Written by Gary
US stock market major index’s are headed for a dreadful week (SPY -2.4%) Technology stocks worsened today as Amazon and Tesla shares fell further, setting a grim tone for US markets.
Here is the current market situation from CNN Money | |
North and South American markets are mixed. The IPC is higher by 0.13%, while the S&P 500 is leading the Bovespa lower. They are down 2.58% and 0.51% respectively. |
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.
What Is Moving the Markets
Here are the headlines moving the markets. | |
Wall Street dragged down by Amazon, tech weakness(Reuters) – A dreadful week for technology stocks worsened on Monday as Amazon and Tesla shares fell further, setting a grim tone for markets already worried about China’s decision to raise import tariffs on U.S. products. | |
China hammers U.S. goods with tariffs as ‘sparks’ of trade war flyBEIJING (Reuters) – China has increased tariffs by up to 25 percent on 128 U.S. products, from frozen pork and wine to certain fruits and nuts, escalating a dispute between the world’s biggest economies in response to U.S. duties on imports of aluminum and steel. | |
Hudson’s Bay shares drop after security breach at Saks, Lord & Taylor storesTORONTO (Reuters) – Hudson’s Bay shares dropped on Monday after the Canadian department store operator reported security breaches at some of its Saks Fifth Avenue, Saks OFF 5th and Lord & Taylor stores on Sunday. | |
Amazon shares fall 6 percent as Trump renews attack(Reuters) – Shares of Amazon.com Inc fell 6 percent on Monday after U.S. President Donald Trump again attacked the online retailer over the pricing of its deliveries through the United States Postal Service and promised unspecified changes. | |
Tesla shares fall again ahead of Model 3 production numbers(Reuters) – Shares of Tesla Inc fell 8 percent on Monday, ahead of the electric car maker’s announcement of quarterly production numbers for its crucial Model 3 sedan. | |
Latin American nations compete for capital in surge of oil auctionsHOUSTON (Reuters) – For decades, many Latin America’s oil-producing nations have often shunned investment from foreign firms, instead keeping their vast reserves under the tight control of governments and state-run oil companies. | |
Philippines, Malaysia put Uber-Grab deal under anti-competition scrutinyMANILA/KUALA LUMPUR (Reuters) – Philippines and Malaysia said on Monday they will look into whether Uber Technologies’ [UBER.UL] move to sell its Southeast Asian business to ride-hailing rival Grab hinders competition, days after Singapore began a probe into the deal on similar concerns. | |
Ukraine’s Privatbank files $3 billion lawsuit against PwC subsidiariesKIEV (Reuters) – Ukraine’s largest bank, PrivatBank, said on Monday it had filed a $3 billion lawsuit against the Ukrainian and Cypriot subsidiaries of international accounting firm PwC for alleged breaches during audits of the lender in 2013-2015. | |
Trump, Abe to discuss trade after U.S. aluminum, steel tariffs-White HouseWASHINGTON (Reuters) – U.S. President Donald Trump will discuss “reciprocal trade and investment ties” with Japan’s prime minister Shinzo Abe during a visit later this month, the White House said on Monday. | |
Caught On Video: How A Tesla Auto-Pilot Almost Killed Its OccupantsAuthored by Fred Lambert via Electrek.co, Tesla and the U.S. National Transportation Safety Board (NTSB) are both investigating the fatal accident involving a Model X Autopilot in Mountain View last month, but now another Tesla owner also conducted his own little investigation into the accident by following a similar scenario on Autopilot and almost crashed on video by doing so. After reviewing the data logs of the vehicle last week, Tesla confirmed that the Model X was on Autopilot and explained the last moments before the impact:
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$8 Billion E-Mini Dump Sends S&P Below 200DMA, Dow Tumbles 500Well that re-escalated quickly. Moments ago, a 65,000 sell order in the E-Mini, equivalent to a notional of roughly $8 billion, sent the S&P 500 tumbling, and breached the 200-day moving average… … and sent the Dow Jones plunging by over 500 points. As a result, all major US equity indices are now negative for the year… | |
Subprime Auto Bubble Bursts As “Buyers Are Suddenly Missing From Showrooms”It was less than a month ago when we showed a series of “10 charts revealing an auto bubble on the brink”, and which laid out several very troubling trends, including i) the average new vehicle loan hit a record high $31,099; ii) the average loan for a used auto climbed to a record high $19,589… … iii) the average monthly payment for a new and used vehicle hitting an all-time high of $515… … iv) the … | |
Charles Gave Warns Of Possible Paradigm Shift AheadThe following is a summary of a recent Financial Sense Newshour podcast, “Charles Gave: Possible Paradigm Shift Ahead.” Charles Gave, 74, is a Founding Partner and Chairman of GaveKal-Dragonomics Research since 2001. Before this, in 1986, Gave stepped away from pure research to move into tactical asset allocation, an active management portfolio strategy that plays off of momentum. He co-founded Cursitor-Eaton Asset Management where he was chief investment officer, managing over $10 billion of institutional investor’s money. Cursitor was sold in the mid-1990s to Alliance Capital and Gave remained with Alliance Capital until 1999. After the Dotcom crash, he reverted to his first love: research and tactical asset allocation. He left Alliance Capital to create Gavekal where he is the chairman today. During the FS Insider interview, Gave describes on what could happen to bonds, stocks, and, most importantly, investors’ portfolios when the 30-year downtrend in inflation completes an unfair low and reverses… Gave discusses his overall macro outlook, investment risks surrounding the stock-bond correlations during previous inflation cycles, and of course, how specific asset correlations which have been operating for dec … | |
Why Tumbling Stocks Didn’t Tank Treasury YieldsTreasury yields rose in the first quarter even as stocks posted losses. It is a far cry from what happened the last time stocks hit a rough patch. | |
Why Trump Won’t Touch MoonshineThe bankruptcy of the East Coast’s biggest oil refiner has raised uncomfortable questions around the politically charged market for ethanol. | |
Spotify’s Unspoken Promise: A Different BusinessThe streaming giant’s path to tech stardom involves developing a new business model in conflict with its current one. | |
NewsWatch: Stocks tumble as trade and tech woes weigh; Amazon shares whackedU.S. stocks fell sharply lower on Monday, in the latest example of heavy intraday volatility, with concerns about trade and technology stocks once again leading the market lower, a sign that the volatility that marked the final weeks of the first quarter hadn’t yet fully played out. | |
Avi Gilburt: There’s likely more downside in the stock market this weekThe 2,682-point level in the S&P 500 Index is critical for the direction of stocks. | |
Currencies: Dollar weakens to kick off April, 2nd quarter, after woeful start to 2018The U.S. dollar weakens against its main rivals on Monday extending a protracted span of weakness for the monetary unit that softened against other major currencies in 2018’s first three months. |
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