14Aug2019 Market Close: Wall Street Sees More Pain To Come, DOW Closes Down 800 Points Near Session Lows, US Dollar Reaches 98.05, Expect Corrective Bounce Tomorrow Morning

U.S. stocks stumble on fears of looming recession

Wall Street stumbled on Wednesday as investors fled equities for safe-haven assets, seeking shelter amid gathering signs that a recession could be on the horizon.

U.S. yield curve inversion highlights recession fears, Fed dilemma

When the U.S. Federal Reserve cut interest rates last month for the first time in more than a decade, it signaled that further reductions in borrowing costs might not be needed. Bond markets vehemently disagree.

U.S. curve inverts for first time in 12 years; 30-year yield tumbles

The U.S. Treasury yield curve temporarily inverted on Wednesday for the first time since June 2007 in a sign of investor concern that the world’s biggest economy could be heading for recession.

Oil drops 3% on weak global economic data, U.S. crude stocks build

Oil prices shed 3% on Wednesday after fresh Chinese and European economic revived global demand fears and U.S. crude inventories rose unexpectedly for the second week in a row.

Sierra Nevada chooses ULA’s Vulcan to launch space station supply runs

Sierra Nevada Corp, a privately owned defense contractor with spaceflight ambitions, said on Wednesday it picked United Launch Alliance’s Vulcan rocket to launch its Dream Chaser space plane on cargo missions to the International Space Station.

GE secures four-year labor deal with unions for 6,600 workers

General Electric Co has clinched a labor deal with all 6,600 of its unionized workers in the United States, averting potential strikes that could have hit the ailing conglomerate’s jet engine production, the company and unions said on Wednesday.

FCC chairman circulates order to approve Sprint, T-Mobile tie-up

U.S. Federal Communications Commission Chairman Ajit Pai on Wednesday circulated a draft order that would grant approval to the $26 billion tie-up of T-Mobile Us Inc and Sprint Corp.

Stocks, oil plunge on growing signs of global slowdown

Equity markets tanked and oil prices fell sharply on Wednesday after a closely watched bond indicator pointed to the growing risk of a U.S. recession that was heightened by data showing Germany’s economy in contraction and China’s worsening.

WeWork to test IPO investor appetite with widening losses

WeWork owner The We Company published detailed financial statements for the first time on Wednesday, revealing breakneck revenue growth and soaring losses, as it prepares for an initial public offering as early as next month.

Markets In Turmoil: “Clubbed Like A Baby Seal!”

Since Powell cut rates, Bonds and Bullion are up 6%, Stocks are down 6%, and the dollar is unchanged…

Epstein Tapes Emerge: Dead Pedophile Describes His Lifestyle In Unearthed Recordings

In 2003, Jeffrey Epstein sat for five hours to give a rare interview with journalist David Bank, offering his thoughts on subjects ranging from mathematics, to exorbitant wealth, to the important of prenuptial agreements.

Trump Bashes “Clueless” Jay Powell And “CRAZY” Inverted Yield Curve

As the 2s10s curve inversion continues to rattle investor confidence, President Trump has chimed in with roughly half an hour left in the trading day to try and revive the market’s optimism during what’s looking to be the worst session for stocks this year (and the second 700+ point loss for the Dow this month)…

We are winning, big time, against China. Companies & jobs are fleeing. Prices to us have not gone up, and in some cases, have come down. China is not our problem, though Hong Kong is not helping. Our problem is with the Fed. Raised too much & too fast. Now too slow to cut….

— Donald J. Trump (@realDonaldTrump) August 14, 2019

…While also seizing on yet another opportunity to blame the Fed for the latest inversion in the curve (and let’s not forget about 30-year yield hitting all-time low).

..Spread is way too much as other countries say THANK YOU to clueless Jay Powell and the Federal Reserve. Germany, and many others, are playing the game! CRAZY INVERTED YIELD CURVE! We should easily be reaping big Rewards & Gains, but the Fed is holding us back. We will Win!

— Donald J. Trump (@realDonaldTrump) August 14, 2019

It’s hardly a coincidence that Trump – who is hell bent on blaming Powell for the coming crash – is now slamming the Fed Chairman with a fresh harshly worded tweet every time the Dow slides 200 points lower.

Rickards: China Is A Paper Tiger

Authored by James Rickards via The Daily Reckoning,

China’s shock currency devaluation last week begs the following questions: Is China a rising giant of the twenty-first century poised to overtake the United States in wealth and military prowess? Or is it a house of cards preparing to implode?

What slowdown? Mobile, white goods tell a different story

What slowdown? Mobile, white goods tell a different storySales of smartphones and white good have grown at a faster pace in the six months from Jan to June.

A few ideas for fixing India’s economy

A few ideas for fixing India’s economy Reviving growth calls for spending political capital, to fix structural problems.

What you should know about ATM charges

What you should know about ATM chargesFailed transactions, non-cash swipes at ATMs shouldn’t be counted as part of free transactions, RBI has said.

A new lawsuit accuses YouTube of restricting and demonetizing LGBTQ creators’ videos

Lawsuit alleges the company excludes LGBTQ-related videos from recommended content and deploys its “restricted mode” to unfairly restrain LGBTQ creators’ speech.

Market Extra: Check out the only S&P 500 companies trading higher in Wednesday’s ugly selloff

U.S. stocks have one of their worst trading sessions in 2019. Fears that a recession could hit global and domestic economies intensified after a widely watched rate spread between the 10-year and 2-year Treasury notes inverted.

Market Extra: After the yield curve inverts — here’s how the stock market tends to perform since 1978

The inversion of the main measure of the yield curve, or a negative spread between short-term and long-term yields, has preceded the last seven recessions. However, that doesn’t mean that recessionary jitters will spark a lasting selloff in equity markets.