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03May2017 Pre-Market Commentary: Wall Street To Open Lower, WTI Crude Trading In The 47 Handle, Fed Is Not Expected To Raise Rates Today

Written by Gary

US stock market futures point to a fractionally lower opening (SPY -0.2%). European stock markets retreated from 20-month highs and the dollar inched up today as investors pondered the chances of another rise in U.S. interest rates next month ahead of the Federal Reserve's May statement.


Here is the current market situation from CNN Money

European markets are lower today with shares in London off the most. The FTSE 100 is down 0.31% while France's CAC 40 is off 0.27% and Germany's DAX is lower by 0.13%.

Nasdaq poised to fall from record high after Apple iPhone sales disappoint

Tuesday's Key Earnings

Altria (NYSE:MO) flat on lower cigarette volumes.
Apple (AAPL) -1.8% AH selling fewer iPhones.
Archer Daniels (NYSE:ADM) -8.9% with weak ag services.
BP (NYSE:BP) +1.3% beating expectations.
ConocoPhillips (NYSE:COP) -1.6% following an adjusted Q1 loss.
Cummins (NYSE:CMI) +6.1% posting strong results.
CVS Health (NYSE:CVS) -3.6% as same-store sales slipped.
Enterprise Products (NYSE:EPD) -0.8% growing profits.
Etsy (NASDAQ:ETSY) -15.7% AH replacing its CEO.
FireEye (NASDAQ:FEYE) +14.7% AH on sunny guidance.
Gilead Sciences (NASDAQ:GILD) -2.5% AH missing estimates.
Mastercard (NYSE:MA) +1.5% increasing transactions.
Merck (NYSE:MRK) +0.5% after boosting guidance.
Mondelez (NASDAQ:MDLZ) +2.9% AH as margins improved.
Pfizer (NYSE:PFE) -0.5% revenues off, reaffirming guidance.
Twilio (NYSE:TWLO) -30.3% AH after a disappointing outlook.

What Is Moving the Markets

Here are the headlines moving the markets.

'Kong', 'LEGO Batman' success drives Time Warner's profit beat

(Reuters) - Time Warner Inc , which is being bought by AT&T , reported a better-than-expected quarterly profit, helped by the success of its movies "Kong: Skull Island" and "The LEGO Batman Movie" in the first quarter.

Strong demand at Taco Bell drives Yum Brands' profit beat

(Reuters) - Yum Brands Inc reported a better-than-expected quarterly profit due to strong global same-store sales growth, driven by robust demand at its Taco Bell restaurants and lower costs at its KFC chain.

Global stocks struggle, dollar gains ahead of Fed decision

LONDON (Reuters) - European stock markets retreated from 20-month highs and the dollar inched up on Wednesday as investors pondered the chances of another rise in U.S. interest rates next month ahead of the Federal Reserve's May statement.

Buffett to face big crowd as Berkshire grows bigger

(Reuters) - As the United States adapts to the presidency of Donald Trump and faces rising tensions abroad, Berkshire Hathaway Inc shareholders will descend on Omaha, Nebraska this weekend seeking reassurance, from Warren Buffett.

Apple posts surprise dip in iPhone sales, shares fall

(Reuters) - Apple Inc reported a surprise fall in iPhone sales for its second quarter on Tuesday, indicating that customers may have held back purchases in anticipation of the 10th-anniversary edition of the company's most important product later this year.

Uber in U.S. court reckoning on possible shutdown of self-driving program

SAN FRANCISCO (Reuters) - Uber Technologies Inc [UBER.UL] goes before a U.S. judge on Wednesday to fight for the right to continue work on its self-driving car program, the latest phase in a courtroom battle over trade secrets that threatens to topple a central pillar of Uber's growth strategy.

Oil rebounds from near 2017 lows on falling U.S. crude stocks

LONDON (Reuters) - Oil prices rebounded from near 2017 lows on Wednesday after preliminary data showed a much larger-than-expected fall in U.S. crude stocks, reviving bullish sentiment about easing oversupply.

VW in talks with Exxon, Gazprom on gas-powered cars: Mueller on ORF

VIENNA (Reuters) - Volkswagen is in talks with Exxon Mobil Corp and Gazprom to back its efforts to promote cars running on natural gas, Chief Executive Matthias Mueller told Austria's ORF radio.

Tesla is most painful stock for short sellers in 2017

SAN FRANCISCO (Reuters) - Traders short selling Tesla's soaring stock have lost $3.7 billion this year, eclipsing the combined losses of traders shorting Apple , Amazon.com and Netflix .

Frontrunning: May 3



Fed Rate Rise Unlikely, but Possible June Move in Focus (WSJ)

GOP Health-Bill Woes Signal Centrists' Rise (WSJ)

As U.S. and China find common ground on North Korea, is Russia the wild card? (Reuters)

North Korea says American was detained for 'attempted subversion' (Reuters)

SEC Probes Solar Companies Over Customer Cancellations (WSJ)

Slumping Car Sales Are Latest Data to Rattle Bets on Growth (WSJ)

Putin Meets Erdogan as Russia Pursues Syria Diplomacy Blitz (BBG)

Macron and Le Pen to square off in French pre-election TV showdown (Reuters)

Trump aide lays out 'disruptive' approach on eve of Mideast talks (Reuters)

JPMorgan to Move Hundreds of Staff to Three EU Offices on Brexit (BBG)

On Serbian airwaves, a battle for heart of Balkans (Reuters ...

Silver On Sale After 10.6% Fall In Two Weeks

Silver Bullion On Sale After 10.6% Fall In Two Weeks

- Silver down for eleven consecutive days to $16.80/oz
- Further weakness possible and support at $15.73/oz
- Never catch a falling knife - dollar cost average
- Silver buyers love manipulative futures selling
- Thank you 'Gold and Silver Cartel' !

Silver in USD (1 Year)

Precious metals continue to weaken, especially silver which has declined eleven consecutive days and is now down over 10.6%.

The sell off is again almost solely a result of futures market participants pushing or manipulating prices lower - depending on your view - despite no bearish silver or wider market developments or news that could be ...

There Is Now A Quadruple-Leveraged S&P 500 ETF

Hitchhiker: You heard of this thing, the 8-Minute Abs?
Ted: Yeah, sure, 8-Minute Abs. Yeah, the excercise video.
Hitchhiker: Yeah, this is going to blow that right out of the water. Listen to this: 7... Minute... Abs.

Just like the infamous 7 Minute Abs scene from Something about Mary, many had wondered for years why there is no ETF that allows retail investors to lose money even faster than with the existing inventory of various triple-leveraged passive investing offering.

Well, as of last night there is.

On Tuesday, the SEC ignored numerous complaints, and approved a request to trade quadruple-leveraged exchange-traded funds, the first product of its kind, and one which will spawn hundreds of copycat imitators promising even greater possible returns and instead delivering theta that is guaranteed to wipe out virtually anyone who allocates capital to the product.

The request to list ForceShares Daily 4X US Market Futures Long Fund, under the ticker UP, and ForceShares Daily 4X US Market Futures Short Fund, under the far more appropriate ticker DOWN, was filed by the NYSE Arca exchange. One of the funds is designed to deliver 400 percent of the daily performance of S&P 500 stock index futures, while another fund will aim to deliver four times the inverse of that benchmark. That means that - in theory - a fund could go up 8 percent on a day the index it tracks falls by 2 percent. However, due to the rebalancing nature of such products, it most likely won't, and instead will be used as another massively shorted vehicle by all those pension funds who scramble to capture the volatility roll "dividend" from markets that no longer see any risk, anywhere.

"We're excited about ...

In Latest Warning To North Korea, US Releases Video Of Overnight Minuteman III ICBM Launch

As previewed last night, this morning the US Air Force confirmed that another unarmed Minuteman III ICBM missile capable of sending a nuclear bomb across the world was launched early on Wednesday from California's Vanderberg Air Force base, in what was a second clear signal of nuclear deterrence aimed squarely at North Korea and took place one week after the US test fired another ICBM under identical circumstances.

The unarmed Minuteman 3 intercontinental ballistic missile blasted off from a silo at 12:02 a.m. from Vandenberg Air Force Base and delivered a single re-entry vehicle to a target approximately 4,200 miles away at Kwajalein Atoll in the Pacific Ocean, the Air Force Global Strike Command said. The test, which reprotedly took 10 months to plan, was the latest designed "to check the readiness and accuracy of a weapon system that forms part of the U.S. nuclear force" but in reality was the second strong message sent to Kim Jong-Un in the span of one week.

This is the statement Vanderberg released shortly after the launch:

Airmen from Malmstrom and Vandenberg Air Force bases conducted an operational test launch of an unarmed Minuteman III missile. The test launch used an intercontinental ballistic missile pulled randomly from a silo on Malmstrom Air Force Base, which was then transported and reassembled at Vandenberg, and launched by crew members from the 341st Missile Wing. The ICBM was equipped with a single test reentry vehicle, and traveled approximately 4,200 miles to a test range near the Kwajalein Atoll in the Marshall Islands. These ICBM test launches ...

Reliability Pays for BNP Paribas Investors

French bank boosted by stronger investment banking recovery than European rivals.

Apple's Marginal Gains Fail to Please

Apple manages a small gain in gross margins despite rising component prices for its iPhone.

High Stakes in Big Pharma's Latest Cancer Race

Merck's blockbuster cancer drug faces a big test next week.

Economic Report: Private-sector hiring slows to 177,000 in April, ADP says

Private sector hiring slowed to 177,000 in April, ADP reported Wednesday.

Market Extra: Is this obscure bond key to rebuilding America's crumbling infrastructure?

No one source, or even a select few, can carry the financing burden to mend bridges, roads, dams, railroad tracks and more. The civil engineers argue that the U.S. "must increase investment from all levels of government and the private sector." Bond-market managers insist that there's already a hybrid investment that could be included in a buffet of financing approaches: taxable municipal bonds.

Only one-third of American home values have recovered pre-recession peaks

In contrast to broad metro-area price gauges, a deep dive into individual property prices finds only 34% have recovered.

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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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