Written by Gary
The US equities main benchmarks slipped today into mostly flat status (SPY -0.03%) as thin pre-holiday trading amplified losses in several blue-chip stocks, including Nike.
Todays S&P 500 Chart
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Wall Street slips in holiday wind-downNEW YORK (Reuters) – Wall Street’s major indexes slipped on Friday as thin pre-holiday trading amplified losses in several blue-chip stocks, including Nike. |
| Bitcoin plunges below $12,000, heads for worst week since 2013NEW YORK/LONDON (Reuters) – Bitcoin plunged by a quarter to below $12,000 on Friday as investors dumped the cryptocurrency in manic trading after its blistering ascent to a peak close to $20,000 prompted warnings by experts of a bubble. |
| Cryptocurrency stocks holding gains despite bitcoin pullbackNEW YORK (Reuters) – Stocks that surged in recent weeks because of the cryptocurrency mania have managed to hold onto most of their gains despite the recent retreat in the price of bitcoin and skepticism from market participants. |
| Brazil’s Temer would block Embraer buyout, open to capital injectionBRASILIA (Reuters) – Brazilian President Michel Temer said on Friday that he opposed Boeing Co taking control of Embraer SA , although he would welcome an injection of foreign capital into the regional planemaker. |
| Fiat Chrysler to recall 1.8 million trucks to fix shifter issue(Reuters) – Fiat Chrysler Automobiles NV’s U.S. unit said on Friday it would recall about 1.8 million trucks in the United States, Canada, Mexico and some other markets to fix a part if not operating could allow the driver to shift out of park without depressing the brake pedal. |
| IAG among bidders chosen for Austrian airline Niki: sourcesBERLIN (Reuters) – IAG , the owner of British Airways and low-cost carrier Vueling, is one of the four bidders selected for the final stages of talks over the assets of insolvent Austrian airline Niki, three people familiar said. |
| UnitedHealth to buy Chile’s Banmedica for $2.8 billion(Reuters) – UnitedHealth Group Inc said on Friday it signed a definitive agreement to buy Chilean healthcare company Banmedica SA for $2.8 billion, expanding the health insurer’s footprint in South America. |
| LVMH’s Celine creator Phoebe Philo to leave company: sourcePARIS (Reuters) – Phoebe Philo, artistic director of LVMH’s Celine label will leave the high-end ready-to-wear brand in January, the company said on Friday. |
| Daimler says U.S. tax reform will lift 2017 net incomeFRANKFURT (Reuters) – German carmaker Daimler said on Friday the U.S. tax reform would result in an income tax benefit of around 1.7 billion euros ($2.01 billion) in its 2017 results. |
| Facebook Ditches Its “Fake News Flag” After People Shared Flagged Articles Even MoreRoughly one year ago Facebook promised to eradicate “fake news” from its platform by “flagging” articles that were deemed inaccurate by their hand-selected “fact checkers” (A.K.A. “liberal propagandists”)…we wrote all about it in a post entitled “Facebook Launches Campaign To Combat ‘Fake News'”. Among other things, the crusade attempted to dissuade people from sharing certain content, like the $100,000 of Russia ads that apparently changed the course of human history, by shaming them with a big red caution flag underneath their post. Per The Telegraph, it looked something like this:
Unfortunately, after a year of trials, it seems that Facebook users were not shamed by Zuckerberg’s ‘scarlet letter’ but actually wore it as a badge of honor and shared those articles even more than they otherwise would have…oops.
|
| Friday Humor: The Bitcoin BillionaireWe suspect a few crypto ‘millionaires’ are crying in their milk somewhat tonight. We hope this helps… I was broke, unemployed, I was starting to slouch Got the top graphics cards, got a power supply Price spike to $30!? I missed out, I fear Bitcoin Billionaire Selecting software and reading the notes I feel like Tom Brady, I got a fear of inflation Now even on my vacation I’m crypto-supplying Bitcoin Billionaire |
| Kushner’s Records At Deutsche Bank Subpoenaed As Mueller Avoids TrumpAs it turns out, President Trump’s legal team was telling the truth when it said that Special Counsel Robert Mueller hadn’t subpoenaed financial records related to the president’s business activities from German lender Deutsche Bank, contrary to Bloomberg reporting. On Friday, the New York Times reported that Deutsche Bank had received a subpoena for records on accounts linked to the Kushner Companies, the family real-estate empire of Trump son-in-law and senior adviser Jared Kushner. This contradicts reports by both German and US media organizations dating back to July which insinuated that Mueller had been digging into Trump’s multi-decade career in real estate. Even after his infamous bankruptcies in the 1990s, Trump managed to maintain a functioning lending relationship with Deutsche, which has lent him and his businesses hundreds of millions of dollars over the years.
Unsurprisingly, these stories also got a few other key details wrong. The subpoena in question was sent by the Eastern District of New York, not special counsel Robert Mueller and his team. However, it’s notable that three prosecutors from Mueller’s team once worked for the Eastern District – which could’ve been one reason for the mix up. |
| In Victory For Trump, UN Imposes New North Korean SanctionsOne day after the UN humiliated Donald Trump, when 128 nations voted for a UN resolution demanding the US president revoke his decision to recognize Jerusalem as Israel’s capital, on Friday Trump scored a significant victory at the same venue – his third of the day after signing off on the tax and stopgap bills – when the United Nations Security Council unanimously approved new sanctions targeting North Korea’s economy after the latest launch of a ballistic missile last month that Kim Jong Un’s regime said shows it can now target the entire continental U.S. The new restrictions are meant to slash North Korea’s imports of refined petroleum products, further restrict shipping and impose a 12-month deadline for expatriate North Korean workers to be sent home, according to Bloomberg. “Under the new sanctions, oil exports will be limited to their current level, which has already begun to result in shortages around the country,” the NY Times added. “Countries around the world will be ordered to expel North Korean workers, a key source of hard currency. Nations would also be urged to inspect all North Korean shipping and halt ship-to-ship transfers of fuel, which the North has used to evade sanctions.” While the resolution against Pyongyang – the 4th in 13 months – seeks to create an energy blockade of Pyongyang, capping exports of refined petroleum products to North Korea at 500,000 barrels a year banning nearly 90% of refined oil product to the country, it is particularly notable because it saw both China and Russia vote alongside the US, after the two nations previously snubbed similar US-backed proposals at the UN. The two nations’ supported the US-backed proposal a week after Sec … |
| How Buying the Dips Made Them DisappearLack of volatility helped drive valuations higher but when the dip-buying strategy fails, there could be a wipeout. |
| Burgundy vs. Bordeaux: Holiday Guide to Wine InvestingChristmas cheer in a bottle may not come cheap this year, with a price index for 150 top-end Burgundies—delicate reds that pair well with festive meals—up 27% over the year through November. Some merchants are starting to wonder if a bubble is forming. |
| Tax Bill Makes 2018 the Year of the DealWith tax uncertainty in the rear-view mirror, pressure on companies to combine will keep growing. |
| Here’s what all 30 companies that make up the Dow industrials think about the tax cutsThe large multinational companies in the Dow Jones Industrial Average applaud the tax cuts, but only one of the 30 companies has announced any specific actions it would take as a result. |
| The Moneyist: Is it OK to re-gift your unwanted swag after the holiday season?Re-gifting can get you out of a jam, but it can backfire. |
| Futures Movers: U.S. oil extends win streak to 4 days as rig count remains stableOil prices rebound from modest losses as the number of U.S. oil rigs remained unchanged this week. |
Summary of Economic Releases this Week
Earnings Summary for Today
leading Stock Positions
Current Commodity Prices
Commodities are powered by Investing.com
Current Currency Crosses
The Forex Quotes are powered by Investing.com.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
