24Jul2018 Market Close: Wall Street Closed Higher, DOW Up Almost 200 Points, Alphabet Lifts Nasdaq To Record High, Bond Market Sees Largest One-day Selloff In Weeks

Written by Gary

US three major Wall Street indexes have closed higher (SPY +0.5%), but analysts warn the fate of the stock market for 2018 could rest on the next 5 trading days.

Todays S&P 500 Chart

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.

The fate of the stock market for 2018 could rest on the next 5 trading days

The Market in Perspective

Here are the headlines moving the markets.
	Ivanka Trump shuts fashion line, to focus on White House role U.S. President Donald Trump’s oldest daughter, Ivanka Trump, said on Tuesday she is closing her fashion line to focus her energies on advising her father’s White House.
	Scooter companies ride high on hope and hype Segway-Ninebot Group, a Beijing-based manufacturer of electric scooters, rolled into Los Angeles this week hoping to bolster its position as the main supplier for a new wave of well-funded scooter-rental startups and offer a peek at new battery-powered transit products.
	Ford follows GM’s Cruise move with self-driving spinoff Ford Motor Co said on Tuesday it was creating a separate $4 billion unit to house its self-driving vehicle operations and is seeking outside investors, following a similar move in late May by Detroit rival General Motors Co with its Cruise Automation unit.
	S&P, Dow rise as Alphabet results boost earnings optimism The S&P 500 and Dow Industrials rose on Tuesday as Alphabet’s blowout results bolstered expectations of a robust earnings season, though a decline in the Nasdaq pointed to lingering concerns over trade tensions.
	Exclusive: Occidental Petroleum explores sale of pipeline assets – sources Occidental Petroleum Corp is exploring a sale of its pipeline assets, hoping to fetch more than $5 billion and free up capital to invest in exploration and production as oil prices rebound, people familiar with the matter said on Tuesday.
	U.S. safety board to hold hearing on fatal Southwest engine failure The National Transportation Safety Board said on Tuesday it will hold an investigative hearing in November about a midair incident in April in which an engine on a Southwest Airlines Boeing 737 exploded over Pennsylvania, killing one passenger.
	Harley-Davidson’s profit beats estimates, shares rally Harley-Davidson Inc’s shares rallied on Tuesday after the motorcycle maker forecast a lower-than-expected hit to profit margins from President Donald Trump’s trade tariffs and its quarterly earnings topped Wall Street estimates.
	Biogen easily tops Street estimates on Spinraza sales, raises forecast Biogen Inc reported far better-than-expected second quarter profit on Tuesday, driven by strong demand of its Spinraza muscle disease treatment, and the U.S. biotech company raised its full-year profit forecast.
	Italy government delays, amends reform of small lenders Italy’s government agreed on Tuesday to delay a reform of small banks, slowing an overhaul planned by the former center-left government and backed by the European Central Bank.
	Stocks, Bonds Shrug As Bitcoin Jumps, Yuan Dumps And like that, the bond vigilantes were gone… Chinese stocks jumped happily celebrating China’s new easing plan… But FX didn’t! For some context of just what is going in the rest of the world outside FANG stocks, the Chinese currency has crashed more in the last 30 days than at any time in history aside from Lehman and the Great Financial Crisis… The …
	Co-Founder Of FEMEN Commits Suicide In Paris Oksana Shachko, one of three co-founders of the FEMEN movement, has committed suicide in her Paris apartment after two previous attempts. Founded in 2008 and headquartered in Paris, FEMEN gained international fame for its topless protests against sexism, prostitution, political corruption, religious institutions, homophobia and other social issues. After fleeing Ukraine in 2013, the organization has since branched out to several other countries.
	BofA Warns “Fear The Steeper Yield Curve” Friday and Monday’s 10bps cumulative bear steepening of the Treasury curve highlights the extreme sensitivity in the rates market to the degree of foreign monetary policy accommodation. As BofA notes, all it took was speculation in the press that the BOJ is contemplating policy adjustments to engineer higher interest rates in the back end of the JGB curve (in order to aid financial institutions), and global bond yields erupted higher (and bond futures prices lower in Japan, Germany, and US). BofA points out that it also shows that foreign central banks exert material influence on th …
	Ivanka Trump Is Closing Her Fashion Company Ivanka Trump is closing her namesake fashion brand, the First Daughter announced in a statement Tuesday, one year after stepping down from her role at the company to take on a position at the White House. “After 17 months in Washington, I do not know when or if I will ever return to the business, but I do know that my focus for the foreseeable future will be the work I am doing here in Washington, so making this decision now is the only fair outcome for my team and partners” she said in a statement. While apparel sales at the brand, which Ivanka launched in its current form in 2014, soared in the year of the 2016 presidential election, the company also became a lightning rod for critics of her father’s policies, with several anti-Trump groups last year urging shoppers to boycott stores selling Trump-branded goods. Retailers including Nordstrom and Hudson’s Bay stopped selling Ivanka Trump products in the past 18 months, citing their performance, although her wares products are still available on Amazon. In response, Trump ripped Nordstrom after it announced it was dropping his daughter’s clothing line. “My daughter has been treated so unfairly by Nordstrom,” Trump tweeted in February 2017. In the first month of Trump’s administration, White House co …
	Google’s Costly Traffic Jam Eases The internet giant’s strong results help offset growing worries about costs and political risks.
	China Stimulates Again, but Don’t Expect Fireworks China analysts have spent the past three months arguing about whether Beijing will stimulate the economy as growth slows. The answer is now apparent, but what does that mean for markets?
	Bond Report: Treasury yields retreat after bond market sees largest one-day selloff in weeks U.S. government bonds edge higher Tuesday following the largest one-session selloff in weeks.
	Teachers spend hundreds, sometimes thousands of dollars, of their own money on students Educators want kids to feel excited about going to school and motivated while they’re there.
	Personal Finance Daily: How to give your kids a strong head start in life and what time is the $500M+ Mega Millions jackpot tonight? Tuesday’s top personal finance stories