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30Oct2017 Market Close: Wall Street Slips Moderately Amid Merck Losses, Tax Talk Takes Equity Shares Down, DOW Closes Down 85 Points, WTI Crude Settles In The Low 45 Handle

Written by Gary

Wall Street pulled back from record-high territory today (SPY -0.4%), weighed down by a drop in Merck shares, as investors assessed President Trump's plan for corporate tax cuts.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Japan's SoftBank doubts merger of Sprint with T-Mobile: source

(Reuters) - SoftBank Group Corp's board of directors is having doubts about the merger it has been negotiating between its U.S. wireless subsidiary Sprint Corp and T-Mobile US Inc , due to fears of losing control of a combined entity, a source familiar with the matter told Reuters on Monday.

Wall St. slips amid Merck losses, tax talk

(Reuters) - Wall Street pulled back from record-high territory on Monday, weighed down by a drop in Merck shares, as investors assessed President Donald Trump's plan for corporate tax cuts.

Cancer-drug setback sends Merck shares down again

NEW YORK (Reuters) - A setback for Merck & Co's key cancer drug sent the drugmaker's stock swooning on Monday for a second straight session, putting the shares on track for their biggest two-day decline in more than eight years.

Apple touches record as brokerages bullish on iPhone X demand

(Reuters) - Several analysts downplayed concerns about Apple Inc's iPhone X production issues and were bullish on demand and sales, pushing the company's shares to a record on Monday.

U.S. regulator wants to loosen leash on Wells Fargo: sources

WASHINGTON (Reuters) - A leading U.S. regulator wants to make it easier for Wells Fargo to pay employees when they leave, loosening a restriction in place since a phony accounts scandal hit the bank last year, according to people familiar with the matter.

Ackman says ADP provided 'misleading' data to ISS: filing

BOSTON (Reuters) - Billionaire investor William Ackman on Monday accused Automatic Data Processing of providing misleading and incorrect data to Institutional Shareholder Services and asked the proxy advising firm to reconsider its recommendations.

New Akzo Nobel boss pursues $30 billion deal with Axalta

AMSTERDAM/FRANKFURT (Reuters) - Dutch paints maker Akzo Nobel, seeking to recover after rejecting a takeover offer and issuing two profit warnings, is discussing a merger with smaller U.S. rival Axalta Coating Systems Ltd to create a $30 billion company.

Citi analysts flag 'real risk' of Macy's dividend cut, shares tumble

CHICAGO (Reuters) - Shares in Macy's Inc tumbled more than 5 percent on Monday to a seven-year low after Citi analysts said the department store operator may cut its dividend to help pay down debt as it grapples with weak margins and foot traffic.

U.S. consumer spending grows at fastest pace since 2009, savings drop

WASHINGTON (Reuters) - U.S. consumer spending recorded its biggest increase in more than eight years in September, likely as households in Texas and Florida replaced flood-damaged motor vehicles, but underlying inflation remained muted.

Inflation Indicator- Hitting resistance in downtrend!

Seems like its easy to hear concerns that inflation is back and that interest rates have to rise. Below looks at the Inflation Indicator (TIP/TLT) and how it is experiencing a key test of resistance at this time.

CLICK ON CHART TO ENLARGE

The NFL Branding Crisis and Player`s Social Political Causes (Free Video)

By EconMatters

We discuss the Bob McNair controversy in context with the bigger picture issue of the NFL`s Brand Image with Consumers in this business and marketing related video. The NFL is a Marketed Product, the wider audience appeal, the more money for everyone involved in the Game!

EconMatters.com All Rights Reserved |

Car Crash - The Wait Is Over

Authored by Blinders Off's Daniel Ruiz via RealVision.com,

Before I get started, I'd like to share a few important things that will help bring perspective to my analysis.



Eighty-six percent of consumers purchasing a new vehicle use financing. The frequency of replacement (trade cycles) by this group significantly impacts the velocity of new-vehicle sales.



Under normal conditions, vehicles financed for 60 or 72 months are traded at 36 or 42 months, respectively. Most leases have a 36-month duration and are held till maturity.



Think of new-vehicle sales as potential used-vehicle supply. The moment the ownership paperwork is completed on a new vehicle, it becomes a used vehicle.

Why used vehicle values?

Only jobs and credit are more important than used-vehicle values are to the health of the auto industry. Fully 86% of new-vehicle sales are financed, and under normal conditions the majority of those vehicles are traded within three years. Knowing that most car loans have a 60-72-month duration, we can assume that the majority of vehicles traded at the three-year mark are not paid off. The level of equity in these loans directly affects consumer behavior and in large part determines when the vehicle will be traded for another new vehicle. The frequency with which this very large group of consumers trades vehicles on which th ...

Netflix Pulls Plug On "House Of Cards" Next Season After Kevin Spacey Sex Scandal

Just as Frank Underwood's Washington tenure is coming to an end, so does the career of the man who plays him, Kevin Spacey.

In the aftermath of today's allegations of unwanted sexual advances in 1986 by Kevin Spacey against a then-teenage Anthony Rapp, Netflix has decided to pull the plug on House of Cards after the upcoming sixth season next year, Deadline reported.

Citing sources, Deadline says that the decision was made today, just over 12-hours after the Rapp first made public his allegations on October 29 of what happened at a party at Spacey's NYC apartment back in the mid-1980s, with key cast and creatives were alerted this morning. Furthermore, Netflix's film Gore which stars Spacey about author Gore Vidal, i said to also be on the chopping block. There is no word yet if the NYPD are looking into the matter that occurred in their jurisdiction back in 1986 between then 14-year old Rapp and Spacey.

The sexual assault claims, which were implicitly validated by Spacey, came as the Emmy nominated House of Cards is currently in production in Maryland on its sixth season.

As reported earlier, late on Sunday Rapp claimed that then 26-year old Spacey drunkenly put the then teen on a bed to "seduce" him. "I was aware that he was trying to get with me sexually," Rapp said last night of the 1986 incident when the Stacey and he were both on Broadway in a revival of Long Day's Journey Into Night and Precious Sons respectively. Shortly afterwards, Spacey issued a statement on twitter saying he "did not remember the encounter" but added he was "horrified" by what Rapp described. "If I did behave then as he describes, I owe him the sincerest apology for what would have been ...

A Stock Market Where the Rally is Actually Deserved

European stocks have rallied sharply this year, but based on companies actually making more money, not investor appetite for ever increasing earnings multiples.

The Savings Rate Is Too Low

Heard on the Street: Americans' low rate of personal saving is remarkable and a return to a higher level could be unpleasant for investors.

A Surprising Shakeout Among Banks as Rates Rise

When the Federal Reserve began raising interest rates, every bank was a winner. As the Fed prepares for its fifth rate boost, some banks are benefiting more than others.

Capitol Report: Special counsel charges for Papadopoulos are first to relate to Trump campaign

George Papadopoulos, a former campaign aide to President Donald Trump, has pleaded guilty to lying to federal agents working for special counsel Robert Mueller, and faces the first criminal charges related to the investigation into Trump's campaign and Russia.

ETF Focus: There's a new front in the ETF fee war: single-country funds

It seems no part of the ETF marketplace is safe from the downward pressure perpetually pushing fees lower and lower.

Outside the Box: What Anthony Bourdain can teach you about succeeding in business

Bourdain is a largely self-taught entrepreneur, which is more common than people imagine.

Summary of Economic Releases this Week

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Earnings Summary for Today

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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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