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02Feb2018 Market Update: Wall Street Sinks, DOW Down 350 Points, WTI Crude Taps The 64 Handle, Economy Added 200,000 Jobs In January, Wage Growth Best Since 2009

Written by Gary

The US equities main benchmarks are on track for the biggest weekly declines in 2 years (SPY -1.0%). US job growth surged in January and wages increased further.


Here is the current market situation from CNN Money

North and South American markets are broadly lower today with shares in Brazil off the most. The Bovespa is down 1.51% while U.S.'s S&P 500 is off 1.00% and Mexico's IPC is lower by 0.40%.

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.

U.S. hiring accelerates; annual wage growth strongest since 2009

WASHINGTON (Reuters) - U.S. job growth surged in January and wages increased further, recording their largest annual gain in more than 8-1/2 years, bolstering expectations that inflation will push higher this year as the labor market hits full employment.

Wall Street drops due to robust jobs data, weak earnings

(Reuters) - U.S. stocks sank on Friday, weighed down by weak earnings reports from blue-chip companies and as a robust U.S. jobs report boosted bond yields and bolstered expectations that the pace of interest rates hikes could pick up.

Dell explores IPO or potential merger with VMware

(Reuters) - Computer maker Dell Technologies Inc said on Friday it is evaluating a potential public offering of its common stock or a combination with business software provider VMware Inc .

Breaking News, Murdoch edging towards solution to bring Sky in house

LONDON (Reuters) - Rupert Murdoch's Fox is hoping the creation of an independent editorial board to protect the news channel at bid target Sky will satisfy regulators and allow it to finally take control of the European pay-TV group.

Refining weakness drags down Exxon, Chevron results; shares plunge

HOUSTON (Reuters) - Exxon Mobil Corp and Chevron Corp posted rare quarterly earnings misses on Friday as cost cuts and rising oil prices failed to offset weakness in international refining operations, sending shares down in morning trading.

Starbucks to hire 150 people for its first Italian store

MILAN (Reuters) - Starbucks Corp said on Friday it was starting to recruit 150 people for its first outlet in Italy, the home of the espresso and a market the world's biggest coffee seller has yet to tap.

Vodafone in talks to buy Liberty Global assets

LONDON (Reuters) - Vodafone said on Friday it was in talks with John Malone's Liberty Global about buying some of the cable company's assets in Europe.

Bitcoin tumbles as cryptocurrency sell-off intensifies

LONDON/NEW YORK (Reuters) - Cryptocurrencies plunged on Friday, with bitcoin at one point sliding below $8,000 and headed for its biggest weekly loss since December 2013, as worries about a regulatory clampdown globally sent investors scrambling to sell.

Boeing proposes Embraer tie-up excluding defense unit: source

BRASILIA (Reuters) - Boeing Co has sought the Brazilian government's approval of a partnership with planemaker Embraer SA that would create a new company focused on commercial aviation, a person familiar with the matter said on Friday.

Stocks Slump, VIX Spikes On Memo Release

While US equity markets were already fading from payrolls, the headlines of what is alleged within 'the memo' appears to have spooked stocks, legging The Dow to new lows, down 400pts...

With The Dow back at 2-week lows...

And VIX spiked above 15.00...

FISA Memo Released: Here's What It Says

Moments ago, the House Intel "FISA" memo authored by Devin Nunes was officially declassified, and according to the Washington Examiner's Byron York who has access to an early released version, a key point is that the salacious and still unproven Steele dossier formed the essential part of the initial and all three renewal applications against Carter Page, in line with what as previously leaked.

As York also explicitly highlights, "The FBI's Andrew McCabe confirmed to the committee that no FISA warrant would have been sought from the FISA Court without the Steele dossier information."

This, as Fox News confirms, means that absent the dossier, at least one of the surveillance warrants in the case would not have been obtained, and - by implication - the entire Mueller probe is thus on shaky legal ground.

Back to the memo, which as York adds, "the political origins of the Steele dossier were known to senior DOJ and FBI officials, but excluded from the FISA applications."

More House Intel memo key point: The political origins of the Steele dossier were known to senior DOJ and FBI officials, but excluded from the FISA applications. https://t.co/jzSl1tzhfc

— Byron York (@ByronYork) February 2, 2018

York then also note that DOJ official Bruce Ohr was relayed information about Christopher Steele's bias. Steele told Ohr that he, Steele, was desperat ...

President Trump Approves Declassification Of FISA Memo; Sends Back To House

Just a headline from Reuters for now, which sets off today's fireworks:

PRESIDENT TRUMP APPROVES DECLASSIFICATION OF CONTROVERSIAL REPUBLICAN MEMO, SENDS BACK TO HOUSE INTELLIGENCE COMMITTEE - FOX NEWS

This is in line with what leaks reported yesterday. Next, we look forward to leaks from the House Intel Committee about the timing of the official release and whether it will have to be revoted first due to the alleged changes in the memo.

Pat Buchanan Sees A 'Never-Trump' Press In Near-Panic

Authored by Patrick Buchanan via Buchanan.org,

"All the News That's Fit to Print" proclaims the masthead of The New York Times. "Democracy Dies in Darkness," echoes The Washington Post.

"The people have a right to know," the professors at Columbia University Graduate School of Journalism hammered into us in 1962. "Trust the people," we were admonished.

Explain then this hysteria, this panic in the press over the release of a four-page memo detailing one congressional committee's rendering of how Trump-hate spawned an FBI investigation of Republican candidate and President Donald Trump.

What is the press corps afraid of? For it has not ceased keening and caterwauling that this memo must not see the light of day.

Do the media not trust the people? Can Americans not handle the truth?

Is this the same press corps that celebrates "The Post," lionizing Kay Graham for publishing the Pentagon Papers, top-secret documents charging the "Best and the Brightest" of the JFK-LBJ era with lying us into Vietnam?

Why are the media demanding a "safe space" for us all, so we will not be harmed by reading or hearing what the memo says?

Security secrets will be compromised, we are warned.

Really? W ...

No Bill Yet for Facebook's Fixes

The social network's changes slow user growth but financials stay strong.

5G Coming Sooner, But Who Will Reap Benefits?

Silicon Valley companies have reaped most of the benefits of the smartphone revolution, leaving network builders and operators running to stand still. It seems unfair, but the 5G era might not be any different.

How Alibaba Built Its Way to Record Sales

China's e-commerce giant Alibaba delivered another record quarter, though investors should worry about how it got there.

Next Avenue: The biggest job-hunting challenges millennials face

You can help your adult kids navigate the stormy waters between graduation and their new career.

The big mistake investors make once they hit that first $1 million

An unexpected risk for investors once they become 401(k) 'millionaires'

Capitol Report: Here's the latest update to the Trump Scoreboard after the January jobs report

The January jobs report showed a welcome bump in wages. But the Trump Scoreboard — MarketWatch's measure of jobs growth, wage gains and the stock market — doesn't look quite as pretty after the latest update.

Earnings Summary for Today

Earnings Calendar provided by Investing.com.

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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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