Written by Gary
Wall Street stocks slipped from a two-week high today (SPY -0.3%) as results and outlooks from companies in various sectors, including housing and consumer products, failed to live up to expectations. Indicators neutral with a bearish slant.
Todays S&P 500 Chart
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Wall St. slips on earnings; Procter jumpsNEW YORK (Reuters) – U.S. stocks slipped from two-week highs on Tuesday as results and outlooks from companies in various sectors, including housing and consumer products, failed to live up to expectations. |
| U.S. judge approves $14.7 billion deal in VW diesel scandalWASHINGTON (Reuters) – A U.S. federal judge on Tuesday approved Volkswagen AG’s record $14.7 billion settlement with regulators and owners of 475,000 polluting diesel vehicles, and the German automaker said it would begin buying back the cars in mid-November. |
| T-Mobile seen as top target following AT&T-Time Warner dealNEW YORK (Reuters) – T-Mobile US Inc is the likeliest acquisition target as media companies seek a wireless partner following AT&T Inc’s proposed $85.4 billion takeover of Time Warner Inc, analysts said. |
| Yahoo scanning order unlikely to be made public: sourcesWASHINGTON (Reuters) – Obama administration officials briefed key congressional staffers last week about a secret court order to Yahoo that prompted it to search all users’ incoming emails for a still undisclosed digital signature, but they remain reluctant to discuss the unusual case with a broader audience. |
| Morgan Stanley CEO Gorman takes aim at quarterly reporting(Reuters) – Morgan Stanley CEO James Gorman questioned the need for companies to report earnings every quarter, calling the practice “asinine.” |
| U.S. August home prices rise 5.1 percent from year ago; consumer confidence slips in OctoberNEW YORK (Reuters) – U.S. home prices rose 5.1 percent in the year to August as home buyers competed for fewer properties, helped by low mortgage interest rates, some wage growth and low unemployment. |
| Failure of EU free trade deal would leave Canada strandedOTTAWA (Reuters) – The looming failure of free trade talks with the European Union would derail Canada’s push to reduce its dependence on the United States and potentially complicate negotiations with other nations, such as India and China. |
| Target to offer more deals, extend free shipping until JanuaryNEW YORK (Reuters) – Target Corp will offer more deal-driven promotions and extend its free shipping window to January this holiday season as it looks to turn around performance in what has so far been a lackluster year for the retailer. |
| Lockheed Martin’s quarterly profit handily beats estimates(Reuters) – Lockheed Martin Corp , the world’s largest defense contractor, reported a quarterly profit on Tuesday that handily beat analysts’ expectations, as sales of its Sikorsky helicopters pushed total revenue up 14.8 percent. |
| Are You Ready?Presented with no comment…
Source: MichaelPRamirez.com |
| Dump “Don’t Treat Us Like Dogs, You Son Of A Bitch” Duterte… For StartersSubmitted by Patrick Buchanan via Buchanan.org, Alliances are transmission belts of war. So our Founding Fathers taught and the 20th century proved. When Britain, allied to France, declared war on Germany in 1914, America sat out, until our own ships were being sunk in 1917. When Britain, allied to France, declared war on Germany, Sept. 3, 1939, we stayed out until Hitler declared war on us, Dec. 11, 1941. As the other Western powers bled and bankrupted themselves, we emerged relatively unscathed as the world’s No. 1 power. The Brits and French lost their empires, and much else, and ceased to be great powers. Stalin’s annexation of Central Europe and acquisition of an atom bomb, and Mao’s triumph in China in 1949, caused us to form alliances from Europe to Korea, Japan, Taiwan, the Philippines and Australia. Yet, with the end of the Cold War, we did not dissolve a single alliance. NATO was expanded to embrace all the nations of the former Warsaw Pact and three former republics of the USSR. This hubristic folly is at the heart of present tensions with Russia. Now, Beltway hawks have begun to push the envelope to bring former Soviet republics Moldova, Ukraine and Georgia into NATO, with some urging us to bring in the Cold War neutrals Sweden and Finland. Given the resentment of the Russian people toward America, for exploiting their time of weakness after the breakup of the Soviet Union, to drive our alliance onto their front porch, such moves could trigger a conflict that could escalate to nuclear weapons. Moscow has warned us pointedly and repeatedly about this. Yet now that the election is almost over, neocons burrowed in their think tanks are emerging to talk up U.S. confrontations with Syri … |
| Equity Risk Tumbles As Trump Closes Gap On ClintonDespite the constant puke of propaganda that a Trump presidency will bring hell on earth and crash stock markets (remember Brexit?), it appears market participants are much more concerned about a Clinton win… As Clinton’s lead soared following ‘pussy-gate’, so investors piled into protection, bidding VIX up from 13 to 18…
During the last week, Trump has regained some momentum and VIX (equity risk) has tumbled. Perhaps tyranny is what markets are most afraid of, as Larry Lindsay warned,
But we do note that the Peso remains convinced of a Clinton victory (or Trump loss)…
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| Did “The Russians” Hack The DMV Too? Statewide California Systems Down Due To “Major Computer Outage”It must have been the Russians, right? CBS Los Angeles reports that officials Tuesday were working to fix a “major computer outage” at California Department of Motor Vehicles offices statewide.
Customer transactions at dozens of DMV field offices were impacted by the outage, including offices in Los Angeles, Hollywood, Compton, El Monte, Fullerton, and Thousand Oaks. Any DMV offices affected “will continue providing drive tests, making return appointments, helping with paperwork, and answering customer’s questions”, a DMV spokesperson confirmed. Online services on the DMV website did not appear to be affected, officials said. DMV says “Crews have been working all night to rebuild the system and get offices back up and running.” It wasn’t immediately clear whether the outage was linked to a massive cyber attack last week on server farms of a key Internet firm that repeatedly disrupted access to major websites and online services including Twitter, Netflix and PayPal. Some customers also reported a similar problem on Monday. And some Twitter users complained about the issues as far back as Oct. 19. People are not happy…
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| Long-Awaited European Stock Rally May Be HereEuropean stocks haven’t lived up to expectations this year. That might make them more attractive. |
| Market Misses Upside on MerckStrong third-quarter results and better sales for cancer and hepatitis C drugs suggest Merck’s rise could continue. |
| Bond Report: Two-year Treasury yields rise for 4th straight dayTwo-year Treasurys weakened, pushing yields higher for a fourth straight day, as demand for $26 billion in new debt was weaker than expected at an auction on Tuesday. |
| The Wall Street Journal: LendingClub to begin offering auto loansOnline lender LendingClub Corp. said Tuesday that it was expanding into auto loans, a change in tack for a company that has spent nearly six months retrenching following the ouster of its founder and chief executive. |
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