econintersect .com

FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.

10Nov2017 Market Close: Wall Street's Doubts On Tax Cuts Weighs On Investors Continuing The Rally Push, WTI Crude Prices Surrendered Ground Along With The Sliding Gold Index

Written by Gary

US equities markets closed fractionally lower (SPY -0.03%), mostly flat with losses seen in Intel and Microsoft. Investors are also worried about the promised corporate tax cuts.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Exclusive: Rupert Murdoch twice discussed CNN with AT&T CEO - sources

NEW YORK (Reuters) - Rupert Murdoch telephoned AT&T Inc Chief Executive Randall Stephenson twice in the last six months and talked about cable network CNN, sources briefed on the matter told Reuters on Friday.

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.

Doubts about tax cuts weigh on Wall Street

(Reuters) - Wall Street surrendered ground on Friday, with losses seen in Intel and Microsoft as investors worried about the future of promised corporate tax cuts following dueling plans unveiled by Republican lawmakers.

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.

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.

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.

MLPs poised for bounce, but could be short-lived

NEW YORK (Reuters) - Master limited partnerships (MLPs) have been beaten down in 2017, but conditions may be turning in their favor for a short-term bounce by year-end.

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.

Driver Who Wounded 3 In Toulouse Car Attack Suffered From "Acute Schizophrenia"

Update (3 pm ET): The Daily Mail is reporting that the driver in today's car attack near Toulous was "suffering from acute schizophrenia". While being arrested, he admited to hearing voices telling him to hurt someone. The three victims are Chinese students - a 22-year-old man and two 23-year-old women.

'The car mounted the pavement soon after 4pm and caused immense panic as it targeted students leaving the college,' said a local police source.

The driver has yet to be named.

* * *

Three students have been seriously hurt after witnesses said a car appeared to deliberately rammed them outside a college in suburban Blagnac near Toulouse. Local media reports citing police say the act appears to have been deliberate, though the attacker's motive is not yet known.

Two of the injured are said to be in a serious condition. All three are thought to be of Chinese origin, the BBC reported.

The incident occurred outside a college in the suburb of Blagnac.

French media quoted police as saying the incident was deliberate but the driver, a 28-year-old man whose name has not been released, was not on a security watch list. He was arrested minutes after the attack, the BBC said. Police say the man was being sought for previous minor offences, notably drugs-related. Unconfirmed reports say he suffered from major psychological problems. The injured students, said to be aged 22 and 23, have been taken to hospita ...

OPEC's War Against Shale Is Far From Over

Authored by Gregory Brew via,

Despite the recent market rally and current bullish streak in oil prices, the years-long competition for market share between OPEC and U.S. shale producers shows no sign of abating, and will likely continue for the next several years at least.

That was OPEC's conclusion in the group's World Oil Outlook released this week. OPEC believes U.S. shale production will grow faster than previously expected, reaching 7.5 million bpd by 2021, an increase of 56 percent from the group's estimate last year.

According to OPEC calculations, current shale production in North America is approximately 5.1 million bpd—an increase of 25 percent from a year ago.

Despite low prices, shale has shown remarkable resilience and an ability to bounce back from downturns.

OPEC expects shale to finally taper off by 2025 and decline by 2030, by which point OPEC will have increased output by eight million bpd, from 33 million bpd to 41.4 million bpd.

You Won't Believe The Nerve of These Three Government Officials

Via The Daily Bell

The problem with government is it elevates people to positions of power over their fellow citizens. And all too often, these people take advantage of their status.

You Get The Prosecutors You Pay For

When you're in power, the rules don't really apply to you. I mean, sure, officially you still have to follow the law. But what happens when a politician is in a position to change the rules?

Texas Attorney General Ken Paxton has found an interesting way to fight charges of securities fraud. His lawyers are attempting to limit how much prosecutors can be paid. As Attorney General, Paxton is in a unique position to defang the prosecutors attempting to hold him accountable for illegal activity.

Goldman's Top Strategist Reveals The Two Biggest Risks To The Market Today

The past few months have been a very nervous time at Goldman Sachs, and not just because Gary Cohn wasn't picked to replace Janet Yellen as next Fed chair.

Back in September, Goldman strategist Peter Oppenheimer wrote that the bank's Bear Market Risk Indicator had recently shot up to 67%, prompting Goldman to ask, rhetorically, "should we be worried now?" The simple answer, as shown in the chart below, is a resounding yes because the last two times Goldman's bear market risk indicator was here, was just before the dot com bubble and just before the global financial crisis of 2008.

One month later, and a decade after Black Monday, it was Goldman's clients' turn to be nervous. As chief equity strategist David Kostin wrote in his Weekly Kickstart report, "In the ninth year of economic expansion, with S&P 500 up 15% YTD, the most common question from clients is, "When will the rally end?" He was referring to the chart below which he prefaced thus:

Thursday marked the 30-year anniversary of Black Monday. On October 19, 1987, the S&P 500 plunged by 22%, its worst single-day return on record. Following the decline in global equity markets, it took the S&P 500 a full year (October 20, 1988) to regain its pre-crash level. This week also m ...

Why Investors Should Get Nervous About Tax Cuts

Congressional Republicans and President Trump are confident they will notch a win on taxes. Investors may not see the final result as the win they had anticipated.

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.

A Rare Win for Wall Street in China

There won't be a land rush for financial firms in China, but the opening up of the Chinese financial system to overseas ownership makes some deals very attractive for Wall Street.

How millennials could change the culture of sexual harassment

Workers' expectations about the workplace are changing.

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.

Equifax will release a free credit-locking service 'for life' — but will people use it?

The new credit locking service will be available in January, the company's CEO said.

Summary of Economic Releases this Week

Real Time Economic Calendar provided by

Earnings Summary for Today

Earnings Calendar provided by

leading Stock Positions

Leading Stock Quotes powered by

Current Commodity Prices

Commodities are powered by

Current Currency Crosses

The Forex Quotes are powered by

To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

Click here for Historical Releases Listing

Make a Comment

Econintersect wants your comments, data and opinion on the articles posted. You can also comment using Facebook directly using he comment block below.

Econintersect Live Market

Print this page or create a PDF file of this page
Print Friendly and PDF

The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.

Keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Middle East / Africa
USA Government

 navigate econintersect .com


Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day


Asia / Pacific
Middle East / Africa
USA Government

RSS Feeds / Social Media

Combined Econintersect Feed

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution



  Top Economics Site Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2018 Econintersect LLC - all rights reserved