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10Nov2017 Market Update: Wall Street Trends Lower And Sideways In Early Afternoon Trading, DOW Down 63 Points, Gold And Crude Prices Slip One Percent

Written by Gary

Wall Street is set for a downbeat end to the week (SPY 0.2%), with US stocks recording more losses, as investors continue to worry a possible delay in much-anticipated corporate tax cuts ending the recent stock rally.


Here is the current market situation from CNN Money

What Is Moving the Markets

Here are the headlines moving the markets.

GE cutting staff ahead of new CEO's Monday overhaul: sources

NEW YORK (Reuters) - General Electric Co is laying off sales staff and other employees in its software division, according to people familiar with the matter, ahead of new Chief Executive John Flannery's expected announcement on Monday of a plan to slash costs and jettison units in an effort to improve the company's profits.

Dow, S&P slip on tax bill worries; Nvidia boosts Nasdaq

(Reuters) - The benchmark S&P 500 and the blue-chip Dow indexes were lower in afternoon trading on Friday as investors continued to grapple with concerns over a delay in corporate tax cuts, while the Nasdaq pared losses, helped by gains in Nvidia and media stocks.

Bitcoin slides by over $1,000 in less than 48 hours

LONDON (Reuters) - Bitcoin dropped below $7,000 on Friday to trade more than $1,000 down from an all-time high hit on Wednesday, as some traders dumped it for a clone called Bitcoin Cash, sending its value up around a third.

China widens foreign access to its giant financial sector

BEIJING (Reuters) - China will raise foreign ownership limits in financial firms in a step granting access to a tantalizing multi-trillion dollar financial services market, as the world's second-biggest economy seeks to position itself as a major global finance hub.

Nvidia shares set record as Volta chips ensure future growth

(Reuters) - Shares of Nvidia Corp hit a record on Friday, after it posted stellar quarterly results powered by higher demand for graphics chips used in gaming and data centers, and the rapid adoption of its new Volta chips for AI and driverless cars.

Disney shares rise as focus turns to streaming commitment

(Reuters) - Walt Disney's shares rose 3 percent on Friday, as Wall Street shrugged off poor financial results and focused instead on the media giant's commitment to build a service that will compete aggressively with video streaming pioneer Netflix.

Uber loses UK appeal bid to overturn workers' rights decision

LONDON (Reuters) - Taxi app Uber [UBER.UL] lost a bid on Friday to overturn a decision by a tribunal which had said its drivers deserved workers' rights such as the minimum wage, in a blow to the company as it also battles to keep its license in London.

Blooming U.S. business interest in Cuba wilts under Trump

HAVANA (Reuters) - Packed into a remote corner of a pavilion, just 13 U.S. companies took stands at Cuba's sprawling trade fair this year, in a sign of how firms' interest in doing business on the island has dwindled in the first year of Donald Trump's presidency.

German regulator launches another probe into VW over scandal

BERLIN (Reuters) - Germany's financial watchdog said on Friday it was investigating whether Volkswagen illegally disclosed information about its emissions scandal to third parties, adding to the carmaker's legal headaches more than two years after the scandal broke.

US Oil Rig Count Surges Most In 5 Months

Tracking the lagged rebound in WTI prices, the US oil rig count rose by 9 this week - the biggest weekly rise since June.

And with production at record highs, we suspect OPEC will need to jawbone some more...

And total US Crude output just hit a new record high...

Dijsselbloem Admits "We Used Taxpayers' Money To Bailout The Banks"

"We had a banking crisis, a fiscal crisis and we spent lot of the tax-payers' money - in the wrong way, in my opinion - to save the banks" outgoing Eurogroup head Jeroen Dijsselbloem said adding "so that the people criticizing us and saying that everything was being done for the benefit of the banks were to some extent right."

As KeepTalkingGreece.com reports, Dijsselbloem was responding to a question posed by leftist MEP Nikos Chountis during a session at the European Parliament's Employment and Social Affairs Committee on Thursday.

"This is valid for the banks of all our countries. Everywhere in Europe banks were saved at taxpayers' cost," he underlined.

"This was the reason for banking union and the introduction of higher standards, better supervision and a reform and rescue framework when banks have losses," he said stressing "precisely so that we don't find ourselves in that situation again."

Despite the admission he supported the fiscal programs for Greece. He claimed that "there have been measures to boost employment." He confirmed "even today when I spoke with the [lenders'] institutions they assured me that the third review is going well."

Labor market reforms, unemployment

The labour market reforms adopted by Greece h ...

China's Finance-Sector Opening Would Be Great News---if You Could Make Money

U.S. banks will finally get a chance to run their own securities firms in China and take big stakes in local lenders, as Beijing marks President Trump's visit with a concession. Translating that into big profits will be a lot trickier.

Plunging Cable Giant Altice Is a Bargain for the Brave

Contrarians could profit from investing in billionaire shareholder Patrick Drahi's ailing trans-Atlantic empire.

A Bit of Holiday Cheer From Retailers

Retailers are confident that shoppers will visit their stores during the holiday season. Investors who procrastinate may miss out.

Tesla's junk bonds are trading under water — and it could spell trouble for Elon Musk

Tesla bonds, sold to much fanfare in August, are deep in the red, boding ill for the Silicon Valley car maker's next attempt to tap capital markets.

London Markets: FTSE 100 closes at 6-week low as retailers fall, pound rises

U.K. stocks drop Friday, with retailers and energy producers among those that lost ground, leaving the London gauge of blue-chip stocks at its lowest close since late September.

Metals Stocks: Gold takes a leg lower, but hangs on to weekly gain

Gold futures see losses accelerate Friday afternoon, even as both stocks and the dollar, which typically move inversely to precious metals, slump on the back of waning confidence for economy-boosting tax reform.

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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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