Written by Gary
U.S. Averages closed almost two percentage points lower as sliding oil prices added to concerns about the health of the global economy and a disappointing forecast from Exxon Mobil. Treasury yields also fell to a nine-month low today as a renewed selloff in oil and stocks sent investors into safe assets such as government bonds.
Todays S&P 500 Chart
The Market in Perspective
Here are the headlines moving the markets. | |
![]() | Yahoo to say it is exploring ‘strategic alternatives’ (Reuters) – Yahoo Inc is expected to announce on Tuesday that it is exploring “strategic alternatives” for its struggling Internet business, a person familiar with the matter said. |
![]() | Spin-off or sale? Yahoo turnaround plan in focus as earnings awaited SAN FRANCISCO (Reuters) – Yahoo Inc’s plans to turn around its struggling core business are set to dominate its earnings report on Tuesday, with investors keen to see if CEO Marissa Mayer will push ahead with a proposed spin-off or entertain calls for a complete sale. |
![]() | Wall Street falls 2 percent as Exxon Mobil, oil weigh (Reuters) – U.S. stocks dropped more than 2 percent in late Tuesday trading after a disappointing forecast from Exxon Mobil and another steep drop in oil prices. |
![]() | U.S. January auto sales stronger than expected DETROIT (Reuters) – U.S. auto sales fared better than expected in January as the industry continued to benefit from low gasoline prices, easy credit and moderate economic growth, major automakers said on Tuesday. |
![]() | ChemChina close to striking deal for Syngenta: sources (Reuters) – China’s state-owned ChemChina is nearing a deal to buy Swiss seeds and pesticides group Syngenta for around 43 billion Swiss francs ($42.2 billion), two people familiar with the matter said on Tuesday. |
![]() | EU seeks to bring U.S. trade talks towards a close by summer: trade commissioner AMSTERDAM (Reuters) – The European Union aims to bring free trade negotiations with the United States towards a close by the summer, a necessary step if a deal is to be clinched before a change of president in the United States. |
![]() | Chipotle stock up ahead of quarterly report SAN FRANCISCO (Reuters) – Chipotle Mexican Grill’s stock climbed on Tuesday for a second consecutive day, ahead of the restaurant chain’s fourth-quarter report, on bets that the fallout from recent outbreaks of food-borne illness has been fully priced in. |
![]() | Alphabet overtakes Apple in market value – for now (Reuters) – Alphabet Inc might win the market cap battle against Apple Inc , but will it win the war? |
![]() | Oilpocalypse Wow! Stocks, Bond Yields Plunge As Bank Risk SoarsWhat The Bank of Japan gives, The Japanese Finance Ministry taketh away… Artist’s impression of the last few days in crude, JPY, and US stocks… Oil closed under $30 after Russian productiuon and OPEC denials… From bull market to correction in 2 days – This was the worst 2-day drop in oil since January 2009… And today’s other major driver – exploding US bank risk… USDJPY started to snap today as JPY and NKY erased half their post-BOJ NIRP shifts… But everything was awesome yesterday? US equities erased all the post-BOJ NIRP gains… |
![]() | Where Is The Outrage: With Shkreli Under House Arrest, Drug Prices Are Still SoaringLast September, when Martin Shkreli was doing his best to become the “most hated person in America” with his highly profiled 5000% price increase of a Turing Pharma toxoplasmosis drug, in an article titled “Dear Martin Shkreli: This Is How You Hike Drug Prices” we said hate him if you must, but not for his price hiking practices for one simple reason: everyone else does that. Specifically we said that “what Shrekli did was not in any way unique: everyone else did it too, they were just much smarter about how to do it” pointing specifically at Valeant and saying that “this is where the difference between Valeant and Turing is to be found. While the entire US population was shocked, appalled and outraged at Shkreli for daring to boost the price of one drug by 5000%, apparently nobody had a problem with Valeant jacking up the prices of nearly 30 drugs by anywhere between 90% and 786% on the high end, with one solitary outlier, Ofloxacin ear drops seeing its price soar by 2288%.” Our conclusion:
… to which Citron added that “in the Twitter-storm furor over Turing’s recent one-drug price gouge attempt, the media has overlooked the reality that Martin Shkreli was cre … |
![]() | Behold Unintended Consequences: Japan Cancels 10Y Auction For First Time Ever Due To Sub-Zero RatesDear Bank of Japan, how do you spell unintended consequences. PLANNED MARCH SALE OF 10-YEAR JAPANESE GOVERNMENT BONDS THROUGH BANKS TO BE CANCELED AMID EXPECTED BELOW-ZERO YIELDS – NIKKEI JAPAN’S MINISTRY OF FINANCE IS EXPECTED TO ANNOUNCE WEDNESDAY THE FIRST-EVER DECISION TO CALL OFF SALES OF 10-YEAR JGBS- NIKKEI Here is the full Nikkei report on this absolute stunner of a development:
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![]() | Stocks Fall as Sliding Oil Prices Hit Energy SharesA renewed fall in crude prices and downbeat results from some of the world’s biggest oil producers sent stocks sliding, while investors bid up havens from government debt to utilities. |
![]() | Oil Falls Back to $30 a BarrelCrude prices cracked below $30 a barrel again as traders continue erasing a recent surge from speculation that the world’s major exporters would cooperate on output cuts. |
![]() | UBS Earnings Are Hit by Wealth-Management WoesUBS AG said its flagship wealth-management unit was drained of billions of dollars in assets during the fourth quarter of last year. |
![]() | Currencies: Dollar posts largest daily drop vs. yen in 2 weeksThe dollar edged lower against the euro and yen Tuesday as oil prices moved lower and the bump in risk appetite that followed the Bank of Japan’s surprise interest-rate cut faded. |
![]() | Bond Report: Treasury yields fall to 9-month lowTreasury yields fall to a nine-month low on Tuesday as a renewed selloff in oil and stocks sent investors into safe assets such as government bonds. |
Summary of Economic Releases this Week
Earnings Summary for Today
leading Stock Positions
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