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04Oct2017 Pre-Market Commentary: Wall Street To Open Down, ADP Nonfarm Employment Climbs Higher, Janet Yellen To Speak, Investors Listening Carefully, Amazon And Apple Hit By EU Tax Push

Written by Gary

US stock market indexes look to open fractionally lower (SPY -0.1%), but may climb to new highs again before the morning ends.


Here is the current market situation from CNN Money

European markets are mixed. The DAX is higher by 0.16%, while the CAC 40 is leading the FTSE 100 lower. They are down 0.38% and 0.02% respectively.

What Is Moving the Markets

Here are the headlines moving the markets.

Exclusive: SEC forensics unit sought resources, cyber training ahead of 2016 hack

WASHINGTON (Reuters) - In August 2016, just two months before the U.S. Securities and Exchange Commission discovered its corporate filing system had been hacked, the SEC's internal watchdog, Carl Hoecker, received a plea for help from his new forensics investigative unit.

EU takes Ireland to court for not claiming Apple tax windfall

BRUSSELS (Reuters) - The European Commission said on Wednesday it was taking Ireland to the European Court of Justice for its failure to recover up to 13 billion euros ($15.3 billion) of tax due from Apple Inc , a move labeled as "regrettable" by Dublin.

Whirlpool's washer war is balancing act for Trump

Clyde, Ohio(Reuters) - In the middle of Whirlpool Corp's bustling washer factory in northern Ohio there is an empty patch of concrete floor - a reminder of a $60 million expansion plan the appliance maker says fell victim to unfair foreign competition.

Fed chief needs "flexibility of mind" in tough times: Fischer

LONDON (Reuters) - Any new head of the Federal Reserve will need to have the "flexibility of mind" to change tack during acute periods of crisis, the U.S. central bank's outgoing Vice-Chairman Stanley Fischer said on Wednesday.

'We'll pay nothing': TowerJazz seeks growth with minimal investment

MIGDAL HA'EMEK, Israel (Reuters) - Executives at Panasonic were surprised when Russell Ellwanger, CEO of Israeli chipmaker TowerJazz , asked to partner in three of their factories without putting any cash on the table.

EU orders Amazon to repay $295 million in Luxembourg back taxes

BRUSSELS (Reuters) - Amazon on Wednesday was told to pay about 250 million euros ($294.38 million) in back taxes to Luxembourg, the latest U.S. tech company to be caught up in a European Union crackdown on unfair tax deals.

Spanish tensions bar Europe from global stocks party

LONDON (Reuters) - Global stock markets hit a record high on Wednesday with investors in exuberant mood in the United States overnight and in Asia, but sentiment in Europe was soured by a political crisis gathering steam in Spain.

Exclusive: VW seeks to curb competition from Skoda - sources

BERLIN (Reuters) - Volkswagen managers and unions are seeking to curb competition from lower-cost stablemate Skoda, move some of its production to Germany and make the Czech brand pay more for shared technology, company sources told Reuters.

Warren Buffett, Larry Fink criticize Trump tax plan

WASHINGTON (Reuters) - President Donald Trump's tax reform plan came under new criticism on Tuesday from two towering Wall Street figures, including billionaire investor Warren Buffett, who called into question a Republican drive to slash the U.S. corporate rate.

16 Unanswered Questions About The Las Vegas Shooting That Mainstream Media Doesn't Want To Talk About

Authored by Michael Snyder via The Economic Collapse blog,

The public is not being told the truth about what really went down in Las Vegas.

As you will see below, the evidence is mounting that there were multiple shooters and that this was an operation that was planned well in advance. But according to the mainstream media, a 64-year-old retired accountant with a flabby physique that had no military training whatsoever and that wasn't very experienced with guns was able to pull the whole thing off all by himself. We are being told that Paddock was a "lone wolf" that didn't have any ties to terror groups, and since he is now dead nobody is ever going to be able to interrogate him.

But the American people definitely deserve some answers about what took place, and that means that all of us should keep digging.

The following are 16 unanswered questions about the Las Vegas shooting that the mainstream media does not want to talk about...

#1 Photos of Stephen Paddock's hotel room have been leaked, and one of those photos appears to show a suicide no ...

Frontrunning: October 4



Spanish tensions bar Europe from global stocks party (Reuters)

Catalonia to move to declare independence from Spain on Monday (Reuters)

Catalan Police Chief Investigated For Sedition (TSR)

Trump Suggests Puerto Rico's Debt May Need to Be 'Wiped Out' (BBG)

Trump Heads to Las Vegas After Shooting Reignites Gun Debate (BBG)

Putin says Trump is listening to Russia's views on North Korea crisis (Reuters)

Yahoo Estimate of Breached Accounts Triples to 3 Billion (WSJ)

Facebook Fought for Years to Avoid Political Ad Disclosure Rules (BBG)

SEC forensics unit sought resources, cyber training ahead of 2016 hack (Reuters)

Trump Points to Storm Budget Effect in Puerto Rico Visit (

Tillerson Called Trump A "Moron", Was Close To Resigning

In recent days, foreign policy pundits have been scratching their heads over the apparent lack of directly lines of communication between the White House and the State Department, which led Trump to chide Sec State Rex Tillerson over the weekend, tweeting that there is no need to negotiate with North Korea, as Trump would "handle this" even as it emerged for the first time that the US had engaged in direct contact with Pyongyang. This was merely the latest example of the White House seemingly taking a position opposite to that pushed by Tillerson, prompting many to ask if there is a fallout between the former Exxon CEO and Donald Trump.

Today, NBC gives one possible explanation for the bizarre relationship between the two men, with a report that Rex Tillerson was on the verge of resigning this past summer amid mounting policy disputes and clashes with the White House. The tensions reportedly came to a head around the time President Donald Trump delivered a politicized speech in late July to the Boy Scouts of America, an organization Tillerson once led, NBC reported citing officials familiar.

Tillerson, who was in Texas for his son's wedding in late July when Trump addressed the Boy Scouts, had threatened not to return to Washington, according to three people with direct knowledge of the threats. His discussions with retired Gen. J ...

Vegas Gunman Was Prescribed Drugs That Can Lead To Violent Behavior

As police continue to hunt for a credible motive to explain why 64-year-old millionaire, real-estate investor Stephen Paddock sprayed a crowd of country music fans with bullets - a suicide mission that police say was the result of meticulous planning - the Las Vegas Review Journal reports that Paddock was recently prescribed anti-anxiety medication that studies have shown can lead to violent, impulsive behavior.

The suggests that the characterization of events offered by Paddock's brother that the gunman, who killed 59 people and wounded more than 500 more Sunday in night in the worst mass shooting in modern US history, "simply snapped" may be accurate.

According to records from the Nevada Prescription Monitoring Program obtained by the paper on Tuesday, Paddock was prescribed 50 10-milligram diazepam tablets on June 21 by Henderson, Nevada physician Dr. Steven Winkler. Diazepam - better known by its brand name, Valium - is a sedative and muscle relaxer in the class of drugs known as benzodiazepines, which studies have shown can cause aggressive behavior in some patients. Chronic use has also been linked to psychotic episodes.

Paddock purchased the drug without insurance at a Walgreens store in Reno on the same day it was prescribed. He was supposed to take one pill a day. "If somebody has an underlying aggression problem and you sedate them with that drug, they can become aggressive," said Dr. Mel Pohl, chief medical officer of the Las Vegas Recovery Center. &ld ...

Auto Stocks Are on a Wild 'Robotaxi' Ride

Car stocks have been strong not because of hopes that sales growth can be maintained, but on optimism about the capacity of manufacturers to withstand—even benefit from—the disruptive forces of technology.

Microsoft's Mixed Message on Virtual Reality

Software giant Microsoft has some natural advantages in virtual reality, though marketing risks confusion.

Sorry, the Hong Kong Market Isn't Really a Bargain

Testing 10-year highs, Hong Kong's benchmark Hang Seng looks cheap beside bubbly U.S. indexes—but it's no bargain unless you really like Chinese banks and one particular tech company.

The Wall Street Journal: Disney CEO Bob Iger on why ESPN's Jemele Hill wasn't punished for Trump tweets

Walt Disney Chief Executive Robert Iger was personally involved in the decision not to discipline ESPN's Jemele Hill after she tweeted that President Donald Trump was a "white supremacist," the CEO said Tuesday.

Economic Report: Private-sector job growth slows in September, ADP says

Private-sector hiring slowed in September, according to payroll processor ADP.

Tillerson called Trump a 'moron' and had to be talked out of resigning, NBC reports

U.S. Secretary of State Rex Tillerson called President Donald Trump a "moron" following a July 20 meeting at the Pentagon, NBC News reported, citing multiple senior administration officials.

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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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