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24Jan2018 Market Update: Wall Street Slips Lower After Making New Historic Highs, US Crude Prices Rally Above $65, Existing-home Sales Fizzle, Gold And Silver Prices Jump

Written by Gary

US equities markets have mostly fallen in midday trading (SPY -0.03%) as losses for Texas Instruments and other chipmakers, as well as Apple, pull technology companies lower.


Here is the current market situation from CNN Money

North and South American markets are broadly higher today with shares in Brazil leading the region. The Bovespa is up 1.75% while Mexico's IPC is up 0.52% and U.S.'s S&P 500 is up 0.02%.

Traders Corner - Health of the Market

Looking at the last three columns (below), the first one (Actual), is what was reported this morning. The second column (Forecast) is what analysts had forecast and the third column is the previous report. Full calendar HERE.

What Is Moving the Markets

Here are the headlines moving the markets.

Wall Street boosted by bank stocks; probe drags GE

(Reuters) - U.S. stocks rose on Wednesday, driven by gains in bank stocks, while shares in General Electric fell after the company revealed a regulatory investigation of a multibillion-dollar insurance charge.

U.S. defends America First agenda ahead of Trump visit to Davos

DAVOS, Switzerland (Reuters) - Senior U.S. officials hit back on Wednesday against suggestions that Donald Trump's "America First" agenda was hurting globalization and trade, setting an aggressive tone ahead of the U.S. president's visit to the World Economic Forum.

U.S. home sales fall as record low inventory boosts prices

WASHINGTON (Reuters) - U.S. home sales fell more than expected in December as the supply of houses on the market dropped to a record low, pushing up prices and likely sidelining some potential buyers.

GE says SEC investigating charge behind $10 billion loss

(Reuters) - General Electric Co said on Wednesday that U.S. securities regulators are probing a massive insurance charge it announced last week, a write-off that produced a $10-billion loss in the latest quarter.

Ford complains rising metals costs hurt profits, rivals unfazed

DETROIT (Reuters) - When Ford Motor Co reports fourth-quarter results on Wednesday afternoon, it is expected to fret that rising metals costs have cut into profits, even as rivals say they have the problem under control.

Key U.S. ruling in Bombardier-Boeing trade dispute delayed to Friday

MONTREAL (Reuters) - The International Trade Commission (ITC) has postponed to Friday a key decision on whether duties should be slapped on American sales of Canadian plane-and-trainmaker Bombardier Inc's largest jet, the U.S. agency said on Wednesday.

Duesseldorf court rejects suit seeking ban of VW diesel cars

DUESSELDORF, Germany (Reuters) - A German court on Wednesday dismissed a suit by an environmental lobby group seeking a ban of certain Volkswagen diesel cars from the western German city of Duesseldorf's streets.

Apple to add battery features after slowdown row

(Reuters) - Apple Inc announced changes on Wednesday that make good on its promise to allow users to turn off a controversial feature that slows down iPhones when batteries are running low, although it signaled it might take months more to deliver.

France's Daher pursues its American Dream with drive to boost aerospace sales

PARIS (Reuters) - French aerospace supplier Daher is targeting earning a third of its revenues in the Americas within five years, buoyed by its first contract with Boeing , its managing director told Reuters in an interview.

More Than 10% Of $3.7 Billion In ICO Profits Has Been Stolen By Hackers

Investing in ICOs - and the cryptocurrency space more broadly - has frequently been compared to investing in penny stocks, like those sold by Jordan Belfort's Stratton Oakmont - the firm from "The Wolf of Wall Street."

But this is a facile - though convenient - comparison. A more precise analysis of the risks associated with ICOs will find that most of more than 800 coins that have been created over the past 18 months will inevitably confirm that ICOs are far more risky than the average penny stock.

ENY

Indeed, incompetence and outright fraud aren't just rampant in the ICO space: They're the norm; even the largest - and purportedly most credible - ICOs - have been tainted by scandal. Offerings like Tezos, which raised more than $230 million and was backed by widely respected VCs like Tim Draper - have been hit with dozens of lawsuits from investors alleging negligence, embezzlement and fraud, according to Reuters.

By some estimates, up to 90% of these offerings will lose money for their investors.

Unlike stocks, ICOs face a singula ...

"Too Big To Believe" - Massive Scandal Is Brewing At The FBI

As the Potemkin Village walls of The Left's 'Trump Collusion' narrative crash and burn along with special counsel Mueller's credibility, The New York Post's Michael Goodwin sees far more wide-ranging problems ahead for America's 'intelligence' agencies as the anti-Trump 'secret society' and lovers-texts-gate debacles threaten the core of the Deep State.

Goodwin writes that, during the financial crisis, the federal government bailed out banks it declared "too big to fail." Fearing their bankruptcy might trigger economic Armageddon, the feds propped them up with taxpayer cash.

Something similar is happening now at the FBI, with the Washington wagons circling the agency to protect it from charges of corruption. This time, the appropriate tag line is "too big to believe."

https://www.zerohedge.com/sites/default/files/inline-images/20180124_fbi.jpg

Yet each day brings credible reports suggesting there is a massive scandal involving the top ranks of America's premier law enforcement agency. The reports, which feature talk among agents of a "secret society" and suddenly missing text messages, point to the existence both of a cabal dedicated to defeating Donald Trump in 2016 and of a plan to let H ...

US Equities Tumble On Ross' China "Direct Threat" Comments

Everything was looking so awesome this morning.. .until Commerce Secretary Wilbur Ross told a group in Davis that China's 2025 Technology Plan was a "direct threat" to the US, sparking another round of protectionist-fear-driven selling in stocks...

https://www.zerohedge.com/sites/default/files/inline-images/20180124_trade.jpg

Trannies were already under pressure from United's drop, but Ross' comments pushed The S&P red briefly...

https://www.zerohedge.com/sites/default/files/inline-images/20180124_trade1.jpg

The move in stocks has also been assigned to the fact that 10Y Yields are back at 2.66%, triggering fears that TINA is over and the cost of funding buybacks is soaring.

Interestingly, no reaction in bonds or the dollar (which both continued their trends lower in price).

Dollar Plunges Most In 10 Months - Worst Start To A Year Since 1987

This morning's collapse in the dollar - the biggest daily drop since March 2017 - has extended the 2018 demise to 3.2%, the worst start to a year since 1987.

https://www.zerohedge.com/sites/default/files/inline-images/Dollar-Collapse.jpg

Despite Wilbur Ross' efforts to walk-back Mnuchin's "game-changer" weak-dollar-policy implications, the Dollar Index is in freefall..

After showing some stability for a few days, Mnuchin's comments extended the plunge that began when The Fed hiked rates in December...

https://www.zerohedge.com/sites/default/files/inline-images/20180124_USD2.jpg

This is the lowest for the dollar since Dec 2014...

Investors Pile Into World's Only Listed Ride-Hailing Company

Stock investors can't invest in Uber, but they can invest in Nasdaq-listed Yandex, owner of Russia's top ride-hailing platform. The terrain up for grabs is vast, the potholes legion.

What to Do When Europe's Boom Comes Off the Boil

Europe's economy has started 2018 in near-record-breaking fashion. That is clearly good news, but markets need to prepare for the inevitable pullback.

Activision's Early eSports Payoff

Esports is a big opportunity for the videogame publisher, but much is already priced in.

Trucking Growth Is Up or Down In December 2017 - It Depends On the Source.

Written by Steven Hansen

Headline data for truck shipments were mixed.

Metals Stocks: Gold aims for highest finish in over a year as dollar skids to 3-year lows

Gold prices climb sharply Wednesday, heading for their highest finish in more than a year, as Trump administration comments favoring a weaker dollar knocked the U.S. currency to three-year lows and buoyed the yellow metal.

NewsWatch: A U.S. senator and world leader will give birth while in office — but the 'motherhood penalty' still affects millions of women

How corporate America has gotten worse (instead of better) for working mothers.

Europe Markets: European stocks retreat from 2-year high as euro rallies; Suez tanks

European stocks break a four-session winning streak, yanked lower by a rally in the euro after U.S. Treasury Secretary Steven Mnuchin cheered the recent slide in the greenback.

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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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