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07Feb2017 Market Update: US Stock Markets Slid Well Into Negative Territory But May Post Green By The Close, Both Crude Prices And The US Dollar Have Slipped

Written by Gary

Wall Street failed to rise above the opening as some analysts promised and slid below yesterday's close. US stocks pared gains (SPY +0.03%) in early afternoon trading as a fall in oil prices WTI 51.99) dragged down energy shares.


Here is the current market situation from CNN Money

North and South American markets are mixed today. The Bovespa is up 0.13% while the S&P 500 gains 0.04%. The IPC is off 1.17%.

What Is Moving the Markets

Here are the headlines moving the markets.

Wall Street pares gains as drop in oil prices weighs

(Reuters) - U.S. stocks pared gains in early afternoon trading on Tuesday as a fall in oil prices dragged down energy shares.

U.S. trade deficit falls as exports hit more than 1-1/2 year high

WASHINGTON (Reuters) - The U.S. trade deficit fell in December as exports hit their highest level in more than 1-1/2 years amid record shipments of technology products, but strengthening domestic demand points to further rises in imports, which could constrain economic growth.

GM fourth-quarter profit falls on currency losses; stock tumbles

DETROIT (Reuters) - General Motors Co said on Tuesday that fourth-quarter net income fell partly on the strength of the dollar against the British pound and forecast flat 2017 profit per share, sending shares tumbling nearly 5 percent.

Michael Kors' weak forecast suggests turnaround to take longer

(Reuters) - Michael Kors Holdings Ltd forecast current-quarter profit below estimates, raising concerns that the company's efforts to reinvigorate its brand was taking much longer than expected, sending the handbag maker's shares down 15 percent.

Exclusive: Italian diesel probe omitted key tests for Fiat Chrysler models

PARIS/MILAN (Reuters) - Fiat Chrysler vehicles were allowed to skip key tests for illegal engine software during Italy's main emissions-cheating investigation in the wake of the Volkswagen scandal, according to the transport ministry's own report.

Channeling Steve Jobs, Apple seeks design perfection at new 'spaceship' campus

SAN FRANCISCO (Reuters) - Inside the original Macintosh computer, Apple co-founder Steve Jobs inscribed the signatures of his team, revealing his deep concern for even the hidden features of his products.

White House memo confuses Wall Street on fate of fiduciary rule

WASHINGTON/NEW YORK (Reuters) - Conflicting signs from the White House have left brokerage firms and lobbyists unsure whether a controversial rule governing retirement advice will ever be put in place, but they are taking no chances and complying anyway.

Trump banking review raises fears for global standards talks

LONDON (Reuters) - President Donald Trump's review of post-crisis banking rules could sound the death knell for new global standards now being finalised and rip apart a common approach to regulating international lenders, bankers and regulators said.

BMW agrees to settle vehicle water damage suit for up to $478 million

WASHINGTON (Reuters) - German automaker BMW AG has agreed to pay up to $477.7 million to settle a class-action lawsuit covering about 318,000 U.S. luxury car owners who may have suffered water damage harming electrical components in vehicle trunks.

Seth Klarman Warns Trump's "Erratic, Overconfidence" Could End Dollar Hegemony

"Can we say when it will end? No. Can we say that it will end? Yes," noted Baupost's Seth Klarman in the past, warning "And when it ends and the trend reverses, here is what we can say for sure. Few will be ready. Few will be prepared."

It appears that moment is nigh, as NYT Dealbook reports the 59-year-old value investing legend - who manages $30 billion - is following in the footsteps of Bridgewater's Ray Dalio (who recently flip-flopped on Trumphoria), and Bill Gross, reinforcing a countervailing view to the euphoria that has buoyed the stock market since Mr. Trump took office, describing "perilously high valuations."

"Exuberant investors have focused on the potential benefits of stimulative tax cuts, while mostly ignoring the risks from America-first protectionism and the erection of new trade barriers," he wrote.

"President Trump may be able to temporarily hold off the sweep of automation and globaliza ...

Shorts Squeezed As Foreign Central Banks Spike In Strong 3 Year Auction

With the 3Y trading rather tight in repo ahead of today's auction, and if not outright special, touching on 0.1% according to SMRA, suggesting yet another notable short seller overhang...

... moments ago the US Treasury announced that it sold $24 billion in 3Y paper in a strong auction in which the repo tightness helped the high yield print at 1.423%, stopping through the when issued 1.427% by 0.4 bps, despite a Bid to Cover which dipped from last month's 2.968 to 2.782.

The internals were impressive with the Indrects taking down 57.2%, the highest since last May's 61.5%, while Dealers were left with just 34.7%, the lowest since last August's 33.7%, leaving 8.1% to Direct bidders.

Overall a strong auction, which may have been predicated by today's risk reversal and modest, dollar decline, and flight to safe instruments.

DeVos Confirmed As Education Secretary After Pence Casts First Ever VP Tiebreaking Vote

As previewed earlier, in a vote that many had expected would end up deadlocked 50/50 in the Senate, moments ago the confirmation vote for Trump's Education Secretary candidate Besty DeVos was indeed tied in the Senate after two Republicans - Collins and Murkowski voted against - which then prompted Vice President Mike Pence to cast the first ever tie-breaking vote for a cabinet nominee in Senate history, in the process confirming DeVos as America's new Secretary of Education.

The last time a VP broke a tie in the Senate was 2008, when then-Vice President Dick Cheney voted on a tax adjustment plan.

And Pence is on the Senate floor, preparing to break the 50-50 tie.

— Frank Thorp V (@frankthorp) February 7, 2017

BREAKING: Senate CONFIRMS @BetsyDeVos to be Pres Trump's Sec of Education, 51-50, after @VP Pence came to Capitol to break the 50-50 tie.

— Frank Thorp V (@frankthorp) February 7, 2017

As expected, @BetsyDeVos was confirmed 51-50, with @VP Pence breaking the tie.

GOP 'NO' VOTES:
Collins
Murkowski

DEM 'YES' VOTES:
None.

— Frank Thorp V (@frankthorp) February 7, 2017

Big Oil Loses Its Mojo

If integrated energy companies make fewer bets on megaprojects then their earnings may be less volatile but also less valuable.

Darkest Before the Dawn at Teva

A CEO change at the struggling drug giant marks a value opportunity.

American Car Makers in China Face Narrowing Road to Profits

General Motors and Ford may not be able to count on China to offset sluggish growth at home.

December 2016 JOLTS Job Openings Rate Continues to Show Moderate Year-over-Year Growth

Written by Steven Hansen

The BLS Job Openings and Labor Turnover Survey (JOLTS) can be used as a predictor of future jobs growth, and the predictive elements show that the year-over-year growth rate of unadjusted private non-farm job openings again were insignificantly changed from last month.

Market Extra: How Wall Street gauges fear in a time of Trump

Risk. It is one of the central themes Wall Street is focusing on as they survey a stock market that has staged a relentless assault on all-time highs over the past few months and as President Donald Trump settles into his chair in the Oval Office.

The Tell: Chicago suburb prepares to sell $10,000 in bitcoins

As the price of a single bitcoin climbs ever higher, one small town's police force in suburban Illinois is preparing to cash in.

Market Extra: Tug of war between bulls and bears is keeping stock market in check

Investors are unusually split about the market's prospects going forward. But rather than creating turbulence, the split is keeping the market in check.

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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