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22Jun2016 Market Close: Crude Down Over One Percentage Point, Markets Close Fractionally Lower, Brexit Vote Starts Before US Markets Open

Written by Gary

US markets closed fractionally lower (SPY -0.2%, DOW -0.3%) amid of investor uncertainty of the looming Brexit vote tomorrow. The 'exit polls' may show which way the vote is going to go BEFORE the US markets open and I expect a fair amount of trading volatility during the sessions ends.

Todays S&P 500 Chart

A new poll moderated expectations that Britain will vote to remain in the European Union and that could be VERY bullish for the US markets. It is also believed the markets have already priced in that expectation and could cause the US markets to tumble tomorrow.

The Market in Perspective

Here are the headlines moving the markets.

Wall Street dips with all eyes on British referendum

NEW YORK (Reuters) - U.S. stocks dipped in low trading volume on Wednesday, with traders focusing on Thursday's referendum on whether Britain will remain part of the European Union.

U.S. policymakers, companies see a Brexit hurting investment, profits

WASHINGTON (Reuters) - A vote by Britons to leave the European Union on Thursday may not drag the United States into recession, but its effects on U.S. monetary policy, trade and corporate profits are causing concern in Washington D.C. and boardrooms alike.

Fed's Yellen says no special meetings scheduled over Brexit

WASHINGTON (Reuters) - Federal Reserve Chair Janet Yellen said she has not scheduled special meetings for Friday or Saturday in order to respond to the "Brexit" vote in Britain over its membership in the European Union.

Investors see trouble in Musk's dream for Tesla-SolarCity tie-up

(Reuters) - Investors questioned a plan by Silicon Valley heavyweight Elon Musk for his electric car company Tesla Motors to buy his rooftop solar company SolarCity for up to $2.8 billion, sending Tesla's shares down more than 10 percent on concerns the two would not fit together and a deal would distract Tesla from making cars.

Supreme Court's Alito sells oil company shares, documents show

WASHINGTON (Reuters) - U.S. Supreme Court Justice Samuel Alito sold his shares in Exxon Mobil Corp worth up to $250,000 that had prompted him to step aside from cases involving the oil company, financial disclosure forms released on Wednesday showed.

Oil ends lower after small U.S. drawdown; choppy ahead of Brexit vote

NEW YORK (Reuters) - Oil prices settled down more than 1 percent on Wednesday after a smaller-than-expected U.S. inventory drawdown and amid jitters ahead of a vote on whether Britain should stay in the European Union.

FAA proposes two new fines against Amazon.com over hazardous shipments

WASHINGTON (Reuters) - The U.S. Federal Aviation Administration said on Wednesday it is proposing $130,000 in civil fines against Amazon.com Inc for two new violations of shipping products that allegedly violated hazardous materials regulations.

IMF sees U.S. economy in 'good shape', too many in poverty

WASHINGTON (Reuters) - The International Monetary Fund said on Wednesday the U.S. economy was "overall in good shape," with growth set to regain momentum despite an overvalued dollar, but it warned that too many Americans were dropping out of the workforce or living in poverty.

Exclusive: RBS receives bids for Greek shipping business - sources

LONDON (Reuters) - The Royal Bank of Scotland has received bids for its Greek ship finance business, banking and financial sources familiar with the matter said, following a leap in bad shipping debts at the lender over the past few months.

Hedges Soar, Markets Snore As Traders Brace For Big Brexit Day

Some nostalgia... "some poeple are on the pitch, they think [Brexit]'s all over... it is now!!"

Although we suspect, by this time tomorrow, the sounds from trading floors around the world may be more like this...

Polls point to "Leave" and Bookies' money-flows tipped towards "Leave" today...

Volume cratered...

Black swan bets soared...

And Short-term VIX soared to 26.5 today, highest since mid-Feb...

Stocks ended the day modestly lower...

< ...

"It's An Alice In Wonderland World" - GRI Warns "Debt Is Being Piled Upon Debt Being Piled Upon Debt"

The combination of low interest rates and "an explosion of debt" has become the biggest risk to the world's economies, according to the head of Canada's Global Risk Institute.

"These low interest rates could have the potential to be the next serious issue faced by countries and it's because debt is exploding everywhere," Richard Nesbitt, 60, chief executive officer of the group that researches risks to the financial industry, said Monday in an interview in Bloomberg's Toronto bureau.

"There's debt being piled upon debt being piled upon debt."

Since the middle of 2015, central bank balance sheet expansion has once again led to a collapse in sovereign bond yields, further encouraging global corporate debt to surge...

As the majors plunge into negative rates...

Global debt has climbed about 37 percent since the 2008 financial crisis, Nesbitt said, as central banks around the world ha ...

A Rise in Oil Imports Sunk the EIA Inventory Report (Video)

By EconMatters

We would have had a nice large drawdown in Oil stocks if it wasn`t for the massive year over year increase in Oil Imports this past week.

Tesla: Incessant Cash Burn and Looming Competition Isn't a Trillion-Dollar Formula

Tesla's old formula for success won't be successful forever.

Valuing Companies Like SolarCity Requires Bold Assumptions

As it offers to buy solar-panel company SolarCity, Tesla Motors is confident in valuing a business about which Wall Street can't make up its mind.

HP Needs to Keep its Ink From Running Dry

HP Inc. is experiencing new problems in its old but lucrative printing business.

The Tell: One of the year's biggest safety trades could reverse even if Brexit happens

Many market strategists expect have assets like gold, the Japanese yen and government bonds to rally if Britons elect to leave the European Union at Thursday's vote.

Market Extra: Spain's election rerun: 5 things to know

Investors are focusing on Brexit, but Spanish voters could also roil markets when they return to the polls on Sunday for the second general election in six months.

Bond Report: Treasury yields tilt lower as investors turn to havens on eve of Brexit vote

Treasury bonds drew buyers Wednesday, nudging their yields slightly lower, as cautious investors favored the perceived safety of government bonds a day before the so-called Brexit vote.

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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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