Written by Gary
Markets closed down (DOW off triple digits), crude down nearly 5% and the USD is melting upwards. Today, in afternoon trading, investors faced continued uncertainty in Europe and tumbling oil prices weighed on energy shares which may tumble into tomorrow’s opening session.
Todays S&P 500 Chart
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Wall St. declines as growth worries, oil weigh(Reuters) – Wall Street stocks fell in afternoon trading on Tuesday as investors faced continued uncertainty in Europe and tumbling oil prices weighed on energy shares. |
| Oil ends down nearly 5 percent on Brexit worry, supply buildsNEW YORK (Reuters) – Oil prices tumbled nearly 5 percent on Tuesday as investors worried that Britain’s exit from the European Union would slow the global economy, making it unlikely energy demand will grow enough to absorb a supply glut. |
| U.S. factory orders fall, but rising backlogs hint at stabilizationWASHINGTON (Reuters) – New orders for U.S. factory goods fell in May on weak demand for transportation and defense capital goods, but growing order backlogs and lean inventories suggested the worst of the manufacturing downturn was probably over. |
| Exclusive: Medivation discusses potential sale to Sanofi – sources(Reuters) – U.S. cancer drug company Medivation Inc is discussing opening its books to Sanofi SA after the French pharmaceutical company sweetened its $9.3 billion acquisition offer, people familiar with the matter said on Tuesday. |
| ‘Sweetest’ town clings to Hershey, adding to takeover hurdlesHERSHEY, Pennsylvania (Reuters) – The town of Hershey, Pennsylvania, calls itself the “sweetest place on earth.” |
| Twinkies maker Hostess to go public under new owner(Reuters) – Hostess Brands LLC, the maker of Twinkies and Ding Dongs, said on Tuesday it will be bought in a $725 million deal by an affiliate of private equity company Gores Group, which will then take it public. |
| FBI says conducting 30 undisclosed insider trading probesNEW YORK (Reuters) – The FBI in New York City has undisclosed probes into about 30 suspected insider trading schemes, the agency said, in a sign investigators remains focused on building cases despite a court ruling that could curtail such prosecutions. |
| McDonald’s wins EU ‘MacCoffee’ trademark disputeSTRASBOURG – McDonald’s won a trademark dispute with a Singapore rival on Tuesday as Europe’s second highest court backed its claim to have exclusive rights to the use of ‘Mc’ or ‘Mac’ in trademark names for foodstuffs and beverages. |
| Fed’s Williams says Brexit effect as expected, no big dealSAN FRANCISCO (Reuters) – U.S. market reaction to Britain’s vote to leave the European Union has played out “more or less” as expected, and the impact on the U.S. economy is much less than other that of other events in recent years, a top Federal Reserve official said on Tuesday. |
| Banks Battered As Bond Yields ‘Comey-kaze’ Dive To Record LowsSeemed appropriate for today… Bullion and bonds continue to dramatically outperform post-Brexit…
Following the best week for stocks in two years, having failed to reach the pre-Brexit highs, stocks rolled over today led by Trannies and Small Caps…
Post-Brexit Trannies and Small Caps are also the biggest losers…
Futures show the selling began Sunday night and has been ‘well behaved’ for now…
Banks were battered… |
| Venezuela’s Democratic Facade Has Completely CrumbledAuthored by Moises Naim and Francisco Toro, originally posted at The Washington Post, Today, Venezuela is the sick man of Latin America, buckling under chronic shortages of everything from food and toilet paper to medicine and freedom. Riots and looting have become commonplace, as hungry people vent their despair while the revolutionary elite lives in luxury, pausing now and then to order recruits to fire more tear gas into crowds desperate for food. Not long ago, the regime that Hugo Chávez founded was an object of fascination for progressives worldwide, attracting its share of another-world-is-possible solidarity activists. Today, as the country sinks deeper into the Western Hemisphere’s most intractable political and economic crisis, the time has come to ask some hard questions about how this regime — so obviously thuggish in hindsight — could have conned so many international observers for so long. Chávez was either admired as a progressive visionary who gave voice to the poor or dismissed as just another third-world buffoon. Reality was more complex than that: Chávez pioneered a new playbook for how to bask in global admiration even as he hollowed out democratic institutions on the sly. Step one was his deft manipulation of elections. Chávez re … |
| Low-Yield Blues? Corporate Bonds Are the Last Ones PayingWith bond yields around the world falling further in the wake of Brexit, U.S. corporate bonds are the only game left in town. |
| Why Hostess Is in Investors’ Sweet SpotThe decision by Hostess’s owners to take it public highlights the market’s appetite for bond-like consumer staples. |
| Cirrus Logic: Plugged In to the iPhone CycleChip maker Cirrus Logic sees clear opportunities if the iPhone’s headphone jack is removed. |
| Currencies: Pound slumps to fresh 31-year low against dollarInvestors fled anything considered risky assets on Tuesday, sending the pound sharply lower and the yen rallying, as fears over the Brexit fallout again took a toll on markets. |
| Four things to know about Hostess before it goes publicHostess Brands LLC will become a public company after Gores Holdings Inc. completes its acquisition of the company. |
Summary of Economic Releases this Week
Earnings Summary for Today
leading Stock Positions
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