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19Jul2017 Pre-Market Commentary: Wall Street Investors Turn Their Attention To Earnings, Higher Opening Expected, New Historical Highs Expected, Crude Prices Lower Ahead Of Inventory Reports

Written by Gary

US stock market index futures are pointing to a higher opening (SPY +0.1%) with new historical highs expected. A weak U.S. dollar . . .

Here is the current market situation from CNN Money

European markets are higher today with shares in London leading the region. The FTSE 100 is up 0.34% while France's CAC 40 is up 0.20% and Germany's DAX is up 0.09%.

. . . combined with upbeat Chinese data to lift emerging market and Asian shares to levels not seen in more than two years and global stocks to an all-time high today. Futures now look poised to continue their bullish run amid a quiet day of economic releases, while investors turn their attention to another slew of corporate earnings.

Oil was bouncing between gains and losses in early morning North American trade on Wednesday as investors looked ahead to official data on U.S. inventories and experts underlined the erratic movements in crude based on the slightest news.

Tuesday's Key Earnings

BofA (NYSE:BAC) -0.5% posting a drop in net interest income.
CSX (NYSE:CSX) -1.9% AH following disappointing guidance.
Goldman Sachs (NYSE:GS) -2.6% stung by its trading division.
IBM (NYSE:IBM) -2.7% AH with revenue down for another quarter.
Johnson & Johnson (NYSE:JNJ) +1.8% raising its profit forecast.
Lockheed Martin (NYSE:LMT) -0.6% on strong F-35 sales.
United Continental (NYSE:UAL) -3.6% AH issuing flat guidance.
UnitedHealth (NYSE:UNH) +0.3% beating earnings estimates.

Today's Markets

In Asia, Japan +0.1%. Hong Kong +1.4%. China +1.4%. India +0.8%.
In Europe, at midday, London +0.1%. Paris +0.1%. Frankfurt flat.
Futures at 6:20, Dow +0.1%. S&P +0.1%. Nasdaq +0.2%. Crude +0.4% to $46.79. Gold -0.2% to $1239.20.
Ten-year Treasury Yield +1 bps to 2.27%

Today's Economic Calendar

7:00 MBA Mortgage Applications
8:30 Housing Starts
10:30 EIA Petroleum Inventories

Companies reporting earnings today »

What Is Moving the Markets

Here are the headlines moving the markets.

Tech stocks lift Nasdaq futures; Dow, S&P flat

(Reuters) - A rise in technology stocks helped the Nasdaq futures grind higher on Wednesday, while the S&P and the Dow futures were little changed with investors staying focused on earnings.

Morgan Stanley's profit boosted by underwriting, wealth management

(Reuters) - Morgan Stanley reported a higher-than-expected quarterly profit on Wednesday, driven by strength in its investment banking and wealth management businesses.

Reckitt cuts the mustard with $4.2 billion food business sale

LONDON (Reuters) - U.S. spices maker McCormick & Co Inc has won the battle to buy Reckitt Benckiser Group's North American food business, paying a higher than expected $4.2 billion to add extra seasonings and sauces.

Campaign urges U.S. public pension funds to divest from owner of Trump hotel

WASHINGTON (Reuters) - Advocacy groups launched petitions and sent letters on Wednesday urging two of the biggest U.S. public pension funds to divest from an investment fund unless it stops paying one of President Donald Trump's companies to run a New York hotel.

Google redesigns mobile search app with personalized 'feed'

SAN FRANCISCO (Reuters) - Google on Wednesday announced an overhaul of its search app on mobile phones to include a personalized feed of links about hobbies, travel, sports and other topics, a move that puts the search company into more direct competition with social networks such as Facebook.

Qatar's $300 billion conundrum: how liquid are its reserves?

DUBAI/DOHA (Reuters) - When is $300 billion not enough? That question is key to Qatar's future as some bankers and hedge funds speculate the super-rich state's vast financial reserves may not be liquid enough to defend its currency in the long term.

Toshiba says it again is blocking Western Digital access to chip JV

TOKYO (Reuters) - Toshiba Corp said it resumed blocking access by Western Digital Corp to data at their memory chip joint venture, intensifying its dispute with the U.S. firm over the Japanese company's planned sale of the chip business.

Dalian Wanda amends Sunac property deal after China curbs funding

BEIJING (Reuters) - Chinese commercial property conglomerate Dalian Wanda Group altered a deal with Sunac China announced a week ago, after banks scrutinized their credit risk, by bringing in another developer Guangzhou R&F Properties .

With new Takata air bag recalls, automakers may face more liabilities

TOKYO (Reuters) - Takata Corp's bankruptcy filing last month was meant to draw a line under the auto industry's biggest safety recall, but last week's announcement of more air bag inflator recalls suggests automakers could face fresh liabilities in the future.(For a graphic on air bag inflators click

"I Won't Let Myself Be F***ed": French Armed Forces Chief Resigns After Clashing With Macron

France's armed forces chief resigned on Wednesday, culminating a dramatic dispute with president Emmanuel Macron over defense budget cuts, in what Reuters called "an early test of the newly elected president's mettle and the tough presidential style he is cultivating." Last week, General Pierre de Villiers publicly complained about Macron's proposed 850 million cuts to the military's budget, telling a parliament committee he would not "let myself be fucked like that," adding that "I may be stupid, but I know when I am being had."

"In the current circumstances I see myself as no longer able to guarantee the robust defense force I believe is necessary to guarantee the protection of France and the French people, today and tomorrow, and to sustain the aims of our country," the 60-year-old De Villers said in a statement, noting he had tried to keep the armed forces fit for an ever more difficult task within the financial constraints imposed on it, but was no longer able to sustain that. He added that Macron had accepted his resignation.

Emmanuel Macron and Chief of the Defence Staff French Army General Pierre
de Villiers attend the Bastille Day military parade on July 14, 2017

The open conflict between the head of state and the chief of armed forces started earlier in July when France's Budget Minister Gerald Darmanin announced military budget cuts. ...

Social Security Will Be Paying Out More Than It Receives In Just Five Years

Authored by Mac Slavo via,

When social security was first implemented in the 1930's, America was a very different country. Especially in regards to demographics. The average life expectancy was roughly 18 years younger than it is now, and birth rates were a bit higher than they are now. By the 1950's, the fertility rate was twice as high as it is in the 21st century.

In other words, for the first few decades, social security seemed very sustainable. Most people would only live long enough to benefit from it for a few years, and there was an abundance of young workers who could pay into the system.

Those days are long gone. As birth rates plummet and people live longer, (which otherwise should be considered a positive development) social security's future is looking more and more bleak.

No matter how you slice it, it doesn't seem possible to keep social security funded. In fact, social security is going to start paying out more money than it receives in just a few short years. It may even be insolvent before the baby boomer generation dies off.

According to the Social Security Board of Trustees, the Old-Age and Survivors Insurance, and Disability Insurance ...

Frontrunning: July 19

Republicans consider bipartisan healthcare talks (Reuters)

Health Care Collapse Could Leave Trump Winless in His First Year (BBG)

Republicans to Push Ahead on Repeal of Affordable Care Act (WSJ)

Obscure Coal CEO Rains Money on Trump While Outflanking Rivals (BBG)

GOP Tries to Regroup on Obamacare Repeal as Trump Lashes Out (BBG)

Insurers start to press on subsidies (Reuters)

Russian lawyer who met Trump Jr. says ready to testify to Congress (Reuters)

Discovery, Scripps Networks in Cable-TV Merger Talks (WSJ)

Robots Take Over Retail Jobs (WSJ)

Saudi King's Son Plotted Effort to Oust His Rival (NYT)

France's armed forces chief resigns after clash with Macron over budget cuts (Reuters)

The Manh ...

"Time To Position In Gold Is Right Now" - Rickards

"Time To Position In Gold Is Right Now" - Rickards

- "Time to position in gold is right now" - James Rickards
- Fed has hit the 'pause' button; No more rate hikes for foreseeable future
- Fed's theories "bear no relation to reality" and has "blundered by raising rates"
- Growth is weak, inflation is weak, retail sales and real incomes are weak
- Tight money, weak economy & stock bubble classic recipe for market crash
- Reduce allocations to stocks and reallocate to defensive assets such as gold
- "Gold will be the big w ...

The Last Market Still Betting on Trump

Bonds, the dollar and some stock sectors have given up, but the overall stock market is still hoping for tax cuts and stimulus spending.

Why a Weaker Dollar Is a Source of Market Strength

The role reversal between the dollar and euro this year is striking and significant.

Jaguar-Maker Tata Motors Fights Fires at Home

Tata Motors' seeming success outside India with Jaguar Land Rover masks the pain at home.

J.C. Penney is right to try new things, but it needs to do more to compete with Amazon, analysts say

Experts say that J.C. Penney should be applauded for its efforts, but its new merchandise improvements are not enough to stave off the threat from Amazon.

MarketWatch First Take: Netflix's worst show doesn't air on Netflix

Low quality production barely fit for YouTube, minimal content and viewers calling it a waste of time are surely descriptions that would lead a show with these problems to bad ratings and cancellation by a service like Netflix.

Investors should brace themselves for a tumultuous 'lost year'

The same indicators that predicted the 2016 low and the post-election rally is cautioning that a tumultuous "lost year" lies ahead

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