Written by Gary
The S&P 500 closed higher Tuesday, but shy of all-time high of 2,872.87, buoyed by a rally in energy and strong earnings reports. The Dow rose 0.50%. The S&P 500 rose 0.29%, and the Nasdaq Composite was up 0.31%. WTI crude gained $0.16 to close at $69.17 as Iran sanctions pressured prices. Gold futures for August delivery in New York were flat at $1,217.70 a troy ounce, but did recover from an intraday a low of $1,215.60.
Todays S&P 500 Chart
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The Market in Perspective
| Here are the headlines moving the markets. | |
 | Global stocks rise on China boost, S&P 500 nears record; oil gainsEquity markets around the world neared a six-month high on Tuesday, buoyed by a rebound in Chinese stocks and an earnings-driven surge on Wall Street, while oil prices rose on concerns U.S. sanctions against Iran could cause supply shortages. |
| Disney quarterly profit misses as programming costs surgeWalt Disney Co missed Wall Street estimates for quarterly profit on Tuesday due to higher programming costs and another drop in subscribers at ESPN. |
| Snap loses users for the first time, beats on revenueSnap Inc’s Snapchat app unexpectedly lost users in the second quarter, the company said on Tuesday, likely adding fuel to investor fears about slowing growth in the social media sector. |
| S&P 500 moves closer to record high; Amazon, Alphabet helpThe S&P 500 inched nearer to a record high on Tuesday, lifted by Amazon, Alphabet and Microsoft, and by a strong second-quarter earnings season that fueled optimism about the strength in the U.S. economy. |
| Goldman Sachs under U.S. scrutiny in Malaysian fraud inquiry: NYTFederal prosecutors drafted a criminal complaint against a former Goldman Sachs banker early this year for his alleged role in a Malaysian fraud, but the charges were never filed because of a Justice Department turf battle, the New York Times reported on Tuesday. |
| Elon Musk considers taking Tesla private in tweet, shares jumpChief Executive Elon Musk said on Twitter he is considering taking Tesla Inc private in what would be the largest deal of its type, moving the electric car maker out of the glare of Wall Street as it goes through a period of rapid growth under tight financial constraints. |
| Tesla statement on potential deal to go privateThe following blog post was published on Tuesday by Tesla Inc Chief Executive Elon Musk following his earlier comments on Twitter about taking the company private. The link to the full blog is: https://www.tesla.com/blog/taking-tesla-private?redirect=no |
| Tesla call options jump on Musk tweet, short-sellers hurtSome nimble traders in Tesla Inc’s options made massive paper profits on Tuesday, while short-sellers were hit with nearly $1 billion in paper losses after Tesla chief Elon Musk tweeted he was considering taking the company private. |
| Musk says no final decision on taking Tesla privateTesla Inc Chief Executive Officer Elon Musk said on Tuesday in a letter to employees that he is considering taking the electric car maker private at a price of $420 per share. |
| Cryptos Tumble As SEC Delays Another Bitcoin ETF DecisionAfter a noisy day, cryptos tumbled right as the US equity market closed today following reports that the Securities and Exchange Commission (SEC) has delayed a decision on another proposed bitcoin ETF, pushing its final determination to September 30th 2018. The entire crypto space was immediately hit lower…
As CoinDesk notes, the choice to punt forward a final decision also comes days after SEC commissioners completed a review on a proposed bitcoin ETF from investors Cameron and Tyler Winklevoss, whose multi-year effort was dashed after a majority of the SEC’s commissioners backed up the agency’s original March 2017 decision. And this second delay has pushed Bitcoin back below $7,000 once again… |
| Global Stocks Pop, Bonds Drop As PBOC Slows Great Fall Of ChinaElon Musk… China’s verbal intervention overnight juiced yuan higher…
And sent Chinese stocks ripping…
European stocks followed through… |
| “Risk Is Risk… Risk Knows No Age”Authored by Lance Roberts and Michael Lebowitz, via Real Investment Advice, Part I – “Buy & Hold” Can Be Hazardous To Your Wealth Part II – Why Crashes Matter & The Saving Problem Part III – Valuations & Forward Returns Part IV – The Math Of Loss Part V – Choosing The Right Portfolio Benchmark Part VI – Should You Invest Like Warren Buffett? Part VII – The Problem Of Psychology Part VIII – The Only Benchmark That Matters Part IX – The Problem With Passive CHAPTER 10 – Risk Knows No Age
This is actually a false statement. Let’s start with the definition of “risk” according to Merriam-Webster:
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| The Crackdown Continues: Twitter Suspends Libertarian Accounts, Including Ron Paul Institute DirectorOne day after what appeared to be a coordinated attack by media giants Facebook, Apple, Spotify and Google on Alex Jones, whose various social media accounts were banned or suspended in a matter of hours, the crackdown against alternative media figures continued as several Libertarian figures, including the Ron Paul Institute director, found their Twitter accounts suspended.
On Monday, Twitter suspended the editorial director of antiwar.com Scott Horton, former State Department employee Peter Van Buren, and Dan McAdams, the executive director of the Ron Paul Institute.
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| AT&T Not Out of the Legal Woods YetThe Justice Department’s appeal of a judge’s decision to allow AT&T’s purchase of Time Warner is highly unusual, but the odds of it achieving at least a partial victory aren’t trivial. That may only affect future deals, but there is a possibility of blowback for AT&T as well. |
| June 2018 Headline Consumer Credit Growth Rate Well Under ExpectationsWritten by Steven Hansen The headlines say consumer credit rate of annual growth significantly declined from last month. We see almost no change in the rate of growth.
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| 07Aug2018 Midday Update: Wall Street Higher, DOW Up Triple Digits, Oil Rises As U.S. Renews Sanctions Against Iran, SP 500 Creeps Toward Record HighWritten by Gary The benchmark SP 500 was just short of a record high today (SPY +0.3%), powered by gains in technology stocks. Also a strong 2nd. quarter earnings season fueled optimism about the strength in the U.S. economy.
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| The Margin: Elon Musk lights up the internet and investors see green as Tesla rips higherThe question wafting across the internet Tuesday: Elon Musk, are you high? |
| Market Snapshot: Stocks close higher as earnings news trumps trade-war fear; Tesla soars 11% on Musk’s going-private tweetU.S. stocks close higher Tuesday as investors continued to brush aside anxiety over the trade war between the U.S. and China and instead focus on positive corporate earnings. |
| Earnings Results: Match Group CEO talks new Tinder features after subscriber numbers top estimatesTinder continues to surprise Wall Street with the pace at which it adds new paying members. |
Summary of Economic Releases this Week
Earnings Summary for Today
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