Written by Gary
Equities trim gains as trade fears renewed investors jitters (SPY -0.8%). DOW ends lower as rally withers, succumbs to selling in financials, technology shares.
Todays S&P 500 Chart
The Market in Perspective
| Here are the headlines moving the markets. | |
 | U.S. gives Disney approval to buy Fox amid bidding war with ComcastWASHINGTON (Reuters) – Walt Disney Co won U.S. approval to buy Twenty-First Century Fox Inc entertainment assets for $71.3 billion on condition it sell Fox’s 22 regional sports networks, the Justice Department said on Wednesday, giving Disney an edge over Comcast Corp’s competing bid. |
| Wall Street ends down on renewed trade jittersNEW YORK (Reuters) – U.S. stocks ended lower on Wednesday, reversing earlier gains on renewed uncertainty regarding the U.S. stance on Chinese investments in American technology companies. |
| Automakers warn U.S. tariffs will cost hundreds of thousands of jobs, hike pricesWASHINGTON (Reuters) – Two major auto trade groups on Wednesday warned the Trump administration that imposing up to 25 percent tariffs on imported vehicles would cost hundreds of thousands of auto jobs, dramatically hike prices on vehicles and threaten industry spending on self-driving cars. |
| Conagra to buy Pinnacle for $8.1 billion, creating frozen food powerhouse(Reuters) – Conagra Brands Inc said on Wednesday it would buy Pinnacle Foods Inc for about $8.1 billion, trying to grab a bigger share of the fast-growing snack and frozen food markets amid fierce competition in the packaged food industry. |
| Apple, Samsung settle U.S. patent dispute(Reuters) – Apple Inc and Samsung Electronics Co Ltd on Wednesday settled a seven-year patent dispute over Apple’s allegations that Samsung violated its patents by “slavishly” copying the design of the iPhone. |
| Lyft valued at $15 billion in latest funding round(Reuters) – Lyft Inc said on Wednesday it raised $600 million in a new funding round led by Fidelity Management, doubling the ride-hailing firm’s valuation to $15.1 billion in little over a year. |
| Boeing’s engine proposal deadline looms for new mid-market jet: reportSEATTLE (Reuters) – Three of the largest engine makers face a Wednesday deadline to provide Boeing Co with formal proposals for how they would power the planemaker’s possible new mid-market jet, an aviation magazine reported. |
| Trump to use U.S. security review panel to curb China tech investmentsWASHINGTON (Reuters) – U.S. President Donald Trump said on Wednesday he will use a strengthened national security review process to thwart Chinese acquisitions of sensitive American technologies, a softer approach than imposing China-specific investment restrictions. |
| Equifax agrees to toughen cyber-defenses in agreement with statesWASHINGTON (Reuters) – Equifax Inc agreed on Wednesday to do more to protect consumer data in a deal with banking regulators from eight states who investigated its security practices following a cyber attack last year that exposed data on more than 143 million people.Equifax agreed to review its defenses against hackers and to give its board of directors more responsibility for protecting consumers. |
| Bank Bloodbath Batters Stocks Below Key Support As Yield Curve CrashesYeah that happened… China was ugly overnight (after The National Team tried to save things on Tuesday)…
European stocks rebounded (along with US stocks early) on the heels of soothing White House comments – but remember they closed before the collapse in US had got going…
But that dead-cat-bounce died again as Larry Kudlow assured investors that Trump was not backing away from China at all… The Dow ended down ove 450 points from its hi … |
| Pelosi Pissed As Liberal Media Loves Socialist Millennial Who Beat Democratic LeaderIn what will almost certainly be remembered as a softball interview for the ages, “Morning Joe” hosts Mika Brzezinski and Joe Scarborough feted the upstart winner of the Democratic primary in New York’s 14th Congressional district, which covers parts of Queens and the Bronx. In an upset that’s being compared to Tea Party activist David Brat’s 2014 upset of then-Majority Leader Republican Rep. Eric Cantor, 28-year-old socialist Alexandria Ocasio-Cortez trounced longtime Rep. Joe Crowley, a member of the Democrats’ Congressional leadership. The upset even caught the attention of President Trump, who tweeted that Crowley perhaps “should’ve been more respectful” to his president (and fellow Queens native).
Brzezinski kicked off the interview by asking Ocasio-Cortez, a former Bernie Sanders organizer who ran on a platform of medicare-for-all and abolishing ICE, “how are you feeling” and whether she’s had a chance yet “to take it all in?”
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| US Lawmaker: “America Is Heading In The Direction Of Another Harper’s Ferry”Authored by Mac Slavo via SHTFplan.com, Representative Steve King believes that the United States is heading straight for another Civil War. With the division rather obvious and each side viciously defending their idea of who should have power over everyone else and how much, could King be correct?
King, who is a Republican from Iowa warned in a tweet on Sunday that the United States is heading towards a civil war. “America is heading in the direction of another Harpers Ferry,” the conservative lawmaker tweeted on Sunday. “After that comes Ft. Sumter.” According to The Hill, King was referring to the opening shot of the Civil War fired at Fort Sumter in the harbor of Charleston, South Carolina, on April 12, 1861. Harper’s Ferry, which was then part of Virginia, and which King a … |
| House Rejects Second Immigration Bill After Hardline Measure FailsA second GOP immigration compromise bill died in the House on Wednesday, ending a several month-long drama that wouldn’t have likely made it through the Senate even if it had passed.
Fewer votes were cast for the compromise bill than the more hardline measure rejected last week in a 193-231 vote. Just 114 Republicans backed it, with 34 having not yet voted. The vote itself was postponed twice in order to give Republicans more time to drum up support for the measure which was sharply opposed by Democrats, and not expected to survive the Senate even if the House approved it. Earlier Wednesday, Trump sent a very “boomer” all-caps Tweet urging House GOP to pass the measure.
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| Banks Are Playing Chicken With BrexitBanks are running out of time to prepare for a sudden break in relations between the U.K. and Europe. |
| Tariff Talk Has Slammed the IPO Window Shut for Car MakersLuxury car makers are in the eye of the trade storm unleashed by President Trump. One consequence: Hoped-for IPOs of Aston Martin, Volvo Cars and possibly Jaguar Land Rover are looking unlikely, even though most brands are reporting record sales. |
| Memory Unlikely to Fade Fast for ChipsConsolidation and growing demand for cloud and AI servers have kept chip prices stable—and high. |
| Poor New Yorkers suffer more when the subway is delayedSubway delays mirror the social and economic inequality of the city. |
| Trump Today: President calls on Congress to restrict Chinese investment in U.S.President Donald Trump on Wednesday called on Congress to restrict Chinese investment in the U.S., as he took fresh aim at Harley-Davidson over its decision to shift some production abroad, and said he’d start searching for a new Supreme Court nominee immediately. |
| Hiring a nanny for summer child care? Don’t forget a W-2 formIt only takes a few months of employment to trigger the ‘nanny tax.’ |
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