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16May2017 Pre-Market Commentary: Wall Street Expected To Open Flat, New Highs Expected, Crude Prices Trending Back Up, US Dollar Slipping Again

Written by Gary

US stock market future indexes are pointing to positive, but flat opening (SPY +0.1%) and new historic highs are expected with the SP500 and Nasdaq. As oil prices churn higher, the greenback is down for a fifth day, with the dollar index flirting with its lowest levels since the election of President Trump.

Here is the current market situation from CNN Money

European markets are mixed today. The FTSE 100 is up 0.75% while the DAX gains 0.09%. The CAC 40 is off 0.27%.

Today's Markets

In Asia, Japan +0.3%. Hong Kong -0.1%. China +0.8%. India +0.9%.
In Europe, at midday, London +0.6%. Paris -0.4%. Frankfurt -0.1%.
Futures at 6:20, Dow +0.1%. S&P flat. Nasdaq +0.1%. Crude +0.9% to $49.31. Gold +0.3% to $1233.70.
Ten-year Treasury Yield flat at 2.34%

Today's Economic Calendar

8:30 Housing Starts
8:55 Redbook Chain Store Sales
9:15 Industrial Production
10:00 E-Commerce Retail Sales

Companies reporting earnings today »

Looking at the last three columns (below), the first one (Actual), is what was reported this morning. The second column (Forecast) is what analysts had forecast and the third column is the previous report. Full calendar HERE.

What Is Moving the Markets

Here are the headlines moving the markets.

Euro climbs on integration hopes as Trump furor knocks dollar

LONDON (Reuters) - The euro hit a six-month peak and German stocks touched a record high on Tuesday as signals on further European integration contrasted with political turmoil and fresh doubts about the economy in the United States.

Ford to cut North America, Asia salaried workers by 10 percent: source

WASHINGTON/DETROIT (Reuters) - Ford Motor Co plans to shrink its salaried workforce in North America and Asia by about 10 percent as it works to boost profits and its sliding stock price, a source familiar with the plan told Reuters on Monday.

Researchers say global cyber attack similar to North Korean hacks

SEOUL/WASHINGTON (Reuters) - Cybersecurity researchers have found evidence they say could link North Korea with the WannaCry cyber attack that has infected more than 300,000 computers worldwide, as global authorities scrambled to prevent hackers from spreading new versions of the virus.

Home Depot's profit, comp sales beat amid strong housing market

(Reuters) - Home Depot Inc , the No. 1 U.S. home improvement chain, reported higher-than-expected quarterly profit and same-store sales, driven by increased customer traffic and more average spending at its stores amid a strong housing market.

Yahoo to buy back $3 billion shares

(Reuters) - Yahoo Inc said on Tuesday it would buy back $3 billion of its common shares, ahead of the company's pending deal with Verizon Communications Inc.

U.S. home appliances shipments rise 13.7 percent year-on-year in April

STOCKHOLM (Reuters) - Deliveries of the six biggest categories of white goods (AHAM 6) in the United States rose 13.7 percent year-on-year in April, data from industry body Association of Home Appliance Manufacturers (AHAM) showed late on Monday.

Oil rises on expectations of extended supply curbs

LONDON (Reuters) - Oil prices extended gains on Tuesday after top producers Saudi Arabia, Russia and Kuwait supported prolonging supply cuts until the end of March 2018 in an effort to drain a global glut.

Absent from America, French cars drive into Iran election

LONDON/PARIS/FRANKFURT (Reuters) - French carmakers PSA and Renault are turning their U.S. absence into an Iranian advantage by piling into a resurgent market still off-limits to foreign rivals fearful of sanctions under Donald Trump's administration.

Japan urges Toshiba, Western Digital to get along as chip spat flares

TOKYO (Reuters) - Japan's government said on Tuesday it wanted Toshiba Corp and partner Western Digital Corp to cooperate, expressing concern about an escalating dispute between the two that threatens to upend the sale of Toshiba's chip unit.

Odds Of Trump Still Being President In 2019 Hit Record Lows

From a recent high of 75%, the last few days - before FBI Director Comey was fired and Trump allegedly spilled the beans to the Russians - the odds of Donald Trump still being President at the end of 2018 have tumbled to record lows...

On relatively high volume, PredictIt's site shows heavy selling (with some trades crossing below 60%).

Classified Bombshell Hyperventilation

Submitted by Mike Shedlock via,

Some people I would normally expect not to lose their minds following anti-Trump hype did lose their minds. Of course, the standard nutcases one might expect would lose their minds did so as well.

The result is has been a steady stream of nonsense all day regarding Trump's alleged disclosure of highly classified information to Russia.

It took a collaboration of six (Jack Goldsmith, Susan Hennessey, Quinta Jurecic, Matthew Kahn, Benjamin Wittes, Elishe Julian) to come up with Bombshell: Initial Thoughts on the Washington Post's Game-Changing Story.

The article starts out ...

The Washington Post this afternoon published a stunning story reporting that President Trump disclosed highly-classified information to Russian Foreign Minister Sergei Lavrov and Ambassador Sergey Kislyak during their visit to the Oval Office last week.

After firing off rounds of innuendo from BuzzFeed, the New York Time, the Washington Post, and Reuters, the authors admit "the President did not 'leak' classified information in violation of law. He is allowed to do what he did."

In a very long-winded synopsis, the article discusses six points.

  1. First, this is not a question of "leaking classified information" or breakin ...

Frontrunning: May 16

Trump Says He Has 'Absolute Right' to Share Terrorism Facts with Russia (WSJ)

Russia's response: don't read U.S. newspapers (Reuters)

How the Democrats Are Trying to Beat Back Trump (BBG)

Trump to Join Pence in Disclosing 2016 Financial Information (BBG)

Clue in Ransomware Cyberattack Points to a Group Linked to North Korea (WSJ)

BOJ Chief: Unwinding Stimulus Won't Bring Turmoil (WSJ)

In travel ban case, U.S. judges focus on discrimination, Trump's powers (Reuters)

China Pumps $24.7 Billion Into Financial System (WSJ)

Ford to cut North America, Asia salaried workers by 10 percent (Reuters)

Putin Is Playing the Melting Arctic for Everything It's Worth (BBG)

Not so fast: EU court ensures 32 vetoes on Brexit trade (Reuters)

Moves to Ease Gun-Carrying Res ...

Cyber Wars Could Crash Markets and Threat To Humanity - Buffett and Rickards

Cyber wars are a bigger threat to humanity than nuclear weapons, the world's richest and most famous investor Warren Buffett, presciently warned a few days ago.

"I do think that's the number one problem with mankind," Warren Buffett warned during Berkshire Hathaway's annual shareholder meeting on May 6th.

"I'm very pessimistic on weapons of mass destruction generally although I don't think that nuclear probably is quite as likely as either primarily biological and maybe cyber," Buffett said during Berkshire Hathaway's annual shareholders' meeting. Unlike most of Buffett's pronouncements, this clear and very strong warning was not reported widely.

"I don't know that much about cyber, but I do think that's the number one problem with mankind" said Buffett as reported by

How Nvidia Invaded Intel's Turf

Nvidia's new success in chips for data centers puts the videogame chip maker in competition with Intel as data centers embrace artificial intelligence.

When to Worry About China Again

China's debt-market selloff is driven mostly by a regulatory crackdown—growth is decent and corporate profits are healthy—but risks are poised to rise again, meaning things could shortly get hairier.

Nintendo Needs to Be More Upwardly Mobile

People love Nintendo games. The pity for shareholders is that the company hasn't worked out how to make more money from them.

Economic Report: Housing starts ease to 1.17 million rate in April after strong first quarter

Builders scaled back activity after a powerful start to the year, the government reported.

AIG's new 70-year-old CEO may be just what the insurer needs

Analysts welcome the appointment of a seasoned executive with a background in data-driven underwriting.

Deep Dive: These 'Dividend Aristocrat' stocks rack up double-digit sales growth

Not only do the companies reward shareholders with income, but they also tend to dominate within their own industries.

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