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.



19Jul2016 Market Close: Wall Street Wandered In The Green All Session And Ended The Same, WTI Crude Sliding Lower And The US Dollar Resting At New Highs

Written by Gary

The S&P 500 pulled back from record highs, but overall, closed fractionally higher. The Dow industrials held slim gains as investors digested a mixed bag of earnings reports as well as lowered expectations for global economic growth. Interestingly the Spooze gaped up at the close to 'kiss' the resistance of the low point yesterday, which in my opinion means a reverse tomorrow.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall St. edges down amid mixed earnings after market's record highs

(Reuters) - The S&P 500 pulled back from record highs on Tuesday, while the Dow industrials held slim gains as investors digested a mixed bag of earnings reports as well as lowered expectations for global economic growth.

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 execs 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.

So What Did The ECB Buy? "In Short, Almost Everything"

Yesterday for the first time, the various central banks of the Eurosystem disclosed which bonds the ECB had bought under its CSPP program. Specifically, we broke down the purchases of the Bundesbank, which revealed some of the most prominent public company debt issuers in Europe. However, we were curious to get a more detailed look at what Mario Draghi's trading desk was spending their time BWICing all day. For that we went to the undisputed master when it comes to tracking what the ECB does in the bond realm (because the ECB is not buying equities just yet), BofA's Barnaby Martin.

Here is the big picture as revealed in his report today titled "CSPP: Buying Frenzy" - "in just over a month of the Corporate Sector Purchase Programme, the ECB have bought 458 bonds, with virtually no stone left unturned.With the monthly run-rate of buying hovering around the 8.5bn mark, our conclusion for CSPP is, bluntly, that it is too big, too powerful and ultimately too bullish for spreads."

But the best part was Martin's answer to the key question: "So what did they buy?" His answer: "In short, almost everything."

But we don't think this should be particularly surprising - the weekly CSPP buying numbers continue to suggest a monthly run rate for corporate purchases of between 8bn- 9bn (with the buying pace picking up over the last week). Yet, we think this is too big an amount for a market devoid of supply and thus we continue to believe that CSPP is a very bullish technical for non-financial spreads.

What caught our attention on the ECB's shopping list?

< ...

Goldman Not Quite an All-Weather Performer

Goldman Sachs has recently posted less-than-stellar returns amid tough market conditions.

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.

Brexit uncertainty is still a worry, even as markets recover from initial wobble

The vote has put investments in big infrastructure projects on hold and drawing questions on earnings calls.

Bond Report: Treasury yields drift lower as stocks mostly slump

Treasurys rose modestly Tuesday, nudging yields marginally lower, after a relatively upbeat report on the U.S. housing market and weak data out of Germany

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. 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 Job Guarantee, Wage-Price Inflation And Alternative Solutions: Part 1
The Job Guarantee, Wage-Price Inflation And Alternative Solutions: Part 2
News Blog
Why NASA Won't Send Humans To Venus
Rail Week Ending 18 March 2017: Short Term Rate of Growth Slowing
How Taxes And Transfers Affect The Work Incentives Of People With Low And Moderate Income
How Tourism Affects China's Current Account Surplus
Infographic Of The Day: The Habits Of Highly Successful Entrepreneurs
To Where The Maple Syrup Flows
The U.S. Has The Most Expensive Healthcare System In The World
Five Maps That Will Change How You See The World
What We Read Today 16 March 2017 - Special Public Edition
Hate Groups In The U.S. Are Flourishing
What We Read Today 23 March 2017
March 2017 Kansas City Fed Manufacturing At Highest Level Since March 2011
February 2017 Headline New Home Sales Improve and Above Expectations
Investing Blog
Early Headlines: Asia Stocks Mixed, Dollar, Oil Up, Gold Down, Health Care Vote Today, Calif. Solar, Russia And Poison, Mumbai Bridge, Sanctions Cause Suffering In N. Korea, And More
Tesla Is Playing The Long Game
Opinion Blog
Time To Stop Rewarding Economists For Bad Behaviour
The American Dream: An Endangered Ethos
Precious Metals Blog
These Gold Stocks Will Produce Much Bigger Gains Than Gold Itself
Live Markets
24Mar2017 Pre-Market Commentary: Looks Like Markets Will Flatline
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































 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 - 2017 Econintersect LLC - all rights reserved