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.



16Jun2017 Market Update: Wall Street In The Dumps, DOW Flat, Small Caps Down -0.3 Percent, WTI Crude Steady In The Mid 44 Handle

Written by Gary

U.S. stocks fell today (SPY -0.2%) as Wal-Mart and other retailers were slammed by Amazon.com's with its $13.7 billion deal to buy Whole Foods. US homebuilding fell for a third straight month and the number of US oil rigs rose (up 6 to 747) to the highest since April 2015.


Here is the current market situation from CNN Money

North and South American markets are lower today with shares in Brazil off the most. The Bovespa is down 0.82% while Mexico's IPC is off 0.19% and U.S.'s S&P 500 is lower by 0.14%.

What Is Moving the Markets

Here are the headlines moving the markets.

Wall St. falls as Amazon-Whole Foods deal crushes retailers

(Reuters) - U.S. stocks fell on Friday as Wal-Mart and other retailers were slammed by Amazon.com's biggest foray into the brick-and-mortar retail sector with its $13.7 billion deal to buy upscale grocer Whole Foods.

Amazon to buy upmarket grocer Whole Foods for $13.7 billion

By Lauren Hirsch, Anya George Tharakan and Sruthi Ramakrishnan

U.S. housing starts hit eight-month low; building permits weak

WASHINGTON (Reuters) - U.S. homebuilding fell for a third straight month in May to the lowest level in eight months as construction activity declined broadly, suggesting that housing could be a drag on economic growth in the second quarter.

Yellen says Fed to give banks more info on stress tests: letter

NEW YORK (Reuters) - The Federal Reserve will give banks more details on how it conducts annual stress tests, including extra information on the qualitative part of the tests, when it publishes the results later this month, Chair Janet Yellen said in a letter to Blaine Luetkemeyer, chairman of the subcommittee on Financial Institutions and Consumer Credit.

U.S. acts to seize stolen assets, Picasso in probe of Malaysian fund

WASHINGTON/KUALA LUMPUR (Reuters) - The U.S. Justice Department has taken legal action to recover an additional half a billion dollars in assets stolen from an investment fund established by Malaysia's prime minister, bringing the total claims to more than $1.7 billion.

McDonald's ends Olympics sponsorship deal early

BERLIN (Reuters) - U.S. fast-food giant McDonald's Corp has ended its 41-year-long Olympic Games sponsorship deal three years early, the International Olympic Committee said on Friday.

Fiat Chrysler CEO says 2018 targets unaffected by diesel woes

VENICE, Italy (Reuters) - Fiat Chrysler Automobiles (FCA) does not expect its diesel problems in the United States to have an impact on its short-term business targets, the carmaker's Chief Executive Sergio Marchionne said on Friday.

European Commission approves Shell's $3.8 billion North Sea sale

LONDON (Reuters) - The European Commission approved on Friday Royal Dutch Shell's $3.8 billion sale of North Sea oil and gas assets to private equity-backed Chrysaor.

Greece, markets welcome loan deal as Spain and Germany raise obstacles

LUXEMBOURG (Reuters) - Greece welcomed on Friday a deal on new bailout loans as a decisive step to exiting its debt crisis and markets took heart by lowering Greek borrowing costs, even though Spanish and German officials raised last-minute objections.

Shale Efficiency Has Peaked For Now As Rig Count Surges For 22nd Straight Week

For the 22nd week in a row, the number of US oil rigs rose (up 6 to 747) to the highest since April 2015.

Given the historical relationship between lagged prices and rig counts, we suspect the resurgence in rigs may begin to stall...

Oil is headed for the longest run of weekly losses since August 2015 as OPEC member Libya restored production and the surplus in the U.S. shows little sign of abating.

"Inventory levels remain stubbornly high," said Bill O'Grady, chief market strategist at Confluence Investment Management in St. Louis.

"The reality is, the things that have caused this trading range remain in place. Nothing's changed."

US Crude Production from the Lower 48 rebounded this week (after a modest fall the week before) to new cycle highs...

The growth in rigs has been almost entirely in The Permian...

But,

Did The USA Finally Lose Its Collective Mind?

Authored by Howard Kunstler via Kunstler.com,

Historians of the future, huddled around their goose-fat lamps in muddy woolen cloaks, may cite this as the month that the Kardashian Dreamland formerly known as "The USA" finally lost its collective mind.

Submitted for your approval, as the late, great Rod Serling (senator from The Twilight Zone) used to say: this week's Russia-Russia-Russia hearing on Capital Hill. I caught the final hour of this circus when freshman senator Kamala Harris (D - Cal) was hectoring Attorney General Jeff Sessions about his "contact with Russian Officials" and had to be reprimanded by the chair for her rude behavior.

Note: it's now deemed illicit for US government officials to talk to Russian diplomats. I wonder what would happen if government officials in other lands decided that it was improper to talk with US diplomats. The Democratic Party seems to be building a case that the world would be better off without diplomats cluttering up each other's capital cities. Hey hey, ho ho, Di-plo-macy has got to go! Now that's a most progressive idea! Apparently, AG Sessions riled Senator Harris by pointing out that the Soviet Union collapsed nearly thirty years ago — a typical white privilege thing to say, right?

Next up was Senator Mark Warner (D - Va), Vice-Chairman of the Senate Intelligence Committee, who grilled Sessions about Russia's electronic warfare capability. Say what?

First of all, wouldn't Senator Warner find more enlightenment on the subject by calling the Secretary of Defense, or t ...

Republicans Go On Offensive Against Mueller; Call For 'Special Counsel' To Investigate AG Lynch

Last night, after Trump launched yet another furious tweetstorm intended to expose the double standard applied in the Hillary investigation compared to the Russia probe, we noted that Republicans might be well served to stop sitting around twiddling their thumbs and actually go on the offensive against an investigation that has obviously morphed into mass hysteria courtesy of free-flowing leaks from a conflicted "intelligence community" intent upon bringing down a presidency. Here's what we said:

Of course, until someone within the Trump administration or Republican Party smartens up and calls for the appointment of a 'Special Counsel' to look into Hillary's email scandal, something that should have been done long ago, and not for retaliatory reasons but simply due to Comey's and AG Lynch's blatant mishandling of the investigation (a point which Deputy AG Rosenstein obviously agreed with), the Democrats have no reason to calm their mass hysteria. Then, and only then, do we suspect that Hillary might just be able to 'convince' her party to exercise some form of reasonable judgement.

Now, according to a note this morning from The Hill, Republicans seem to be doing just that with several members of the GOP calling on the Special Counsel to look into whether former Attorney General Loretta Lynch illegally meddled in the Hillary investigation when she met with Bill Clinton on the tarmac in Phoenix

Pentagon To Send 4,000 Troops To Afghanistan In Trump's Largest Deployment Yet

Two days after Trump ceded unilateral authority on Afghan troop deployments to the Department of Defense, the Pentagon wasted on time and according to AP, the Pentagon will send 4,000 additional American forces to Afghanistan to support existing forces and in hopes of breaking a stalemate in a war that has now been passed on to a third U.S. President. The deployment will be the largest of American manpower under Donald Trump's young presidency.

According to AP, the decision by Defense Secretary Jim Mattis could be announced as early as next week, and was prompted by "the rising threat posed by Islamic State extremists, evidenced in a rash of deadly attacks in the capital city of Kabul, has only fueled calls for a stronger U.S. presence, as have several recent American combat deaths." Asked for comment, a Pentagon spokesman, Navy Capt. Jeff Davis, said, "No decisions have been made."

Trump's decision Tuesday to give Mattis authority to set force levels in Afghanistan mirrored similar powers he handed over earlier this year for U.S. fights in Iraq and Syria. The change was made public hours after Sen. John McCain, the Senate Armed Services Committee's Republican chairman, blasted Mattis for the administration's failure to present an overarching strategy for Afghanistan. McCain said the U.S. is "not winning" in Afghanistan, and Mattis agreed.

The finality of the decision isn't entirely clear. While Trump has ha ...

Amazon's Margin-Crusher Invades the Grocery Store

Amazon.com's purchase of Whole Foods is a rounding error for the giant online retailer. For the struggling grocery industry, it is the biggest shift in a century.

Grab the 30% Off Coupon on Kroger

It is clearance season in the stock market's grocery aisle, but investors should take another look at Kroger before leaving it on the shelf.

Who Might Eat Up Nestlé's Baby Ruth and Butterfinger?

Ulf Mark Schneider's first strategic move as chief executive of Nestlé is sweet but small. It supports heady expectations for now—but before long investors may need something meatier.

Top Ten: Weekend roundup: What Amazon's deal for Whole Foods means for you | A debate over bitcoin | What's next for FAANG stocks

Here are MarketWatch articles to read this weekend.

The mighty Amazon may soon go the way of the Roman Empire

Amazon is buying Whole Foods, a low-margin, high-cost business.

The Wall Street Journal: Time to dial up the 401(k) savings rate

If you're not saving at least 12% of your pretax pay for retirement, you're likely not saving enough

Earnings Summary for Today

Earnings Calendar provided by Investing.com.

leading Stock Positions

Leading Stock Quotes powered by Investing.com

Current Commodity Prices


Commodities are powered by Investing.com

Current Currency Crosses

The Forex Quotes are powered by Investing.com.



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

gary@econintersect.com

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







search_box
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
Europe
Middle East / Africa
Americas
USA Government





























 navigate econintersect.com

Blogs

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

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2017 Econintersect LLC - all rights reserved