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05Dec2017 Pre-Market Commentary: Wall Street To Open Higher, Nasdaq Futures Fall As Tech Selloff Continues, Dow Looks On Track For Another Record, Crude Prices And The Gold Index Fall

Written by Gary

US stock market index futures are pointing to a higher opening (SPY +0.1%) as data, earnings take center stage as investors keep an eye on key domestic news.


Here is the current market situation from CNN Money

European markets are mixed. The FTSE 100 is higher by 0.11%, while the CAC 40 is leading the DAX lower. They are down 0.38% and 0.15% respectively.

What Is Moving the Markets

Here are the headlines moving the markets.

Nasdaq futures fall as tech selloff continues

(Reuters) - Nasdaq futures were lower on Tuesday as selloff in tech stocks continued, while the Dow was higher as investors looked to profit from stocks that would benefit from potential corporate tax cuts.

China's budding coffee culture propels Starbucks, attracts rivals

SHANGHAI/LOS ANGELES (Reuters) - In Wu Qiong's small cafe in downtown Shanghai, coffee beans nestle in glass jars on the bar while various brews bubble away behind the counter.

Ford ramps up electric vehicle push in China amid slowing sales

SHANGHAI (Reuters) - Ford Motor Co will launch 50 new vehicles in China by 2025, including 15 electrified vehicles, the U.S. firm said at an event in Shanghai on Tuesday, as it looks to rev up sales growth in the market and shift towards cleaner electric cars.

Thyssenkrupp chairman rejects investor call for breakup: Handelsblatt

BERLIN (Reuters) - Thyssenkrupp Chairman Ulrich Lehner has rejected investor calls to break up the industrial group and backed top management's plan to transform the firm into a technology group, Germany's Handelsblatt reported, citing an interview.

iPhone market share slips in October-quarter: research firm

(Reuters) - The market share of Apple Inc's iPhone declined in key regions in the three months ended October, hurt by the unavailability of the iPhone X during that time, research firm Kantar Worldpanel ComTech said on Tuesday.

Apple wins EU trademark case against Xiaomi

LUXEMBOURG (Reuters) - Apple Inc succeeded on Tuesday in preventing Chinese smartphone maker Xiaomi Inc from registering its "Mi Pad" tablet computer as an EU trademark because the name was too similar to Apple's "iPad".

U.S. investors overweight in stocks despite market fears: study

NEW YORK (Reuters) - Three out of four U.S. investors age 40 and older worry about a correction that will eventually end the long-running bull market in stocks, yet most refuse to head for the exits.

GM puts an e-commerce marketplace in the dashboard

DETROIT (Reuters) - General Motors Co on Tuesday said it will equip newer cars with in-dash e-commerce technology, betting it can profit as drivers order food, find fuel or reserve hotel rooms by tapping icons on the dashboard screen, instead of using smartphones while driving.

'No evidence' to justify extraditing Mallya to India, UK court hears

LONDON (Reuters) - Indian tycoon Vijay Mallya should not be extradited to his home country to face fraud charges related to the collapse of his Kingfisher Airlines because there is no evidence to back up India's case against him, a London court heard on Tuesday.

More Anti-Trump Messages Reportedly Sent By Members Of Mueller's Team: "A Lot More Is Going To Come Out"

Days after it emerged that former Special Counsel investigator Peter Strzok was fired from Robert Mueller's Trump-Russia probe in August for sending anti-Trump text messages to his mistress while the two were working together on the Clinton email investigation, Sara Carter of Circa told a Fox News panel that there are more anti-Trump messages sent by Mueller's team floating around.

Carter previously emerged as one of the handful of people to review documents obtained by an undercover FBI informant embedded in the Russian uranium industry. Appearing on Hannity's show Monday night, Carter was asked about rumors of more anti-Trump sentiment expressed by Mueller's team:

Sean Hannity: I'm hearing rumors all over the place Sara Carter that there are other anti-Trump text-emails out there. And we know about them.

Sara Carter: I think you're hearing correctly Sean and I think a lot more is going to come out. In fact, I know a lot more is going to come out based on the sources I've spoken to.

The clip is below:

Tangential ...

Technically Speaking: This Is Nuts

Authored by Lance Roberts via RealInvestmentAdvice.com,

Since the election, markets have accelerated the pace of the advance as shown in the chart below.

The advance has had two main story lines to support the bullish narrative.



It's an earnings recovery story, and;

It's all about tax cuts.

There is much to debate about the earnings recovery story but as I showed previously, and to steal a line from my friend Doug Kass, this "new meme increasingly resembles 'Group Stink.'" To wit:

"Despite many who are suggesting this has been a 'rational rise' due to strong earnings growth, that is simply not the case as shown below. (I only use 'reported earnings' which includes all the 'bad stuff.' Any analysis using "operating earnings" is misleading.)"

< ...

Frontrunning: December 5



Clash Over Young Immigrants Hangs Over Year-End Budget Talks (BBG)

Businesses Lobby for Breaks After Last-Minute Tax Changes (WSJ)

Senate Bill 'Bombshell' Could Raise Taxes on Tech (BBG)

Europe sucked into sell-off, sterling suffers Brexit blues (Reuters)

After Tax Overhaul, GOP Will Pivot to Revamping Welfare (WSJ)

Exiled son of slain Yemen ex-leader calls for revenge (Reuters)

How AI Will Invade Every Corner of Wall Street (BBG)

Does Anything Back This $814 Million Cryptocurrency? (BBG)

Want That House? You'd Better Pay in Cash (WSJ)

Can This 107-Year-Old Steelmaker Be Brought Back to Life? (BBG)

iPhone market share slips in October- ...

Erdogan, Saudis Warn That Recognizing Jerusalem As Capital Would Be A "Red Line", Have "Catastrophic Consequences"

Two weeks ago, Turkish President Recep Tayyip Erdogan won an important concession from President Donald Trump when, in a phone call, Erdogan coaxed a promise from his American partner to stop arming US-backed Kurdish resistance fighters in Syria. But that gesture of goodwill could be swiftly forgotten if Trump follows through with a plan to officially declare Jerusalem the capital of Israel - an act that Erdogan and many other Muslim leaders have said would be a "red line" that could force Turkey and several other Muslim states to break off diplomatic relations with Israel.

In a speech, Erdogan said the recognition of Jerusalem by the US would force Turkey to call an Organization of Islamic Cooperation summit and consider severing ties with Israel.

"Jerusalem is the red line for Muslims. Such a decision will be a heavy blow for all mankind. We will not leave it. We will fight to the end. We may even reach a severance of diplomatic relations with Israel. I once again warn the United States not to take steps that will further deepen the crisis in the region," Erdogan said.

Israel has long claimed Jerusalem as its capital. The city hosts much of the infrastructure of the Israeli government. But the ancient city - which contains the venerated Al-Aqsa mosque, the third holiest site in Islam - is also viewed as the logical capital of a Palestinian state. Palestinians claim East Jerusalem as their rightful capital, while Israeli's claim the whole city, according to the Telegraph.

The Great Tax Windfall Surprise

The biggest winners of the Republican tax plan are corporations. How they actually spend their windfall could jolt the economy and surprise markets.

U.S. Tax Reform Could Be Big in Japan

Tokio Marine is typical of Japanese financial institutions with big U.S. businesses that could benefit from lower tax rates.

How China's Migrant Crisis Could Hit Alibaba

Despite all the talk about artificial intelligence and big data, the success of China's e-commerce industry relies on something more dull: millions of workers willing to work cheaply to deliver parcels to customers' doorsteps. The workers being evicted in Beijing have been vital to e-commerce giant Alibaba's low-cost model.

October 2017 CoreLogic Home Prices Up 7% Year-over-Year

Written by Steven Hansen

CoreLogic's Home Price Index (HPI) shows that home prices in the USA are up 7.0 % year-over-year year-over-year (reported up 0.9 % month-over-month). CoreLogic HPI is used in the Federal Reserves' Flow of Funds to calculate the values of residential real estate.

Economic Report: U.S. imports record amount of goods from China, Mexico, Europe as trade deficit soars

The trade deficit surged 8.6% in October to 9-month high of $48.7 billion as the U.S. imported a record amount of goods from China, Mexico, European Union. OPEC also gained at the expense of the U.S.

Bond Report: Treasury yields rise ahead of economic data

Treasury yields rose on Tuesday before a raft of early economic data that could clarify the outlook for fourth-quarter growth and the upcoming rate increase this December.

Stock investors, enjoy your gains but start protecting your portfolios

U.S. stocks are sky high in this bull market, but they could fade fast, says Nigam Arora.

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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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