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11Jan2017 Market Update: Wall Street Turns Down, Crude Prices Rise, US Dollar Slips, Investors Are Not Sure What Is Going To Happen Next

Written by Gary

Wall Street has trended downward after Trump's news conference (SPY -0.1%). Crude prices are climbing as we enter the late afternoon session while the US dollar falls sharply.


Here is the current market situation from CNN Money

North and South American markets are mixed. The Bovespa is higher by 0.20%, while the S&P 500 is leading the IPC lower. They are down 0.14% and 0.02% respectively.

Looking at the last three columns, the first one (Actual), is what was reported this morning. The second column (Forecast) is what analysts had forecast and the third column is the previous report. Full calendar HERE.

What Is Moving the Markets

Here are the headlines moving the markets.

Wall St. drops with pharma stocks as Trump blasts drug prices

(Reuters) - U.S. stocks lost ground in choppy trading on Wednesday, led by drug stocks after Donald Trump said pharmaceutical companies were "getting away with murder" by charging high drug prices.

Trump says pharmaceutical companies 'getting away with murder'

NEW YORK (Reuters) - U.S. President-elect Donald Trump on Wednesday said pharmaceutical companies are "getting away with murder" in what they charge the government for medicines, and promised that would change.

Mexico peso hits historic low of 22 per dollar as Trump speaks

MEXICO CITY (Reuters) - Mexico's peso weakened to a historic low of 22 per dollar on Wednesday, shortly after U.S. President-elect Donald Trump began a news conference in New York.

NYSE to expand floor trading to all U.S. equity securities

(Reuters) - The New York Stock Exchange will make all U.S. securities available for trading on the NYSE floor by year-end, giving investors another, less speed-dependent, way to trade securities such as Nasdaq-listed stocks and exchange-traded funds.

U.S. plan to ease Wall Street rules may not be worth cost for banks: Fitch

WASHINGTON (Reuters) - Leading U.S. banks may find that a Republican plan to ease restrictions on Wall Street is not worth the additional cost of capital, a report from Fitch Ratings said on Wednesday.

Samsung leader named a suspect in South Korea political probe

SEOUL (Reuters) - A South Korean special prosecutor's office will question Samsung Group [SAGR.UL] leader Jay Y. Lee as a suspect in a widening influence-peddling scandal that may force President Park Geun-hye from office.

Volkswagen agrees to $4.3 billion U.S. diesel settlement: sources

WASHINGTON (Reuters) - Volkswagen AG has agreed to a $4.3 billion settlement to resolve the U.S. government's civil and criminal investigations into the German automaker's diesel emissions cheating, two sources briefed on the matter said Wednesday.

Trump rally makes stock options great again for some CEOs

BOSTON (Reuters) - Donald Trump once described Jamie Dimon as "the worst banker in the United States," but the president-elect has helped make the boss of JPMorgan Chase & Co $50 million richer.

Facebook launches project to improve ties with news media

(Reuters) - Facebook Inc launched its "Journalism Project" on Wednesday, as the world's biggest social media network looks to deepen its relationship with news organizations.

Gold Nears $1200 As The Dollar Tumbles To 2017 Lows

Gold is now up almost 4% year-to-date, approaching $1200 - 7 week-highs...

As the USD Index plunges to 2017 lows after Trump's disappointing press conference...

Yuuge 10Y Auction: Stops Through By 1.8bps; Foreign Buyers Surge To 71%

There is only one word to describe today's 10Y auction, which took place just as the dollar was tumbling after the Trump press conference provided virtually no detail on his fiscal stimulus plans, sending all risk assets lower: "Yuuge."

Pricing at 2.342%, today's 10Y reopening of Cusip U24 stopped 1.8bps through the "When Issued" of 2.36%, the biggest gap since May 2016, and below last month's yield of 2.479%m with internals that were likewise scorching: the bid to cover jumped from 2.39 in December to 2.58, while Indirect Bidders, aka central banks, took down a whopping 70.5%, a spike from 57.5% last month and one of the highest on record, while Directs took down 8.7%, leaving a paltry 20.7% to Dealers, also one of the lowest in 10Y series history.

Overall, blistering demand for 10Y paper and the first time since August that the yield has posted a monthly decline.

Trump Presser Ends, Details Underwhelm: Gold Gains As Dollar, Dow, & Drug Stocks Drop

The USD Index whipsawed higher and lower as Trump teased and un-teased comments on trade policies, only to tumble to the day's lows by the end as details were missing and thus disappointed...

This rippled through risk assets, leaving gold higher, stocks lower, peso higher (after initial crashing), but idiocyncratic issues slammed drug stocks, and aircraft makers.

The Biotech battering is most notable so far... after Trump accused them of "getting away with murder" on pricing...

Bloomberg notes a few additional key takeaways from today's news conference:



President-elect Donald Trump for the first time conceded Russia was responsible for the hacking of the Democratic National Committee and Clinton aide Jon Podesta

Trump categorically denies allegations included in an unsubstantiated report released by BuzzFeed detailing compromising material allegedly gathered by Russian intelligence

Trump announces that his sons will run his businesses during his time in the White House, th ...

Banks Hold Best Cards in Rewards Contest

While consumers benefit as credit-card issuers increasingly offer rewards to lure customers, the real winners are big banks like Chase and Citigroup, which are leaving behind stand-alone card companies in the fight for market share.

Nintendo Needs the Right Price to Switch Back On

Nintendo's new console comes as the Japanese game maker has lost share to PlayStation, Xbox.

Merck's Blockbuster Dreams Look More Realistic

Merck's cancer therapy Keytruda looks set to live up to its lofty expectations after the FDA approved an application to sell the immunotherapy drug in combination with chemotherapy to lung cancer patients.

Market Snapshot: Stocks pressured in volatile session after Trump news conference

U.S. stocks are pressured in a volatile session as investors digest President-elect Donald Trump's first news conference in months.

Capitol Report: Unlike Trump, Rockefeller tried to downplay wealth

When nominated to be vice president after Gerald Ford ascended to the Oval Office in the wake of the Nixon resignation, Nelson Rockefeller went before the Senate and tried to dispel the "myth" of his family's wealth and vast influence over the nation's economy.

Capitol Report: 'Emoluments' the unlikely star of Trump news conference

What's an emolument? That question is being raised by many after listening to the press conference of President-elect Donald Trump.

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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