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08Sep2017 Market Close: Wall Street Closes Mostly Down, DOW Up 13 Points, SP 500 Steady As Hurricane Irma Nears Florida

Written by Gary

US stock markets closed mostly down (SPY -0.3%), Nasdaq down -0.6% as crude prices slip further. Investors braced for financial damage from Hurricane Irma as it moves toward Florida.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

S&P 500 steady as Hurricane Irma nears Florida

NEW YORK (Reuters) - The S&P 500 was near flat on Friday as investors braced for potential damage from Hurricane Irma as it moved toward Florida and assessed the financial impact of Hurricane Harvey.

Will Saudi Aramco deliver world record profit for next year's IPO?

LONDON (Reuters) - When oil giant Saudi Aramco discloses its financials for the first time next year, it must either surprise investors with world record profits or reduce its aspirations for a $2 trillion valuation in its initial public offering (IPO). [IPO-ARMO.SE]

Target slashes prices on thousands of items, shares falter

(Reuters) - Target Corp said on Friday that it lowered prices on thousands of items, from cereal to baby formula, further hurting retail stocks already pressured by Kroger Co's disappointing quarterly results spurred by price cuts.

Apple lawsuits against Qualcomm can proceed, U.S. judge rules

(Reuters) - Apple Inc's 11 foreign lawsuits against Qualcomm Inc can proceed while the company's dispute plays out in the United States, a U.S. federal judge in San Diego ruled Sept. 7.

Criticism of Equifax data breach response mounts, shares tumble

(Reuters) - Equifax Inc faced a storm of criticism on Friday over a hack that may have compromised personal data for some 143 million Americans, with customers clamoring for answers and cyber security experts questioning the response to the massive breach.

Jamie Dimon ventures beyond Wall Street to have a say in Washington

WASHINGTON/NEW YORK (Reuters) - JPMorgan Chase & Co Chief Executive Jamie Dimon is starting to look like Corporate America's shadow president.

Too soon to predict timing of next Fed rate hike: Dudley

NEW YORK (Reuters) - It is too soon to predict when the Federal Reserve should next raise U.S. interest rates as it continues to tighten policy, given "cross currents" in the economy and markets, New York Fed President William Dudley said on CNBC TV on Friday.

Kroger results hit by grocery price war, shares slide

(Reuters) - Kroger Co on Friday reported a quarterly profit drop after an intensifying grocery price war hit its bottom line, and warned that same-store sales and operating margins would be lower than expected for the remainder of the year.

U.S. seeks to jail Shkreli, citing 'pattern of threats'

NEW YORK (Reuters) - U.S. prosecutors on Thursday asked a judge to jail Martin Shkreli while he awaits sentencing for securities fraud, after a Facebook post by the former drug company executive about Hillary Clinton prompted an investigation by the U.S. Secret Service.

Friday Humor: Hillary Working On Second Book Casting Blame For Failure Of First

Fact or Fiction:

CHAPPAQUA, NY - Saying it would provide a candid account of her experiences writing an unsuccessful tell-all, sources confirmed Thursday that Hillary Clinton is already working on a follow-up book casting blame for the failures of her previous memoir What Happened.

"From my agent negotiating that underwhelming deal with Simon & Schuster, to the graphic designer's lackluster cover art, to my so-called supporters who couldn't be bothered to drop $17.99 for the hardcover copy - everyone had a hand in undermining my last book's success," reads a passage from the introduction to Clinton's What Also Happened, which repeatedly decries her prior book's "indecipherable" font and dedicates an entire chapter to lashing out at her copy editor for making her look like "an idiot third-grader."

"I'll never forget how Amazon buried me and how Barnes & Noble completely sabotaged me by displaying my book way in the back in that no man's land by the CDs. Frankly, it's obvious I got screwed on all sides."

Accusing them of stealing her spotlight, the book reportedly concludes with a long list of ...

$102 Billion In Credit Card Debt, Student And Auto Loans Was Just "Wiped Away"

While there were few surprises on the surface of today's latest monthly Federal Reserve consumer credit report, which showed that in July total consumer credit increased by $18.5 billion, more than the $15.0 billion expected, on the back of a $2.6 billion increase in revolving credit coupled with $15.9 billion in non-revolving credit...

... there was one quite notable observation which stood out in today's report: a huge historical revision from November 2015 to December 2015, as a result of which some $102 billion in consumer credit was wiped out from the historical record, as shown below, first in revolving, i.e. credit card, debt which was "reduced" by $27 billion:

At the same time, non-revolving, or student and auto loans, credit was also revised lower by a far greater $75 billion, or from $2.83 trillion to $2.76 trillion.

As a result of today's peculiar revision, which was not explained by the Fed, total consumer credit declined by roughly $102 billion from $3.856 tril ...

With Scumbags Like This, It's Easy To Understand Why Bitcoin Is At $4400...

Authored by Simon Black via SovereignMan.com,

File this one away under 'utterly repulsive'.

As you probably heard, yesterday the US-based credit reporting agency Equifax announced a massive cyberattack that affects as many as 143 million consumers.

Names. Birth dates. Addresses. Social Security Numbers. Even some credit card numbers were stolen.

Literally over one third of the entire US population is at risk of identity theft now thanks to Equifax's bungling.

Bear in mind this is the THIRD TIME in 16 months that Equifax has been hacked- there was another breach earlier this year, and another in May 2016.

Even worse- this wasn't an overnight attack. Hackers spent MONTHS probing the Equifax network, burrowing deeper into the system and gaining access to more and more data with each attempt.

Yet Equifax's defenses failed to detect anything.

Finally on July 29, a whopping TEN WEEKS after the attacks started, Equifax realized that something was wrong.

Senior executive responded to the data breach by... selling their stock.

Yes, in the days following their discovery of the hack, three of the company's executives sold nearly $2 million worth of stock.

Israel Launches Air Strikes On Syria And Assad's "Waiting Game"

Immediately after Israel's latest unprovoked strike on Syria we posed the question, did Benjamin Netanyahu just panic? The answer is yes, Israel is now acting from a position of desperation as it has failed in its goal of regime change in Syria. Overnight (Wed. evening/Thursday early morning), Israel attacked a Syrian military base near the town of Masyaf at about 3:00 a.m. which Syria has now confirmed in a statement that warns of "serious repercussions". Syria reported two troop deaths in the attack. It appears to have been a massive strike - grainy photos show a large fireball lighting up the night sky outside of Masyaf.

Israel appears to have timed its attack to occur on the very night a controversial U.N. report was released earlier in the day (Wednesday) which blames the Assad government for using chemical weapons against civilians at Khan Sheikhoun in April. A number of Israeli analysts and media reports purport the Masyaf base to be a site for chemical and non-conventional weapons storage (such as "barrel bombs") while claiming the attack was motivated by "humanitarian" concern for Syrian civilians.


First image produced from Israeli strike on Al-Tala'i facility near Masyaf. Via Twitter.

But this is the reason for Israeli media and defense officials quickly claiming that the strike at Masyaf was on a chemical weapons facility: they know the "humanitarian" angle sells in the West, especially when coupled with allegations of civilians being gassed.

Investors Right to Fear Kroger's Future

Kroger says Amazon and discounters are clouding its outlook, which shareholders don't like to hear.

Hurricane Irma Tests Risk-Reward of Catastrophe-Bond Market

Yield-chasing investors have taken on more risk for less potential return in cat bonds; now those investments are at risk.

Miners Risk Falling Down Same Old Hole

Mining firms are riding high as metal prices touch their loftiest levels in years. But rebounding investment in copper and iron mines could spell trouble next year.

An Estimated 8.5 Million Properties In Florida At Significant Risk Of Potential Wind Damage From Hurricane Irma

from CoreLogic

Data analysis shows that an estimated 8,456,455 residential and commercial properties in Florida are at either "Extreme," "Very High" or "High" risk of wind damage from Hurricane Irma. CoreLogic storm surge analysis shows that an estimated 3,494,735 residential and commercial properties in Florida are at risk of hurricane-driven storm surge damage. Neither analysis includes potential damage from inland flooding.

Equifax TrustedID customers waive their rights to a class-action lawsuit

Customers can sue for the data breach — but not for the credit bureau's free security-monitoring service.

The Tell: Here's what history says about Hurricane Irma and the stock market

Hurricane Irma is bearing down on Florida and getting the blame for some weakness in stocks. History shows that major hurricanes have a limited impact on the market's aggregate performance, but the size of this storm could have an outsize impact on individual stocks and industry groups, say analysts at J.P. Morgan.

Weekend Sip: Johnnie Walker Black, Red and wine?

The Scotch brand introduces a new limited-edition wine cask product.

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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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