Month
September 2016 Pending Home Sales Index Improves
22 October 2016 Initial Unemployment Claims: Rolling Averages Marginally Worsen
Durable Goods New Orders Marginally Declined in September 2016
Infographic Of The Day: 41 Interesting Facts About Tesla Motors
Early Headlines: Asia Stocks Down, Oil Lower, Great Lakes Wind Power, Chinese Moving Mfg To US, Tesla Reports Profit, Dems Forecast To Take Senate, China's Debt And More
How Miller Stacks Up Against His Draft Class
Inside The Machine: How Two Nobel Winners Taught Us How Companies Tick
Healthcare's Dirty Little Secret: Results From Many Clinical Trials Are Unreliable
The Cleveland Indian's Unique Use Of Andrew Miller
What We Read Today 26 October 2016
Investing Blog
Thirsty For Income? How To Thrive In This Yield Desert
Apple's First Annual Sales Decline In 15 Years
Opinion Blog
A Hard Brexit And Reduced Migration Won't Benefit UK Workers
What Triggers Collapse?
Precious Metals Blog
Inflation Surging As Platinum Signals Stock Market Decline
Live Markets
27Oct2016 Market Update: Wall Street Flat, Crude Prices Recovering, US Dollar At Resistance And Gold Struggling At Support
Amazon Books & More

.... and keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Middle East / Africa
USA Government

Crowdfunding ....



Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day


Asia / Pacific
Middle East / Africa
USA Government

RSS Feeds / Social Media

Combined Econintersect Feed

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution



  Top Economics Site Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2016 Econintersect LLC - all rights reserved