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09Jun2017 Market Close: Wall Street Closes Lower, DOW Down 89 Points, Apple Off 3% At One Point, WTI Crude Up Fractionally

Written by Gary

US stock markets retreated sharply after reaching new historic highs this morning, but rebounded fractionally before the close (SPY -0.2%). Technology stocks sold off sharply, wounding the Nasdaq and holding down other major Wall Street indexes.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Nasdaq stumbles as tech stocks sell off

NEW YORK (Reuters) - Technology stocks sold off sharply on Friday, wounding the Nasdaq and holding down other major Wall Street indexes, which had touched record highs earlier in the session.

Apple dips after report that future iPhone modems could lag rivals

(Reuters) - Shares of Apple Inc fell more than 3 percent on Friday after Bloomberg News reported that iPhones launched later this year will use modem chips with slower download speeds than some rival smartphones.

Wilbur Ross seen imposing Mexico sugar deal over industry objections

WASHINGTON (Reuters) - U.S. Commerce Secretary Wilbur Ross is likely to impose a new sugar trade deal with Mexico even if final revisions to it fail to win support from the U.S. industry, trade lawyers and experts say.

Johnson & Johnson expects to complete Actelion purchase on June 16

ZURICH (Reuters) - Johnson & Johnson said the approval of its proposed acquisition of Swiss biotech firm Actelion by the European Commission on Friday meant all regulatory approvals required to complete the $30 billion deal had now been received.

Exclusive: Nordstrom family launches search for buyout partner - sources

(Reuters) - A group of Nordstrom Inc family members is talking to buyout firms about raising $1 billion to $2 billion in equity to fund a potential bid to take the U.S. department store operator private, according to people familiar with the matter.

Toshiba unconvinced by Western Digital's last-ditch chip bid

TOKYO (Reuters) - Toshiba Corp said on Friday it was not convinced by Western Digital Corp CEO Steve Milligan's effort to win its backing for the U.S. tech firm's revised bid for the Japanese conglomerate's highly prized chip unit.

Sirius to invest $480 million in Pandora, may be path to music streaming

(Reuters) - Sirius XM Holdings Inc said on Friday it will invest $480 million in Pandora Media Inc , giving the satellite radio company better exposure to internet music streaming while providing financial footing to Pandora.

WTO largely backs Boeing in trade row, faults tax break

GENEVA (Reuters) - The World Trade Organization largely cleared the United States of maintaining unfair support for Boeing Co , but said it had failed to withdraw a tax break in its main planemaking state that continues to cause trade fireworks.

EU antitrust regulators to investigate $38 billion Qualcomm, NXP deal

BRUSSELS (Reuters) - EU antitrust authorities opened an investigation on Friday into Qualcomm's $38-billion bid for NXP Semiconductors , ratcheting up pressure on the U.S. smartphone chipmaker to offer concessions to address their concerns.

Trump Hints To Press He Has Tapes Of Comey: "You're Going To Be Very Disappointed, Don't Worry"

Trump just dropped an awful lot of bombs in a very short period of time during a brief press conference with the Romanian President held in the White House Rose Garden.

First, on the issue of the infamous 'Comey tapes,' Trump hinted that they do, in fact, exist and he will "tell you about it over a short period of time."

Reporter: "And you seem to be hinting that there are recordings of those conversations."

Trump: "I'm not hinting anything. I'll tell you about it over a very short period of time....Oh, you're going to be very disappointed when you hear the answer. Don't worry."

RT CNNPolitics: When asked again about tapes, Trump responds: "you're going to be very disappointed when you hear ... https://t.co/eH39bzY4ly

— DigitalClusterz (@DigitalClusterz) June 9, 2017

On whether he would be willing to refute Comey's testimony under oath, Trump said he would "100 percent" be willing to tell Special Counsel Mueller that he did not ask for Comey's loyalty or ask for him to drop the Flynn investigation.

Reporter: "Would you be willing to speak under oath to give your version of events?"

Trump: "100%. I hardly know the man, I'm not going to say "I want you to pledge allegiance." Who would do that? I mean think of it. I hardly know the man. It doesn't make sense."

CNN Fires Host Who Called Trump A "Piece Of Shit"

It's going from bad to worse for "unbiased" CNN staffers who just happen to have a vendetta with the president.

Last week, after the latest London terrorist attack, in response to a Trump tweet suggesting that the terrorist attack is confirmation of the need for Trump's "travel ban", CNN host Reza Aslan flipped out, and slammed the president on Twitter, saying in a since deleted tweet, "This piece of shit is not just an embarrassment to America and a stain on the presidency. He's an embarrassment to humankind."

Less than a week later, Aslan was fired by CNN, which according to Variety, no longer believes in "Believer," the non-fiction series it launched earlier this year with Reza Aslan, the Iranian-American author and religious scholar. "Believer" would have entered a second season if it had been picked up.

CNN spokeswoman confirms that the network has parted ways with @RezaAslan, who posted profane anti-Trump tweets. Story coming shortly

— Brian Stelter (@brianstelter) June 9, 2017

"CNN has decided to not move forward with production on the acquired series 'Believer with Reza Aslan,'" the network said in a statement. "We wish Reza and his production team all the best. "

After Aslan's Saturday outburst, the host apologized, saying, "I should have used better language to express my shock and frustration at the president's lack of decorum and sympathy for the victims of London. I apologize for my choice of words" but that appears to not have bee ...

Alan Dershowitz Says Comey Was a 'Coward' For Leaking to Press; Says Obstruction Case Non-Existent Against the President

Content originally published at iBankCoin.com

Get in here shills. It's time for your daily lesson on the sacred documents of the U.S. Constitution. Following up on his emphatic belief that the President can, essentially, do whatever the hell he wants with the FBI head -- the famed Harvard Law professor called the former director a 'coward' for leaking his notes to the press, saying "I thought it shows a lot of cowardice. The head of the FBI (audible laughter), the guy is supposed to be a strong and powerful guy and he's afraid of a couple seagulls (referring to Comey's depiction of the press outside his home to seagulls)."

He added, "He should have had the courage to get on television and release the memos and talk about it or not talk about it. But to have some friend become his surrogate was absurd."

Dershowitz then reiterated his thoughts about the non-existent obstruction case against the President.

"We should just stop talking about obstruction of justice, there's no plausible case there."

State Corporate Tax Receipts Just Crashed The Most Since The Recession

After flatlining for the past year, US income tax receipts - both at the federal government and on a state and local level - have been disappointing, and have posted a sharp drop since the start of the year, which is "sounding an alarm about the health of the US economy" in BofA's words (in addition to the countless other alarms about the health of the economy, which however are ignored due to the record stock market).

As Bank of America highlights something we warned about last September, according to the Rockefeller Institute and CBO, US federal income tax receipts have come in about 3% below expectations this year.

Digging deeper, the disappointment was largely in personal current tax receipts, with withheld tax receipts showing little growth over the prior two quarters. The story is a bit different for state and local governments where personal tax receipts were fairly stable, but there was a significant decline in tax receipts for corporate income.

In fact, corporate income tax receipts fell a sharp $7bn in 1Q, the biggest drop since the recession. Since corporate income tax receipts only make up about 14% of the total, there was still a modest gain in overall state and local tax receipts. While there has been particular weakness of late, the trend through last year was weak; according to the Rockefell ...

What Theresa May's Drubbing Means for Brexit

Prime Minister Theresa May's tenuous grip on power following an embarrassing loss of seats in parliament severely dents her ability to lay down ultimatums in the Brexit talks.

Effort to Crush Shale Producers Only Made Them Stronger

Surging productivity in America's shale oil patch is an indirect result of pressure applied in recent years by OPEC and may have permanently lowered oil prices.

Don't Be Fooled by Stock Market's Snap Reaction After U.K. Election

The U.K. election sent the globally oriented FTSE 100 index higher, just as the Brexit referendum did—but the smarter play may be the U.K.'s less loved domestic stocks.

Market Extra: Wall Street's fear index bounces off 23-year low as tech stocks sink

Wall Street's so-called fear index claws back from a 23-year low on Friday as a selloff in tech stocks spooks investors.

The Ratings Game: Citigroup shares jump to 2009 levels as fading Trump-policy hopes prompts upgrade

Citigroup's stock surges to highest level since January 2009 after UBS upgraded the bank, as expectations that President Donald Trump's policies will be enacted decrease.

Is social media the new court of law for fashion copycats?

Kylie Jenner has been accused online of copying an indie brand's designs.

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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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