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27Sep2016 Market Close: US Major Indexes Closed Higher As Commodities Fell, WTI Crude Slipped Three Percent

Written by Gary

Wall Street closed higher (SPY + 0.6%) having trading sideways most of the morning and afternoon. Crude prices were volatile and settling in the mid 45 handle after no-deal from KSA. Gold slipped along with oil prices now trading in the 1330 level. Indicators remain neutral to bullish.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall Street rises in wake of first presidential face-off

(Reuters) - Consumer and technology stocks including Amazon led gains on Wall Street on Tuesday as some investors deemed Democrat Hillary Clinton to have won a presidential debate against Republican rival Donald Trump.

OPEC set for no deal as Iran rejects Saudi oil output offer

ALGIERS (Reuters) - Iran rejected on Tuesday an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply, dashing market hopes the two major OPEC producers would find a compromise this week to help ease a global glut of crude.

Stocks bounce up after U.S. debate; oil falls

NEW YORK (Reuters) - Stock prices across major markets rose on Tuesday, led by gains in the U.S. technology and consumer sectors following the presidential debate between Hillary Clinton and Donald Trump, while oil prices fell on fading hopes of agreement on limiting production.

WTO cuts 2016 world trade growth forecast to 1.7 percent, cites wake-up call

GENEVA (Reuters) - The World Trade Organization cut its forecast for global trade growth this year by more than a third on Tuesday, reflecting a slowdown in China and falling levels of imports into the United States.

World Bank reappoints Kim to five-year term as president

WASHINGTON (Reuters) - The World Bank on Tuesday reappointed Jim Yong Kim to a five-year term as president of the multilateral development lender after the nomination period closed without any challengers coming forward.

Oil down 3 percent as Saudis say no chance for Algiers deal

NEW YORK (Reuters) - Oil fell 3 percent on Tuesday after Saudi Arabia said it did not expect to agree on output cuts at a meeting with other producers in the Algerian capital, although a production freeze deal was still possible later in the year.

Morocco signs deal with Boeing to attract suppliers

Tangier, MOROCCO (Reuters) - Morocco has signed an agreement that Boeing Co will seek to attract its suppliers to boost the kingdom's aeronautics industry.

U.S. senators accuse Yahoo of 'unacceptable' delay in hack discovery

WASHINGTON (Reuters) - Six Democratic U.S. senators on Tuesday demanded Yahoo Inc explain why hackers' theft of user information for 500 million accounts two years ago only came to light last week and lambasted the company's handling of the breach as "unacceptable."

Fed's Fischer says tighter labor market pushing up wages

WASHINGTON (Reuters) - The Federal Reserve should avoid raising interest rates too much, Fed Vice Chairman Stanley Fischer said on Tuesday, adding that gains in U.S. incomes are a sign that workers are benefiting from a tighter labor market.

Elon Musk Reveals The Spaceship For Colonizing Mars - Live Feed

Having found his earth-based inventions and investments somewhat constricting. not to mention cash-burning, at this moment Elon Musk is speaking at the 67th annual International Astronautical Congress in Guadalajara, Mexico, an annual gathering of engineers and scientists devoted to tackling the grandiose and technical questions shaping the future of space exploration. Speakers this year also include NASA's Scott Kelly, who spent a year at the International Space Station, and Buzz Aldrin, the second person to walk on the moon.

The event is most notable because for the first time, Musk will describe his long-anticipated plans for how to colonize Mars.

For those gathered today at the International Astronautical Conference in Guadalajara, Mexico, an animated video showing SpaceX's new rocket - known as "Big Falcon Rocket" - presented in the clip below, provides a sneak peek of this ambitious initiative.

It was not immediately clear how many trillions in taxpayer subsidies, or follow-on equity and convertible offering the project would require to be brought to completion, although we do salute Musk's vision.

* * *

Here are some of Musk's initial comments:

"What I really want to achieve here is make Mars seem possible," he says.

Musk says there are two fundamental paths for humanity: We stay on Earth forever until an eventual extinction event or we become a multi-planet species.

Musk says he wants to create a "self-sustaining city" on Mars.

Musk says using traditional methods to get to Mars would cost about $10 billion per person. Musk argues that if we can decrease the cost of going to Mars to around $200,000 per ticket, or about the average cost of a house in the US, more people would want to go.

Musk says that eventually there will be an extinction-level event on Earth. (Surel ...

Deutsche Bank Fears Spark Buying Panic In Bunds (Despite Rising Germany Sovereign Risk)

Investors have piled into global developed market sovereign bonds as fears of Deutsche Bank collapse ripple through global markets. Interestingly, despite rising default risk concerns in Germany CDS, Bunds have been aggressively bid with negative yields now out to 15 years (and Finland NIRP to 10 years).

As Deutsche Bank risk explodes to record highs, Germany's sovereign risk has been rising...

But that rising risk has done nothing to hold back buyers of Bunds as the "global growth is awesome, bond curves are steepening" narrative is destroyed...

Driving the entire Bund curve below zero out to 15 years...

And Finland now NIRP to 10 years...

Charts: Bloomberg

$356 Billion Fund Manager: "Now Is The Most Treacherous Time Ever. I've Never Seen This In My Career"

Last week we reported that Tad Rivelle, fund manager at the $195 billion TCW Group, uttered a harsh warning, telling readers of his newsletter that "the time has come to leave the dance floor", providing numerous examples and anecdotes as to why that is the case.

Today it was the turn of Joe Baratta, the top dealmaker at Steve Schwarzmann's $356 billion Blackstone Group, to follow up with a comparable warning.

Speaking at the WSJ Pro Private Equity Analyst Conference in New York, Baratta said that "for any professional investor, this is the most difficult period we've ever experienced", adding that "You have historically high multiples of cash flows, low yields. I've never seen it in my career. It's the most treacherous moment."

Unlike strategic buyers who have used their inflated stocks as the acquisition currency of choice to engage in what until recently was a record M&A scramble, PE firms have been largely left out, as they have to invest their own equity which has not levitated at the same rate as the overall market, and are forced to plug the purchase gap with ever more greater amounts of debt. As Bloomberg notes, "the same lofty valuations that created ideal conditions to sell holdings and pocket profits have made it exceedingly difficult to deploy money into new deals at attractive entry prices."

Just like in the case of the global housing bubble, now openly blamed on central bank policies as UBS did overnight, several executives, including Blackstone Chief Executive Officer S ...

Deutsche Bank's Issues Are in Its Future as Much as Its Past

Deutsche Bank's biggest problem isn't just that it needs capital, but that it will find it hard to raise any. The bank is a long way from convincing investors that it can make a return that beats its cost of capital in the years ahead.

More Than Money at Stake in Tesla's SolarCity Deal

Weighing Tesla's merger offer for SolarCity means separating what can and can't be measured.

Portugal Faces Ratings Risk Re-Run

Southern European bonds are coming under pressure again; Portugal faces the most immediate test.

Earnings Outlook: What to watch for in Nike earnings

Nike, which has run into issues with competition and more, will report first-quarter earnings on Tuesday.

Key Words: England manager Allardyce quits — after one match

It was a short reign for Sam Allardyce, who resigned as manager of England's football team after a single match.

Bond Report: Treasury yields end at 3-week low on falling oil prices, Europe bank woes

Treasury prices gained Tuesday, driving yields to their lowest level in three weeks, as falling oil prices and growing concerns about stress in European banks fueled demand for U.S. government debt.

Summary of Economic Releases this Week

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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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