U.S. stocks edged lower (SPY -0.2%) for a second consecutive session today as underwhelming corporate earnings and gross domestic product data dampened recent enthusiasm. Short-term indicators, while not so accurate lately, are fractionally bearish.
WASHINGTON (Reuters) - U.S. economic growth slowed sharply in the fourth quarter as a plunge in shipments of soybeans weighed on exports, but steady consumer spending and rising business investment pointed to sustained strength in domestic demand.
NEW YORK (Reuters) - U.S. stocks edged lower for a second consecutive session on Friday as underwhelming corporate earnings and gross domestic product data dampened recent enthusiasm over policy actions by President Donald Trump.
MEXICO CITY (Reuters) - Mexican billionaire Carlos Slim said on Friday a united Mexico was ready to help the government negotiate with Donald Trump, and tried to calm fears in his country about what the U.S. president's policies would mean for its economy.
SAN FRANCISCO (Reuters) - Shares of U.S. supermarket operators fell on Friday as President Donald Trump kept up his criticism of Mexico, which is a major supplier of produce and other foods for U.S. consumers.
BERLIN (Reuters) - German prosecutors are investigating former Volkswagen chief executive Martin Winterkorn on suspicion of fraud, looking into when he first knew that the carmaker was rigging diesel emissions tests.
PARIS (Reuters) - Ford's 2017 earnings will be hit by a delayed currency impact of at least $600 million from Britain's vote to leave the European Union, the U.S. carmaker told Reuters, putting last year's record European profit levels beyond reach.
MEXICO CITY (Reuters) - Mexican billionaire Carlos Slim has not be selling stock in the New York Times Co , Slim's son-in-law and main spokesman, Arturo Elias Ayub, said on Friday after the newspaper's stock slid on comments made by Slim during a media conference.
(Reuters) - The Missouri Supreme Court has denied Johnson & Johnson's bid to move out of a St. Louis state court thousands of lawsuits alleging the company's talc-based products can increase the risk of ovarian cancer.
HOUSTON/NEW YORK (Reuters) - As with many industries now fretting over the uncertain future of U.S. trade policy, the oil business is sizing up the potential impact of the various protectionist measures being bandied about Washington - which have sent crude markets into a tizzy.
In early December SHTFplan contributor Jeremiah Johnson warned the inauguration was still a long way off and that we should never underestimate a Marxist with an army of oligarchs to lean on. It turns out that Johnson's warnings were right on target, as we have learned over the last couple of weeks that President Obama and officials in his administration moved feverishly to implement new rules and regulations with last minute initiatives.
One such regulation, which seemingly disappeared within the hustle and bustle of inauguration day, was a new order issued by U.S. Fish and Wildlife Service Director Dan Ashe just 12 hours before our new President was sworn into office.
U.S. Fish and Wildlife Service Director Dan Ashe, an Obama appointee, ordered a new ammunition ban for certain federal lands on Thursday-his last full day in office.
The ban, which took effect immediately, eliminates the use of lead-based ammunition on federal lands like national parks and wildlife refuges, as well as any other land administered by the F ...
President Trump is anything but traditional. He frequently says things that his predecessors would never have dared to utter publicly. But, for the most part, his supporters applaud the candor and straight talk.
That said, one Presidential tradition that Trump may not want to break is celebrating stock market gains because what goes up, at least on Wall Street, usually comes crashing down in spectacular fashion at some point soon thereafter. Alas, that didn't stop Trump from celebrating #Dow20K over twitter:
Great! #Dow20K https://t.co/wXFhXBLgag
— President Trump (@POTUS) January 25, 2017
Trump assistant, Anthony Scaramucci, also celebrated, saying "Dow 20,000 = big league. Thank you @POTUS."
Dow 20,000 = big league. Thank you @POTUS @realDonaldTrump pic.twitter.com/ZFvKDJHgAG
— Anthony Scaramucci (@Scaramucci) January 25, 2017
Of course, the only problem with taking credit for the gains on Wall Street is that you set yourself up to also get blamed for the losses. Thats why, according to The Hill, past presidents have shied away from linking their presidency to stock market gains.
The general sentiment on the Convergex trading desks continues to be bearish, so today Nichaolas Colas reviews seasonal patterns for the CBOE VIX Index going back to its starting point in 1990 to see what that math says about current market risk.
Over the last 27 years, the VIX has tended to bottom in three specific months: January (15% of the time), July (22%), and December (30%). When the VIX does bottom in January, its average low reading is 12.2; today's close was 11.9. That doesn't guarantee that we're at the lows on the VIX for the year, but given January's propensity to represent an annual low it does merit your attention. And since changes in the CBOE VIX index are strongly (and negatively) correlated to equity market returns, this is a warning sign about the near term direction of US stocks. Potential hiding places are few and far between, but we'd look at yield sensitive groups like Utilities, Consumer Staples and REITs, plus precious metals.
Nothing much typically happens in January, right? It is cold out, daylight is in short supply, and everyone is economizing after spending too much around the Holidays. More recently, the "Dry January" movement seems to have emptied out the bars and nightspots in N ...
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