Written by Gary
U.S. stocks were lower after the close on Tuesday, as losses in the Financials, Basic Materials and Industrials sectors led shares lower. At the close in NYSE, the Dow Jones Industrial Average fell 1.58%, while the S&P 500 index fell 1.16%, and the NASDAQ Composite index lost 0.50%. WTI crude closed 2% lower. Treasuries continue to soar as the 10-year yield closed at 2.79%.
Todays S&P 500 Chart
The Market in Perspective
Here are the headlines moving the markets. | |
Wall Street drops on Italy worriesNEW YORK (Reuters) – The S&P 500 and the Dow Jones Industrial Average suffered their biggest one day percentage drop in a month on Tuesday as political turmoil in Italy sparked concerns about the stability of the euro zone and shares of U.S. banks tumbled. | |
U.S. to continue trade actions against China: White HouseWASHINGTON (Reuters) – The United States said on Tuesday that it still holds the threat of imposing tariffs on $50 billion of imports from China and will use it unless Beijing addresses the issue of theft of American intellectual property. | |
Starbucks closes 8,000 stores for anti-bias trainingLOS ANGELES/MIAMI (Reuters) – Starbucks Corp appealed to customers for forgiveness in a controversy over alleged racial profiling on Tuesday, saying its behavior toward two black men last month had been reprehensible as it closed 8,000 U.S. stores for anti-bias training. | |
Bayer wins U.S. nod for Monsanto deal to create agriculture giantFRANKFURT/WASHINGTON (Reuters) – Bayer won U.S. approval for its planned takeover of Monsanto after agreeing to sell about $9 billion in assets, clearing a major hurdle for the $62.5 billion deal that will create by far the largest seeds and pesticides maker. | |
HP Inc revenue beats Street on notebook PC demand(Reuters) – HP Inc reported better-than-expected quarterly revenue on Tuesday, driven by strong growth in its personal systems business, which includes notebooks and desktops. | |
Exclusive: Mexico central bank ready for election, could support peso-Diaz de LeonMEXICO CITY (Reuters) – Mexico’s central bank is prepared for different scenarios resulting from the country’s July 1 presidential vote, central bank chief Alejandro Diaz de Leon said late on Monday, adding that policymakers could act to support the peso if liquidity dries up. | |
Fiat Chrysler investors want electric road map in CEO’s swan songMILAN/LONDON (Reuters) – Fiat Chrysler (FCA) boss Sergio Marchionne is expected to outline new plans for electric and hybrid cars in a strategy presentation on Friday, aiming to ensure the world’s seventh-largest carmaker remains in the race in the absence of a merger. | |
Canada to buy Kinder Morgan oil pipeline in bid to save projectOTTAWA/WINNIPEG (Reuters) – Canada will buy Kinder Morgan Canada Ltd’s Trans Mountain pipeline for C$4.5 billion ($3.5 billion), the government said on Tuesday, hoping to save a project that faces formidable political and environmental opposition. | |
U.S. consumer confidence rebounds, house prices increaseWASHINGTON (Reuters) – Consumer confidence rebounded in May, but households were a bit pessimistic about their short-term income prospects even as they expected strong job growth to persist, which could restrain consumer spending. | |
Simon Black On The Most Interesting Way To Buy Gold TodayAuthored by Simon Black via SovereignMan.com, [Editor’s note: In today’s Notes from the Field, I want to share an excerpt from our premium intelligence – Sovereign Man: Confidential. We recently spoke with one of the world’s top gold experts. And he shared a specific gold investment that’s trading near historical lows and is one of the best ways to buy gold today, in my mind. I doubt you’ll hear about this anywhere else. Read on for the details…]The beauty, value and heft of a gold coin in your hand is a real pleasure, and it holds real value. I’ve got a fair number of them in my home safe. They’re immediately accessible, valuable and liquid. If I have to, I can quickly turn them into cash. There are two general types of gold coins – bullion and numismatics. Bullion coins are the most well-known in the market- US Eagles, Canadian Maple Leafs, etc. These coins are valued almost exclusively on their gold content. For example, a one-troy-ounce Canadian Maple Leaf gold coin typically sells for very close to the spot price of gold… you pay a little more for the wor … | |
Euro Crisis Returns With A Bang: Stocks Crash In Frenzied Liquidation PanicAnd there it went… To summarize: Italian 2Y Yield biggest spike ever Italian risk curve inverted Italian ‘redenomination risk’ record high Spanish 2Y bond yields spike to 2Y highs Spanish ‘redenomination risk’ record high EU banks crash 11% in last 4 days to 18-month lows US banks plunge 4% to 6-month lows VIX back above 200DMA US 5Y Treasury yields plunges over 18bps – most since March 2009 US 30Y Yield back below 3.00% – lowest in 7 weeks Dollar Index spiked to 6-month highs Italian capital markets collapsed today. The risk curve inverted… | |
Ethereum Creator Asks “Do Rothschilds Control Cryptocurrencies?”In December, the Rothschild family reportedly purchased bitcoin exposure, via the Grayscale Bitcoin Trust, for the first time. They were not alone as later in the year, as we detailed here, Venrock, the official venture capital arm of the Rockefeller family, has partnered with crypto investment group Coinfund to support cryptocurrency and Blockchain business innovation, Fortune reported April 6. So the involvement of some of the oldest-money-families in the world in what Warren Buffett and Charlie Munger call “unproductive turds” has raised more than few questions about whether the Rothschilds and the like can control crytpocurrencies. The conspiracy theories around Rothschilds’ cryptocurrency control are being heated up by a 1988 publication in The Economist, a magazine controlled by the family.
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There’s No Getting Around Iranian SanctionsAuthored by Irina Slav via OilPrice.com, “I personally think none of us will be able to get around it,” Vitol’s chief executive Ian Taylor said last week, commenting on the effects that renewed U.S. sanctions against Iran will have on the oil industry. The sanctions, to go into effect later in the year, have already started to bite. French Total, for one, announced earlier this month it will suspend all work on the South Pars gas field unless it receives a waiver from the U.S. Treasury Department—something rather unlikely to happen. The French company has a lot of business in the United States and cannot afford to lose its access to the U.S. financial system. So, unless the EU strikes back at Washington and somehow manages to snag a waiver for its largest oil company, Total will be pulling out of Iran. | |
How Many Activists Does It Take to Change an Industrial Icon?Two of the world’s top activist investors, Elliott Management and Cevian Capital are agitating for change at Thyssenkrupp. | |
Why It Is Harder to Diagnose Hospital StocksNew accounting rules make assessing financial health more difficult for hospitals and companies that work with them. | |
Why Aren’t Companies Spending More?The renaissance in capital spending the tax cut was supposed to bring about isn’t showing up in the economic data. | |
29May2018 Midday Update: Wall Street Tumbles Over Italy’s Political Turmoil, WTI Crude Sinks Into The 65 Handle Challenging Important Support, Gold Index Testing A Technical Resistance LevelWritten by Gary US stock indexes have fallen sharply this morning (SPY -1.5%) as shorters take advantage of an Italian non-event. The DOW is down almost 600 points as the deepening political crisis in Italy scares investors. | |
Childhood Then Vs NowThe most vivid differences and created illustrations showing nostalgia and love of childhood. “We didn’t have this when we were kids!” You hear such sighs from those who belong to the generation that grew up in the ’90s more and more often. And it’s true! If you look at how modern children live, you can find many differences. We used to have different toys, different attitude to life, different concerns and problems and so many other differences in little things that mean a lot. | |
Market Extra: Here’s how Italy revived euro crisis fears and sparked a global stock market selloffFears over Italy return with a vengeance. Here’s why. | |
Micron stock trades at highest level since dot-com bustMicron Technology Inc. shares shift back into rally mode Tuesday, defying a drop in chip-maker stocks and a report that China may be looking to curb rising memory-chip prices. | |
NewsWatch: Why Italy’s crisis could be a buying opportunity for stock investorsGlobal markets have weathered many debt and currency storms, writes Mark Hulbert. |
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