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27Jul2017 Market Close: Wall Street Closes Mostly Down, DOW Up 86 Points, Nasdaq The Big Loser, WTI Crude Settles In The Low 49 Handle

Written by Gary

US stock markets took a serious dive in early afternoon trading as a fall in technology and transportation shares led Wall Street lower, ...

Todays S&P 500 Chart

... but late afternoon trading reversed course and the DOW closed at a new historic high (SPY -0.1%). The other indexes closed lower with the Nasdaq down -0.6%.

The Market in Perspective

Here are the headlines moving the markets.

Tech, transport woes hit Wall Street

(Reuters) - A swoon in technology and transportation shares led Wall Street lower on Thursday, with stocks hastening their declines in afternoon trading on a day full of corporate earnings reports.

U.S. durable goods, trade data boost second-quarter growth estimate

WASHINGTON (Reuters) - Shipments of key U.S.-made capital goods increased in June for a fifth straight month, suggesting that business spending on equipment helped to boost economic growth in the second quarter.

Exclusive: Nordstrom family offers preferential terms to clinch buyout partner - sources

(Reuters) - The group of Nordstrom Inc family members seeking to take the eponymous U.S. department store operator private is offering preferential terms to potential equity partners willing to fund the buyout, people familiar with the matter said.

Trump's 'America First' push not protectionist: UPS CEO

SEATTLE (Reuters) - Republican U.S. President Donald Trump's efforts to renegotiate or scrap longstanding global trade deals are not protectionist and are more focused on winning better terms for American businesses, the top executive of United Parcel Service said on Thursday.

Chemical giants see growth in green, clean tech

(Reuters) - Chemical companies Dow Chemical Co and DuPont are seeing increased benefits in building sustainable "green" products, as they look for newer avenues of growth and build a stronger connection with millenials.

Amazon's Jeff Bezos becomes world's richest: Forbes

(Reuters) - Amazon.com Inc Chief Executive Jeff Bezos has unseated fellow tech billionaire Bill Gates as the richest person in the world, profiting from the e-commerce company's meteoric stock rise to reach a fortune of $90.6 billion, Forbes reported.

Germany recalls Porsche Cayenne models over emissions software

BERLIN (Reuters) - German Transport Minister Alexander Dobrindt on Thursday announced a recall of Porsche Cayenne models equipped with 3-litre diesel engines after finding potentially illegal emissions controlling software in the vehicles.

U.S. regulators approve fix for 326,000 VW diesels

WASHINGTON (Reuters) - The U.S. Environmental Protection Agency and California Air Resources Board on Thursday approved a fix for 326,000 Volkswagen AG diesel cars, the agencies and the automaker said Thursday.

EU gives initial OK to more Russia sanctions over Siemens, no final decision

BRUSSELS (Reuters) - European Union states have given initial backing to a German proposal to blacklist several more Russian nationals and companies over the delivery of Siemens gas turbines to Crimea, but made no final decision, diplomats said.

Is This The Bubble?

Authored by Lance Roberts via RealInvestmentAdvice.com,

As a portfolio manager, I start each morning by consuming copious amounts of a heavily caffeinated beverage and a data feed from a litany of web and blog sites. Over the last few days, as asset prices have set new records, there have been numerous articles on whether the market is currently in a bubble. Here are a few I grabbed from a Google search:

Where's The Next Bubble Forming In The Markets?

How The ETF Bubble Feeds The Stock Market Bubble

Market Entering A Bubble Zone

U.S. Stock Market: Is The Bubble About To Burst

Well, you get the idea. First, like a "watched pot never boils," bubbles occur when no one is looking for them. Bubbles are a function of greed running rampant combined with a mass hypnotic state the current ride will never end. The shear fact that multitudes of articles are being written about "market bubbles" is a sign that we are likely not there...just yet.

However, as a shot of caffeine hits my brain, I read with interest a WSJ article entitled "

15 Million Americans Would Opt-Out Of Obamacare.. If They Could

Authored by Scott Rasmussen via Ballotpedia.org,

If the individual mandate were to be repealed and Americans were no longer required to purchase the Obamacare-mandated levels of health insurance coverage, the Congressional Budget Office (CBO) believes that 15 million Americans would no longer purchase such coverage.

Some, including Jonathan Gruber, believe that the CBO is overestimating the impact of repealing the mandate. Gruber was one of the architects of the healthcare law.

Politically, the impact of these projections is significant since the individual mandate has long been the most unpopular part of Obamacare. Recent polling shows that two-thirds of Americans would like to see it repealed. For many, the idea of the government forcing anybody to buy anything is in conflict with America's commitment to individual freedom.

Additional ...

Rents Across The US Hit A New All Time High

After dropping to an all time low 62.9% in Q2 of 2016, the US homeownership rate rebounded modestly in the subsequent two quarters, then dropped again at the start of the year, before once again rising fractionally to 63.7% in Q2 of 2017 from 63.6% in the previous quarter, just 1% from the all time lows in the series history going back to the mid 1960s.

A breakdown of the data by age group reveals that the primary driver for this decline has been the youngest age cohort. While older Americans, especially those 65 and older, have predictably seen only modest declines in their homeownership in recent decades, it was the youngest age group, those 35 and younger, the Millennials, who over the past decade have seen their homeownership decline steadily from the low 40%'s to the mid-30%, although in Q2 there was a glimmer of good news, as the homeownership rate for Americans 35 and younger posted its first increase in 3 quarters, rising from 34.3% to 35.3%.

As shown in the chart below, the homeownership rate for Millennials has declined from 43.6% in June 2004 to 35.3% in the latest quarter, and just shy of the lowest rate reported by the Census Bureau going back nearly a quarter century. Of note: while Millennials finally splurged on houses in the latest quarter, the homeownership rates for every other age cohort declined.

So if not owning, what are America's young adults doing? According to separate data from Goldman, the share of 18-34 year olds living with their parents is effect ...

Bubble 2.0: Home Sellers In Q2 2017 Reap Highest Average Price Gains In A Decade

ATTOM Data Solutions released its Q2 2017 U.S. Home Sales Report, which shows that homeowners who sold in 2Q 2017 realized an average price gain of $51,000 since purchase. To put that in perspective, that is the highest average price gain for home sellers since Q2 2007, when it was $57,000 and the U.S. was in the midst of the biggest residential real estate bubble in history. Moreover, that average gain of $51,000 in Q2 2017 represented an average return of 26% on the original purchase price of the home, the highest average home seller return since Q3 2007, when it was 27%.

Here's a great chart from ATTOM that breaks down the results by metro area. Not surprisingly, several northern California and Florida markets logged some of the biggest gains.

Home Seller Profits by Metro Q2 2017 //

The Bull Market's Growth Problem

Under the hood of the stock market rally, signs the 8-year bull market may be nearing its end.

Investors Don't Believe in Twitter's Turnaround

Twitter has found a way to moderate its revenue declines, but it told investors not to get too excited about it.

Deutsche Bank No Longer Reeling, but Recovery Out of Sight

Deutsche Bank is finding firmer ground, but first-half revenues disappointed and there was little to suggest investors have anything other than a long wait for better returns.

Tax Guy: When you're allowed a tax-free do-over with your IRA

These are the times you're actually allowed to put money back into your IRA.

The Margin: Hillary Clinton's new book 'What Happened' makes for hilarious R-rated internet

Hillary Clinton promises to give us some dirt on Russian meddling, why Trump won, and the "intense personal experience" of losing what most believed was a slam dunk election win. But all she really needed to do was give us this cover

High Times is going public through a deal with a blank-check company — and here's what that means

After a seedy past, blank-check companies have come back into vogue as acquisition machines for hedge-fund managers.

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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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