Written by Gary
Good day for global markets with all major indices in the green – and the S&P 500 advancing into record territory. There was little negative news to digest.
Todays S&P 500 Chart
The Market in Perspective
| Here are the headlines moving the markets. | |
 | S&P 500 hits record high on strong economy, earnings betsNEW YORK (Reuters) – The S&P 500 broke a record high on Monday it held for more than a year, as a string of upbeat economic data alongside low bond yields continued to funnel investors into U.S. equities. |
| U.S. stocks at new record, earnings key for more gainsNEW YORK (Reuters) – Despite the worst start to the year in history for U.S. stocks, the benchmark S&P 500 index rallied to a record intraday high on Monday, surpassing the previous intraday peak set on May 20, 2015. |
| Starbucks to raise wages for U.S. workers in October(Reuters) – Starbucks Corp said it will raise worker pay in its U.S. stores this autumn, after employees accused the coffee chain of “extreme” cutbacks in work hours that they say are hurting morale and service. |
| Big U.S. investors strive for edge in private CEO meetingsBOSTON/NEW YORK (Reuters) – Tech billionaire Elon Musk’s acknowledgement that, over the years, he had “bandied about” with some of his biggest shareholders the idea of combining Tesla Motors Inc and SolarCity Corp is rare public recognition of the access and insights large investors get. |
| U.S. bank regulator toughens commercial real estate oversightWASHINGTON (Reuters) – Credit risks have risen in U.S. commercial real estate as lenders compete more fiercely in a low rate environment, a federal banking regulator said on Monday, adding that it was stepping up its scrutiny of the sector. |
| GM, Lyft expand Express Drive program, tout partnershipASPEN, Colo. (Reuters) – General Motors Co and ride-hailing company Lyft Inc said on Monday they would expand their short-term rental program to California and Colorado, building on an effort that GM President Dan Ammann said has “dramatically exceeded expectations.” |
| Planemakers shrug off economy worries as travel demand growsFARNBOROUGH, England (Reuters) – Airbus and Boeing raised their long-term forecasts for new aircraft demand on Monday, betting that rising wealth in Asia would continue to boost air travel and offset any short-term hits to the global economy. |
| Board member of trust that controls takeover target Hershey resigns(Reuters) – A board member of the charitable trust that controls Hershey Co has resigned, the fourth such departure in less than 12 months, the trust said on Monday, at a time when the chocolate company is a takeover target for Mondelez International Inc . |
| Pokemon game adds $7.5 billion to Nintendo market value in two daysTOKYO (Reuters) – Shares in Japan’s Nintendo Co Ltd soared again on Monday, bringing market-value gains to $7.5 billion in just two days as investors cheered the runaway success of Pokemon GO – its first long-awaited venture in mobile gaming. |
| Japanado Sends Stocks To Record Highs Despite Crude CrumbleRecord high stocks, record low yields, 2016 low earnings expectations, and sixth straight month of labor market conditions collapse… This is now the second longest bull market in US history…
Nasdaq regained 5,000 briefly… as 2016 EPS expectations near the year’s lows…
Nasdaq is now up over 2% from Brexit…
Today’s excitment was all over in futures land before the US open thanks to a promise of a cajillion yen of fiscal stimulus from Japan…
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| 124 Police Officers Were Killed In The U.S. Last YearSubmitted by Jim Quinn via The Burning Platform blog, Some more facts that don’t match the hero narrative. Police deaths while on duty are on pace to be at a record low in 2016, down 60% from the peak in 1974. Gun related homicides are also trending towards the lowest levels since 1900. In 1991 there were 24,700 homicides in the U.S. Last year there were just over 16,000 homicides, down 35% while the population grew by 26%. The number of guns owned by American citizens has tripled since 1991. Does this match the anti-gun narrative of the left and the popos? Does the government want to confiscate our guns because of crime or because they are worried we will use them against a tyrannical establishment? The militarization of police forces isn’t to protect us. It’s to protect them from us.
Last Thursday night, a gunman in Dallas killed five police officers and wounded eight others, the worst toll on U.S. law enforcement since 9/11. It’s a dangerous job – 124 officers lost their lives last year with 51 dying so far in 2016. Generally, the number of police fatalities … |
| Nintendo Soars As ‘Pokemon Go’ More Popular Than PornWhen your app is “more popular than porn” it is hard to argue with Nintendo’s stock prices surge following the unprecedented success of the launch of Pokemon Go – the augmented reality app taking the world by storm. A quick search of Google trends shows, as ValueWalk.com notes, that the game has even beaten one of the most popular search terms and looks to be pulling ahead today, a feat which Brexit also recently pulled off, and supposedly does not happen often…
While we await out first fatality from the game’s zombification of its players, MacRumors reports a couple of incidents related to the game have already begun sprouting up over the past few days, bringing to light a few cautionary tales for everyone delving into the game. Because it requires players to travel to real-world destinations in order to stock up on Poké Balls, eggs, and potions, and compete at gyms, some individuals have been capitalizing on the game’s mechanics to trap and rob its players. According to a Facebook post from the O’Fallon Police Department in Missouri, four people were arrested over the weekend after using a Lure Module at a PokéSt … |
| Two Deputies, Shooter Dead After Shots Fired At Michigan County CourthouseUpdate: According to Michigan Gov. Snyder the courthouse is secured, adding to: “Please join me in praying for those affected.” * * * At least three people are dead at the Berrien County Courthouse following a shooting, an employee at the county prosecutor’s office said. Local news add that a police officer was also shot in the left arm and finger after shots were fired. According to media reports, at least 4 people have been shot. Three people are dead and one person is injured. WXYZ adds that the shooter is also dead.
Two of the dead are court aka deputies.
The other person dead is the shooter, the employee told the Detroit Free Press. Allegedly the shooting started when a man who was being taken to jail took gun from a deputy and opened fire.
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| How Panasonic Can Speed Ahead on More Than TeslaPanasonic’s Tesla surge seems overdone, but the Japanese electronics giant is still a reasonable bet on the future of cars. |
| Software’s Sale Window Hasn’t Closed Just YetM&A interest in software likely to remain high as valuations haven’t fully recovered. |
| In Mobile Payments War, Big Banks Strike BackBanks have key advantages as they start to compete with popular online payment platforms. |
| What We Read Today 11 July 2016
This feature is published every day late afternoon New York time. For early morning review of headlines see “The Early Bird” published every day in the early am at GEI News (membership not required for access to “The Early Bird”.). BECOME A GEI MEMBER – IT’s FREE! Every day most of this column (“What We Read Today”) is available only to GEI members. To become a GEI Member simply subscribe to our FREE daily newsletter. |
| In One Chart: S&P 500 has a shot to hit 2,400 in 2016, says this analystBTIG’s Katie Stockton says that the S&P 500 could hit 2,400, which is about 12% better than its most recent trading level Monday afternoon at 2,140 |
| The Tell: S&P 500 flirtation with record close says bulls are punishing the bearsIs it time for the bear camp to throw in the towel? |
| The Wall Street Journal: Board resignation at Hershey Trust adds uncertainty in fact of Mondelez pursuitAny deal would require the approval of the trust that holds 81% of the voting power at the chocolate maker. |
Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary “reading list” which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for “reading list” items are gratefully reviewed, although sometimes space limits the number included.Summary of Economic Releases this Week
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