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12Jun2017 Market Update: Wall Street Tech Sector On Track For Biggest Two-day Loss Since September, WTI Cure In The Low 46 Handle, US Dollar Steady In The Low 97 Range

Written by Gary

US stock markets were headed for a second day of losses (SPY -0.3%) as a bout of profit-taking in the richly-valued technology stocks took a toll on Wall Street.


Here is the current market situation from CNN Money

North and South American markets are mixed. The IPC is higher by 0.12%, while the Bovespa is leading the S&P 500 lower. They are down 2.81% and 0.33% respectively.

Traders Corner - Health of the Market

US stocks fall as tech shares drop for second day

What Is Moving the Markets

Here are the headlines moving the markets.

Uber CEO Kalanick likely to take leave, SVP Michael out -source

SAN FRANCISCO (Reuters) - Uber Technologies Inc [UBER.UL] Chief Executive Travis Kalanick is likely to take a leave of absence from the troubled ride-hailing company, but no final decision has yet been made, according to a source familiar with the outcome of a Sunday board meeting.

Tech selloff drags down Wall St.

(Reuters) - The Nasdaq Composite was on track for its biggest two-day loss since September as a bout of profit-taking in the richly-valued technology stocks took a toll on Wall Street.

GE names John Flannery as CEO, Immelt to step aside

(Reuters) - General Electric Co on Monday named veteran insider John Flannery as its next chief executive, taking over from Jeff Immelt who is stepping aside after 16 years as the head of the conglomerate he helped steer through the financial crisis but is now worth a third less than when he took over.

Apple shares drop after Mizuho downgrade

NEW YORK (Reuters) - Apple shares were stung by a broker downgrade for a second straight week on Monday, sending the stock lower to keep the tech sector under pressure for a second straight session.

Deutsche Bank sees low chance of U.S. recession in next 12 months

NEW YORK (Reuters) - Chances are remote the U.S. economy will fall into a recession in the next 12 months despite a recent flattening of the U.S. yield curve suggesting growing recession risk, Deutsche Bank's economists said on Monday.

Trump says anti-dumping bill for steel, aluminum coming soon

WASHINGTON (Reuters) - Legislation to address the dumping of foreign steel and aluminum in the United States will come "soon," U.S. President Donald Trump told reporters at the White House on Monday.

Exclusive - Foxconn says Apple, Dell join its bid for Toshiba chip business

TAIPEI (Reuters) - Apple Inc and computing giant Dell Inc will join a Foxconn-led consortium bidding for Toshiba Corp's highly prized chip unit, the CEO of the world's largest contract electronics manufacturer told Reuters on Monday.

U.S. top court rules for Microsoft in Xbox class action fight

WASHINGTON (Reuters) - The U.S. Supreme Court on Monday ruled in favor of Microsoft Corp in its bid to fend off class action claims by Xbox 360 owners who said the popular videogame console gouges discs because of a design defect.

U.S. bank bosses succumb to email hoaxer

LONDON/NEW YORK (Reuters) - The bosses of Wall Street banks Goldman Sachs and Citigroup are the latest executives to fall victim to an email prankster who has also managed to connect with the head of Barclays and the governor of the Bank of England.

San Francisco's 9th Circuit Appeals Court Rules Against Trump 'Revised' Travel Ban

In perhaps the least-surprising news of the day, a second federal appeals court on Monday ruled against President Trump's revised travel ban. The decision, from the United States Court of Appeals for the Ninth Circuit, in San Francisco, followed a string of recent rulings rejecting the administration's efforts to limit travel from several predominantly Muslim countries.

The new order's 90-day suspension of entry from Iran, Libya, Somalia, Sudan, Syria and Yemen was more limited and subject to case-by-case exceptions. It omitted Iraq, which had been listed in the earlier order, and it removed a complete ban on Syrian refugees. It also deleted explicit references to religion.

As The New York Times reports, the new ruling affirmed a March decision from Judge Derrick K. Watson, of the Federal District Court in Hawaii.

Judge Watson blocked major parts of the revised order, saying they violated the Constitution's ban on a government establishment of religion.

Judge Watson wrote that the statements of Mr. Trump and his advisers made clear that his executive order amounted to an attempt to disfavor Muslims.

"A reasonable, objective observer — enlightened by the specifi ...

10 Year Auction Tails Despite Strongest Foreign Central Bank Demand Since January

Following the earlier blockbuster 3Y auction, which stopped through and printed unexpectedly strong metrics in every possible category, moments ago the US followed up with today's second auction, a 9-year-11-month reopening of CUSIP X88, in which $20 billion in paper was sold, once again largely to willing foreign bidders, which however unlike today's earlier auction priced at a high yield of 2.195%, tailing modestly the When Issued of 2.188% by 0.7 bps. This was the lowest 10Y auction stop since February, and was over 20bps below the 2.40% in May.

The tail may have been the result of the move in the curve following the earlier auction as demand for various maturities sought to find equilibrium prices along the spline. Incidentally, this was also the 3rd consecutive tailing 10Y auction in a row, and 6th of the last 8.

Despite the tail, the internals were strong, with the Bid to Cover coming in at 2.54, the highest since March, and above both May's 2.33 and the 6 month average of 2.45. Indirect demand rebounded, with foreign central banks taking down 66.1% of the auction, above 60.7% in May, and the highest since January. Directs were awarded 5.3%, in line with recent auctions, if below the 6 month average due to the March 15.7% outlier print. Dealers were left with 29.6%, below the 34.2% in March and almost on top of the 6 month average of 28.3%.

Overall, a strongish auction, if not quite the blockbuster that priced 90 minutes earlier.

"Nobody In Power Is Paying Attention To How Close We Are To The Edge"

Authored by Howard Kunstler via Kunstler.com,

As our politicos creep deeper into a legalistic wilderness hunting for phantoms of Russian collusion, nobody pays attention to the most dangerous force in American life: the unraveling financialization of the economy.

Financialization is what happens when the people-in-charge "create" colossal sums of "money" out of nothing — by issuing loans, a.k.a. debt — and then cream off stupendous profits from the asset bubbles, interest rate arbitrages, and other opportunities for swindling that the artificial wealth presents. It was a kind of magic trick that produced monuments of concentrated personal wealth for a few and left the rest of the population drowning in obligations from a stolen future. The future is now upon us.

Financialization expressed itself in other interesting ways, for instance the amazing renovation of New York City (Brooklyn especially). It didn't happen just because Generation X was repulsed by the boring suburbs it grew up in and longed for a life of artisanal cocktails. It happened because financialization concentrated immense wealth geographically in the very few places where its activities took place — not just New York but San Francisco, Washington, and Boston — and could support luxuries like craft food and brews.

Quite a bit of that wealth was extracted from asset-stripping the rest of America where financialization was absent, kind of a national distress sale of the fly-over places and the people ...

GE's Challenge: Bring Good Things Back to Life

A fresh face will be leading General Electric. Next up for the industrial giant: freshening up shareholder returns.

A Crucial Fed Meeting for Financials

There is little doubt the Fed will raise rates, which will help many of the big banks. The more important news will be what it says about shrinking its balance sheet, likely later this year.

U.K. Drifts Away From Europe's Recovery

The U.K. wants to separate from Europe. Judging by economic and political outcomes, it looks like it is getting its wish.

Market Extra: What sparked the Nasdaq's worst two-session, tech-fueled rout in 9 months

The Nasdaq Composite is on pace to suffer its worst two-session clobbering since September, raising questions about what has sparked a sudden selloff tech, which has been at the heart of Wall Street's equity bull run in recent months.

Deep Dive: As FAANGs fall, these small-cap tech stocks extend gains

Some smaller companies are bucking the trend, writes Phil van Doorn.

The Wall Street Journal: Uber's chief business officer, Emil Michael, leaves the company

Emil Michael, Uber Technologies Inc.'s chief business officer and one of Chief Executive Travis Kalanick's closest confidants, has left the company, according to an email sent to employees Monday.

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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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