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19Jul2016 Market Update: Wall Street Edges Fractionally Lower As Investors Sentiment Wanes On Bull Rally

Written by Gary

U.S. stocks trended lower after opening as mixed earnings reports dented investor optimism entering the earnings season, while lower expectations of global growth also weighed on sentiment. US dollar higher as crude prices slipped lower.


Here is the current market situation from CNN Money

North and South American markets are mixed. The IPC is higher by 0.27%, while the S&P 500 is leading the Bovespa lower. They are down 0.34% and 0.26% respectively.

What Is Moving the Markets

Here are the headlines moving the markets.

Wall Street moves lower on mixed earnings reports

(Reuters) - U.S. stocks ticked lower on Tuesday as mixed earnings reports dented investor optimism entering the earnings season, while lower expectations of global growth also weighed on sentiment.

Goldman details cost savings plan after 'challenging' quarter

(Reuters) - Goldman Sachs Group Inc reported a higher second-quarter profit on Tuesday, as it benefited from a sharp decline in expenses and more activity in some parts of the fixed-income markets, but most of its businesses came under pressure.

Three U.S. states sue Volkswagen, say executives covered up diesel cheating

WASHINGTON (Reuters) - Senior executives at Volkswagen AG including its former chief executive covered up evidence that the German automaker had cheated on U.S. diesel emissions tests for years, three U.S. states charged on Tuesday in civil lawsuits against the company.

SoftBank bid for ARM catches some hedge funds off guard

LONDON (Reuters) - A Dallas hedge fund was among investors betting on a fall in the price of ARM Holdings when SoftBank Group's surprise $32 billion bid sent shares in the British chip designer surging nearly 50 percent.

Monsanto rejects Bayer's sweetened offer, open to talks

(Reuters) - U.S. seed company Monsanto Co turned down a sweetened $64 billion acquisition offer from Bayer AG , but said it was open to further talks with the German healthcare and chemicals group as well as other parties.

U.S. housing starts rise in June; momentum slowing

WASHINGTON (Reuters) - U.S. housing starts rose more than expected in June as construction activity increased broadly, but downward revisions to the prior months' data pointed to a sector treading water in the second quarter.

Lockheed Martin raises forecast as quarterly sales beat

(Reuters) - Lockheed Martin Corp , the Pentagon's No. 1 weapons supplier, reported better-than-expected quarterly revenue and lifted its 2016 revenue and profit forecasts for the second time, buoyed by increased deliveries of its F-35 fighter jets.

Johnson & Johnson raises 2016 forecast, shares touch record high

(Reuters) - Johnson & Johnson on Tuesday raised its full-year 2016 sales and earnings forecasts and reported quarterly results that beat estimates, helped by strength in its prescription drugs business.

EU truckmakers fined $3.2 billion over price collusion

BRUSSELS/PARIS - EU regulators imposed a record fine of 2.9 billion euros ($3.2 billion) against Europe's biggest truckmakers on Tuesday for colluding over 14 years to fix prices and delay adoption of cleaner engine emissions technology.

Confidence In The Economy Slumps To Multi-Year Lows: Gallup

When we reported yesterday that "After Eight Years Of "Hope And Change", Voters Are Angry" we pointed out one of the counterpoints presented by AP, according to which it is confusing why the US population would be angry when "the economy is growing, jobs are being created and unemployment is low." We countered by observing that unemployment is low only because 94 million Americans are out of the labor force for reasons of their own choosing, while the jobs being created are mostly all in the minimum wage space, with an emphasis on waiters and bartenders.

Which leaves the economy, which to be sure, if only relies only on (double) seasosnally-adjusted government data and conflicted (seasonally-adjusted) manufacturing service sentiment surveys, is certainly in an upswing.

Yet one place which fails to corroborate the recovering economy are the monthly Gallup surveys, and especially the most recent one released earlier today, according to which Americans' confidence in the economy remains weak, with Gallup's U.S. Economic Confidence Index at -17 last week, consistent with levels seen since mid-June. This is in contrast to the stronger confidence levels seen for most of the first half of the year, when the index averaged -12. At -17, this reading is tied for the worst economic confidence reading recorded in the last few years, and suggests that Americans' take on the economy is getting worse, not better.

Turkish Coup Worries: Lost in the Global Liquidity Flood?

Turkey's failed coup unsettled the country's markets. Global liquidity could yet ride to the rescue—again.

Currency Pain Relief for Johnson & Johnson

Moderating foreign currency pressures for Johnson & Johnson should encourage U.S. investors.

Why Europe's Clothing Retailers Won't Be Torn Apart by Amazon

Zalando's shares have bounced following a big profit upgrade but still look cheap relative to those of U.K. peer ASOS.

BookWatch: Wall Street's terrible treatment of women goes far beyond mere 'bro talk'

Sam Polk is missing the real story about Wall Street and women —it's the sticks-and-stones cultural penalties and biases that hurt women most, says Meredit Jones.

The Wall Street Journal: Fox News sues Charter Communications over carriage rate

Fox News claims Charter is illegally seeking to apply Time Warner Cable's lower channel-carriage rates.

Marsh on Monday: Fed's Bullard shakes up Fed with refusal to forecast the end of easy money

St. Louis Fed President James Bullard has turned dovish again, refusing to try to predict when it may be appropriate for the Fed end the era of easy money, writes David Marsh.

Earnings Summary for Today

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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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