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21Sep2017 Market Close: Wall Street Moderately In The Red After Investors Weigh In On Apple And The Hawkish Fed, WH Releases Details On Latest NOKO Sanctions: "Choose North Korea Or The US"

Written by Gary

US stocks slipped moderately from their all-time highs today (SPY -0.3%), weighed down by Apple and the hawkish stance of the Federal Reserve.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall Street lower with pressure from Apple, rate expectations

(Reuters) - U.S. stock indexes were trading lower on Thursday, weighed down by Apple and rising expectations for a third interest rate hike this year.

U.S. jobless claims fall; hurricanes still affecting data

WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits unexpectedly fell last week, but the near-term outlook for the labor market was muddied by the continuing impact of Hurricanes Harvey and Irma.

Daimler to invest $1 billion in Alabama plant, create over 600 jobs

BERLIN (Reuters) - Germany's Daimler said it will invest $1 billion to expand its U.S.-based Mercedes-Benz plant in Alabama to start building electric sport-utility vehicles there from about 2020.

Exclusive: Persistent rail service disruptions dog CSX customers

(Reuters) - CSX Corp customers, including chemical, automotive and steel producers, are still battling delays and congestion despite top executives' assurances that the railroad has moved past service woes that plagued its system during the summer, people familiar with the situation said.

Hack of Wall Street regulator rattles investors, lawmakers

WASHINGTON (Reuters) - Wall Street's top regulator came under fire on Thursday about its cyber security and disclosure practices after admitting hackers had breached its database of corporate announcements in 2016 and may have used it for insider trading.

Yellen's stock rises as she leads Fed from crisis-era policy

NEW YORK/WASHINGTON (Reuters) - From her early days as Federal Reserve chair, Janet Yellen has been the target of criticism from Republicans worried that the central bank's massive bond-buying programs and near-zero interest rates engineered by her predecessor would be the ruin of the country.

Wells Fargo CEO to testify before Senate as questions linger over scandal

WASHINGTON (Reuters) - Wells Fargo Chief Executive Tim Sloan is due to testify before Congress on Oct. 3 as the bank deals with fallout from a sales scandal a year ago that continues to spark new revelations.

Exclusive: Macquarie leapfrogs Goldman to join top tier of commodity banks

LONDON (Reuters) - Australia's Macquarie Group Ltd has overtaken Goldman Sachs to break into the top three banks for commodities business, having significantly expanded its U.S. energy operations in recent years while rivals cut back.

Toys 'R' Us plans holiday hires including toy demonstrators

(Reuters) - Toys "R" Us Inc, the U.S. toy retailer that filed for bankruptcy protection this week, said on Thursday it is hiring part-time seasonal workers to staff its stores for the holidays, including for a new position of toy demonstrator.

Dallas School Board Designates Founding Fathers As Having "Confederate Links"

"Just if we saw Confederacy named in it, we then highlighted it" says a school board spokesperson while describing a list which contained Thomas Jefferson, Ben Franklin, and Sam Houston.

The Dallas Independent School District is in damage control mode after an internal school board list was obtained by local press which shows schools under consideration for name changes due to possible "connections with slavery or the Confederacy." News of the list, obtained by the Dallas Morning News early this week, caused outrage for the fact that it includes Texas revolutionaries and founders such as Sam Houston, James Bowie and William Travis, as well as Dallas pioneers James Gaston and William Brown Miller. It further names other early American figures who very obviously lived long before the existence of the Confederacy such as U.S. presidents Thomas Jefferson, James Madison and, inexplicably, Ben Franklin.

Battle of the Alamo: Even the Texas revolutionary defenders of the iconic Alamo were on a list of "controversial" historical figures which Dallas ISD needed to "research" for review of whether school names could stay.

Of course, William Travis and Jim Bowie both died at the Alamo in 1836 while the Confederacy didn't come into existence until 1861. Sam Houston too lived most of his entire life before the civil war and was perhaps the greatest Native American rights supporter of the time, and was adopted as an "honorary Cherokee" by the tribe, having also married a Cherokee woman. Ben Franklin, one of the American founding fathers named on the Dallas ISD l ...

VIX Set For Calmest September In History (Despite Nukes, Fed, Quakes, And Storms)

September has seen...

More missile tests from a nuclear-capable nation than ever before.

The biggest storms ever in America (a quarter of all Atlantic Cat 5 landfalls on record have occurred in the last two weeks).

The worst quake in Mexico in over 30 years.

US threats to cut China from the global financial system.

The Fed attempting to do what no central bank has done before.

And economic data disappointments worldwide.

BUT...

After the Fed announced the monetary-policy shift sent the average to 10.78...VIX has plunged today to 9.54...

And so amid all this turmoil, if this holds up, as Bloomberg notes, VIX is headed for its lowest daily average in any September since calculations begin in 1990.

Which is odd given that the 30 year seasonal trend is very dramatic...

"Choose North Korea Or The US": White House Releases Details On Latest N.Korean Sanctions

Earlier, when we discussed Trump's latest executive order launching new sanctions on North Korea, we got a big picture of the crackdown but not the details. Moments ago, however, the White House unveiled the full breakdown of what Trump's latest crackdown on North Korea will involve.

Among other things, not only will the latest crackdown on NKorea include sanctions "on any foreign financial institution that knowingly conducts or facilitates any significant transaction on behalf of certain designated individuals and entities" but also on trade, and targets North Korea's shipping and trade networks and "issues a 180-day ban on vessels and aircraft that have visited North Korea from visiting the United States" and "also targets vessels that have engaged in a ship-to-ship transfer with a vessel that has visited North Korea within 180 days.":

Ultimately, the White House says, "foreign financial institutions must choose between doing business with the United States or facilitating trade with North Korea or its designated supporters."

* * *

The full statement:

FINANCIAL INSTITUTIONS: The E.O. provides the authority to impose sanctions on any foreign financial institution that knowingly conducts or facilitates any significant transaction on behalf of certain designated individuals and entities, or any significant transaction in connection with trade with North Korea, on or after the date of the E.O.



Under this new authority, the sanctions measures can be either restrictions on correspondent or payable-through accounts or blocking sanctions.

The E.O. also provides the Secretary of the Treasury additional authority to block any funds originating from, destined for, or passing through accounts linked to North Korea that come within the United States or pos ...

Yield Curve Flashes Recession Warning In Collapse To 10 Year Lows

Since The Fed unveiled its cunning plan to unwind the balance sheet ever so gradually and in an ever so well-telegraphed manner, the US Treasury yield curve has collapsed!

Banks do not care as the yield curve has crashed to its flattest since 2007...

In fact, the collapse to just 91bps places the yield curve right at the start of both of the last two recessions...

So, no! You do not need to invert the yield curve to see a recession - in fact we are already there.

Fed Paves the Way for the ECB to Follow

The Federal Reserve's persistence in signaling rising interest rates may help the European Central Bank by tempering the euro's strength.

Americans Are Richer; Why Are They Still Cautious?

U.S. household net worth reached a record $96.2 trillion in the second quarter, the Fed reported, but, if households are feeling flush, they aren't acting like it.

What Google Wants With HTC's Smartphone Business

Google's $1.1 billion deal with HTC carries risks, but the internet giant needs more scale if it is to maintain its influence in the smartphone business.

Capitol Report: Puerto Rico's damage from Maria could top $30 billion

Hurricane Maria could cause $30 billion or more in damages to Puerto Rico, a disaster-modeler says, as President Donald Trump plans to visit the "obliterated" island and Congress gears up to vote on more disaster aid.

Swiss startup says high-tech water filter can remove bacteria, viruses and plastic

As people unfortunate enough to find themselves in the path of the recent string of hurricanes and other natural disasters scramble to access clean water, a Swiss startup says it has a product that could help.

The Tell: Man who called S&P 500 to hit 2,500, says don't bet against this stock market

A prominent equity bull Laszlo Birinyi, who accurately forecast that the S&P 500 would hit 2,500 by September, thinks the stock market has more room to run before 2017 is over.

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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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