28Feb2019 Market Close: Wall Street Continues To Drift Sideways, Dow Falls 69 Points Despite Strong GDP, Weak Chinese Data Add To Sense Of Unease

Written by Gary

US stocks fractionally down as growth fears reverberate, largely underwhelming earnings reports (SPY -0.2%).

The Market in Perspective

Here are the headlines moving the markets.
	Tesla halts orders for cars ahead of promised announcement Tesla Inc halted https://www.tesla.com/soon orders for all its cars on its website on Thursday, ahead of a scheduled announcement from the electric carmaker’s Chief Executive Officer Elon Musk.
	Wall Street slips on earnings, trade concerns Wall Street’s main indexes fell slightly on Thursday as support from better-than-feared U.S. GDP data was countered by concerns about earnings and U.S.-China trade relations.
	Huawei units plead not guilty to U.S. trade secret theft Huawei Device Co Ltd and Huawei Device USA Inc pleaded not guilty to U.S. fraud, trade secrets conspiracy and other charges, and a trial date was set for March 2020, the Justice Department said on Thursday.
	In U.S. charm offensive, China’s Huawei launches ad to combat dark image Huawei Technologies ran a full page ad in major U.S. newspapers on Thursday urging readers not to believe “everything you hear,” about the Chinese tech firm, as it defends itself against government accusations its equipment can be used to spy.
	Starboard joins opposition to Bristol-Myers’ $74 billion Celgene deal Activist hedge fund Starboard Value LP followed Bristol-Myers Squibb Co’s second-largest investor, Wellington Management, in opposing the drugmaker’s $74 billion purchase of biotech Celgene Corp on Thursday, sowing further doubt on would be the largest pharmaceutical acquisition of all time.
	U.S. fines American Airlines, Delta for long tarmac delays American Airlines was fined $1 million and Delta Air Lines Inc $750,000 for violating federal rules barring lengthy tarmac delays at U.S. airports, the U.S. Transportation Department said on Thursday.
	U.S. economic growth in 2018 misses Trump’s 3 percent target The U.S. economy fell short of the Trump administration’s 3 percent annual growth target in 2018 despite $1.5 trillion in tax cuts and a government spending blitz, and economists say growth will only slow from here.
	Global stocks fall on China weakness, tempered trade hopes Global equities markets fell on Thursday as weak Chinese economic data and mixed messages on the progress of trade talks between China and the United States weighed on investor sentiment.
	Allergan shareholder Chevedden backs Appaloosa’s proposal to split CEO-chairman role Appaloosa LP said on Thursday investor John Chevedden was backing the hedge fund’s proposal to split the roles of chairman and chief executive officer at Botox-maker Allergan Plc.
	Best Year For Stocks Since 1987 Continues As Feb Economic Data Crashes Most In 2 Years The S&P 500 continues its strongest start to a year since 1987… Despite the worst monthly drop in US Macro data in two years… This is also China’s best start to a year since 2000…
	Israeli Troops May Have Committed ‘Crimes Against Humanity’ In Gaza Protests: UN Investigators from the United Nations said on Thursday that Israeli troops who shot unarmed civilians – including children – may have committed crimes against humanity during the “Great March of Return” protests last year at the border with Gaza. According to the New York Times, the UN Human Rights Council formed a commission of inquiry, which reported that Israeli security forces had killed 189 Palestinians while injuring more than 9,000. According to a 25-page report by the commission, Israeli authorities have shown little willingness to hold those responsible to account. Of the 189 Palestinians killed, investigators said, 183 were shot with live ammunition, including 35 children, three health workers and two journalists. It reported 6,106 people wounded by live ammunition, including 940 children, 39 health workers and 39 journalists. In addition, 3,098 people were injured by bullet fragments or other shrapnel, or were struck directly by tear gas canisters or r …
	Stockman Slams “Unhinged Madman” Trump “Waging Four Wars On The Economy” Authored by Mac Slavo via SHTFplan.com, A former United States Budget Director has said that president Donald Trump is an “unhinged madman” who is now “conducting four wars on the economy.” David Stockman, the former director of the Office of Management and Budget (OMB) under President Ronald Reagan, told Yahoo Finance’s The Ticker that there is just no way Trump will ever make America great again. Stockman, who just published Peak Trump: The Undrainable Swamp And The Fantasy Of MAGA, argued that Trump is waging a trade war, a border war, a political war against the Fed, and a war on the nation’s solvency. “We have a delusional, unhinged madman in the Oval Office, and anything is possible,” David Stockman said. “He’s conducting four wars on the American economy, and it’s not going to m …
	New US Peace Plan Would Remove All Troops From Afghanistan Within 5 Years: NYT As the American military pulls its troops out of Syria, a process that’s expected to wrap up over the next month, President Trump’s focus will likely shift toward winding down America’s most intractable “forever war”: The ongoing battle against the Taliban in Afghanistan. After arriving at an agreement in principle with the Taliban last month, the New York Times on Thursday published a report about next steps, citing a group of anonymous European and US officials, who offered a broad-strokes accounting of a withdrawal plan that’s rapidly gaining support in Washington and Brussels. The plan, which as become part of the negotiations with the Taliban over a possible power-sharing agreement with the government in Kabul that would bring about an end to the fighting, would involve halving the number of American troops in the country over the coming months – reducing their numbers from roughly 14,000 to 7,000, and shifting the focus of military operations from a “counterinsurgency” framework to focus on “counterterrorism” operations. < …
	Rail Week Ending 23 February 2019: Economically Intuitive Sectors Remain In Contraction Written by Steven Hansen Week 8 of 2019 shows same week total rail traffic (from same week one year ago) contracted according to the Association of American Railroads (AAR) traffic data. The economically intuitive sectors rolling averages remain in contraction.
	Pedestrian deaths could hit a 40-year high A new Governors Highway Safety Association report suggests SUVs, smartphones and more people walking led to 2018’s projected rise in fatalities.
	Trump Today: President slams Cohen as he leaves Kim summit without deal President Donald Trump bashed Michael Cohen a day after his former lawyer told Congress the president was a “con man,” as he left Hanoi without an agreement with North Korea’s leader.
	Commodities Corner: Why gold is down for the month, but still on a long-term track to reach $2,000 an ounce Gold prices have pulled back from a 10-month high in recent sessions, leaving investors wondering why the many geopolitical and economic issues plaguing the market haven’t been able to fully support the metal’s haven appeal.