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.

05Jun2017 Market Close: Wall Street Trended Mostly Negative As A Rating Cut Against Apple, Crude Prices Lower, US Dollar Weak As Well

Written by Gary

Markets closed lower after a brief fractional sell-off towards the session end (SPY -0.1%). Apple weighed on all the three major indexes following a rating cut and ahead of its developer conference.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Apple pushes Siri to the fore at annual developer conference

SAN JOSE, Calif. (Reuters) - Apple Inc on Monday rolled out new Siri capabilities to better integrate the voice-activated assistant across devices, a move that comes as the service faces stiff competition from rival offerings like Inc's Alexa.

Amazon Prime Video to come to Apple devices

(Reuters) - Apple Inc Chief Executive Tim Cook said on Monday that Amazon Prime Video would be available on Apple TV and other Apple devices starting later this year.

U.S. services, factory data point to moderate economic growth

WASHINGTON (Reuters) - U.S. services sector activity slowed in May as new orders tumbled, but a jump in employment to a near two-year high pointed to sustained labor market strength despite a deceleration in job growth last month.

Wall Street edges lower as Apple drags

(Reuters) - Wall Street edged lower in early afternoon trading on Monday as Apple weighed on all the three major indexes following a rating cut and ahead of its developer conference.

San Francisco subpoenas records on Uber, Lyft driving practices

SAN FRANCISCO (Reuters) - San Francisco's city attorney has issued subpoenas to ride-services firms Uber Technologies Inc [UBER.UL] and Lyft Inc for records of driving practices, access for disabled passengers and whether certain neighborhoods are underserved.

Supreme Court limits SEC's power to recover ill-gotten gains

WASHINGTON (Reuters) - The U.S. Supreme Court on Monday scaled back the Securities and Exchange Commission's power to recover ill-gotten profits from defendants' misconduct, handing Wall Street firms a victory and dealing another blow to the regulator's enforcement powers.

Supreme Court agrees to decide major privacy case on cellphone data

WASHINGTON (Reuters) - The U.S. Supreme Court on Monday agreed to hear a major case on privacy rights in the digital age that will determine whether police officers need warrants to access past cellphone location information kept by wireless carriers.

Warren Buffett lunch bidding quickly hits $1 million

(Reuters) - An auction for well-heeled fans of Warren Buffett to eat lunch with the billionaire in support of a San Francisco charity that helps the homeless and impoverished got off to a fast start, with bidding quickly hitting seven figures.

Exclusive: U.S.-Mexico sugar deal struck ahead of NAFTA talks; industry divided

MEXICO CITY (Reuters) - The U.S. and Mexican governments reached a deal in a dispute over trade in sugar on Monday, sources said, averting steep U.S. duties and Mexican retaliation by Mexico on imports of American high-fructose corn syrup ahead of the renegotiation of NAFTA.

UK Outraged After Trump Repeatedly Slams London Mayor, Risking Diplomatic Scandal

It was just over a week ago that the WSJ reported that upon Trump's return from his first international trip, White House lawyers may force the president to finally put away his cell phone, and revoke his twitter privileges. In retrospect, this appears to have been "fake news", because since returning Trump has continued his daily tweetstorm barrage, only this time instead of dealing with domestic issues, Trump has lashed out at foreign targets and this time he risks provoking a diplomatic row with the UK and, according to Bloomberg, embarrassing Theresa May ahead of a general election, as he continued his mockery of London Mayor Sadiq Khan over a terrorist attack that killed seven people.

The first time the president went after Khan, one of Britain's most prominent Muslims, was on Sunday following the mayor's statement that people had "no reason to be alarmed." In an interview with the BBC, Khan said that the "threat level remains at severe" but that there is "no need to be alarmed" at the heavier-than-usual police presence in the streets. British police have been conducting raids throughout the city and have made dozens of arrests. Instead, Trump accused Khan of saying there was "no need to be alarmed" by the terrorist attacks.

At least 7 dead and 48 wounded in terror attack and Mayor of London says there is "no reason to be alarmed!"

— Donald J. Trump (@realDonaldTrump) June 4, 2017

Trump refused to back down under criticism, accusing the mainstream media of do ...

The Last Time Hedge Funds Were This Short, Small Caps Plunged 30%

The Russell 2000 Index posted a 2.2% decline in May, its worst month since October, and it appears a large swath of investors is now betting it has further to fall.

As Bloomberg notes, hedge funds and other major speculators have a combined net short position of 73,030 contracts in the small-cap index's futures, according to the latest data from the Commodity Futures Trading Commission.

Russell 2000 sentiment has sharply declined since January, when future contract positioning reached record bullishness. It's now the most short since May 2011.

In the four months following the May/June 2011 peak in shorts, the Russell 2000 dropped almost 30%, as QE2 ended, as was only rescued by the unleashing of Operation Twist...

And with the Fed balance sheet set to be 'normalized' and rate-hikes coming no matter what, one wonders what would save stocks this time?

Russian Oil Chief Says Tesla, Electric Cars Are Overrated

Authored by Tsvetana Paraskova via,

The market expectations for electric vehicle makers are significantly overestimated, Igor Sechin, CEO of Russia's oil giant Rosneft said on Friday, adding that the evaluation of Tesla is based on "extremely aggressive" sales expectations.

Speaking at the St. Petersburg International Economic Forum, Sechin also criticized Tesla's business model and capital spending.

"The unconditional truth remains in the fact that the hydrocarbon power industry has been and will be in demand," Sechin said, as quoted by Bloomberg, adding that "The market's assessment of the prospects of electric car producers, in our view, is significantly overestimated."

"Until the electric transport industry becomes as user-friendly and attractive for consumers as the cars with internal combustion engines, the prospects for electric vehicles remain largely uncertain," Rosneft's CEO ...

London Attacker Appeared In British "The Jihadist Next Door" Terrorism Documentary In 2016

One of the terrorists who attacked London on Saturday, killing seven people and wounding dozens more, had been previously known to police and MI5, the Financial Times reported. Khuram Shazad Butt, 27, had been investigated in 2015, the same year he was filmed praying in front of an ISIS flag at Regent's Park in 2015, according to the Financial Times.

Britain's top counter-terrorism officer, assistant commissioner Mark Rowley admitted that Butt had been investigated in 2015 and that a member of the public had also called the anti-terrorism hotline to raise concerns. But Rowley said no evidence had been found of attack planning or criminality and the investigation dropped into the "lower echelons" of priorities for counter terrorism investigators, the FT reported.

The footage, eventually broadcast on Channel 4 in a documentary called "The Jihadist Next Door" on British jihadis, identified the Pakistani-born Butt as a zealous Islamist. The footage showed him in the company of ...

How to Invest in the Hidden Value of Big Trucks

The car market is in the doldrums but trucks are the place to be. That should increase the pressure on Freightliner-owner Daimler and MAN-owner Volkswagen to unlock the value in their sizeable trucking units.

How Funds Are Beating This Market

Active fund managers are beating the market for the first time in years. But the way they are getting the gains doesn't inspire confidence that their winning streak will go on for much longer.

London Attack and British Elections: Are Markets Too Calm?

The U.K. general election was supposed to be a foregone conclusion. But two terrorist attacks during the campaign—first in Manchester, then in London this weekend—and big swings in opinion polls have made the outcome more uncertain.

What We Read Today 05 June 2017

Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.

This feature is published every day late afternoon New York time. For early morning review of headlines see "The Early Bird" published every day in the early am at GEI News (membership not required for access to "The Early Bird".).


Every day most of this column ("What We Read Today") is available only to GEI members.

To become a GEI Member simply subscribe to our FREE daily newsletter.

Key Words: Book smarts but Facebook ignorance

Several would-be Harvard freshmen had their admissions offers rescinded after, according to the school's student paper, they were found to have exchanged racist and sexually explicit images in a private Facebook chat room.

'Wonder Woman' soared to No. 1 at the perfect time for millions of teenage girls

Some experts say this is a movie that your daughter should see.

When will James Comey testify?

Former Federal Bureau of Investigation Director James Comey will testify to the Senate Intelligence Committee on Thursday, June 8 at 10 a.m. Eastern.

Summary of Economic Releases this Week

Real Time Economic Calendar provided by

Earnings Summary for Today

Earnings Calendar provided by

leading Stock Positions

Leading Stock Quotes powered by

Current Commodity Prices

Commodities are powered by

Current Currency Crosses

The Forex Quotes are powered by

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

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

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
Middle East / Africa
USA Government

 navigate econintersect .com


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


Asia / Pacific
Middle East / Africa
USA Government

RSS Feeds / Social Media

Combined Econintersect Feed

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution



  Top Economics Site Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2018 Econintersect LLC - all rights reserved