Wall Street trending down (SPY -0.2%) after opening lower. Crude Prices trending fractionally higher, gold is volatile and trading sideways. The Commerce Department reports durable goods orders fell 4.6% and third-quarter gross domestic product showed the U.S. economy grew at an annualized pace of 3.5%.
Here is the current market situation from CNN Money
North and South American markets are lower today with shares in Brazil off the most. The Bovespa is down 0.64% while Mexico's IPC is off 0.44% and U.S.'s S&P 500 is lower by 0.18%.
$NYA200R chart below is the percentage of stocks above the 200 DMA and is always a good statistic to follow. It can depict a trend of declining equities which is always troubling, especially when it drops below 60% - 55%. Following a major market correction, the conditions for safe re-entry are when:
a) Daily $OEXA200R rises above 65%
Secondary Bullish Indicators:
a) RSI is POSITIVE (above 50)
b) Slow STO is POSITIVE (black line above red line)
c) MACD is POSITIVE (black line above red line)
WASHINGTON (Reuters) - U.S. consumer spending increased modestly in November as household incomes failed to rise for the first time in nine months, suggesting the economy slowed in the fourth quarter after growing briskly in the prior period.
PARIS (Reuters) - Airbus signed a firm contract on Thursday for the sale of 100 aircraft to Iran Air, as Tehran and Western companies race to re-open trade almost a year after sanctions against Iran were lifted.
WASHINGTON (Reuters) - U.S. antitrust enforcers are poised to approve health care company Abbott Laboratories' purchase of medical device maker St. Jude Medical Inc , two sources knowledgeable about the deal said on Thursday.
WASHINGTON (Reuters) - Billionaire investor Carl Icahn targeted environmental and banking regulations on Thursday as big drags on U.S. corporate investment and said revamping them would be a top priority in his role as adviser to President-elect Donald Trump.
WASHINGTON (Reuters) - Teva Pharmaceutical Industries agreed to pay more than $519 million to settle U.S. criminal and civil allegations that the company bribed overseas officials to gain business for its medications, the U.S. Department of Justice said on Thursday.
(Reuters) - ConAgra Brands Inc , the maker of Chef Boyardee pasta and Orville Redenbacher's popcorn, reported a better-than-expected quarterly profit as the company benefited from less discounting and lower costs.
This last Morning Markets Briefing of 2016 is our quarterly look at "Off the Grid" economic indicators.
Out key takeaway: the U.S. economy is still growing but in the late stages of the current cycle. Workers are quitting their jobs like it's the peak of labor market cycle. Also, consumers register confidence more typical of peaks than troughs for this measure. Full sized pickup truck sales are running in line with prior periods of high demand. Used car prices are stable, but have not increased in 5 years. Food stamp enrollment hasn't declined since May 2016. Gallup's take on consumers' daily cash spend is modestly higher than last year, but largely in line with the average of the last 3 years.
Bottom line: this data explains why markets are so enthusiastic about the novelty of Trump presidency, for the current expansion feels very much like it is out of gas.
"After all, the chief business of the American people is business." That quote is not from President-Elect Donald Trump, but rather former President Calvin Coolidge. It is certainly his best known public statement and still cited to this day, a rare acknowledgment of a man whose nickname was "Silent Cal".
In a curious convergence of superpower opinions, earlier on Thursday, Russian President Vladimir Putin called for the country to reinforce its military nuclear potential. In a speech that recapped military activities in 2016, Putin said the army's preparedness has "considerably increased" and called for continued improvement that would ensure it can "neutralise any military threat".
"We need to strengthen the military potential of strategic nuclear forces, especially with missile complexes that can reliably penetrate any existing and prospective missile defence systems," the Russian president said.
He added that Russia "must carefully monitor any changes in the balance of power and in the political-military situation in the world, especially along Russian borders, and quickly adapt plans for neutralising threats to our country."
Fast forward a few hours, when just before noon Eastern, Trump again took to Twitter and the president elect echoed virtually every word Putin said earlier, stating "The United States must greatly strengthen and expand its nuclear capability until such time as the world comes to its senses regarding nukes."
The United States must greatly strengthen and expand its nuclear capability until such time as the world comes to its senses regarding nukes
— Donald J. Trump (@realDonaldTrump) December 22, 2016
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