Written by Gary
A surge in Nike’s shares and a rally in bank stocks today set the DOW and the SP 500 on track for their best day in a little over three weeks (SPY +0.2%). A huge sell-off during the final minutes took the major indexes below where they opened.
Todays S&P 500 Chart
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Nike, banks power Wall Street to biggest gain in three weeks(Reuters) – A surge in Nike’s shares and a rally in bank stocks on Friday set the Dow Jones Industrial Average and the S&P 500 on track for their best day in a little over three weeks. |
| Canada hits back at U.S. on tariffs, says it will not back downOTTAWA (Reuters) – Canada struck back at the Trump administration over U.S. steel and aluminum tariffs on Friday, vowing to impose punitive measures on C$16.6 billion ($12.63 billion) worth of American goods until Washington relents. |
| China’s ZTE shakes up board in bid for U.S. ban liftSHENZHEN, China/HONG KONG (Reuters) – Chinese telecoms giant ZTE Corp announced a new board on Friday in a radical management shakeup as part of a $1.4 billion deal with the United States, moving it closer towards getting a devastating American supplier ban lifted. |
| GM warns U.S. import tariffs could lead to ‘smaller’ company(Reuters) – General Motors Co warned on Friday that expansive U.S. tariffs on imported vehicles being considered by the Trump administration could lead to a “a smaller GM” and risks isolating U.S. businesses from the global market. |
| After stellar run, smallcaps may see some turbulenceNEW YORK (Reuters) – After a strong rally that saw the Russell 2000 notch a record in three straight sessions in June, smallcap stocks may be showing signs of slowing down, leading some market participants to question whether their recent bulletproof performance is starting to crack. |
| Lawsuit targets ‘hidden fees’ in Wells Fargo finance programsNEW YORK (Reuters) – Wells Fargo & Co has been hit with a lawsuit by a Texas jewelry company accusing it of encouraging thousands of retailers nationwide to charge hidden fees to customers using financing programs created by the bank. |
| Bitcoin skids below $6,000, hits lowest level since NovemberLONDON (Reuters) – Bitcoin’s value slid to its lowest level since November on Friday, as waning investor interest and recent negative headlines from global regulators weakened demand for the cryptocurrency and most of its rivals. |
| Treasury chief Mnuchin slams report that Trump wants to exit WTOWASHINGTON (Reuters) – U.S. Treasury Secretary Steve Mnuchin said on Friday a report by the Axios news website, that cited sources as saying President Donald Trump wanted the United States to withdraw from the World Trade Organization, was wrong. |
| U.S. SEC says Morgan Stanley to pay $3.5 million fine over misuse of fundsWASHINGTON (Reuters) – Morgan Stanley agreed to pay a $3.6 million fine after regulators found it failed to detect or prevent misappropriation of client funds, the U.S. Securities and Exchange Commission (SEC) said on Friday. |
| Global Stocks Suffer Worst Year Since 2010 As Emerging Markets, Yield Curves CollapseThe Second Half can’t be any worse that the first, right? H1 2018 was ugly for most… WORST Bitcoin Worst Start To A Year Ever German Banks At Lowest Since 1988 Onshore Yuan Worst Quarter Since 1994 Argentine Peso Worst Start To A Year Since 2002 US Financial Conditions Tightened The Most To Start A Year Since 2002 Global Systemically Important Banks Worst Start To A Year Since 2008 Global Stocks Worst Start To A Year Since 2010 China Stocks Worst Start To A Year Since 2010 German Stocks Worst Start (In USD Terms) Since 2010 Global Economic Data Disappointments Worst Since 2012 Emerging Markets, Gold, Silver Worst Start To A Year Since 2013 High Yield Bonds Worst Start To A Year Since 2013 Offshore Yuan Worst Month Since Aug 2015 Global Bonds Worst Start To A Year Since 2015 Treasury Yield Curve Down Record 16 Of Last 18 Quarters BEST US Tech Stocks Best Start To A Year Relative To Financials Since 2009 Dollar Index Best Quarter Since Q4 2016 WTI Crude Best Month Since April 2016 Bloodbath |
| Canada Retaliates Over “Absolutely Absurd” Trump Tariffs, Says “Will Not Back Down”Canada retaliated at the Trump administration’ steel and aluminum tariffs on Friday, vowing to impose punitive measures on C$16.6 billion ($12.63 billion) worth of American goods until Washington backs down. The tariffs, which will come into effect on July 1, will mostly target U.S. steel and aluminum products, as well as foodstuffs like coffee, ketchup and whiskies (the full list can be found here). “We will not escalate and we will not back down,” Foreign Minister Chrystia Freeland told reporters at a Stelco Holdings in the Ontario steel city of Hamilton. “We are acting very much in sorrow, not in anger,” said Freeland, stressing the closeness of the overall relationship. According to Reuters, bilateral trade is worth around C$2 billion a day. Freeland also said she expected the negotiations would enter an intensive phase after a Mexican presidential election on July 1. Freeland’s announcement marked a new low in ties between the two neighbors and trading partners which have become painfully strained since Trump took power. As in the case of European and Chinese tariffs, the measures are designed to pressure Trump by focusing on goods from states where his political allies hold sway. |
| Prank Caller Patched Through To Trump For 3-Minute Conversation On Air Force OnePresident Trump was prank called yesterday at 30,000 feet on Air Force One after “Stuttering John” Melendez pretended to be New Jersey Democratic Senator Bob Menendez.
Trump starts off the conversation by congratulating “Menendez” on his primary win against Lisa McCormick, telling him he “went through a very tough situation.” The two then discussed immigration – with Trump “Bob, let me just tell you I want to be able to take care of the situation every bit as much as anybody else at the top level. I’d rather do the larger solution rather than the smaller solution.” On the topic of a Supreme Court pick, “Menendez” tried to bait Trump into exchanging political favors for a less conservative pick: “Bob Menendez”: “I promise you, you will have my vote. I will help you if you if you don’t go too conservative, you know what I’m saying?” Trump: Ah… well, we will talk to you about it. We’re gonna probably make a decision Bob over the next two weeks. We have some great choices. Melendez sai … |
| US Charges Over 600 “Despicable, Greedy People” In Multi-Billion Dollar Healthcare FraudWith the opioid crisis still in full swing (and researchers reporting on Wednesday 70,000 opioid-related deaths that were not added to official statistics over the past 20 years) The Department of Justice announced on Thursday the conclusion of a year-long crackdown on opioid overprescribers that led to the indictment of more than 600 people – including 76 doctors – on health-care fraud charges. All told, the DOJ found that the crimes resulted in more than $2 billion in losses for Medicare, Medicaid and Tricare, as well as private insurers.
Medical professionals were also charged with contributing to the country’s opioid epidemic by unlawfully distributing millions of opioid pills.
According to Attorney General Jeff Sessions, the investigation represents the biggest health-care fraud case the DOJ h … |
| Bank Stress Tests Don’t Instill ConfidenceSetbacks are minor for Morgan Stanley and Goldman Sachs, but gaps with the Fed’s view raise concerns. |
| How Amazon Made Pharmacies IllAmazon’s purchase of online pharmacy PillPack sparked a sharp selloff in drug supply chain stocks, as the deal shows the retailing behemoth is serious about entering the pharmacy business. |
| The Trans-Atlantic Catch-Up Trade Has Gone AwryThis was supposed to be the year global markets moved in sync, Europe following the U.S. with higher bond yields and stock prices. But at halftime things don’t look so simple. |
| CryptoWatch: Bitcoin’s plunge means one thing: calls for rallies to $25,000 by year-end are fading—fastBitcoin prices carve out a fresh near-term nadir, extending a downtrend that has taken hold of the world’s No. 1 virtual currency since a May peak and raising doubts about bullish prognostications for the virtual currency. |
| The Fed: It’s been decades since the White House has warned the Fed the way Kudlow just didIt’s been a long time – the early 1990s to be precise – that a White House has warned the Fed over interest rate hikes the way Trump advisor Larry Kudlow just did. |
| Futures Movers: Oil marks a fourth climb, with U.S. prices tallying a year-to-date gain of more than 20%Oil ends higher for a fourth straight session on Friday, booking strong weekly, monthly, quarterly and first-half of the year gains as long-running efforts by OPEC, anticipated increases in demand and supply disruptions combined to thrust prices higher. |
Summary of Economic Releases this Week
Earnings Summary for Today
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