econintersect.com
       
  

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.



09Jun2016 Market Close: Wall Street Closes Fractionally Down, Crude Down, But Trading Sideways, US Dollar Showing More Strength As Market Indicators Project Weakness

Written by Gary

US averages close down fractionally (SPY -0.1%), DOW down 20 points, loosing grip on 18K level and WTI crude trading pits settle in the mid 50's. Banks led Wall Street lower today, mirroring global stocks, as oil prices fell and bond markets rallied amid demand for safe haven assets. Short-term indicators have turned bearish and the medium ones reflect a possible market correction soon.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall St. drops with banks and oil as bonds rally

(Reuters) - Banks led Wall Street lower on Thursday, mirroring global stocks, as oil prices fell and bond markets rallied amid demand for safe haven assets.

Verizon's bid for Yahoo's web assets topped by others: source

(Reuters) - Verizon Communications Inc did not submit the highest offer this week in the second round of bidding for Yahoo Inc's core internet assets, according to a person familiar with the matter.

Chipotle shares at pricey multiples as Wall Street eyes May sales

SAN FRANCISCO (Reuters) - Shares of Chipotle Mexican Grill appear expensive as Wall Street awaits fresh data on the burrito chain's struggle to recover from a string of food-borne illness outbreaks.

Tesla Motors introduces two less costly Model S versions

(Reuters) - Electric carmaker Tesla Motors Inc said on Thursday it would offer two slightly lower-priced versions of its electric Model S sedan, starting at $66,000 in the U.S. market.

U.S. economic outlook brightens on upbeat job, inventory data

WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits unexpectedly fell last week, pointing to sustained strength in the labor market despite a sharp slowdown in hiring last month.

Valeant said to weigh sale of Egyptian drugmaker Amoun: Bloomberg

(Reuters) - Valeant Pharmaceuticals International Inc is considering the sale of Egyptian drugmaker Amoun Pharmaceutical Co to accelerate its debt-reduction plan, Bloomberg reported, citing people with knowledge of the matter.

House committee moves to cut funding for financial regulators

WASHINGTON (Reuters) - A bill to slash funding for the U.S. Securities and Exchange Commission, Internal Revenue Service and other financial regulators passed a key committee in the U.S. House of Representatives on Thursday after a long partisan fight.

Luxottica sues BCBG Max Azria over Wayfarer sunglasses trademark

(Reuters) - Luxottica Group Spa , the maker of Ray-Ban sunglasses, has sued BCBG Max Azria Group LLC, accusing the fashion house of knowingly infringing its famous Wayfarer trademark.

U.S. reviewing suspension complaints in Tesla Model S cars

WASHINGTON (Reuters) - U.S. auto safety investigators are reviewing reports of suspension problems in Tesla Motors Inc Model S cars, a government spokesman said on Thursday.

"This Could Be The Biggest Auto Scandal Since The GM Ignition Switch" - Why Tesla Is Probed Over A "Suspension Issue"

Moments ago TSLA shares slid following headlines from a Reuters report that the US Auto Safety Agency is probing an issue involving Tesla suspensions:

U.S. AUTO SAFETY AGENCY LOOKING AT TESLA MODEL S: REUTERS

TESLA MODEL S PROBE FOCUSED ON REPORTED SUSPENSION ISSUE: RTRS

What's going on here?

As it turns out, and as reported extensively on the Daily Kanban website overnight, not only has there been a chronic issue involving the safety Tesla Model S suspensions, but there are allegations that Elon Musk's company has been actively trying to cover these up.

As the website notes, "where Tesla crosses the line here is not the "crime" itself, but the coverup. If Tesla used a TSB rather than a recall to fix a safety problem, if it has an institutional bias against ordering recalls and if it uses NDAs as a matter of course to prevent owners from reporting defects, this could become the biggest auto safety scandal since the GM ignition switch affair. That's a lot of "ifs," but thus far the evidence indicates that these are very real possibilities. Watch this space for further developments in this troubling story."

Here is the full report from the Daily Kanban:

Tesla Suspension Breakage: It's Not The Crime, It's The Coverup

TeslaBallJoint

For several months now, reports have circulated in comment sections and forum threads about a possible defect in Tesla's vehicles that may cause suspension control arms to break. Many of those r ...

The Visual History Of All Market Crashes Since 1956

One month after Goldman strategists downgraded equities to neutral on growth and valuation concerns, the firm has turned up the heat on the bearish case with a report by Christian Mueller-Glissmann in which he says that equity drawdown risk "appears elevated" with S&P 500 trading near record high, valuations stretched, lackluster economic growth and yield investors being "forced up the risk curve to equities."

As Goldman notes,

"one large drawdown can quickly erase returns that were accumulated over several years."

Adding that

"since the 1950s most equity markets had several large drawdowns of more than 20%, which have taken several years to recover from. For example in the 1970s the FTSE All-Share had an 80% drawdown in real terms and the DAX declined 69% during the Tech Bubble. One of the largest equity drawdowns across markets was during the GFC, when most global equity markets lost around half their value. And not to forget, the TOPIX has still not recovered from the large drawdowns of the late1980s/early 1990s."

Goldman also points out that large drawdowns are not only relatively frequent, but becoming more global in nature.

The Yield Curve's Message for the Fed

The narrowing gap between short-term and long-term rates may not be the signal it once was, but the Federal Reserve should still pay heed to it.

Restoration Hardware's Recovery Won't Be Quick

Restoration Hardware's switch to everyday low prices and away from traditional promotions is weighing on its sales.

Market Extra: 'Brexit' isn't the only thing European investors should worry about

Spain's political parties are set to begin campaigning on Friday ahead of Parliamentary elections on June 26. Investors hope that the election will result in a clear-cut majority for Spain's People's Party, the ruling conservative party led by Prime Minister Mariano Rajoy. But recent polls suggest its current gridlock will persist.

Here are 7 important financial steps you need to take in your 30s

Here are seven key financial steps people in their 30s should take.

Credit card debt could hit $1 trillion by the end of 2016

Things are going right for the economy, but wrong for the consumer.

Summary of Economic Releases this Week

Real Time Economic Calendar provided by Investing.com.

Earnings Summary for Today

Earnings Calendar provided by Investing.com.

leading Stock Positions

Leading Stock Quotes powered by Investing.com

Current Commodity Prices


Commodities are powered by Investing.com

Current Currency Crosses

The Forex Quotes are powered by Investing.com.



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

gary@econintersect.com

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

search_box

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 Econintersect.com
Main Home
Analysis Blog
The Expected Effects of Petitions to Improve the Monetary System
Energy and Falling Productivity
News Blog
TV Matches Aren't All That Important And Trump's Less Trusted
What We Read Today 26 September 2016
Why Mosquitoes Bite Some People
September 2016 Texas Manufacturing Survey Improves Further Into Expansion.
August 2016 New Home Sales Decline On Lower Median Sales Prices.
U.S. Real Wage Growth: Fast Out Of The Starting Blocks - Part 1 Of 2
Who Works More Hours Per Week: Rich Or Poor Countries?
Infographic Of The Day: How The World's Most Iconic Logos Evolve Over Time
Early Headlines: Asia Stocks Down, Fed Wants Banks' Commodity Limits, Treasuries Being Sold, EZ Business Output Softens, France Contraction, Saudi's Boost Banks, Canada Tightens Borders For Chinese And More
Most Read Articles Last Week Ending 24 September
How Britain Owes Its Immigrants A Debt Of Gratitude
Super Mario, The Timeless Bestseller
Explainer: The Nine Swing States That Will Decide The Next US President
Investing Blog
Monday Morning Call 26 September
We're Back Here We Started
Opinion Blog
Heading For A Fall? With Summer Over, Europe Must Face Up To Its Mounting Crises
What If We're In A Depression But Don't Know It?
Precious Metals Blog
War On Cash Turns To $20, $50, And $100 Bills
Live Markets
26Sep2016 Market Close: Wall Street Remained Down Ahead Of Tonight's Presidential Debate And OPEC's Meeting Later This Week, WTI Crude Falls Back To The 45 Handle, Gold Also Falls Off Session Highs
Amazon Books & More






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



Crowdfunding ....






























 navigate econintersect.com

Blogs

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

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com 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