Written by Gary
U.S. stocks closed lower on Thursday, as large-cap technology stocks tumbled offsetting gains in banking and energy stocks while weaker than expected initial jobless claims data weighed on sentiment.
Todays S&P 500 Chart
The Market in Perspective
Here are the headlines moving the markets. | |
Wall Street hit hard as tech softness continues(Reuters) – Wall Street fell sharply on Thursday, with the S&P 500 and the Dow industrials suffering their worst daily percentage drops in about six weeks, as a recent decline in technology shares deepened and outweighed strength in bank shares. | |
Walgreens scraps Rite Aid merger, will instead buy half its stores(Reuters) – Drugstore chain Walgreens Boots Alliance Inc scrapped its deal to buy Rite Aid Corp after failing to win antitrust approval, but said it would instead buy nearly half of the smaller rival’s U.S. stores for $5.18 billion. | |
Deutsche Bank rejects House Democrats’ call for Trump finance detailsFRANKFURT (Reuters) – Deutsche Bank’s external counsel in Washington, D.C. rejected on Thursday demands by U.S. House Democrats to provide details of President Donald Trump’s finances, citing privacy laws. | |
Blue Apron shares make bland debut(Reuters) – Blue Apron Holdings Inc’s shares were up about 1 percent in their market debut on Thursday following the meal-kit delivery company’s watered down IPO in the shadow of Amazon.com’s deal to buy Whole Foods Market . | |
Nike’s profit, revenue top estimates on lower costs(Reuters) – Nike Inc , the world’s largest footwear maker, reported quarterly revenue and profit that topped Street estimates as the company kept a lid on costs and saw greater demand in Western Europe, China and emerging markets. | |
Britain says Fox bid for Sky risks giving Murdoch too much powerLONDON (Reuters) – Britain intends to subject Rupert Murdoch’s takeover of European pay-TV group Sky to a lengthy in-depth investigation after finding the $15 billion deal risks giving the media mogul too much power over the news agenda. | |
Billionaire investor Icahn backs off demand for AIG breakup: source(Reuters) – Billionaire investor Carl Icahn is backing off his demand to break up insurance giant American International Group Inc , following the company’s sale of assets and hiring of a new chief executive officer, a person familiar with the matter said. | |
MetLife board approves Brighthouse spinoff, sets effective date(Reuters) – MetLife Inc on Thursday came a step closer to spinning off its U.S. retail life insurance and annuity business after the company’s board of directors approved the plan, it said on Thursday. | |
Coca-Cola says reaches agreement with S. African government. on acquisition of local armJOHANNESBURG (Reuters) – Drinks giant Coca-Cola said on Thursday it had reached an agreement with the South African government on a package of conditions as it finalizes the purchase of a controlling 54.5 percent stake in its joint Africa venture with ABInBev . | |
One Trader Finds A ‘Better’ Way To Short The Bond MarketAuthored by Kevin Muir via The Macro Tourist, This morning I have decided to write about US swap spreads. I know, you are already reaching for the delete key, but wait… I tried to remember a time when swap spreads were exciting. I dug back into my memory, and tried to recall something that might spice up this snoozer of a topic. And then it hit me. Swap spreads were one of the positions that bankrupted the fabled 1990’s hedge fund darling, Long Term Capital Management. So I started digging. And I will get to the swap spread portion of the story in a bit, but not until I share with you some other tidbits I stumbled across. Did you know LTCM marketed themselves as the “Financial Technology Company?” They actively bragged about their quantitative abilities.
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London Property Bubble Bursting? UK In Unchartered Territory On Brexit and Election Mess– London property bubble bursting? UK in unchartered territory on Brexit and election mess
Recent figures show that 77% of London houses sold in May went at below asking price, up from 72% in April. London as th … | |
Susan Rice Agrees To Testify Before House Intel Panel In Closed Session: ReportJust one day after John Podesta appeared before a closed session of the House Intelligence Committee to offer his thoughts on “Russian meddling”, CNN’s anonymous sources are apparently telling them that Obama’s former National Security Advisor, Susan Rice, will also appear before a closed session of the committee next month. Here is more from CNN:
Rice has denied that her unmasking of Michael Flynn in numerous foreign intelligence documents was in any way wrong and/or intended solely as a means to exact political retribution for an election that went horribly wrong for her party. Instead, Rice recently sat down for an interview with | |
The Main Reason Congress Is Getting So Little Done Is… They Will Have 218 Days Off In 2017Authored by Michael Snyder via The End of The American Dream blog, Would you like to have a job that gave you 218 days off a year? According to the official calendar put out by House Majority Leader Kevin McCarthy, the House of Representatives will only be in session for 147 days in 2017. And that is actually an increase from last year. In 2016, there were only 131 legislative days for the House. So if you are wondering why Congress never seems to get anything done, this is one of the biggest reasons. The sad truth is that members of Congress simply do not spend a lot of time doing what they were elected to do. If you are an average American worker with a full-time job, you probably put in around 240 working days a year. If you have to work that hard, why can’t Congress? And actually things used to be even worse. The New York Times looked back at 2013 once it was done, and they found that the House was only in session for 942 hours for the entire year. When you break that down, it comes to about 18 hours a week. If you go all the way back to 2006, there were just 104 legislative days in the House. It is almost as if they just decided to take pretty much that whole year off. This is what I am talking about when I say that we need t … | |
Capital One Needs to Explain ItselfCapital One’s poor showing in the Federal Reserve’s stress tests raises new questions about the company’s risks. | |
Rite Aid Crashes Into the Bargain BinRite Aid’s deal with Walgreens isn’t a dream scenario, but it will strengthen the pharmacy chain’s balance sheet and make it more attractive to future suitors. | |
Chip Makers Cashing In on Digital Currencies, for NowGraphics processors have long been the mainstay of personal computers tricked out for gaming. But the chips are also useful for a task called cryptocurrency mining. | |
Why These Vegetarian Monkeys Have Sharp Predator TeethIn the Ethiopian highlands, native Geladas have impressive canines despite being grass eaters. The reason is simple: The males need to defend themselves and their group against potential challengers. | |
Third Estimate 1Q2017 GDP Revised Upward. Corporate Profits Down.Written by Jill Mislinski and Steven Hansen The third estimate of first quarter 2017 Real Gross Domestic Product (GDP) was revised upward to 1.4 %. This improvement was mainly due to lower inflation numbers relative to the second estimate. | |
The Wall Street Journal: Rolling back restrictions, Trump touts new age of ‘energy dominance’President Donald Trump declared a new age of “energy dominance” by the U.S. on Thursday as he outlined plans to roll back Obama-era restrictions and regulations. | |
The Wall Street Journal: MSNBC cuts ties with anchor Greta Van SusterenMSNBC has dropped Greta Van Susteren as the anchor of its 6 p.m. hour after only six months. | |
Market Extra: Here’s why the stock market is spooked by central bankers, Trump agenda delaysInvestors are getting knocked around by a one-two punch of concerns about President Donald Trump’s Wall Street-friendly agenda and comments from global central bankers interpreted as a signal that tighter monetary policy is on the way. |
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