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15Jun2017 Market Update: Wall Street Remains In A Slump, DOW Down 40 Points, WTI Slipping Below Mid 44 Level, Analysts Warning Of Continuing Tech Sector Deterioration

Written by Gary

US markets have pared some losses after this mornings rout (SPY -0.3%). US factory output fell unexpectedly on a broad decline in production. Crude prices were down more than half a percent after hitting a six-month low and has stayed below the $45-per-barrel level.


Here is the current market situation from CNN Money

North and South American markets are mixed today. The IPC is up 0.28% while the Bovespa gains 0.15%. The S&P 500 is off 0.44%.

What Is Moving the Markets

Here are the headlines moving the markets.

Wall St. slides as tech wreck resumes

(Reuters) - Technology shares came under pressure yet again on Thursday, weighing on all three major Wall Street indexes, as investors fretted about stretched valuations.

U.S. factory output declines for second time in past three months

WASHINGTON, June 15 (Reuters) - U.S. factory output fell unexpectedly in May on a broad decline in production, including the manufacturing of cars, casting a shadow over the economy's rebound from sluggishness at the start of the year.

Verizon to incur $500 million in pre-tax costs from Yahoo deal

(Reuters) - Verizon Communications Inc said on Thursday it expected to incur about $500 million in pre-tax expenses in the second quarter as a result of its $4.48 billion purchase of Yahoo Inc's core business.

Facebook discloses new details on removing terrorism content

(Reuters) - Facebook Inc on Thursday offered new insight into its efforts to remove terrorism content, a response to political pressure in Europe to militant groups using the social network for propaganda and recruiting.

Fed raises rates, unveils balance sheet cuts in sign of confidence

WASHINGTON (Reuters) - The Federal Reserve raised interest rates on Wednesday for the second time in three months and said it would begin cutting its holdings of bonds and other securities this year, signaling its confidence in a growing U.S. economy and strengthening job market.

U.S. files complaint seeking to recover stolen 1MDB funds

WASHINGTON (Reuters) - The U.S. Justice Department on Thursday announced the filing of complaints seeking to recover about $540 million in funds taken from the 1Malaysia Development Berhad sovereign wealth fund, the latest legal action tied to alleged money-laundering at the scandal-tainted fund.

U.S. jobs market tightens; inflation pressures cooling

WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits fell more than expected last week, pointing to shrinking labor market slack that could allow the Federal Reserve to raise interest rates again this year despite moderate inflation growth.

Oil slides, hits six-month low as OPEC fails to curb glut

NEW YORK (Reuters) - Oil prices were down more than half a percent after hitting a six-month low on Thursday, remaining under pressure from high global inventories and fears that OPEC's agreed production cuts cannot offset rising production elsewhere.

Fiat Chrysler recalling 297,000 vehicles for inadvertent air bag deployments

WASHINGTON (Reuters) - Fiat Chrysler Automobiles NV is recalling 297,000 older minivans in North America because of a wiring problem that can lead to inadvertent air bag deployments, the company said on Thursday.

Powerball To Dump Illinois Over "Lack Of Budget"

As if Illinois didn't have enough to worry about between an imminent downgrade to junk (as soon as July 1), soaring debt costs, insolvent pension funds, and roads that may soon resemble the lunar surface, today in the latest insult to a relentless series of injuries, the lottery itself is about to dump Illinois.

According to the Sun Times, the Multi-State Lottery Association, the organization that runs the Powerball lottery and Mega Millions games, will drop Illinois at the end of June without a budget agreement. Since Illinois has been unable to compromise on a budget for the past two years, and not even the threat of being the first US state in history of being "junked" has prompted a compromise, it most likely means that Illinois resident have just two more weeks of "get rich quick" opportunities, before they are cut off from the rest of America.

Speaking on Thursday, Illinois Lottery spokesman Jason Schaumburg confirmed that the games will be dropped without a state budget. He said the association has had discussions since 2015 about dropping Illinois, but this is the first time the group has taken action. He called it "another example of why the General Assembly needs to deliver a balanced budget to the governor." Alas, if the recent surge in Illinois GO debt yields...

70% Of UK Supports Pushing Ahead With Brexit Despite Election Upset

Despite Prime Minister Theresa May's embarrassing performance earlier this month in a snap election that cost her Conservative party its parliamentary 'majority', more than 70% of Britons still believe the government should push ahead with Brexit - even after the election sparked exclamations from the left for a second referendum, according to the latest YouGov poll.

The poll showed that the country is split down the middle over whether leaving the EU was the right or wrong decision, but even among voters who didn't support the "leave" campaign, there's an acknowledgement that the people have spoken, and now the government must obey their wishes.

The poll also suggested that there's still widespread support for May's Brexit goals, which she outlined in January, when the prime minister emphasized a "free break" with the EU, suggesting that the UK wouldn't swap control of immigration for continued unfettered access to the country's single markets. However, the poll suggests the public is less confident in Theresa May's ability to deliver on them.

When it comes to how Britain should proceed, the public has a plurality of opinions,

Germany, Austria Slam US Sanctions Against Russia, Warn Of Collapse In Relations

Less than a day after the Senate overwhelmingly voted to impose new sanctions against the Kremlin, on Thursday Germany and Austria - two of Russia's biggest energy clients in Europe - slammed the latest U.S. sanctions against Moscow, saying they could affect European businesses involved in piping in Russian natural gas.

Shortly after the Senate voted Wednesday to slap new sanctions on key sectors of Russia's economy over "interference in the 2016 U.S. elections" and aggression in Syria and Ukraine, in a joint statement Austria's Chancellor Christian Kern and Germany's Foreign Minister Sigmar Gabriel said it appeared that the Senate bill was aimed at securing US energy jobs and pushing out Russian gas deliveries to Europe.

Gabriel and Kern also accused the U.S. of having ulterior motives in seeking to enforce the energy blockade, which they said is trying to help American natural gas suppliers at the expense of their Russian rivals. And they warned the threat of fining European companies participating in the Nord Stream 2 project "introduces a completely new, very negative dimension into European-American relations."

In their forceful appeal, the two officials urged the United States to back off from linking the situation in Ukraine to the question of who can sell gas to Europe. "Europe's energy supply is a matter for Europe, and not for the United States of America," Kern and Gabriel said. The re ...

What Does Trump Know? "GDP Numbers Are Going To Be Shockingly Good"

While 2017 consensus GDP growth remains mired at (an optimistic 2.2%) and with Q2 GDP expectations sliding from their quarter-start hope highs (amid collapsing economic data), it appears President Trump knows something the rest of the world does not...

Yesterday Trump exclaimed...

"I think this quarter's GDP numbers are going to be shockingly good given all the facts we're seeing"

Watch the latest video at video.foxbusiness.com

And once again today, while discussing his new apprenticeship program, he appears to confidently 'leak' GDP numbers two weeks early...

"I think some very good numbers are going to be announced, by the way, in the very near future, as to GDP,"

We shall see...

His comments briefly nudged stocks higher...

For now, Q2 does not look good...

Loxo Strikes While the Biotech Iron is Hot

Biotech equity offerings at opportune moments maximize chances for commercial success.

Why the Fed Is an Overrated Risk for Emerging Markets

Emerging markets are having a good year even as the Fed lifts rates and politics swirls. There is still reward for taking risk

Bank of England Vote Sends Warning to Global Investors

Three of the Bank of England's eight policy makers vote for higher rates as it gets harder to justify the ultraloose policy that markets are used to.

May 2017 Headline Industrial Production Unchanged

Written by Steven Hansen

The headlines say seasonally adjusted Industrial Production (IP) was unchanged. The manufacturing segment of industrial production declined.

Consumers' gripes with airlines have skyrocketed

More than one-fifth of flights were delayed in April, thanks in part to bad weather across the country.

Capitol Report: In Trump tweets, 'witch hunt' now all the rage

President Trump has complained about a "witch hunt" six times in tweets in the past two months, according to a website that tracks his Twitter action.

Market Snapshot: U.S. stocks slide as tech shares extend selloff

U.S. stocks retreat as large-cap names in the technology sector resumed their recent slide, weighing on the overall market.

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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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