Written by Gary
US equities markets slipped into negative territory after soaring into positive green at the opening (SPY -0.1%), but Trump’s negative comments on China trade and rising oil prices sent the markets tumbling.
Todays S&P 500 Chart
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Trump doubts success in rebalancing U.S.-China trade as talks get underwayWASHINGTON (Reuters) – President Donald Trump said on Thursday that China had become “very spoiled” on trade with the United States and cast doubt on the success of his efforts to rebalance the relationship with Beijing as high-stakes U.S.-China negotiations opened in Washington. |
| Wall St. turns negative on trade worries, oil pricesNEW YORK (Reuters) – Wall Street turned negative in indecisive trade on Thursday, giving up earlier gains as investors grappled with renewed trade worries and rising oil prices. |
| Asia oil bill to top $1 trillion a year as crude hits $80By Henning Gloystein, Rajendra Jadhav and Neil Jerome Morales |
| Delaware judge rules in favor of Redstone family in CBS dispute(Reuters) – A judge declined on Thursday to issue a restraining order against Shari Redstone, allowing her to exert control over CBS Corp and dealing a setback to the U.S. media company’s plans to strip her voting power and thwart a merger with Viacom Inc . |
| Canada optimism over pipeline interest may be misplaced: sourcesWINNIPEG, Manitoba (Reuters) – The Canadian government’s optimism that outside investors would be interested in taking over a Kinder Morgan Canada oil pipeline project if the company pulls out might be misplaced, said energy industry sources and analysts. |
| Brookfield in talks to acquire stake in Kushner-owned tower: sourceNEW YORK (Reuters) – Brookfield Property Partners is in talks to acquire a stake in a Fifth Avenue office tower majority owned by a company that was previously run by Jared Kushner, son-in-law of President Donald Trump, a source familiar with a potential deal said on Thursday. |
| Canada ‘positive’ on NAFTA, Mexico says deal possible by end-MayNEW YORK/MEXICO CITY (Reuters) – Canadian Prime Minister Justin Trudeau on Thursday said he felt “positive” about talks to rework the NAFTA trade pact, while a top Mexican official held out hope a deal could be hammered out by the end of May. |
| Ethereum is top public blockchain, bitcoin No. 13 in China’s new indexNEW YORK (Reuters) – Ethereum is the top public blockchain in the cryptocurrency space, while that of bitcoin, the original virtual currency, is ranked 13th, according to the Chinese government’s first monthly Global Public Chain Assessment Index released on Thursday. |
| U.S. gunmaker Remington exits bankruptcy in tough gun climate(Reuters) – U.S. weapons manufacturer Remington Outdoor Co Inc said on Thursday it had emerged from Chapter 11 bankruptcy with less debt and more stable financing that may help it ride out a slowing market for firearms. |
| Bonds Battered, Submerging Markets Slump, & Small Caps Hit Record HighEverything was awesome until Trump dropped the truth bomb about China trade talks… Small Caps and Trannies outperformed…
S&P, Dow, and Nasdaq remain red for the week…
The S&P found support at its 100DMA… |
| Senate Confirms Gina Haspel To Head CIAThe CIA has a new boss, and for the first time, it’s a woman. On Thursday afternoon, despite vocal opposition from many senators over her involvement in the Bush-era “enhanced interrogation”, i.e. torture, programs, the Senate confirmed Gina Haspel in a 54-45 vote as the next head of the CIA. In the end, support from Senate Democrats, including the Senate Intelligence Committee’s vice chair Mark Warner, helped ensure Haspel’s confirmation. She was previously approved by the Senate Intelligence Committee in a 10-5 vote early Wednesday in a closed-door session, paving the way for her confirmation. While close, this was not the narrowest of Trump nominee confirmations, with Betsy De Vos, Jeff Sessions and Scott Pruit all confirmed with a narrower margin. Haspel’s 54-45 confirmation vote not the narrowest of Trump nominees: @BetsyDeVosED was confirmed 51-50, with @VP casting tie-breaking vote. Other narrow confirmation votes: -AG Sessions: 52-47 -@EPAScottPruitt 52-46 “Throughout the process, she demonstrated candor, integrity and a forthright approach to the committee’s questions. She displayed the talent and expertise that make her uniquely qualified to face America’s biggest national security challenges, whether in the area of counterterrorism or renewed international competition among great powers,” Senate Majority Leader Mitch McConnell said ahead of Thursday’s vote. Many disagreed: Republican Senators Rand Paul (Ky.) and Jeff Flake (Ariz.) sided with most Democrats in voting against Trump’s controversial pick to replace Mike Pompeo. Sen. John McCain also opposed her nomination but was in Arizona battling brain cancer. Meanwhile, several Democrats including Sen. Mark Warner (Va.), the vice chairman of the Intelligence Committee, and red-state Democratic Sens. Joe Donnelly (Ind.), Joe Manchin (W.Va.) and Heidi Heitkamp (N.D.) supported the nominee. While Haspel’s … |
| David Vs Goliath? Einhorn’s Battle Against Fed-Insured-Market Is Costing Investors DearlyEverybody already knows that David Einhorn is having a flat out terrible year, with Greenlight now reported to be down 15% YTD and down 25% since the end of 2014. Now the media is starting to amplify the hedge fund manager’s struggles with Institutional Investor asking “What Happened to David Einhorn?” yesterday and today, Bloomberg releasing an article highlighting the manager’s underperformance and questioning whether or not he has evolved properly alongside of the markets to once again ever be successful.
In his defense, a lot of Einhorn’s struggles have come from the fact that the market has changed significantly since he started as a manager. With the Fed committing to lower interest rates, logic and reason – which used to be Einhorn’s key principle of value investing long and in shorting bubbles – has been thrown completely out the window. Stocks no longer trade on fundamentals and if you are a stock picker that focuses only on fundamentals, this is going to significantly alter your i … |
| Trump Gives Merkel An Ultimatum: Drop Russian Gas Pipeline Or Trade War BeginsIt became clear just how important it is to the US for Russia’s Nord Stream 2 gas pipeline project to fail two months ago when, as we described in “US Threatens Sanctions For European Firms Participating In Russian Gas Pipeline Project”, the U.S. State Department warned European corporations that they will likely face penalties and sanctions if they participate in the construction of Russia’s Nord Stream 2 on the grounds that “the project undermines energy security in Europe”, when in reality Russia has for decades been a quasi-monopolist on European energy supplies and thus has unprecedented leverage over European politics, at least behind the scenes.
“As many people know, we oppose the Nord Stream 2 project, the US government does,” State Department spokeswoman, Heather Nauert said during a late March press briefing adding that “the Nord Stream 2 project would undermine Europe’s overall energy security and stability. It would provide Russia [with] another tool to pressure European countries, especially countries such as Ukraine.” And speaking of Ukraine, recall that in 2014, shortly after the US State Department facilitated the presidential coup in Ukraine, |
| Tencent Is Ready Again for Its Battle RoyaleChinese tech giant’s shares have tumbled in recent months, but first-quarter results should allay investor concerns. |
| In Emerging Turmoil, What Links Argentina and Turkey?Who’s next? The fear of contagion is stalking emerging markets again, but Argentina and Turkey have put themselves in the firing line while others have distanced themselves from it. |
| Investors, Brace Yourselves for More Drug-Price DramaThe next leg of the Trump administration’s plan to lower the cost of drug prices could get ugly for investors. |
| Walmart’s Jet.com targeting affluent millennials with a little help from AppleWalmart is placing premium products and brands on its Jet.com site to target affluent millennials in big cities. |
| Fewer Americans are putting off weddings and kids because of moneyOne-third of Americans delayed a major life decision in the last year because of finances. |
| Futures Movers: Brent oil prices end on calmer note after surge past $80 for first time since 2014Crude-oil prices on Thursday end little changed, if not slightly higher, after a brief jaunt past $80 a barrel for the international benchmark first the time since 2014. |
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:
