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27Oct2017 Market Update: Wall Street Moves Higher On Strong Tech Earnings, Apple Lift Nasdaq Higher, DOW Up 20 Points, WTI Crude Trades In The High 53 Handle

Written by Gary

Strong earnings from tech giants and Apple move small caps and the SP500 to new record highs (SPY +0.8%) while the DOW trades in the green, but flat.


Here is the current market situation from CNN Money

North and South American markets are higher today with shares in U.S. leading the region. The S&P 500 is up 0.75% while Mexico's IPC is up 0.42% and Brazil's Bovespa is up 0.39%.

Traders Corner - Health of the Market

Looking at the last three columns (below), the first one (Actual), is what was reported this morning. The second column (Forecast) is what analysts had forecast and the third column is the previous report. Full calendar HERE.

What Is Moving the Markets

Here are the headlines moving the markets.

Strong tech earnings, Apple lift Nasdaq higher

(Reuters) - Strong earnings from tech giants and Apple's upbeat statement on its iPhone X demand lifted the Nasdaq Composite index 2 percent and led the gains on Wall Street.

Inventories, trade shield U.S. economy from hurricane headwinds

WASHINGTON (Reuters) - The U.S. economy unexpectedly maintained a brisk pace of growth in the third quarter as an increase in inventory investment and a smaller trade deficit offset a hurricane-related slowdown in consumer spending and a decline in construction.

CVS-Aetna deal gets Wall Street thumbs up amid Amazon entry fears

(Reuters) - U.S. pharmacy operator CVS Health Corp's move to buy health insurer Aetna Inc will broaden their reach in the industry and could spark another round of dealmaking in a sector dreading Amazon's arrival, analysts said.

Exxon, Chevron third-quarter profits jump on rising commodity prices

HOUSTON (Reuters) - Exxon Mobil Corp and Chevron Corp, two of the world's largest oil producers, said on Friday their quarterly profits each jumped about 50 percent, helped by rising commodity prices and lower costs.

UBS cautions gains from wealthy client activity may not last

ZURICH (Reuters) - A pick-up at UBS's core wealth management business is likely to weaken in the final months of 2017 as clients withdraw money to take part in tax amnesty programs, the world's biggest private bank said.

Exclusive: OPEC's head says Saudi, Russia statements 'clear fog' before November 30 meeting

LONDON (Reuters) - The fog has been cleared ahead of OPEC's next policy meeting by Saudi Arabia and Russia declaring their support for extending a global deal to cut oil supplies for another nine months, OPEC's secretary general told Reuters on Friday.

McDonald's sets new welfare standards for chicken suppliers

CHICAGO (Reuters) - McDonald's Corp will require suppliers to improve the living conditions and slaughter process for chickens raised to be served in its restaurants, the company said on Friday, the latest changes affecting popular menu items like McNuggets.

Wall Street loves electric cars, America loves trucks

DETROIT (Reuters) - Wall Street may love the shares of Silicon Valley electric carmaker Tesla Inc , but Americans love big, fuel-thirsty trucks like Ford Motor Co's bestselling F-Series pickups and are paying ever higher prices to buy them.

Place your bets for the Brexit rate hike

LONDON (Reuters) - To hear some economists talk, the Bank of England is about to make a big mistake - raise interest rates just as the economy heads into what could be a major storm.

Central Banks Are Well Behind The Asset Bubble Inflation Curve

By EconMatters

We discuss the Tech Earnings and the Gap Ups in the Market Opening today in this video, very reminiscent of the Tech Bubble Days in Financial Markets. It is obvious that Central Banks are way behind the interest rate hiking curve, we should be 300 basis points or 3% higher across the board in global interest rates. The run-up in these Tech Stocks prior to earnings and then the additional crazy gap ups considering what has already been priced into these stocks the entire year just screams bubble liquidity conditions. Hello, Central Banks I have found your elusive inflation that you are working so hard to find! Just check out the latest Shiller PE Ratio also known as the Cyclically Adjusted PE Ratio (CAPE Ratio) for your historical Bubble Reference Point.

Federal Prosecutors Are Investigating Wells Fargo's FX Business

Last week, WSJ stoked fears that the Feds might be ramping up another probe into abuse and manipulation in the foreign exchange market when it reported that Wells Fargo had abruptly terminated four bankers from its FX business and transferred another. Now, Wall Street's paper of record is reporting that Federal prosecutors are investigating Wells for abuses in its FX shop - but the scope of the investigated is limited to one disputed trade.

According to WSJ, prosecutors have subpoenaed information from Wells and from the recently fired bankers as they investigate a trade and ensuing dispute between Wells and one of its clients, Restaurant Brands International Inc.

RBI owns several fast-food franchises, including Burger King, Tim Hortons and Popeyes Louisiana Kitchen. In an amusing twist, both companies count Warren Buffett's Berkshire Hathaway as one of their largest shareholders.

In a statement, Wells Fargo said it "learned of an issue associated with a foreign exchange transaction for a single client. The matter was reviewed, the client was promptly notified regarding the issue, and Wells Fargo leadership took steps to hold accountable the individuals who were involved. Wells Fargo remains committed to our foreign exchange business, meeting our clients' financial needs in an ethical way, and ensuring ongoing review of this and all business operations."

The foreign-exchange issue revolve ...

J. Edgar Hoover: "Need To Convince Public That Oswald Is Real Assassin"

Amid the thousands of new files released yesterday - though less than expected - were two intriguing memos to, and from, FBI Director J. Edgar Hoover on November 24th, 1963 - the day that Jack Ruby killed Lee Harvey Oswald as the gunman was being transported to the Dallas County Jail after the assassination of President John F. Kennedy.

In a memo issued by Hoover, he appeared to be particularly concerned that the public would have to be compelled to believe that Oswald was a lone actor - not part of a larger conspiracy.

"There is nothing further on the Oswald case except that he is dead."

In the 1964 Warren Report on Kennedy's assassination, NBC notes, Hoover was firm in stating that he hadn't seen "any scintilla of evidence" suggesting a conspiracy - a sentiment he expressed in other public forums, as well, but not in words as blunt as those he used the day Oswald was killed.

Referring to Nicholas Katzenbach, the deputy attorney general at the time, Hoover dictated:

"The thing I am concerned about, and so is Mr. Katzenbach, is having something issued s ...

Amazon...

Amazon shares are up a stunning 12.5% this morning after 'blowout' earnings...smashing Nasdaq to new record highs...

To new record highs...

Looks to us like this was a 'catch-up' trade to the global liquidity glut...

And finally...

"probably nothing"

The Bond Selloff's Missing Ingredient: Inflation

Better growth and tighter central bank policy are lifting bond yields, but the market lacks a critical factor for lift-off.

Asia's Rich Are Helping Swiss Bankers Recover Their Poise

Asian investors, particularly from China, are helping UBS revive from a summer stumble and its shares have further to run.

Chinese Banks' Capital Cushion Isn't So Comfy

Banks have been issuing a huge pile of new debt to shore up their balance sheets, suggesting all is not well beneath the surface.

The Ratings Game: Papa John's results could get sidelined by NFL anthem protests

Instinet analysts have cut earnings guidance based on NFL viewership, which has declined in the wake of national anthem protests.

American Girl dolls are dying, and taking Mattel with them

For Mattel Inc., nearly everything that could have gone wrong in the third quarter did go wrong, including a stark decline in sales for one of the toy maker's most iconic brands, American Girl dolls.

CVS, Aetna bonds clobbered by takeover report

A report that drugstore chain CVS Inc. is in talks with health insurer Aetna Inc. on a possible merger or acquisition sent bonds issued by both companies lower Friday, reflecting investor concerns about the financing of a potential deal.

Earnings Summary for Today

Earnings Calendar provided by Investing.com.

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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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