Wall Street hit new historic highs this morning and then fell sharply to mixed status leaving the $NDX high and dry at +0.5%. WTI crude has plunged into the 40 handle support and may seek lower prices. Despite weak economic data and the sell-off in crude, as investors chewed over remarks from Fed officials.
Here is the current market situation from CNN Money
North and South American markets are mixed. The IPC is higher by 0.25%, while the Bovespa is leading the S&P 500 lower. They are down 0.47% and 0.22% respectively.
WASHINGTON (Reuters) - U.S. manufacturing activity slowed in July as orders fell broadly, while a drop in construction spending in June suggested a downward revision to the second-quarter economic growth estimate published last week.
(Reuters) - SolarCity Corp agreed to be acquired by sister company Tesla Motors Inc in a deal worth $200 million less than the initial offer, sending shares of both companies down in early trading on Monday.
(Reuters) - Gawker Media founder and CEO Nick Denton will file for personal bankruptcy protection as early as Monday after losing a fight in a Florida court for a shield against a judgment in a breach of privacy case involving professional wrestler Hulk Hogan, according to a person familiar with the matter.
(Reuters) - A federal judge has thrown out a verdict requiring Apple Inc to pay VirnetX Holding Corp $625.6 million for infringing four patents relating to Internet security technology, causing VirnetX's share price to plunge.
OAK BROOK, IL (Reuters) - McDonald's has completed the shift in its U.S. supply chain to only using chickens raised without antibiotics important to human medicine months ahead of schedule, McDonald's USA president Mike Andres told reporters on Monday.
(Reuters) - Verizon Communications Inc said on Monday it would buy GPS vehicle tracking firm Fleetmatics Group Plc for about $2.4 billion in cash to bolster its expansion into the connected vehicle and fleet management market.
This is a crucial level as BofA warns, should oil slice through $40/bbl, attention will quickly switch to weak oil, weak Chinese renminbi and weak credit in a repeat of last summer.
Deja vu all over again...
Stocks suddenly wake up to the collapse in crude prices...
Who needs oil when you have 'apps' and 'eyeballs'? Bloomberg highlights a chart ZH readers have seen countless time before, an "ominous pattern that preceded the two worst equity selloffs in 2015 is showing up again."
Why is the formation called "ominous"? Because the last two times it emerged, stocks proceeded to tumble
But we do note that Oil ETF Shorts are building dangerously once again...
Submitted by Charles Hugh-Smith via PeakProsperity.com,
In our household, we measure inflation with the "Burrito Index": How much has the cost of a regular burrito at our favorite taco truck gone up?
Since we keep detailed records of expenses (a necessity if you're a self-employed free-lance writer), I can track the real-world inflation of the Burrito Index with great accuracy: the cost of a regular burrito from our local taco truck has gone up from $2.50 in 2001 to $5 in 2010 to $6.50 in 2016.
That's a $160% increase since 2001; 15 years in which the official inflation rate reports that what $1 bought in 2001 can supposedly be bought with $1.35 today.
If the Burrito Index had tracked official inflation, the burrito at our truck should cost $3.38—up only 35% from 2001. Compare that to today's actual cost of $6.50—almost double what it "should cost" according to official inflation calculations.
Since 2001, the real-world burrito index is 4.5 times greater than the official rate of inflation—not a trivial difference.
Between 2010 and now, the Burrito Index has logged a 30% increase, more than triple the officially registered 10% drop in purchasing power over the same time.
Those interested can check the official inflation rate (going back to 1913) with the BLS Inflation calculator by clicking here.
My Burrito Index is a rough-and-ready index of real-world inflation. To insure its measure isn't an outlying aberration, we also need to track the real-world costs of big-ticket items such as college tuition and healthcare insurance, as well as local government-provided services. When we do, we ob ...
The S&P 500 pulls back from its best level Monday after touching an intraday record high as weaker-than-expected manufacturing data and crude-oil prices trading in bear-market territory weigh on sentiment.
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