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01Nov2017 Open Market Commentary: Wall Street Opened Higher, ADP Private Payrolls Highest Since March, Stocks Clock Up Fresh Records, WTI Crude Hits Highest Level Since Mid-2015

Written by Gary

US equities markets opened higher with the Nasdaq setting a new record high (SPY +0.4%) as the Fed is expected to keep interest rates unchanged today.


Here is the current market situation from CNN Money

European markets are broadly higher today with shares in Germany leading the region. The DAX is up 1.87% while France's CAC 40 is up 0.47% and London's FTSE 100 is up 0.25%.

What Is Moving the Markets

Here are the headlines moving the markets.

Stocks clock up fresh records as oil hits highest since mid-2015

LONDON (Reuters) - World stock markets notched up a fresh record high on Wednesday, powered by a 3 percent jump in basic resources shares after oil prices hit their highest since mid-2015 and by robust earnings from companies such as Sony.

Fed set to hold rates steady ahead of Trump's leadership decision

WASHINGTON (Reuters) - The Federal Reserve is expected to keep interest rates unchanged on Wednesday as speculation swirls on who will be its next leader, but the U.S. central bank will likely point to a firming economy as it edges closer to a possible rate rise next month.

Bitcoin blasts to new all-time high of $6,450

LONDON (Reuters) - Bitcoin climbed to a new all-time high of $6,450 on Wednesday, boosted by bets the cryptocurrency could enter the financial mainstream after the world's largest derivatives exchange operator said on Tuesday it would launch bitcoin futures.

TPP talks without U.S. near final stretch ahead of APEC

URAYASU, Japan (Reuters) - The 11 remaining nations in the Trans-Pacific Partnership (TPP) without the United States edged towards sealing a comprehensive free trade pact after New Zealand agreed to amend laws that are not subject to TPP, to enable its ban on foreign home purchases.

U.S. private job growth hits 7-month high as storm effect fades: ADP

(Reuters) - U.S. companies added the most workers in seven months in October as hiring rebounded from a drop in September stemming from Hurricanes Harvey and Irma, a report by a payrolls processor showed on Wednesday.

Thomson Reuters profit tops estimates, revenue misses

(Reuters) - Thomson Reuters Corp on Wednesday beat quarterly profit expectations on Wednesday, even as revenue slightly missed, and said full-year earnings will be at the high end of its earlier forecast.

Wal-Mart triples online items, lowers prices as holiday season kicks in

CHICAGO (Reuters) - Wal-Mart Stores Inc is planning to boost sales and fend off rivals this holiday season by doubling down on incentives for shoppers who buy online and those who visit its stores.

Futures jump on strong earnings; Fed takes center stage

(Reuters) - U.S. stock index futures pointed to a strong opening for Wall Street on Wednesday, as an upbeat third-quarter earnings season lifted sentiment while investors waited for clues on future rate hikes from the latest Fed meeting.

New York Times' revenue rises 6.1 percent in third quarter

(Reuters) - The New York Times Co's revenue rose 6.1 percent in the third quarter as the newspaper company signed up more paying online readers.

Is Blockchain Ushering in a New Era of Deal-Making?

In the ever-expanding modern global economy, international deal-making is an integral part of trading, investments, and exchanging value across national borders. Dealings on a domestic platform are easier to conduct, where contract-driven activities can be verified in person and more reliably, without leaving much room for fraudulent activity or valuable information to be compromised.

For international economic ventures to proceed, contracts must be signed and managed remotely. This may prove to be a dubious notion when operating with the help of today's array of unstandardized and haphazard online circuits, which can often prove inauthentic and put either or both parties at risk. Signatures can be superimposed illegally, data can be stolen, and the overall sanctity and confidentiality of the contract violated, not to mention the harried process of maintaining these relationships. For these ...

Invest In Gold To Defend Against Bail-ins

Invest In Gold To Defend Against Bail-ins

- Italy's Veneto banking meltdown destroyed 200,000 savers and 40,000 businesses
- EU bail-in rules have wiped out billions for savers and and businesses, with more at risk
- Bail-ins are not unique to Italy, all Western savers are at risk of seeing savings disappear
- Counterparty-free, physical gold bullion is best defence against bail-ins

Bitcoin Surges To New Record High $6600 On Futures Hope & Fork Dividends

Amid hopes for more mainstream adoption, thanks to CME launching Bitcoin futures, and expectations of another 'fork dividend' as the SegWitzx software update looms, Bitcoin prices have soared above $6600 this morning...

It appears traders are rotating out of other cryptos into Bitcoin once again...

Sending Bitcoin above $108 billion market cap and over $6600...

Mati Greenspan, an analyst with trading platform eToro, said on Wednesday about CME launching Bitcoin Futures...

"Not only is this a monumental testament to the belief in bitcoin and the demand in the market but it will also boost the liquidity by opening the market to many more interested players."

There is also speculation that this most recent surge is being driven by another upcoming "fork" in bitcoin's underlying software. The SegWit2x software update is scheduled for November 16 and could split bitcoin in two, creating a new currency.

This has happened in the past with Bitcoin Cash and Bitcoin Gold, and in those cases, bitcoin holders got those new coins for free.

As a result, investors may be piling into bitcoin in the hopes of a SegWit2x dividend.

ADP Private Payrolls Highest Since March: Jump 235K In Post-Hurricane Rebound

Following September's big hurricane-precipitated slowdown in the labor market, moments ago ADP reported that in September private payrolls rebounded from a downward revised 110K (from 135K), which was still significantly higher than the BLS' own negative print, to 235K beating expectations of a 200K print (which emerged from a decided wide range of estimates, from 135K to 340K) and the highest since March.

Commenting on the stronger than expected print, Ahu Yildirmaz, vice president and co-head of the ADP Research Institute said "The job market remains healthy and hiring bounced back with one of the best performances we've seen all year. Although the service providing sector was hard hit last month due to the weather, we saw significant growth in professional services, especially in the higher paid professional technical jobs. Additionally, small businesses rebounded well from the impact of Hurricanes Harvey and Irma, posting very strong gains."

ADP's Mark Zandi, also chief economist at Moody's Analytics, said, "The job market rebounded strongly from the hit it took from Hurricanes Harvey and Irma. Resurgence in construction jobs shows the rebuilding is already in full swing. Looking through the hurricane-created volatility, job growth is robust."

Some more details, starting with Change in Nonfarm Private Employment:

Change in Total Nonfarm Private Employment

Startups That Never Grow Up

The flood of cash into startups has allowed companies to stay private for far longer than in the past, raising the question of whether many companies are worth the $1 billion-plus values private investors have attached to them.

Razer's IPO Looks an Expensive Game

Will people buy new keyboards and mice the way they buy iPhones? That's the question investors should ask before they jump into Razer's initial public offering.

SoftBank Ought to Back a Sprint and T-Mobile Marriage

Sprint is once again running away before exchanging vows with T-Mobile.Instead of going back and forth on the terms, SoftBank should just take the plunge.

October 2017 ADP Job Growth Is 235,000 - The Hurricane Bounce

Written by Steven Hansen

ADP reported non-farm private jobs growth at 235,000. This high number bounce is blamed on the recovery from the hurricanes.

Trucking Growth Slows In September 2017

Written by Steven Hansen

Headline data for truck shipments shows slower growth in September.

Next Avenue: How to navigate the Medicare maze

It's open enrollment time. Here are 6 tips for enrolling in Medicare.

NewsWatch: One old-fashioned reason why Tesla's stock could soon 'implode'

There is a bull market in big news stories this morning, with the fallout from the Manhattan terror attack dominating. We're also getting another flood of earnings, including from Tesla, the subject of our bearish call of the day.

The New York Post: Marriott heir sues father over cutting him out of the family trust

John Marriott III claims his dad, Bill Marriott, disowned him after John divorced his wife, Angela, against his dad's wishes.

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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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