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05May2017 Market Update: Wall Street Traded Mostly Sideways, DOW Flat, Major Indexes Up Fractionally, WTI Crude Gains Almost 3 Dollars Off Morning Lows

Written by Gary

US stocks were little changed today (SPY +0.3%) as a rebound in energy companies due to higher oil prices was offset by healthcare stocks and a sharp drop in IBM. US job growth rebounded sharply in April and the unemployment rate dropped to 4.4 percent, near a 10-year low.


Here is the current market situation from CNN Money

North and South American markets are broadly higher today with shares in Brazil leading the region. The Bovespa is up 1.31% while Mexico's IPC is up 0.66% and U.S.'s S&P 500 is up 0.14%.

What Is Moving the Markets

Here are the headlines moving the markets.

AccorHotels shareholders stick to double voting rights

PARIS (Reuters) - The shareholders of AccorHotels on Friday granted former French President Nicolas Sarkozy a seat on the board of Europe's largest hotel group, and rejected a bid to block long-term shareholders from getting more double voting rights.

U.S. job growth rebounds sharply, unemployment rate hits 4.4 percent

WASHINGTON (Reuters) - U.S. job growth rebounded sharply in April and the unemployment rate dropped to 4.4 percent, near a 10-year low, pointing to a tightening labor market that likely seals the case for an interest rate increase next month despite moderate wage growth.

Wall St. flat as drop in IBM, health stocks offset by oil gains

(Reuters) - U.S. stocks were little changed on Friday as a rebound in energy companies due to higher oil prices was offset by healthcare stocks and a sharp drop in IBM.

Fed's Williams pushes new approach to U.S. inflation goal

NEW YORK (Reuters) - One of the Federal Reserve's experts on navigating a world of low inflation and economic growth said on Friday the U.S. central bank should seriously consider ditching its old policy framework for a new approach to hitting its price-level goal.

Fed should start trimming balance sheet in second half: Bullard

PALO ALTO, Calif. (Reuters) - The Federal Reserve has interest rates right where they should be, but should start trimming its massive balance sheet in the second half of the year, St. Louis Federal Reserve Bank President James Bullard said on Friday.

Fed should not follow rules-based approach: Fischer

(Reuters) - Fed Vice Chairman Stanley Fischer on Friday issued a firm defense of the U.S. central bank's decision not to follow a mathematical rule when deciding monetary policy as Republicans in Congress renew efforts to curb the current consensus-based approach.

Citi lists Netflix, Tesla as potential takeover targets for Apple

(Reuters) - Citigroup listed seven companies as potential takeover targets for Apple Inc , including Netflix , Walt Disney and Tesla Inc , as a way to put its cash hoard of more than $250 billion to work.

Drop in diesel car demand could put brakes on autos finance boom

LONDON/FRANKFURT (Reuters) - A plunge in sales of diesel cars in Europe's two biggest markets is helping to drive down the value of used vehicles, posing a risk to the lucrative financing plans used by major automakers to sell millions of cars. Graphic: http://tmsnrt.rs/2qzZUEz

Moment of truth for the euro as France votes

LONDON (Reuters) - The fate of the European Union and the euro could hang on the outcome of Sunday's French presidential election.

Tight Jobs Market Equals Higher Pay, Lower Profits

The job market's move from tightening to tight could mark a change for investors used to being the winners in the long-running battle between capital and labor.

Oil-Plunge Explanation Isn't That Scary

After six exuberant months, oil and commodities markets have awakened to the realization that neither China's big stimulus nor Trump's election is a game changer. But that doesn't signal the collapse of global growth.

How GM Might Unlock a Tesla-Like Valuation

An idea to separate GM's future-technology projects from its core production business would help meet investor demand for car-tech plays

28 April 2017: ECRI's WLI Growth Index Decline Continues

ECRI's WLI Growth Index which forecasts economic growth six months forward remains in positive territory for over one year - after spending the previous 35 consecutive weeks in negative territory. This is compared to RecessionAlerts similar weekly leading index. ECRI also released their inflation guage this week.

Economic Report: The real unemployment rate is lowest since the recession

The marker for real progress in the jobs market is when people who were too discouraged to even look are back in the labor market.

Capitol Report: Here's the path the health bill could take in the Senate

Hang on tight, health-care watchers: now that the Republicans' bill has passed the House, the GOP's effort to repeal and replace Obamacare faces fresh hurdles in the Senate as lawmakers there plan to write their own version on their own time.

The Fed: Janet Yellen says discrimination in the workplace is holding back women's pay

Federal Reserve Chairwoman Janet Yellen on Friday said a lack of equal opportunity and challenges to combining work and family are preventing women from entering the workforce and outright discrimination may be holding back pay.

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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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