econintersect.com
       
  

FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.



08May2017 Market Update: Wall Street Mixed With The DOW Up 2 Points, WTI Crude Trending Down, US Dollar Gaining Strength, US Markets Looking To End In The Red

Written by Gary

US stock markets are mixed and flat going into the afternoon session (SPY -0.04%). The S&P 500 and the Nasdaq Composite lost ground after touching record highs after French voters elected market-friendly Macron as their next president.


Here is the current market situation from CNN Money

North and South American markets are lower today with shares in Brazil off the most. The Bovespa is down 0.38% while U.S.'s S&P 500 is off 0.06% and Mexico's IPC is lower by 0.02%.

What Is Moving the Markets

Here are the headlines moving the markets.

S&P, Nasdaq reverse course after touching record highs

(Reuters) - The S&P 500 and the Nasdaq Composite lost ground after touching record highs on Monday as investors looked for fresh catalysts following centrist Emmanuel Macron's widely expected victory in the French presidential election.

Buffett: United made 'terrible mistake' with dragged passenger - CNBC

(Reuters) - Warren Buffett said on Monday that United Airlines made a "terrible mistake" in handling the fallout after a man was forcibly dragged off a United flight, a bloody confrontation that sparked global outrage.

Tyson Foods profit slumps, Florida seeks info in pricing probe

(Reuters) - Tyson Foods Inc said on Monday quarterly profit fell 21 percent, hurt by fires at two chicken plants, and that Florida's attorney general was seeking information from the company regarding a probe into possible anticompetitive behavior.

With eye on millennials, Coach buys Kate Spade

(Reuters) - Handbag maker Coach Inc said it would buy Kate Spade & Co for $2.4 billion as it looks to tap the popularity of its smaller rival's quirky satchels and totes among millennials.

Fed's goals largely met, U.S. rate hikes on track: Mester

CHICAGO (Reuters) - The U.S. Federal Reserve has now met its employment goal and is nearing its inflation goal, despite some weak recent economic data, so it should continue raising interest rates, Cleveland Fed President Loretta Mester said on Monday.

Exclusive: Barrick faces sanctions for Argentina cyanide spills, judge says

SAN JUAN, Argentina(Reuters) - Barrick Gold Corp failed to complete improvements to the Veladero mine in Argentina that could have prevented the third spill of cyanide solution in 18 months, leading to eventual sanctions for the world's biggest gold miner, a judge told Reuters.

Akzo Nobel rejects third takeover proposal from PPG

AMSTERDAM (Reuters) - Dutch paint maker Akzo Nobel on Monday rejected a third takeover proposal from PPG Industries , leaving its larger U.S. rival to decide whether to make a formal bid without the support of Akzo's board, or throw in the towel.

Banks planning to move 9,000 jobs from Britain because of Brexit

LONDON (Reuters) - The largest global banks in London plan to move about 9,000 jobs to the continent in the next two years, public statements and information from sources shows, as the exodus of finance jobs starts to take shape.

Exclusive: German report raises concerns over A400M military readiness

BERLIN (Reuters) - A confidential report by the German Defence Ministry has warned that technical challenges and contractual wrangling with Airbus could impair full operational use of Europe's A400M military transport plane.

Rand Paul: Obama Spied On Me Using NSA Intercepts

Authored by John Solomon via Circa.com,

Sen. Rand Paul, the former Republican presidential candidate and vocal champion of civil liberties, has received allegations that the Obama administration sought intercepted intelligence from the National Security Agency on him and other members of Congress and has asked President Donald Trump to conduct a formal investigation, Circa has learned.

Paul quietly asked for the probe nearly a month ago in a letter to Trump that was obtained by Circa.

"An anonymous source recently alleged to me that my name, as well as the names of other Members of Congress, were unmasked, queried or both, in intelligence reports of intercepts during the prior administration," Paul wrote Trump in a letter dated April 10.

"In light of the revelations that the names of persons associated with the Trump campaign were unmasked, I believe the allegations that myself and other elected members of the legislative branch may have also been unmasked or caught in intelligence gathering warrants investigation."

The emergence of the letter, which also was copied to White House Chief of Staff Reince Priebus and senior Trump adviser Steve Bannon, comes after Circa recently reported that members of Congress and their staffs have been unmasked in NSA intelligence reports as frequently as once a month since President Obama loosened privacy protections back in 2011.

...

Obama Warned Trump Against Hiring Flynn: NBC

With Sally Yates and James Clapper both scheduled to testify before Congress at 2:30pm today, Donald Trump had several suggestions for the list of questions for Ms. Yates, which he decided to share this morning over Twitter. "Ask Sally Yates, under oath, if she knows how classified information got into the newspapers soon after she explained it to W.H. Council", Trump tweeted, referring to Yates' conversation with White House counsel Donald McGahn. And while we doubt that this particular concern will be addressed, a new report from NBC suggests that a more unpleasant line of questioning may emerge, one having to do with why Trump hired his now former National Security Advisor Mike Flynn after he was reportedly warned by Obama not to do so.

As NBC reports, Obama had warned Trump against hiring Mike Flynn as his national security adviser less than 48 hours after the November election when the two sat down for a 90-minute conversation in the Oval Office.

A senior Trump administration official acknowledged Monday that Obama raised the issue of Flynn, saying the former president made clear he was "not a fan of Michael Flynn." Another official said Obama's remark seemed like it was made in jest.

Obama's warning pre-dated concerns inside the government about Flynn's contacts with the Russian ambassador, one of NBC's sources said. Obama passed along a general caution that he believed Flynn was not suitable for such a high level post, the official added. As a reminder, the Obama administration fired Flynn in 2014 from his position as head of the Defense Intelligence Agency, largely because of mismanage ...

VIX Crashes To A 9 Handle - Lowest Level Since Feb 2007

Amid the 'calmest' market for the S&P 500 since 1964...

Traders are shedding protection at a record clip. For the third time in the last week, VIX just traded with a 9 handle - down to 9.73 - the lowest since Feb 2007...

The last two trading days have seen some 'odd' shifts in the equity-vol correlation regime though...

And judging by the collapse in realized vol, VIX could have further to fall...

...

Texas Governor Signs Bill To Fight Sanctuary Cities; Threatens Cops With Prison

Texas Republican Governor Greg Abbott has officially signed into law a measure to punish so-called "sanctuary cities," despite pleas from some of the police departments of cities like Austin to halt the bill they said would hinder their ability to fight crime. Sure, because enforcing laws tends to 'hinder' the crime-fighting process.

Per Reuters, the Republican-dominated legislature passed the bill on party-line votes and sent the measure to Abbott earlier this month. The bill is designed to punish local authorities who do not abide by requests to cooperate with federal immigration agents. Police officials found to be in violation of the law could face removal from office, fines and up to a year in prison if convicted.

The measure also allows police to ask people about their immigration status during a lawful detention, even for minor infractions like jaywalking.

Of course, Texas, which has an estimated 1.5 million illegal immigrants and the longest border with Mexico of any U.S. state, has been at the forefront of the immigration debate.

"As governor, my top priority is public safety, and this bill furthers that objective by keeping dangerous criminals off our streets," Abbott said in a statement. The law will take effect on Sept. 1.

Abbott

Of course, some law enforcement officials, like "sanctuary" Sally Hernandez of Travis County (Austin), has vowed to fight Abbott's legislation and, up to this point, has refused to cooperate with federal immigration agents.

PPG Needs to Get Messy to Win Paint Mega Merger

PPG can't turn properly hostile on Akzo Nobel, so it needs to be prepared for a lengthy game of cat-and-mouse with the company's board

Live! Is Where the Growth Is at for Cable

Sports programming has long been considered the glue binding U.S. consumers to their pay-TV subscriptions, which is why cable networks have shelled out billions for the rights. Now news is reaffirming its own power to keep viewers hooked.

TPG's Offer for Fairfax Not Yet Fit to Print

TPG Group-led consortium's $1.6 billion bid for one of Australia's leading media companies could fall short.

April 2017 Conference Board Employment Index Improvement Continues

Written by Steven Hansen

The Conference Board's Employment Trends Index - which forecasts employment for the next 6 months improved "suggesting that robust job growth will continue into the summer".

London Markets: FTSE 100 ends slightly higher as traders largely shrug at Macron's win

U.K. stocks close a bit higher Monday, even as mining shares slump, as European equities took a breather after French voters elected market-friendly centrist Emmanuel Macron as their next president.

Apple's stock jumps to another record after Warren Buffett nearly triples his investment

Apple's stock surges to yet another record after Warren Buffett's Berkshire Hathaway discloses it has bet nearly $20 billion on the technology giant.

Market Snapshot: S&P 500, Nasdaq drift to records, but trading choppy in French election's wake

The S&P 500 and the Nasdaq Composite set fresh records intraday Monday, but trading activity was listless after Emmanuel Macron's closely watched presidential election victory in France on Sunday helped to ease some concerns about turmoil in the eurozone.

Earnings Summary for Today

Earnings Calendar provided by Investing.com.

leading Stock Positions

Leading Stock Quotes powered by Investing.com

Current Commodity Prices


Commodities are powered by Investing.com

Current Currency Crosses

The Forex Quotes are powered by Investing.com.



To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

Click here for Historical Releases Listing










Make a Comment

Econintersect wants your comments, data and opinion on the articles posted. You can also comment using Facebook directly using he comment block below.




Econintersect Live Market







search_box
Print this page or create a PDF file of this page
Print Friendly and PDF


The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.







Keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government





























 navigate econintersect.com

Blogs

Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2017 Econintersect LLC - all rights reserved