06Aug2019 Midday Update: Wall Street Gives Up Most Of Rebound From Worst Day Of The Year, DOW Up 60 Points And Slipping, $RUT Flat, Slipping, WTI Crude Slips To 54.35

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 1.27% while U.S.’s S&P 500 is up 0.35% and Mexico’s IPC is up 0.32%.

Trump vows to help farmers as China halts U.S. agricultural purchases

U.S. President Donald Trump on Tuesday vowed to protect American farmers against China by signaling to provide further aid if needed, a day after Chinese firms stopped agricultural purchases and Beijing threatened more tariffs on U.S. farm products.

Snap to raise $1 billion to invest in AR, possible acquisitions

Snap Inc on Tuesday said it will raise $1 billion in short-term debt and plans to invest in more media content, augmented reality features and may also buy other companies.

Vivendi talks Universal with Tencent to tap music revival

Vivendi is in talks to sell up to 20% of Universal Music Group (UMG) to Tencent, valuing its prized asset at around 30 billion euros ($34 billion), as both firms look outside their core regions to expand in a recovering global music market.

Exclusive: Airbus plans A321 Toulouse expansion in traces of axed superjumbo

Airbus is poised to open a new assembly line for the A321neo in Toulouse, France, easing a grip on production of the hot-selling jetliner enjoyed by workers in Germany and accelerating an industrial rethink caused by the demise of the much larger A380.

U.S. labor market slowing as job openings, hiring fall

U.S. job openings and hiring fell in June, suggesting that demand for labor was cooling in tandem with a slowing economy, which could provide another reason for the Federal Reserve to cut interest rates again next month.

U.S. Drug distributors propose $10 billion to end state lawsuits over opioids: Bloomberg

Drug wholesalers AmerisourceBergen Corp , McKesson Corp and Cardinal Health Inc have proposed a $10 billion settlement for claims that they played a part in the U.S. opioid epidemic, Bloomberg reported on Tuesday, citing people familiar with negotiations.

Trump shrugs off trade war concerns; China warns of market chaos

U.S. President Donald Trump on Tuesday dismissed concerns over a protracted trade war with China, as Beijing warned that Washington’s decision to label it a currency manipulator would lead to chaos in financial markets.

Apple, Goldman Sachs start issuing Apple Cards to consumers

Apple Inc and Goldman Sachs Group Inc rolled out a virtual credit card on Tuesday, which will help the iPhone maker diversify from device sales and also build out the Wall Street bank’s new consumer business.

Tech leads Wall Street rebound after worst day of 2019

U.S. stocks rose on Tuesday, helped by technology shares, as China stepped in to stabilize the yuan, a day after Wall Street’s main indexes suffered their sharpest one-day percentage declines of the year.

Pakistan’s Army “Prepared” To Support Kashmir As PM Khan Warns “More Suicide Attacks” Coming

After yesterday’s unprecedented revocation of an over 50-year old constitutional article which gave Indian-administered Kashmir special autonomous status, Pakistan’s army has shot back in provocative statements saying it will “go to any extent” to support Kashmiris amid an Indian military crackdown. “Pakistan Army firmly stands by the Kashmiris in their just struggle to the very end,” said General Qamar Javed Bajwa after meeting with top commanders over the crisis.

“We are prepared and shall go to any extent to fulfill our obligations in this regard,” he added, without specifying what form this might take. At the same time Pakistan’s foreign minister informed the United Nations it is prepared to act in response to the “critical situation”.

Opioid Distributors Propose $10 Billion Settlement To Make Flood Of Lawsuits Go Away

Three major opioid distributors have offered to pay $10 billion to settle claims that the helped fuel the ongoing US opioid epidemic, as nearly 2,000 lawsuits loom against the drug giants, according to Bloomberg.

Nomura: We Are Headed For A Second “Lehman-Like Shock” Selloff

Last week, in the aftermath of the Fed’s “mid-cycle” rate cut which sparked a tantrum in the market demanding the start of an easing cycle (which Trump appeared to deliver when he announced an escalation in the trade war with China which resulted in a devaluation in the yuan below 7.00 just days later), Nomura’s quant team cautioned that as a result of surging economic uncertainty, it anticipated the loss of the “buying support it has been getting from macro-oriented funds and longer-term investors” and the result would be systematic selling pressure which “could gain the upper hand for a while.”

This, as Charlie McElligott detailed, is precisely what happened on Monday when the S&P dipped below key CTA selling thresholds, as we discussed yesterday in “Here Comes The “Extreme Negative Gamma” Selling Avalanche” which materialized almost instantly, sending the S&P on its biggest daily drop of 2019:

Pat Buchanan Blasts Politicians Exploiting Massacres To Raise Poll Ratings

Authored by Patrick Buchanan via Buchanan.org,

It was two days of contrast that tell us about America 2019.

What the new dawn in Kashmir could mean for J&K Bank

What the new dawn in Kashmir could mean for J&K BankAs Jammu & Kashmir becomes a UT, J&K Bank may see changes in shareholding.

Flipkart has a new plan to take on Amazon

Flipkart has a new plan to take on AmazonFlipkart is revamping its app to get the next 100-200 million Indians to transact on its platform.

Axis Bank CEO tells why slowdown’s here to stay

Axis Bank CEO tells why slowdown’s here to stay”My worry is this slowdown will last longer than anyone of us have anticipated,” he said.

June 2019 Headline JOLTS Job Openings Rate Continues To Predict Lower Employment Growth

Written by Steven Hansen

The BLS Job Openings and Labor Turnover Survey (JOLTS) can be used as a predictor of future jobs growth, and the predictive elements show that the year-over-year growth rate of unadjusted private non-farm job openings is in contraction.

Futures Movers: Oil prices surrender recovery gains, tracking volatile stock market

Crude-oil futures turned lower Tuesday, giving up early gains after the stock market pared its recovery and as questions over global demand for oil, tied to U.S. tensions with major trade partners, persisted.

The most important indicator in the stock market today is support zones

If stocks fall below certain levels, there is typically a larger decline ahead.

Dean Foods stock drops as much as 34% as company says cheap milk taking a toll

Dean Foods Inc. stock fell as much as 34% in Tuesday trading after the company reported a quarterly loss that it blames on retailers who are discounting milk to get customers through the door.