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23Mar2017 Market Close: Stocks Reversed Lower After GOP Health Worsened, Gold And Oil Followed Stocks But Dollar Rallied

Written by Gary

U.S. stocks reversed gains to close lower on Thursday, after GOP House leaders delayed their planned vote on a bill to repeal and replace parts of Obamacare. WTI crude oil closed at $47.70, down $0.34 (-0.7%), as high US stockpiles pushed prices near 4-month lows. Gold was lower ($1,245.29) after hitting a high of $1,253.12. U.S. dollar index rallied 0.11% to 99.78.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall St. ticks lower as health bill vote is delayed

NEW YORK (Reuters) - Wall Street edged lower on Thursday after lawmakers postponed a vote on a healthcare bill seen as President Donald Trump's first policy test.

U.S. Senate votes to overturn Obama broadband privacy rules

WASHINGTON (Reuters) - The U.S. Senate on Thursday voted narrowly to repeal regulations requiring internet service providers to do more to protect customers' privacy than websites like Alphabet Inc's Google or Facebook Inc .

New home sales hit seven-month high; jobless claims rise

WASHINGTON (Reuters) - New U.S. single-family home sales jumped to a seven-month high in February, suggesting the housing market recovery was gaining momentum despite higher prices and rising mortgage rates.

Sears' plan to sell brands no salve for financial woes

(Reuters) - Sears' plan to avoid bankruptcy in part by selling off or licensing brands including Kenmore and DieHard may prove difficult because of changing consumer tastes and possible legal roadblocks.

SEC charges two Israeli residents with Mobileye insider trading

NEW YORK (Reuters) - Two Israeli residents have been charged by the U.S. Securities and Exchange Commission with insider trading in Mobileye NV before the maker of sensors and cameras for driverless vehicles agreed to be acquired by Intel Corp for $15.3 billion.

U.S. State Department to approve Keystone pipeline permit Friday: sources

WASHINGTON (Reuters) - The U.S. State Department will approve on Friday the permit needed to proceed with construction of the Canada-to-United States Keystone XL oil pipeline, a project blocked by former President Barack Obama, according to two government sources familiar with the process.

Disney board extends CEO Iger's contract by a year

LOS ANGELES (Reuters) - Walt Disney Co said on Thursday its board extended Chairman and Chief Executive Officer Bob Iger's term by a year to July 2, 2019 and said he would serve as a consultant to the media giant for three years after that.

As Trump targets energy rules, oil companies downplay their impact

BOSTON (Reuters) - President Donald Trump's White House has said his plans to slash environmental regulations will trigger a new energy boom and help the United States drill its way to independence from foreign oil.

J&J latest to suspend ads from YouTube over offensive videos

(Reuters) - U.S. healthcare conglomerate Johnson & Johnson became the latest company to suspend all digital advertising on Google's YouTube, over concerns that its ads may have appeared on channels that broadcast offensive videos.

The Chart Showing What A Trader's Crash Course In Washington Politics Looks Like

All that and The Dow closed unchanged...

Good Luck tomorrow!!

Vote Fiasco Leads To Longest Dow Losing Streak Since Election, VIX At 2017 Highs

Freedom Caucus To Trump/Ryan: "None Shall Pass"...

Today's stock market (much more so than bonds and FX) was beholden to healthcare headlines all day...The Dow closed red - for the sixth day in a row - the longest losing streak since right before the election



0855 Drop - Freedom Caucus Meeting postponed

0930 Rally - Brady - 95% agreement of health bill

0940 Drop - Brooks - 30-40 "no" votes still

1030 Rally - Freedom Caucus Meeting

1300 Drop - Freedom Caucus Meeting ends with no agreement

1330 Rally - Spicer press conference confirms vote will take place tonight

1505 Drop - Ryan Press Conference Postponed

1520 Rally - Trump "we have a chance"

1530 Drop - House delays vote on health bill amid doubts it can pass

1557 Rally - Freedom Caucus committed to working with the President

Small Caps outperformed but the delay news pushed everything lower into the close, until the Freedom Caucus offered some hope right at the close...

Meet "Thankful Beggar" Seth Williams - Philadelphia's Most-Corrupt Politician Of The Year

Authored by Jim Quinn via The Burning Platform,

Every Democrat politician in Philly is a dirtbag. The Federal Prison has an entire wing dedicated just for crooked Philly politicians.

But this scumbag takes the cake.

His blatant corruption is outrageous even for a Philly Democrat. This low-life scum sucking prick even stole his own mother's social security and pension money to pay his expenses.

This guy is representative of the Democrat politicians running this city.

D.A. Seth Williams indicted on corruption, bribery-related charges

Authored by Jeremy Roebuck, David Gambacorta & Chris Brennan via Philly.com,

Describing himself as "merely a thankful beggar," Philadelphia District Attorney Seth Williams sought thousands of dollars in bribes from deep-pocketed donors seeking his help with their legal woes, federal authorities said Tuesday as they unveiled a 23-count indictment charging the two-term Democrat in a sprawling corruption case.

< ...

Vote Chaos: McConnell Says No Vote Until Monday As Ryan Delays Presser "Until Further Notice"

With the time for today's critical vote rapidly approaching, traders, pundits and the general population were eagerly looking forward to Paul Ryan's rescheduled 3:30pm press conference (it was originally supposed to take place before noon). It now appears that they will have to wait some more, because moments ago the press conference was postponed for a second time, and this time it was delayed until further notice...



RYAN PRESS CONFERENCE POSTPONED UNTIL FURTHER NOTICE

... meaning not only is it unlikely that a conference will take place today, but that the Trumpcare vote will even take place today, despite Sean Spicer's vows.

And what appears to have been the final nail in today's proposed vote came from Reuters:



REPUBLICAN SENATORS BEING TOLD BY LEADER MCCONNELL THAT HOUSE NOT LIKELY TO VOTE ON HEALTHCARE BILL UNTIL MONDAY -SENIOR SENATE AIDE

And was confirmed by NBC:

NO HOUSE VOTE TODAY on healthcare per GOP leadership source

— Alex Moe (@AlexNBCNews) March 23, 2017

But wait, all is not lost:



HOUSE REPUBLICANS TO MEET AT 7PM, POLITICO REPORTS

The market reaction to all this chaos - sharply lower - was predictable.

Fewer Immigrants, Higher Prices, Lower Profits

President Donald Trump's tough stance on immigration may be about to put many American companies in a pinch.

Google Needs All the Clicks It Can Get

Big advertisers will likely return, but growth deceleration can still sting Google.

Companies Are Finally Splashing the Cash

Friday's durable-goods report should show business investment remains on an upswing.

March 2017 Kansas City Fed Manufacturing At Highest Level Since March 2011

Of the three regional manufacturing surveys released for March, all are in expansion..

February 2017 Headline New Home Sales Improve and Above Expectations

Written by John Lounsbury and Steven Hansen

The headlines say new home sales improved. The median sales price for homes declined. The rolling averages declined. However the data was above market expectaions.

Capitol Report: Here's how Republicans could get another shot at health care and taxes

Republicans' effort to pass their Obamacare repeal-and-replace bill hit a wall on Thursday. So can that effort — and a separate push for tax reform — recover? Technically, the answer is yes, thanks to what's known as reconciliation. Politically, it could be a far different story.

The Tell: These key technical levels may signal if the stock market is set to rise or fall

As the stock market faces its first major test in the era of President Donald Trump, technical analysts are looking at several key levels to determine whether equities are holding it together or about to unravel.

The Wall Street Journal: House Republicans postpone health-care bill vote

Republicans postponed the planned vote on their legislation to overhaul the Affordable Care Act, after last-minute negotiations and personal lobbying from President Donald Trump failed to gain majority support for the bill only hours ahead of a planned vote in the House.

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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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