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22Jun2017 Market Close: Wall Street Closes Mixed, DOW Off 13 Points, Russel 2000 Up +0.4%, WTI Crude Settles In The High 42 Handle

Written by Gary

US stock markets closed mixed and flat (SPY -0.05%) as healthcare stocks helped keeping the large caps from collapsing completely. Investors remain worried over market basics.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

U.S. regulators, lawmakers support Volcker rule revamp at hearing

WASHINGTON (Reuters) - U.S. financial regulators and lawmakers who appeared at a congressional hearing on Thursday generally agreed that the Volcker rule, which restricts banks' ability to make bets with their own money, needs to be reconsidered.

Home Capital's shares surge as Buffett rides to rescue

TORONTO (Reuters) - Warren Buffett's Berkshire Hathaway Inc is providing a C$2 billion loan to Home Capital Group Inc and taking a 38 percent stake in the lender, with the U.S. billionaire pitching himself against short-sellers who have targeted the stock as Canada's housing market has turned riskier.

Qatar Airways seeks 10 percent stake in American Airlines

(Reuters) - American Airlines' chief executive said on Thursday the company is not "particularly excited" about Qatar Airway's interest in buying up to 10 percent of the U.S. carrier's shares, in a letter to employees following disclosure of the state-owned Gulf airline's overture.

U.S. health sector hits record high on Senate bill, biotech rally

NEW YORK (Reuters) - U.S. healthcare stocks posted sharp gains on Thursday, with hospitals and insurers climbing after Senate Republicans released a draft bill to replace Obamacare, while a recent surge in biotechnology shares showed no signs of slowing.

Boeing wins hot Paris order race

PARIS (Reuters) - Boeing won a race for new business at the Paris Airshow, rolling out a new model of its best-selling 737 airliner that helped it claim back the order crown from rival Airbus

Exclusive: Amazon to charge $2.8 million for NFL ad packages - sources

NEW YORK (Reuters) - Inc is looking to charge advertisers $2.8 million for packages that include 30-second spots during the Thursday night National Football League games it will stream live to its Prime customers this coming season, two people familiar with the matter told Reuters.

Airbus' Leahy reveals negotiating tricks after 'last air show'

PARIS (Reuters) - Airbus sales chief John Leahy, one of the dominant figures of modern aviation, hinted on Thursday he would retire this autumn, as he wrapped up what he said would be his last air show by revealing a few precious negotiating tricks.

Bonds Bid, Banks Skid But Healthcare Hope Saves Stocks

Oil bounced a bit (on Saudi noise)... banks dropped (ahead of CCAR)... Healthcare ripped again (on a bill that appears to be DOA)... and stocks gave up hope in the last few minutes...

Everything was awesome briefly - an opening ramp on crude and some healthcare hope steadied stocks early but that was it. After Europe closed, stocks went nowhere until slumping into the close...

FANG Stocks ended marginally lower, stuck in a very tight range fo rthe last 4 days...

Equities advanced after two days of losses as crude broke a three-day downturn. Treasury yields continued lower with a flatter 2s/10s curve as a strong reopening of a $5b 30-year TIPS auction helped to keep yields in check throughout the afternoon. Fed's Bullard, in an interview with WSJ, said the Fed's projected rate path may be too aggressive. S&P reversed early session losses led by advances in health-care stocks with biotech and pharmaceuticals leading the way. The Canadian dollar advanced after a strong retail sales beat while Mexico's peso gained over 1% vs the greenback.

VIX was clubbed like a baby seal today, but notably S&P Futs did not react too exuberantly... and once VIX had reach ...

Republican Rebellion: 5 GOP Senators Oppose Health Bill

Update: As it turns out, the Senate's healthcare bill may be even 'dead-er' on arrival than originally thought as Senators Rand Paul (KY), Ted Cruz (TX), Ron Johnson (WI) and Mike Lee (UT) have issued a joint statement saying they will oppose the bill, as it is currently written, because it does not fulfill a promise made to the American public to "repeal Obamacare and lower their health care costs."

"Currently, for a variety of reasons, we are not ready to vote for this bill, but we are open to negotiation and obtaining more information before it is brought to the floor. There are provisions in this draft that represent an improvement to our current health care system, but it does not appear this draft as a written will accomplish the most important promise that we made to Americans: to repeal Obamacare and lower their health care costs."

Statement from. Rand Paul, Ted Cruz, Mike Lee, Ron Johnson (!) opposing health care bill as it currently stands

— James Arkin (@JamesArkin) June 22, 2017

* * *

The Senate healthcare bill has been "in the open" for less than an hour, and already NBC's Chuck Todd reports that it may be DOA after "at least" 3 GOP senators plan to publicly announce their opposition to the bill.

In a tweet, NBC anchor Chuck Todd said that according to a "solid" unnamed source "at least 3 GOP sens (perhaps more) plan to announce public opposition to McConnell health bill later today."

Macquarie Warns OPEC Deal To Collapse In 2018

Authored by Tsvetana Paraskova via,

OPEC's production cut deal is unlikely to survive beyond its current deadline in March 2018, with the agreement seen falling apart towards the middle of next year, in which case a huge amount of extra oil would hit the market, Ian Reid, head of European oil and gas research at Macquarie, told CNBC on Thursday.

OPEC's deal has not had the cartel's desired effect on the markets, neither in terms of oil prices nor in drawing down the global glut.

According to Reid, the volume of U.S. shale output is basically nullifying OPEC's efforts.

The key question for OPEC now is if they can extend the production cut deal into 2019, Macquarie's manager said, but added that he did not see the cartel being able to do that.

"I think that's going to be a very hard ask to be honest," Reid noted.

"They can't get the price up to a level where they can keep the shale guys out of the game so unfortunately they're just chasing their tail at the moment,"

Nomura Demands $134,000 For Premium Research

Just this morning we reported that as the global equity research market wrestles with how it will comply with the EU's MiFID II regulations, in a new study McKinsey said that banks will have no choice but to fire a ton of equity research analysts who write a bunch of stuff that no one ever reads...which seems like a reasonable guess. The consultancy calculated that Europe's impending ban on free research will cost hundreds of analysts their jobs with banks set to cut about $1.2 billion of investment on the area, and estimates the $4 billion that the top-10 sell-side banks currently spend on research annually is likely to fall by 30% as clients become pickier about what they pay for.

Of course, banks - and especially sellside research - will fight valiantly before that happens with aggressive attempts to find a market clearing price for the true value of their now unbundled research. A first attempt comes from Nomura, which according to Bloomberg has proposed that clients pay as much as 120,000 euros ($134,000) a year to access their favorite analysts. For that staggering price, clients would get what Nomura calls an all-inclusive "premium offering."

Nomura's premium offering includes all analyst reports on global economics, fixed income, credit and foreign exchange, as well as services such as access to analysts and invitations to events. Different "a la carte" options would let clients purchase research reports only, with extra per-hour fees to talk to analysts of varying seniority at rates still to be determine ...

What Could Go Wrong in the Fed's Stress Tests

The Federal Reserve will reveal on Thursday which of the 34 banks it tests have passed hypothetical negative scenarios while maintaining required capital levels.

A Risky Bet By Investors---That the Health-Care Bill Fails

The Better Care Reconciliation Act of 2017 is here, and investors aren't remotely concerned.

Uber: Too Big to Flail

The investors who have sunk many billions into Uber can take at least some comfort in the reality that scale still matters—by a lot.

May 2017 Median Household Income Not Statistically Significant Over the April Median

from Sentier Research

According to the latest data derived from the monthly Current Population Survey (CPS) median annual household income in May 2017 was $59,345, an increase judged as not statistically significant over the April median of $59,285.

June 2017 Kansas City Fed Manufacturing Remains Positive and Again Improves

Of the three regional manufacturing surveys released for June, all were in expansion.

Personal Finance Daily: How women should be more like men in the workplace and why this is the most anticipated NBA Draft in decades

Thursday's top personal finance stories

Market Extra: Stock-market bulls are 'playing with fire,' says financial blogger

Are Wall Street optimists pyromaniacs? At least one financial blogger thinks the bulls are engaged in a dangerous game that could get them scorched, as U.S. stock markets continue to flirt with all-time highs.

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