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25May2017 Pre-Market Commentary: Wall Street Expected To Open Higher, New Historic High For The SP 500 Is In The Cards

Written by Gary

US stock future indexes are pointing to a higher opening (SPY +0.2%). The number of Americans filing for unemployment benefits rose less than expected, WTI crude slips to the 50 handle and the dollar dipped after the U.S. Federal Reserve signaled caution in raising interest rates


Here is the current market situation from CNN Money

European markets are lower today with shares in Germany off the most. The DAX is down 0.20% while London's FTSE 100 is off 0.08% and France's CAC 40 is lower by 0.05%.

What Is Moving the Markets

Here are the headlines moving the markets.

OPEC extends oil output cut by nine months to fight glut

VIENNA (Reuters) - OPEC decided on Thursday to extend cuts in oil output by nine months to March 2018, OPEC delegates said, as the producer group battles a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.

Jobless claims up slightly; four-week average at 44-year low

WASHINGTON, May 25 (Reuters) - The number of Americans filing for unemployment benefits rose less than expected last week and the four-week moving average of claims fell to a

World stocks hit record after Fed minutes, oil up as OPEC meets

LONDON (Reuters) - World stocks hit record highs on Thursday and the dollar dipped after the U.S. Federal Reserve signaled caution in raising interest rates, while oil prices rose in anticipation of top producers agreeing to extend output cuts for up to a year.

Lack of new launches leaves Ford playing catchup with GM

DETROIT (Reuters) - James Hackett spent the last year plotting Ford Motor Co's long-term self-driving car strategy. In his first week as chief executive, he has more immediate concerns: stopping a skid in North American sales and fending off a market share grab by resurgent archrival General Motors Co.

Moody's China downgrade 'illogical', overstates debt: People's Daily

SHANGHAI (Reuters) - The decision by Moody's Investors Service to downgrade China's credit rating is "illogical" and overstates the levels of government debt, a commerce ministry researcher said in an editorial in the official People's Daily newspaper on Thursday.

Fed ties rate hike to economic rebound, sees balance sheet cuts in 2017

WASHINGTON (Reuters) - Federal Reserve policymakers agreed they should hold off on raising interest rates until it was clear a recent U.S. economic slowdown was temporary, though most said a hike was coming soon, minutes from their last policy meeting showed on Wednesday.

Best Buy beats on profit, comparable sales; shares jump

CHICAGO (Reuters) - Best Buy Co Inc, the No. 1 U.S. electronics retailer, reported an unexpected rise in first-quarter comparable sales on Thursday, helped by demand for gaming and mobile products.

Abercrombie posts smaller-than-expected drop in same-store sales

(Reuters) - U.S. teen apparel retailer Abercrombie & Fitch Co , which has put itself up for sale, posted smaller-than-expected drop in comparable-store sales, helped by strong demand for its California beach-themed surfwear brand Hollister.

Exclusive: Facebook signs BuzzFeed, Vox, others for original video shows - sources

NEW YORK (Reuters) - Facebook Inc has signed deals with millennial-focused news and entertainment creators Vox Media, BuzzFeed, ATTN, Group Nine Media and others to make shows for its upcoming video service, which will feature long and short-form content with ad breaks, according to several sources familiar with the situation.

China Accuses US Warship Of "Trespassing" In Disputed Waters, Warns It To "Leave Immediately"

In the first unofficial challenge to Beijing over China's domination of disputed waters in the South China Sea since President Trump took office, a US navy warship sailed within 12 nautical miles of an artificial island built up by China in the South China Sea according to the WSJ. The navy vessel, the USS Dewey, traveled close to the Mischief Reef in the Spratly Islands, among a string of islets, reefs and shoals over which China has territorial disputes with its neighbors.


The USS Dewey

The "freedom of navigation" operation which in the past has infuriated Beijing, comes as Trump is seeking Beijing's cooperation to rein in ally North Korea's nuclear and missile programs. Territorial waters are generally defined by U.N. convention as extending at most 12 nautical miles from a state's coastline. China's claims to the South China Sea, which sees about $5 trillion in ship-borne trade pass every year, are challenged by Brunei, Malaysia, the Philippines, and Vietnam, as well as Taiwan.


Mischief Reef in the disputed Spratly Islands in the South China Sea

The U.S. patrol, the first of its kind since October, marks the latest attempt to counter what Washington sees as Beijing's efforts to limit freedom o ...

Bitcoin Explodes, Trades Above $4,000 In South Korea

In recent weeks it has been Japanese demand (and notable premia) that has driven the exponential rise in Bitcoin, but recently, as CoinTelegraph reports, it has been South Korea. Overenight saw Bitcoin prices explode once again, smashing through $2500, $2600, and $2700 for the first time...

As CoinTelegraph.com reports, South Korean Bitcoin traders are facing asking prices of $4,500 as the virtual currency's price continues to surge.

Order books from domestic exchange Coinone list a current price of 4,254,000 won ($3805), with a 24-hour high of 5,025,000 ($4494).

Bitcoin Live Orderbook

As Bitcoin.com reports, the region has also been blossoming with startups dedicated to bitcoin remittance and financial tech advancement.

The South Korean government has been very friendly towards digital currencies, and the country ...

Should I Invest My Fortune in Gold? Latest Research

Should I Invest My Fortune in Gold? Latest Research

PRESENTATION HIGHLIGHTS

- Should I invest my fortune in gold?
- Lessons from gold and silver: Reviewing the research
- What precious metals can tell us about finance?
- What are precious metals and why should we care?
- What size of market and how evolved over time?
- Long and detailed history of gold and silver as money
- What does a tonne of gold look like?

Frontrunning: May 25



World stocks hit record after Fed minutes (Reuters)

OPEC extends oil output cut by nine months to fight glut (Reuters)

Father and Brother of Manchester Bomber Arrested in Libya (BBG)

In testing Montana vote for Trump, Republican caught up in brawl (Reuters)

NATO to Take New Counterterrorism Measures (WSJ)

Trump's Toxic Budget Is a Cheap Win With the Right People (BBG)

Pope 'terrific', Saudi 'spectacular': Trump waxes lyrical on foreign tour (Reuters)

Hedge Funds Squeezed by World's Highest Rents Are Moving Out (BBG)

Talent Battle: Hedge Funds vs. Silicon Valley (WSJ)

China Hitches Yuan to the Dollar, Buying Rare Calm (WSJ)

China's Downgrade Could Lead to a Mountain of Debt (BBG)

Data Mining to Find Tax Cheaters (

When $43 Billion Isn't Reward Enough for Success

A revised compensation plan for Patrick Drahi, founder of Cablevision-owner Altice, offers stock options that could make him one of the world's best-rewarded bosses.

What You Still Don't Know About Health Law Can Hurt You

Uncertainty for Obamacare replacement doesn't mean smooth sailing for stocks.

China's Downgrade Will Bring Everybody Down

Moody's decision to cut China's credit rating could make it more costly for Chinese companies and banks to issue bonds.

20 May 2017 Initial Unemployment Claims Rolling Average Improves

The market expectations for weekly initial unemployment claims (from Bloomberg / Econoday) were 235 K to 240 K (consensus 237,000), and the Department of Labor reported 234,000 new claims. The more important (because of the volatility in the weekly reported claims and seasonality errors in adjusting the data) 4 week moving average moved from 241,000 (reported last week as 240,750) to 235,250. The rolling averages generally have been equal to or under 300,000 since August 2014.

Economic Report: U.S. trade deficit in goods widened in April

American's goods trade deficit widened in April as exports slipped and imports rose, advanced data issued by the Commerce Department showed Thursday.

Money Brain: What you don't know about investing can hurt you

These mental tricks can trip up even professional traders, writes Meir Statman.

Economic Report: Low jobless claims look like rerun of early 1970s

The number of Americans applying for and receiving unemployment benefits continue to drop to levels last seen nearly a half century ago, a sign the U.S. labor market remains quite robust eight years into an economic expansion

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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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