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26Sep2017 Market Close: Wall Street Closes Unchanged On Tech Bounce Back While Dollar Firms And Both Gold And Oil Settle Lower

Written by Gary

U.S. stocks ended flat on Tuesday even as technology shares bounced from sharp losses in the prior session and comments from Fed Chair Janet Yellen boosted expectations of a December rate hike.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall Street ends unchanged while tech bounces back

(Reuters) - U.S. stocks ended flat on Tuesday even as technology shares bounced from sharp losses in the prior session and comments from Fed Chair Janet Yellen boosted expectations of a December rate hike.

SEC chair grilled by Senate panel over cyber breach, Equifax

WASHINGTON (Reuters) - The chairman of the U.S. Securities and Exchange Commission (SEC) told a congressional committee on Tuesday he did not believe his predecessor Mary Jo White knew of a 2016 cyber breach to the regulator's corporate disclosure system, the exact timing of which could not be known "for sure."

Tesla shares rebound while signs of competition increase

SAN FRANCISCO (Reuters) - Shares of Tesla Inc rebounded from a correction on Tuesday after an analyst predicted its electric cars would become commonplace within two years and a billionaire UK inventor announced plans for his own electric vehicles.

Fed's Yellen says gradual hikes should continue, despite weak inflation

CLEVELAND (Reuters) - The Federal Reserve needs to continue gradual rate hikes despite broad uncertainty about the path of inflation, Fed Chair Janet Yellen said on Tuesday in remarks that acknowledged the central bank's struggles to forecast one of its key policy objectives.

U.S. consumer confidence slips; new home sales hit eight-month low

WASHINGTON (Reuters) - U.S. consumer confidence fell in September and home sales dropped to an eight-month low in August due to the impact of Hurricanes Harvey and Irma, supporting the view that the storms would hurt economic growth in the third quarter.

Bombardier shares leap 14 percent ahead of U.S. trade court ruling

TORONTO (Reuters) - Shares of Bombardier Inc rose as much as 13.6 percent on Tuesday ahead of a U.S. trade court's preliminary ruling on Boeing Co's CSeries aircraft dumping complaint.

U.S. homes in on labor, investment as top officials join talks

OTTAWA (Reuters) - Top officials from Canada, the United States and Mexico join negotiations on modernizing NAFTA in Ottawa on Tuesday where the U.S. is expected to present draft text on issues such as labor, investment and intellectual property.

Private equity may win in U.S. Republicans' tax plan

WASHINGTON (Reuters) - U.S. President Donald Trump's promise to close the "carried interest" tax break that benefits some of Wall Street's wealthiest financiers could be defanged if his administration proceeds with an exemption for certain firms.

FCC finds 'effective competition' in U.S. wireless market

WASHINGTON (Reuters) - A divided Federal Communications Commission on Tuesday approved a report that found for the first time since 2009 there is "effective competition" in the wireless market, a finding that could help Sprint Corp and T-Mobile US Inc to merge.

Dow Drops Again Despite Lack Of Global Armageddon Threats

No healthcare reform, a hawkish Yellen, and dismal housing and confidence data... equity markets jump...presumably because the world did not end... but did dump into the close

"and... it's gone"

All major equity indices gained on the day (with Trannies and Small Caps extending their exuberance) and Nasdaq the laggard on the week still... (NOTE - rebound on EU close, rebound on Yellen remarks, but weak close)

S&P was 'managed' around the key 2500 level, thanks to another VIX crush to a 9 handle...BUT that failed...

FANGs ended the day positive but not by much...

It looks li ...

How One Trader Made Billions With Ethereum, And What He's Doing Next

Former Fortress Principal Michael Novogratz left the firm's colossal macro hedge fund almost two years ago, but has been discussing investments in virtual currencies since 2013 when he told a UBS conference...

"Put a little money in Bitcoin...Come back in a few years and it's going to be worth a lot."

He was of course correct, Bitcoin was trading around $200 at the time and as recently as three weeks ago was worth $5000...

The last time we heard from Novogratz was in June 2017, at the CB Insights Future of Fintech conference in New York, where he told attendees that he has cut holdings (in Bitcoin and Ethereum) after the cryptocurrencies' latest "spectacular run," warning that "Euthereum had likely hit its highs for the year," and "cryptocurrencies were likely the biggest bubble of his lifetime."

However, while this all sounded desperately downbeat, Novogratz was still very "positively constructive" on the space overall. He should be - he has 20% of his net worth invested in the sector... and now, as Bloomberg reports, Mike Novogratz is reinventing himself as the king of bitcoin.

Novogratz has had a very good run. Aside from his epic call in Bitco ...

Equifax CEO's Parting Gift: An $18 Million Bonus

With Equifax shares having plunged by a third since the company announced a historic corporate cyber-breach, which released the personal records of over 143 million Americans to still unknown hackers, losing some $5 billion in market cap, today the company's CEO was the latest rat to leave the sinking ship, a move which failed to prompt a jump in the stock and was widely panned by the analyst community as indicative of further troubles ahead.

And while the surprising "retirement" of CEO Richard Smith was briadly perceived as controversial, public anger is only set to grow when the general public realizes that the disgraced former Chairman and Chief Executive may be due a parting bonus of no less than $7.6 million, and potentially far more, payable early next year, as part of the company's long-term incentive plan that was supposed to align executives with shareholders.

While Equifax previously said Smith would not receive any annual bonus specifically for 2017, Bloomberg's Steven Gandel calculates that he is in line to receive a 73,392-share bonus early next year as part of the long-term incentive plan the company put in place back in 2008.

That's on top of the $52 million he will walk away with in stock and other retirement benefits that he accrued as part of his nearly 12-year run as CEO. That doesn't even include the nearly $13 million he received in salary and cash bonuses for the past three years alone. He also may be entitled to lifetime health insurance and $60,000 worth of financial planning and tax advice.

What is even more surprising, is that Equifax's very limited clawback policy "which the company has called rigorous," applies only to financ ...

"Yes" Vote for Iraqi Kurdistan: A New Chaos Is Redefining Middle East Borders

Submitted by Elijah Magnier, Middle East based chief international war correspondent for Al Rai Media

Iraqi Kurds voted "yes" in the referendum to start materializing the dream of the 30 million Kurds inhabiting Iraq, Turkey, Syria and Armenia - a dream which begins by establishing an independent state in Iraqi Kurdistan. Despite the announcement of the Iraqi Kurdish leader Masoud Barzani that the referendum is only the beginning of a negotiation with the central government in Baghdad (and not a "divorce" from the state of Iraq), he hopes (and most probably knows) that independence will be recognized as a fact by the international community sooner or later.

For certain, this referendum - if its result is implemented - can lead to a redefinition of the map of the Middle East, and the countries of Iraq and Syria to start with where Kurds in both countries control enough energy resources to sustain their "state". Leaders around the world said, during the war in Syria, that the Middle East would never return as it was to before 2011, probably referring to the "Islamic State" (ISIS) occupation of large part of Syria and Iraq. But today, their prediction may come true through the Kurds - even though the "Islamic State" (ISIS) "project" failed to reach its objective, that of dividing Syria and Iraq.

Thus, the Kurdish will to establish an independent state is giving greater power to Turkey, which will hold the key of the Kurdish future state and to the partition of the Middle East. In fact, in Iraq, Ankara will play a crucial role in the coming months or years in reshaping Mesopotamia and the Levant. Kurdistan exports its main oil revenue through Turkey, putting Erbil ...

A Tax Cut's Unintended Consequences

What a tax cut could give the economy the Federal Reserve could take away. Republican leaders on Wednesday are expected to release a tax plan that would lower tax rates on individuals and corporations and allow companies to repatriate earnings held overseas at a low rate.

Why Emerging Markets Aren't Too Hot to Handle

The Fed's apparent desire to push on with tightening policy may give emerging markets a pause. But if global growth continues, then a pause is all it should be.

Why Biotech's Retreat Won't Be as Dramatic This Time

The failure of a high-profile clinical trial to treat Alzheimer's disease means that the biotech market is about to get a big test. But Axovant's stock meltdown is unlikely to spread.

26Sep2017 Market Update: Wall Street Slips On Mounting North Korea Tensions, Crude Is Back In A Bull Market, But China Is Slowing Down, Investors Wait Fed Chair Janet Yellen's Speech

Written by Gary

US stock market indexes are in the green (SPY +0.1%) as U.S. consumer confidence falls; new home sales hit eight-month low. Large caps flat and the small caps fairing moderately better.

If 'Real People' Commercials Were Real Life: CHEVY Malibu Ad

What if those annoying "Real people. Not Actors" commercials were actually real life? I miss seeing good quality classic comedy sketches on YouTube. Great work guys this was really funny keep it up. What morons....how do you mistake a Malibu for an Audi? Chevy seems pretty moronic too. What does it say about Chevy if everyone thinks a quality car is an Audi or BMW? Guess their Execs somehow missed the irony of that.

At Olive Garden all it took to hurt sales was a $1 price hike on a popular meal

Olive Garden parent Darden Restaurants said results were impacted by a price hike on a popular meal deal at Olive Garden and Hurricane Harvey

Cheesecake Factory, Shake Shack downgraded as shopper traffic and delivery take a toll

Wedbush analysts downgraded a number of restaurants as challenges to the sector, including declining retail traffic, could potentially weigh on results

Currencies: Dollar holds on to gains after Yellen reiterates case for rate hikes

The U.S. dollar added slightly to gains versus major rivals Tuesday after Federal Reserve Chairwoman Janet Yellen reinforced expectations for another rate increase in 2017, saying it would be "imprudent" to leave monetary policy on hold until inflation hits the central bank's target.

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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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