The SP 500 and the DOW were on track for their first back-to-back losses in more than a month (SPY -0.1%), led by declines in drug and bank stocks. WTI crude prices fell sharply into the low 53 handle and Snap Inc's shares tumbled 11 percent as short-sellers stepped in.
Here is the current market situation from CNN Money
North and South American markets are lower today with shares in Mexico off the most. The IPC is down 0.38% while Brazil's Bovespa is off 0.38% and U.S.'s S&P 500 is lower by 0.14%.
$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)
NEW YORK (Reuters) - Chinese telecom equipment maker ZTE Corp will plead guilty and pay $892 million to settle allegations it violated U.S. laws that restrict the sale of American-made technology to Iran and North Korea, the company and U.S. government agencies said on Tuesday.
WASHINGTON (Reuters) - The U.S. trade deficit jumped to a near five-year high in January as rising oil prices helped to push up the import bill, pointing to slower economic growth in the first quarter and posing a challenge for the Trump administration.
(Reuters) - Snap Inc's shares tumbled 11 percent on Tuesday and traders raced to position themselves to cash in on further losses after analysts gave the company a lukewarm reception following its red-hot market debut.
WASHINGTON (Reuters) - President Donald Trump said on Tuesday he is developing a plan that will encourage competition in the drug industry and bring down prices for medicines, as the House of Representatives leadership unveiled a new health care plan.
NEW YORK (Reuters) - PricewaterhouseCoopers LLP [PWC.UL] pinned the blame for MF Global Holdings Ltd's collapse squarely on the commodity brokerage and its former chief executive, Jon Corzine, at the start on Tuesday of a trial over whether the auditor should pay about $3 billion for its alleged negligence.
HOUSTON (Reuters) - Saudi Energy Minister Khalid al-Falih said on Tuesday that oil market fundamentals were improving after an agreement struck with top oil producers to curb supply and end a two-year glut took effect.
WASHINGTON (Reuters) - The U.S. International Trade Commission said on Tuesday it has launched a patent-infringement investigation into imports of certain hybrid electric vehicles and parts by Ford Motor Co.
Once a shining beacon of American capitalism, malls around the U.S. are failing at an alarming rate due to a combination of shifting consumption patterns, years of underinvestment by mall owners and a spate of retailer bankruptcies over the past 12 months that have left large swaths of once prime real estate empty (see "Number Of Distressed US Retailers Highest Since The Great Recession").
Now, as the vacant square footage grows larger, mall owners are being increasingly forced to turn to non-conventional tenants to fill empty space. Per the Wall Street Journal, the latest target of mall owners is yet another struggling industry, grocers, with everyone from Whole Foods to Kroger looking to snap up square footage at discount prices.
Natick Mall in Natick, Mass., is leasing 194,000 square feet of space vacated by J.C. Penney Co. to upscale grocer Wegmans Food Markets Inc., which is planning to open a store in 2018.
College Mall in Bloomington, Ind., plans to bring in 365 by Whole Foods Market in the fall.
Grocery giant Kroger Co., meanwhile, has purchased a former Macy's Inc. location at Kingsdale Shopping Center in Upper Arlington, Ohio, and plans to build a new store in its place.
Of course, mall owners tout the defensive nature of grocers who are, at least for now, more immune to online retailers and the economic cycle than tra ...
Oil bigwigs should take a step back before becoming too comfortable with the new oil price range according to Fitch Ratings' newest market analysis.
"The recovery in US drilling activity will drive up shale oil production in the second half of 2017, offsetting a portion of recent oil price gains," the credit rating agency's report released on Monday says. "We therefore expect average oil prices for the year to be below those in January and February."
In a stable market scenario, Fitch estimates that by the end of this year, oil prices will fall to $52.50, but then rebound to $55 and then $60 in 2018 and 2019, respectively. Long-term prospects for Brent barrels sit at $65 in this model.
A stressed, oversupplied market will mean a $40 barrel through 2019, however.
Since January, a 1.8 million-barrel global production cut led by the Organization of Petroleum Exporting Countries (OPEC) and joined by several other nations has kept prices between the $55-$60 range.
Compliance to the terms of the November deal by members of the bloc has been strong. Last week, new data showed that OPEC's compliance stood at 94 percent.
But non-OPEC enthusiasm for the deal has been much talk, with moderate action. A February 23rd report puts compliance by the 11 NOPEC nations at a modest 60-66 percent.
Fitch cited the continuous increase of active oil rigs in the United States since May 2016 as key evidence for an impending price collapse. American production is set to top ni ...
Presidents, Prime Ministers, Congressmen, Generals, Spooks, Soldiers and Police ADMIT to False Flag Terror
In the following instances, officials in the government which carried out the attack (or seriously proposed an attack) admit to it, either orally, in writing, or through photographs or videos:
(1) Japanese troops set off a small explosion on a train track in 1931, and falsely blamed it on China in order to justify an invasion of Manchuria. This is known as the "Mukden Incident" or the "Manchurian Incident". The Tokyo International Military Tribunal found: "Several of the participators in the plan, including Hashimoto [a high-ranking Japanese army officer], have on various occasions
Perhaps it is the last hurrah of the Trump post-election euphoria but according to Gallup there were two notable development in February.
First, Americans' daily self-reports of spending climbed to an average of $101 in February. This, Gallup reports, was the highest average for the month of February since 2008, when spending averaged $106. The latest monthly average is up $13 from January's figure, but still lower than December's holiday-influenced $105.
Gallup notes that this is the seventh daily spending average of $100 or more that Gallup has recorded for any month over nine years of tracking Americans' spending reports, and the only one in February since 2008. During that year - but before the global financial crisis in the fall - Americans' monthly average spending exceeded $100 four times.
What makes the Gallup report even more surprising were previous reports that due to a delay in the payment of Tax refunds by the US Treasury, spending would be muted in the past month. The latest data not only refutes this assumption but suggests that the outcome was just the opposite of what many had expected.
Additionally, Gallup observes that since 2008, Americans' spending in the month of February has generally been similar to their January spending, though it is common to see a slight increase in February after January's seasonal, post-holiday drop. But the January-to-February increase in 2017 is larger than usual, with this year's $13 bump outpacing the previous record $9 increases in ...
A warning sign is flashing a sell signal on Wall Street and highlighting growing uneasiness among investors that the stock-rally inspired by President Donald Trump 's pro-business policies is starting to unravel.
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