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22May2017 Market Update: Triple Session Top Sends Major Indexes Back Down, WTI Slips From Its 51 Handle And Technology Shares Gain

Written by Gary

Wall Street was higher in early afternoon trading, boosted by technology shares and as defense stocks rose after a multi-billion dollar arms deal between the United States and Saudi Arabia.


Here is the current market situation from CNN Money

North and South American markets are mixed. The S&P 500 is higher by 0.41%, while the Bovespa is leading the IPC lower. They are down 2.23% and 0.01% respectively.

What Is Moving the Markets

Here are the headlines moving the markets.

Wall St. gains as defense, tech stocks rise

(Reuters) - Wall Street was higher in late morning trading on Monday, boosted by technology shares and as defense stocks rose after a multi-billion dollar arms deal between the United States and Saudi Arabia.

Ford names James Hackett CEO as challenges mount

WASHINGTON/DEARBORN, Mich. (Reuters) - Ford Motor Co on Monday named James Hackett, who heads its unit developing self-driving cars, as chief executive officer, responding to investors' growing unease about the U.S. automaker's stock price and prospects.

China slaps import duties on sugar; experts question impact

BEIJING (Reuters) - China said on Monday it will impose hefty penalties on sugar imports after lobbying by domestic mills, but experts said the ruling may not go far enough to stem the flow of lower-priced sweetener into the world's top importer.

Shareholders take Akzo Nobel to court to oust Chairman Burgmans

AMSTERDAM (Reuters) - Akzo Nobel shareholders angered by the Dulux owner's rejection of a 26.3 billion euro ($29.5 billion) takeover offer from U.S. rival PPG Industries took their fight to an Amsterdam court on Monday.

German government at odds with itself over Greek debt relief

BERLIN (Reuters) - Germany's coalition government split along party lines on Monday over the question of debt relief for Greece ahead of a crunch meeting in Brussels to tackle the thorny issue.

Supreme Court rejects challenge to state retroactive tax changes

WASHINGTON (Reuters) - The U.S. Supreme Court on Monday declined to hear a challenge by several major corporations to a Michigan law that retroactively changed the way businesses are taxed in the state, leading to $1 billion extra for government coffers.

GE to face probe related to LM Wind Power deal: Bloomberg

(Reuters) - General Electric Co is being investigated by the European Union for providing misleading information during a merger review, Bloomberg reported on Monday, citing two people familiar with the case.

U.S. Justice Dept., Citigroup settle probe into Banamex USA

NEW YORK (Reuters) - The U.S. Department of Justice and Citigroup Inc said on Monday that they have settled a criminal investigation into violations of anti-money laundering rules and the Bank Secrecy Act at the bank's Banamex USA unit.

Long seen as partners, Huntsman and Clariant seal $14 billion merger

ZURICH/FRANKFURT (Reuters) - U.S.-based Huntsman Corp and Switzerland's Clariant AG are combining to create a chemical manufacturer with a market value of about $14 billion, the deal coming together after years of tentative mutual approaches.

Why The Left Refuses To Talk About Venezuela

Authored by Ryan McMaken via The Mises Institute,

During the 2016 presidential election, Bernie Sanders refused to answer questions about Venezuela during an interview with Univision. He claimed to not want to talk about it because he's "focused on my campaign." Many suggested a more plausible reason: Venezuela's present economy is an example of what happens when a state implements Bernie Sanders-style social democracy.

Similarly, Pope Francis — who has taken the time to denounce pro-market ideologies for allegedly driving millions into poverty — seems uninterested in talking about the untrammeled impoverishment of Venezuela in recent years. Samuel Gregg writes in yesterday's Catholic World Report:

Pope Francis isn't known as someone who holds back in the face of what he regards as gross injustices. On issues like refugees, immigration, poverty and the environment, Francis speaks forcibly and uses vivid language in doing so.

Yet despite the daily violence being inflicted on protestors in Venezuela, a steadily increasing death-toll, an explosion of crime, rampant corruption, galloping inflation, the naked politicization of the judiciary, and the disappearance of basic food and medical supplies, the first Latin American po ...

Here's How Facebook Decides What You Can And Can't See

One of Facebook's overwhelmed content moderators - who reportedly sometimes have just 10 seconds to decide whether or not a piece of content is appropriate for the site's immense user base or not - appears to have leaked a slideshow outlining the company's complex rules for governing what Facebook's 2 billion users can and cannot see to the Guardian.

The Guardian published the presentation in a series of slideshows divided into different topics: Sadism, violence, child abuse...

One of the slides outlining how the company handles depictions of graphic violence appeared with the following editor's note:

"Some use language we would not usually publish, but to understand Facebook's content policies, we decided to include it. See for yourself how Facebook's polices what users post."

It's important to remember that Facebook's moderators remove content "on report only," meaning that millions of Facebook users could see a graphic image or video - such as a beheading - before it's removed.

As one report notes, the guidelines "may also alarm free speech advocates concerned about Facebook's de facto role as the world's largest censor. Both sides are likely to demand greater transparency."

Facebook employs about 4,500 "content moderators" but recently announced plans to hire another 3,000, the Guardian reported.

Here are some notable excerpts highlighted by the Guardian:

Meet The Tens Of Millions Of Forgotten Americans That The U.S. Economy Has Left Behind

Authjored by Michael Snyder via The Economic Collapse blog,

The evidence that the middle class in America is dying continues to mount. As you will see below, nearly half the country would be unable "to cover an unexpected $400 expense", and about two-thirds of the population lives paycheck to paycheck at least part of the time. Of course the economy has not been doing that well overall in recent years. Barack Obama was the only president in all of U.S. history not to have a single year when the economy grew by at least 3 percent, and U.S. GDP growth during the first quarter of 2017 was an anemic 0.7 percent. During the Obama era, it is true that wealthy enclaves in New York, northern California and Washington D.C. did thrive, but meanwhile most of the rest of the country has been left behind.

Today, there are approximately 205 million working age Americans, and close to half of them have no financial cushion whatsoever. In fact, a new survey conducted by the Federal Reserve has found that 44 percent of Americans do not even have ...

Ford's New Boss Won't Bring Quick Fixes

Ford's new boss comes from the future side of the business. That implies more long-term investment, not a quick profit fix for suffering shareholders.

Huntsman-Clariant: A Chemical Experiment Worth Pursuing

Huntsman and Clariant think they offer the perfect mix: a $14 billion merger of equals without overlapping businesses or rivalries but with hugely valuable cost savings.

Baidu Falls Behind in Race to be China's Netflix

Baidu could miss out as Chinese tech majors try to build up their online video content.

April 2017 CFNAI Super Index Moving Average Significantly Improved

Written by Steven Hansen

The economy's significantly improved based on the Chicago Fed National Activity Index (CFNAI) 3 month moving (3MA) average - and economic growth is well above the historical trend rate of growth.

Key Words: Trump on allegations he outed a spy: 'I never mentioned the word Israel'

President Donald Trump gives a rebuttal to the media reports saying he inadvertently identified the source of critical information on the terror group ISIS to Russian Foreign Minister Sergei Lavrov.

Market Snapshot: U.S. stocks rise, erasing last week's decline

U.S. stocks rise Monday, as the market's recent uptrend appears to return after increased volatility last week, although more pronounced gains from near-record levels may be hard to achieve amid continued political uncertainty.

Market Extra: How to make money as the 'disenchanted' middle class changes politics

Populism is reshaping politics — here's how Credit Suisse says you can make money from that and four other "supertrends" expected to emerge within the next decade.

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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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