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08Nov2017 Market Update: Wall Street Loses Steam As Banks, Energy Stocks Weigh, DOW Down 15 Points, Nasdaq Up 0.1 Percent, BTFDers Have Yet To Take Control Of Markets

Written by Gary

US stock markets opened lower as expected then stalled (flat) in late morning trading today (SPY -0.02%) as sliding crude prices and concerns over a tax plan and the broader outlook for U.S. growth.

Here is the current market situation from CNN Money

North and South American markets are mixed. The Bovespa is higher by 0.76%, while the IPC is leading the S&P 500 lower. They are down 0.06% and 0.02% respectively.

What Is Moving the Markets

Here are the headlines moving the markets.

Wall Street loses steam as banks, energy stocks weigh

(Reuters) - U.S. stocks stalled in late morning trading on Wednesday as weak oil prices weighed on energy stocks and doubts over a Republican tax plan and the broader outlook for U.S. growth hurt banks.

AT&T says timing of Time Warner deal completion now uncertain

(Reuters) - The U.S. Department of Justice is pushing AT&T Inc for "structural remedies" in order to satisfy antitrust concerns over its purchase of Time Warner Inc , a source told Reuters on Wednesday.

Former Yahoo CEO apologizes for data breach, blames Russians

WASHINGTON (Reuters) - Former Yahoo Chief Executive Marissa Mayer apologized on Wednesday for a pair of massive data breaches at the internet company, blaming Russian agents, at a hearing on the growing number of cyber attacks involving major U.S. companies.

Exclusive: Takata creditors seek $30 billion, far more than it can pay - court filing

TOKYO (Reuters) - Creditors of bankrupt Takata Corp say the parts maker owes them more than $30 billion after the automotive industry's biggest recall over its faulty air bags - many times more than the company can repay, a court filing seen by Reuters shows.

Snap says China's Tencent holds 12 percent stake

(Reuters) - Snapchat owner Snap Inc on Wednesday revealed that China's Tencent Holdings Ltd has a 12 percent stake in the company, a day after dismal results pummeled the stock.

Qualcomm buy may pit Broadcom against Intel in 'connected car' fight

(Reuters) - If Broadcom Ltd's unsolicited $103 billion bid for Qualcomm Inc succeeds, it could set up a battle with Intel Corp for dominance in the production of the next generation of communications chips, which will play a vital role in so-called connected cars.

A year in: U.S. stock market under Trump's shadow

NEW YORK (Reuters) - One year ago, when it became clear that Republican Donald Trump had pulled a historic upset to defeat Democrat Hillary Clinton to the U.S. presidency, futures in the Dow Jones Industrial Average tumbled nearly 900 points.

Turkey's Erdogan, Tesla's Musk discuss cooperation with Turkish firms

ANKARA (Reuters) - Turkish President Tayyip Erdogan and Tesla Inc chief executive Elon Musk met on Wednesday to discuss cooperation between Tesla, SpaceX and Turkish firms, Turkey's presidential spokesman said.

YNAP 2017 revenue growth in lower range of guidance: CEO to Reuters

MILAN (Reuters) - Revenue at Yoox Net-a-Porter (YNAP) this year will grow in the lower part of the expected 17-20 percent range due to logistics delays at one of its website, the online luxury retailer's chief executive said on Wednesday.

"Fully Self-Driving Cars Are Here" - Waymo To Begin Testing Driver-Free Autonomous Taxis In Phoenix

From here on out, if you see a car without a driver meandering around suburban Phoenix, don't be alarmed: It's just Google's Waymo division testing its new driverless taxis - the first of their kind to be tested on US roads without the supervision of a "safety driver."

Wayno has revealed that - effective immediately - it will begin testing the driverless taxis - referred to in technologist parlance as a "level 5" driverless vehicle - in Chandler, Arizona. Thew news represents an important milestone that establishes Waymo as the leader in automated driving technology. Waymo CEO John Krafcik made the announcement Tuesday during in a speech at a web summit in Lisbon, Portugal.

"We want the experience of traveling with Waymo to be routine, so you want to use our driver for your everyday needs," John Krafcik, Waymo's chief executive officer, said at the Web Summit conference in Portugal. "Fully self-driving cars are here."

According to Ars Technica, for the last year, Waymo has offered free taxi rides to ordinary people who live near the Phoenix suburb of Chandler. Until recently, the company's modified Chrysler Pacifica minivans had a Waymo employee in the driver's seat ready to take control if the car malfunctioned.

One reason the company is so confident in its techonology, as Bloomberg points out, is the Alphabet subsidiary has racked up more autonomous test miles on roads than others developing the tech, including Ford Motor Co., General Motors' Cruise Automation unit a ...

One Year Later: These Are The Best And Worst Performing Assets Under President Trump

"A Happy Trumpiversary to all our readers this morning"

- Deutsche Bank

Today marks exactly 12 months since the US election on November 8th 2016, and as Deutsche Bank writes in "A Happy 12 Month Trumpiversary For Markets?" a lot has happened in the last year, although most surprising may be that for all calls of market collapse should Trump get elected, the S&P 500 has actually soared over 20% in the past 365 days according to Goldman which recently calculated that the Trump rally so far ranks as the fourth-best 12-month gain following a presidential election since 1936, trailing only Bill Clinton (1996, 32%), John F. Kennedy (1960, 29%), and George H.W. Bush (1988, 23%).

As Deutsche Bank then picks up, "needless to say that the victory was unprecedented and also a massive shock around the world. Following Trump's victory, it was widely expected that we'd see a much higher chance of fiscal spending but also a reinforcement of the backlash against globalisation and associated forces of which migration policy and trade were probably first and foremost. In reality what we have seen in the last twelve months is plenty of evidence of backlash against globalisation, hostility and controversy, but very little in the way of fiscal policy."

Here is the rest of Jim Reid's observations on how the mar ...

Kremlin Says Trump-Putin Meeting "Highly Likely" In Vietnam This Week

In what is sure to stir up a media storm of over analysis, the Kremlin has commented that there is a strong possibility that Donald Trump and Vladimir Putin will meet on the sidelines of the upcoming international summit in Vietnam.

"Both Putin and Trump have extensive plans for bilateral meetings, which have been agreed upon long beforehand. There is also the APEC summit program, so the relevant offices are trying to choose an appropriate timing and format," he said, adding that the likeliness of a Trump-Putin meeting was high.

As Strategic Culture Foundation's Andrei Akulov notes, President Donald Trump told Fox News last week that he may meet with Russian President Vladimir Putin. He said it was very important to meet the Russian leader. The US president expressed hope that Russia would help solve the North Korea problem. "It's hard to overestimate the importance and significance for all international matters of any contact between the presidents of Russia and the United States," said Putin's spokesman Dmitry Peskov.

Donald Trump's trip comes at a time the Asia-Pacific policy goals require clarification against the background of the US withdrawing from the

Don't Show President Trump These Two Charts

Mexico vehicle production hit a new record high in October - up 11% since President Trump's election...

And Mexico vehicle exports are near record highs - up 13% since President Trump was elected...

Maybe Mexico can afford to 'pay for the wall' after all...

Markets Are Cooking Up Recipe for a Clash

Financial markets have spent a good deal of time fretting about the withdrawal of the extraordinary monetary policy measures taken by central banks. Yet as the Federal Reserve and the ECB have taken action, investors have hardly blinked.

Investors' Growth Obsession Leads Only to Tech

Growth is an increasingly hard achievement these days, so investors are rushing into the one sector that is delivering big numbers—tech.

Tencent Could Repeat Its China Literature Trick

The Chinese tech giant has other peripheral businesses it could float to feed investors hungry for anything with the Tencent label.

NewsWatch: Apple market cap hits $900 billion

Apple Inc. is the first publicly traded U.S. company to reach a $900 billion market capitalization. The iPhone maker passed the mark for the first time in intraday trade Wednesday, after approaching the mark following an earnings report last week that showed optimism about the iPhone X launch and a recovery in many of Apple's other businesses. Apple is by far the most valuable publicly traded U.S. company, as no other businesses have a market cap exceeding $800 billion - Alphabet Inc. surpassed $700 billion for the first time last month, becoming the second company after Apple to accomplish that. Apple shares reached a new intraday record high of $175.50 to accomplish the feat, and must close higher than $175.29 to keep the $900 billion mark. Apple stock has gained more than 50% this year, while the S&P 500 index has gained 15.7% and the Dow Jones industrial average , which counts Apple as a component, has added 19.1%

Twitter just gave you more space, but the internet is begging you not to take it

The popular social media platform doubled the amount of space users are allowed, causing an immediate backlash.

Earnings Outlook: Macy's earnings: Analysts say the company isn't making much money in retail

Macy's, like many department stores, has been feeling sales and margin pressure, which shows few signs of turning around near term.

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