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23May2017 Market Update: Wall Street Backs Off Early Gains, But Regains Some Losses In A Sea-saw Fashion, WTI Crude Continues To Trend Upwards, Albeit Slowly

Written by Gary

U.S. stocks trimmed early gains after rising to the R2 level this morning (SPY +0.2%), weighed down by weak economic data. Single-family home sales tumbled from near a 9-1/2-year high and investors await more details from Trump's first full budget plan.


Here is the current market situation from CNN Money

North and South American markets are mixed today. The Bovespa is up 1.59% while the S&P 500 gains 0.21%. The IPC is off 0.18%.

What Is Moving the Markets

Here are the headlines moving the markets.

Wall St. trims gains as weak data weighs ahead of Trump budget

(Reuters) - U.S. stocks trimmed their gains on Tuesday morning, weighed down by weak economic data, while investors await more details from President Donald Trump's first full budget plan aimed at slashing government spending.

Housing recovery intact despite drop in new home sales

WASHINGTON (Reuters) - New U.S. single-family home sales tumbled from near a 9-1/2-year high in April, but the housing recovery likely remains intact amid a tightening labor market.

U.S. plan to sell oil reserve shows declining import needs

SINGAPORE/VIENNA (Reuters) - President Donald Trump's proposal to sell half of the U.S. strategic oil reserve highlights a decline in the biggest oil user's reliance on imports - and a weaning off OPEC crude - as its domestic production soars.

U.S. government sues Fiat Chrysler over excess emissions

WASHINGTON (Reuters) - The U.S. government has filed a civil lawsuit accusing Fiat Chrysler Automobiles NV of using software to bypass emission controls in diesel vehicles, the Environmental Protection Agency said on Tuesday.

Apple and Nokia see deeper partnership after ending patent dispute

HELSINKI (Reuters) - Apple has settled a patent dispute with Finnish telecom equipment maker Nokia and agreed to buy more of its network products and services, sending Nokia shares up 7 percent.

CEOs of Target, ADM to square off on U.S. border tax at hearing

WASHINGTON (Reuters) - The chief executive officers of two major American companies - retailer Target Corp and agribusiness Archer Daniels Midland Co - offered opposing views in a hearing before U.S. lawmakers on Tuesday on a proposed border adjustment tax.

U.S. carmaker lobby wants rules of origin left intact in NAFTA talks

WASHINGTON (Reuters) - A powerful U.S.-based automakers group said on Tuesday that it favors keeping rules of origin intact in the North American Free Trade Agreement (NAFTA), echoing comments from its Mexican counterpart.

Kashkari adds to dovish caution on rate hikes at Fed

MINNEAPOLIS (Reuters) - Minneapolis Federal Reserve Bank President Neel Kashkari said Tuesday that while the U.S. economy is closer now than it was in March to full employment, he still does not know "if we are there yet," and that the recent decline in core inflation is "concerning."

Fidelity to allow clients to see digital currencies on website

NEW YORK (Reuters) - Fidelity Investments will allow its clients to see their holdings of bitcoin and other virtual currencies held on digital asset exchange Coinbase on the company's website, said Chief Executive Abigail Johnson on Tuesday.

Picturing The Death Of European Fear

The number of futures betting on euro-area equity turbulence crashed 44% from a record following last week's expiration, as it appears Emmaniel Macron's victory has seemingly saved the world...

As Bloomberg details, that was the second-biggest one-day drop on record, after a 53 percent decline in open interest back in August 2010, when the market was much smaller.

With France's presidential election out of the way and the VStoxx Index set for its biggest monthly slide of the year, investors are paring their wagers for volatility ahead... because what could possibly go wrong in Europe with Italy and Spain heating up and Draghi being pushed towards tighter policy?

Thirteen Reasons Why: America's High Schools Are Creating (Another) Lost Generation

Interested in precious metals investing or storage? Contact us HERE

From America Worst To America First In One Presidency

Authored by James Freeman, op-ed via The Wall Street Journal,

The Unapologetic American - Donald Trump brings a new message to the Middle East.

President Donald Trump's Sunday address in Saudi Arabia was bound to inspire comparisons to the speech Barack Obama delivered in Cairo, Egypt at a similar point in his young presidency. And just like his predecessor, Mr. Trump expressed gratitude and respect for his hosts. But the 45th U.S. President quickly made clear that he did not fly to the Middle East on his first overseas trip in order to explain what's wrong with America.

It would be a crude overstatement to say that the message has gone from America worst to America first in one presidency. Mr. Obama did speak favorably of his country several times during his Cairo address. But the difference between Barack Obama's speech in 2009 and the Trump remarks on Sunday in Riyadh is striking.

In 2009, Mr. Obama started out by making the case why Muslims should view his country with distrust:

We meet at a time of great tension between the United States and M ...

Trader "Appalled" At Market Reaction To Manchester Bombing "There's More To Life Than Next Few Basis Points"

Remember Paris

And London in March...

At the time of the London attack, Bloomberg's Paul Dobson reminded readers that were wondering about the sanguine response to the breaking news, that terrorist incidents including the one in Paris in 2015 and London bombings in 2005 spurred equity selloffs that were erased in the following days and weeks.

And sure enough traders decided the bombing and murder of 22 kids in Machester was the perfect opportunity to panic buy stocks...

And this, rightly so, has pushed Bloomberg's Richard Breslow to the edge...

It's always a tough decision when debating a subject with someone whether you speak to the issues that you think are the important ones or lower yourself to their level in the hopes of being heard. Few things are more discomfiting than listening to people talking at cross-purposes.

...

Nokia Uses Lawsuit To Make Apple Its Friend

The Finnish technology group has signed a novel legal settlement with Apple that involves business collaboration as well as royalties.

Why European Companies Could Really Miss London

Most industries need access to raw materials: In finance and markets that raw material is savings.

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.

Market Snapshot: Stock market struggles to extend win streak

U.S. stocks on Tuesday struggle to add to early gains and push Wall Street's recent climb to a fourth straight session, as investor sentiment was subdued in the wake of a Monday night terrorist attack in the U.K.

Commodities Corner: Trump's proposal to sell nearly half of the oil from the Strategic Petroleum Reserve isn't as bad as you think

The Trump administration's 2018 budget includes a proposal to sell nearly half of the oil in the U.S. Strategic Petroleum Reserve.

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

gary@econintersect.com

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