Written by Gary
US equities are trading higher today (SPY +0.9%), coming off a turbulent period following concerns that President Trump’s threat to impose hefty tariffs of steel and aluminum would spark a global trade war.
Here is the current market situation from CNN Money | |
 | North and South American markets are higher today with shares in U.S. leading the region. The S&P 500 is up 0.89% while Brazil’s Bovespa is up 0.25% and Mexico’s IPC is up 0.18%. |
Traders Corner – Health of the Market
Looking at the last three columns (below), the first one (Actual), is what was reported this morning. The second column (Forecast) is what analysts had forecast and the third column is the previous report. Full calendar HERE.
Trump tariff on steel and aluminum: winners and losers
Trump: Tariffs on Canada, Mexico removed if NAFTA deal reached
US retirement danger: American savings patterns inadequate
Oil prices climb ahead of OPEC meeting with US shale firms
Acne trial falls short, sending Dermira stock tumbling
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Special Report: Fidelity puts 6 million savers on risky path to retirementBOSTON (Reuters) – For three years, the mutual funds in Fidelity’s flagship retirement franchise have outperformed at least 85 percent of their competitors, reversing a decade-long trend of subpar performance. |
| Trump ratchets up pressure on Canada, Mexico over tradeWASHINGTON/MEXICO CITY (Reuters) – U.S. President Donald Trump increased pressure on Canada and Mexico over trade on Monday, saying the two could avoid being caught in his planned hefty tariffs on steel and aluminum imports if they ceded ground to Washington in talks on a new NAFTA trade deal. |
| Wall Street trades higher after weak opening(Reuters) – U.S. stocks swung higher on Monday, coming off a turbulent period following concerns that President Donald Trump’s threat to impose hefty tariffs of steel and aluminum would spark a global trade war. |
| U.S. security panel deals major blow to Broadcom’s bid for Qualcomm(Reuters) – A U.S. government national security panel on Sunday ordered Qualcomm Inc to delay its March 6 shareholder meeting, an unprecedented move that cast new doubt on Singapore-based Broadcom Ltd’s $117-billion bid for its U.S. semiconductor peer. |
| Canada, Mexico push back on Trump’s ‘fair’ NAFTA deal suggestionMEXICO CITY (Reuters) – Canada and Mexico on Monday pushed back against President Donald Trump’s suggestion that steel and aluminum tariffs could be waived if they signed a new and “fair” NAFTA deal, setting the stage for a tense end to the latest talks to update the trade pact. |
| Ford to temporarily layoff about 2,000 hourly employees at Michigan(Reuters) – Ford Motor said it would temporarily layoff about 2,000 hourly employees at its Michigan assembly and stamping plants in Wayne, as the factories undergo retooling to build the Ranger pickup trucks and Bronco sport utility vehicles. |
| VW mulls trucks IPO amid steps to boost efficiency: CEOGENEVA (Reuters) – Volkswagen is pondering a stock sale of its truck and bus division as part of ongoing efforts to boost the group’s efficiency, the carmaker’s chief executive said on Monday. |
| IEA sees U.S. oil output surge stealing OPEC share in next five yearsHOUSTON/LONDON (Reuters) – U.S. shale oil output is set to surge over the next five years, stealing market share from OPEC producers and moving the United States, once the world’s top oil importer, closer to self sufficiency, the International Energy Agency said on Monday. |
| Caterpillar drives sales on China’s new Silk RoadCHICAGO/NANTONG, China (Reuters) – At a Caterpillar facility in the eastern Chinese city of Nantong, an array of excavators, earth movers and road-making machinery is displayed on slopes and in mud pits. |
| Former CIA Chief Lashes Out At “Paranoid Charlatan” TrumpFormer CIA Director John Brennan is not shy of the limelight… and certainly not afraid to share.
In July of last year, the former CIA Director effectively called for a coup if Trump fired Mueller:
And then in February, Brennan had harsh words for House Intelligence Chairman Devin Nunes, calling the controversi four-page “FISA memo” created by Nunes’ staffers “exceptionally partisan” adding that Nunes has “abused the office” by refusing to allow Democrats on his committee to make their own rebuttal document public. And now, |
| Ryan Rejected: Trump Says “Not Backing Down”Moments ago, when reporting that Paul Ryan – and other senior members of Congress – had joined the Tariff Resistance, demanding that Trump kill the proposed steel and alu import tariffs, we quoted Bloomberg’s Michael Regan who remarked that “this is either a strong signal that Trump may end up being talked out of tariffs, or a strong signal that Paul Ryan’s about to get saddled with a new insult-comic nickname from Trump.” Well, it appears that Ryan is about to have a new nickname, because according to flashing red headlines, Trump just said that he won’t be changing his mind. TRUMP SAYS NOT BACKING DOWN WHEN ASKED ABOUT RYAN COMMENTS TRUMP SAYS HE’S NOT BACKING DOWN ON TRADE Trump then doubled down, adding that “I don’t think you’re going to have a trade war” in response to the planned tariffs, which is somewhat at odds with everything else he said. Regarding Nafta and the tariffs, he told reporters, “If they aren’t going to make a fair trade deal, we’ll leave it this way.” He also threatens to tax car imports coming in ‘like water’, repeating his weekend tweet. So far, the stock market refuses to react clearly convinced that Trump is, once again, bluffing, while Trump’s comment on China has triggered a small pop in the yuan. |
| Matteo Renzi Resigns As Democratic Party LeaderUpdate: Several hours after his spokesman denied reports that former Italian Prime Minister Matteo Renzi would step down as secretary of Italy’s Democratic Party, the former Italian leader has publicly confirmed that his intention was indeed to resign after all.
Meanwhile, the center-left party has said it will not form a coalition with either Silvio Berlusconi’s conservatives or the anti-establishment Five Star Movement – setting Italy up for months of discord as lawmakers struggle with a hung parliament. * * * During Sunday’s long-anticipated Italian parliamentary elections, anti-establishment and eurosceptic parties like the Five Star Movement and the Northern League stunned observers by bringing home larger-than-expected shares of the vote – an outcome that mirrored the results of recent votes in Germany and Austria, which also saw parties running on anti-immigration platforms record strong gains while established parties saw a meltdown. While the final results have not yet arrived, Italy’s ministry of the interior showed a center-right coalition led by former Prime Minister and media mogul Silvio Berlusconi bringing home 37% of the vote – a plurality – even as Berlusconi’s past criminal convictions prevented him from running. Next in line was the Five-Star Movement, which netted about 31% of the vote, while the country’s ruling center-left coa … |
| Big Banks Enter Branch WarfareJPMorgan Chase and Bank of America have announced plans recently to open branches in new markets. Investors shouldn’t dismiss these moves. |
| Insurer AXA Testing Investor Nerves With Big Price to Get XLCommercial insurance is turning into Land of the Giants—and AXA’s investors are right to be nervous as the French insurer moves to radically reshape itself with a $15.3 billion deal to buy XL Group. |
| A Spark That Could Light Up China’s Internet GiantsChina is considering allowing its biggest technology firms to list at home |
| February 2018 ISM and Markit Services Again MixedWritten by Steven Hansen
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| Ask the Dow: Here’s what the 30 Dow industrials companies say about a potential trade warAlthough most Dow industrials member companies did not directly respond to request for comment on President Donald Trump’s plan to levy tariffs on steel and aluminum, the fact that 73% of the CEOs are members of an association that denounced the tariffs speaks volumes. |
| Earnings Outlook: Target earnings preview: The retailer’s 2018 performance should be a lot like Walmart’s in 2017Target Corp. is expected to report fourth-quarter 2017 earnings on Tuesday before the morning bell, but Susquehanna Financial Group is already looking to 2018 results, anticipating a year that will look much like Walmart Inc.’s in 2017. |
| Frances McDormand was right about inclusion riders — more women in movies has real-life impact for young girlsExperts say groundbreaking movies can actually affect change in real life. |
The ISM non-manufacturing (aka ISM Services) index continues its growth cycle but insignificantly declined. Markit PMI Services Index improved and remains in expansion.Earnings Summary for Today
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