Written by Gary
US stocks are lower today (SPY -0.6%) with the technology sector posting sharp losses for a third session as Facebook Inc. tumbled into bear territory following its disappointing earnings last week.
Here is the current market situation from CNN Money | |
North and South American markets are mixed today. The IPC is up 0.32% while the Bovespa gains 0.10%. The S&P 500 is off 0.63%. |
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.
Cowen raises price forecast on red-hot AMD after CEO tells analyst the chipmaker is ‘just getting started’
Twitter shares fall again as Wall Street worries over social media company’s user growth
As Facebook and Netflix trade in bear market territory, tech investor Paul Meeks gives two tech alternatives
Prepare for the biggest stock-market selloff in months, Morgan Stanley warns
A 3-day rout in technology stocks has the Nasdaq set to close at its lowest level in three weeks
Tyson Foods stock plunges amid escalating trade conflicts
What Is Moving the Markets
Here are the headlines moving the markets. | |
Tesla explores building Gigafactory in Europe: Wall Street JournalTesla Inc is in talks with authorities in Germany and the Netherlands to build its first major European factory, the Wall Street Journal reported on Monday, citing officials involved in the matter. | |
Toyota plans to expand production, shrink cost of hydrogen fuel cell vehiclesToyota Motor Corp is doubling down on its investment in hydrogen fuel cell vehicles, designing lower-cost, mass-market passenger cars and SUVs and pushing the technology into buses and trucks to build economies of scale. | |
Wary of China’s rise, Pompeo announces U.S. initiatives in emerging AsiaU.S. Secretary of State Mike Pompeo on Monday announced $113 million in new technology, energy and infrastructure initiatives in emerging Asia at a time when China is pouring billions of dollars in investments into the region. | |
Nasdaq drops as FAANG growth worries persistThe Nasdaq Composite fell more than 1 percent on Monday for the third straight session, as disappointing forecasts from a clutch of technology and internet companies fueled worries about the continued growth of the high-flying tech sector. | |
Review of Toshiba’s delayed British nuclear plant raises new doubtsDelays to the planned sale of Toshiba’s NuGen nuclear project in Britain have prompted a review of the roles of 60 direct employees, who are mainly based in Manchester, raising further doubts over its future. | |
Exxon Mobil, Chevron earnings miss Wall Street expectationsExxon Mobil Corp and Chevron Corp , two of the world’s largest oil producers, reported quarterly profit on Friday that fell far short of Wall Street’s expectations. | |
Caterpillar raises 2018 profit outlook, beats quarterly estimatesCaterpillar Inc on Monday raised its full-year profit outlook after earnings in the second quarter nearly doubled, beating market expectations, helped by global demand for its equipment. | |
Deutsche Bank shifts euro clearing as post-Brexit landscape emergesDeutsche Bank has moved the clearing of a “large part” of new euro-denominated derivatives trades from London to Frankfurt, as financial firms ramp up their Brexit preparations. | |
CBS board to discuss CEO Moonves investigation on Monday: sourcesCBS Corp’s board will discuss the investigation into allegations of personal misconduct against the U.S. broadcasting and media company’s Chief Executive Leslie Moonves on Monday, according to two people familiar with the matter. | |
A Recession In 2019? Kolanovic Warns There Is One Event That Could “Finish Off The Cycle”JPMorgan’s head quant, Marko Kolanovic underwent a curious transformation in late 2017 and early 2018: while not fully abandoning his traditional skepticism, at the start of the year he predicted that volatility and tail risk would be modestly higher in 2018 (even if he explicitly said that an event like the February VIXtermination was unlikely just one week before it struck), while pushing a consistently bullish view immediately after the February crash (so far stock have yet to take out the late January melt up highs). One other thing that Kolanovic failed to predict was that the ongoing trade war would reach its current level of escalation and mutual retaliation. Fast forward to today, when in his latest note, Kolanovic explains why JPM has now turned bullish on Emerging Markets (surely the recent acceleration in fiscal and monetary easing by China is the main driver here, even if it is not explicitly stated), updates on the current state of the trade war, and most importantly admits that his optimism may be somewhat displaced, presenting a gloomy scenario that sees a recession come notably sooner than most expect: some time in 2019. As the JPM head quant writes, his views remain constructive “despite the trade war which we did not foresee to reach the current level of intensity” and explains that a “critical premise behind these views was that economic cycle stays intact this year.” It is here that his conviction appears to be faltering and notes that “a number of our clients assume that the cycle is likely to end in 2019 or 2020. Some of the negative sentiment and reasoning behind some investors’ below-average equity exposure (e.g., HF beta) comes from the notion that if the cycle were to end soon, the risk-reward for chasing the last leg up is poor.” So is a recession in the … | |
Cop Assaulted, Head-Butting, And A Bloody Nose After Another Brawl At Trump’s Hollywood StarPresident Trump’s star on the Hollywood Walk of Fame has emerged as an unlikely battleground between Los Angeles Trump supporters and his detractors. There have been fights, shouting matches, and men dressed as Russian cops “protecting” the star – while two separate videos of men destroying it with pickaxes have gone viral. Despite efforts by the LAPD to separate pro and anti-Trump groups, yet another scuffle broke out Sunday evening between a man in a MAGA hat speaking into a megaphone and two anti-Trump protesters.
The father ended up with a bloody cut on his nose, while a man in a burgandy shirt believed to be his son was wrestled to the ground as he assaulted a police officer. Police are reportedly looking for the father. From another angle: | |
New Gallup Poll Shows Only 2% Of US Investors Own Bitcoin, But 26% Are “Intrigued”Authored by Maxwell William via CoinTelegraph.com, The results of a Wells Fargo/Gallup poll published July 27 finds that only two percent of U.S. investors own Bitcoin, but 26 percent are intrigued by it. image courtesy of CoinTelegraph The online survey was conducted May 7-14, 2018 among U.S. investors with more than $10,000 in stocks, bonds or mutual funds. The results show that the overwhelming majority of investors who have already heard of Bitco … | |
Manafort Readies For Explosive Tuesday Trial In $60 Million Russia ProbeFormer Trump aide Paul Manafort, 69, will go on trial Tuesday, accused of bank and tax fraud by special counsel Robert Mueller’s team of investigators. In a Monday court filing, Manafort is accused of earning more than $60 million as a political consultant in Ukraine, providing the first insight into income that he “failed to report a significant percentage of” on his tax returns, according to prosecutors. While the trial will focus on financial crimes that have nothing to do with Trump or his 2016 campaign, it should nonetheless provide fireworks as Manafort is accused of a wide variety of crimes, including laundering $30 million through offshore entities, doctoring financial documents, defrauding banks and lying to tax preparers – much of which was done while working for a pro-Russia Ukrainian political party along with lobbyist Tony Podesta. Manafort and Podesta made millions together in Ukraine without registering as foreign agents – except Podesta had the uncanny foresight to retroactively file as a foreign agent last April, while Manafort did not as noted in the original� … | |
Intel Serves Up an Opportunity for AMDMuch smaller chip maker will have a big head start with new data-center processors. | |
IPO slowdown expected as cracks appear in Chinese tech stocksThe flood of initial public offerings is expected to slow to a trickle this week, as the August lull sets in and issuers pull back ahead of the Labor Day holiday weekend, but stalling Chinese internet stocks are also weighing. | |
Capitol Report: How awarding green cards can boost tax filings — and incomesGetting a green card can boost immigrants’ incomes and the number of tax returns filed, according to new research published as a debate over immigration heats up afresh in Washington. | |
Market Snapshot: Stock market falls as technology sector extends lossesU.S. stocks are lower Monday with the technology sector posting sharp losses for a third session as Facebook Inc. tumbled into bear territory following its disappointing earnings last week. |
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