Written by Gary
US stocks opened lower this morning (SPY -0.1%), after four straight sessions of gains as concerns rose among investors that the U.S.-Chinese trade dispute will intensify.
Here is the current market situation from CNN Money | |
North and South American markets are broadly lower today with shares in Brazil off the most. The Bovespa is down 2.12% while Mexico’s IPC is off 1.37% and U.S.’s S&P 500 is lower by 0.14%. |
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.
What Is Moving the Markets
Here are the headlines moving the markets. | |
Buffett says Berkshire buying own stock, more AppleWarren Buffett, the billionaire chairman of Berkshire Hathaway Inc , on Thursday said the conglomerate has bought back its own stock for the first time since 2012 and has added a “little” to its already huge stake in Apple Inc . | |
U.S. stocks drop on China trade concerns; Argentine peso roiledGains in U.S. stocks came to a halt on Thursday as concerns rose among investors that the U.S.-Chinese trade dispute will intensify, while economic turmoil in Turkey and Argentina sent those countries’ currencies tumbling. | |
Dollar Tree misses comparable sales estimates on Family Dollar weaknessDollar Tree Inc missed Wall Street expectations for quarterly same-store sales on Thursday as the discount store operator’s Family Dollar business struggled to boost sales, sending its shares down 12 percent. | |
U.S. consumer spending, inflation data point to strong economyU.S. consumer spending increased solidly in July, suggesting strong economic growth early in the third quarter, while a measure of underlying inflation hit the Federal Reserve’s 2 percent target for the third time this year. | |
Campbell to sell fresh, international units, complete sale an optionCampbell Soup Co said on Thursday it plans to sell its international and fresh refrigerated-foods units and left open the possibility of putting the whole company up for sale, following a months-long review and pressure from a hedge fund to sell itself outright. | |
As clock ticks, Canada and U.S seek ways to salvage NAFTATalks between Canada and the United States intensified on Thursday as the two countries push to hammer out a deal on a revamped North American Free Trade Agreement by a Friday deadline, with both sides upbeat about the progress made so far. | |
Trade worries drag on Wall Street; tech stocks help limit lossesU.S. stocks dropped on Thursday, after four straight sessions of gains, weighed down by concerns over the U.S.-China trade war, even though gains in technology stocks helped limit losses. | |
Abercrombie sales miss as Hollister runs out of stock in EuropeAbercrombie & Fitch Co failed to take full advantage of an unusually long summer in Europe as its stock of Hollister brand of summerwear could not keep up with increased demand in the second quarter, sending its shares down as much as 14.6 percent. | |
Wells Fargo fires bankers after probe into doctoring of expense receipts: Wall Street JournalWells Fargo & Co has fired or suspended more than a dozen employees in its investment bank over alleged violations of the company’s expense policy regarding after-hours meals, the Wall Street Journal reported on Thursday, citing people familiar with the matter. | |
Snap Slumps After Map Hack Renames New York City, “Jewtropolis”Shares of Snap are tumbling today after reports that Snapchat suffered “an act of vandalism” temporarily relabeled New York City as “Jewtropolis” on several popular apps and services. As The New York Times reports, users of a variety of popular apps and services, including Snapchat, awoke Thursday morning to find that New York City had been relabeled “Jewtropolis” on maps displayed in the apps. People on Twitter quickly posted screen shots of the maps, calling them racist and anti-Semitic. Maps on Snapchat, Citi Bike, StreetEasy and even The New York Times all appeared to be affected. All of those affected appeared to use embeddable maps from a third-party company called Mapbox. The company did not immediately respond to requests for comment, but in an interview with TechCrunch, Eric Gundersen, the chief executive, said the problems were “100 percent fixed and should h … | |
The Economy: Winter Is ComingAuthored by Christopher Casey via The Mises Institute, Fans of HBO’s hit series, Game of Thrones, know well the motto of House Stark: “Winter is Coming.” This motto warns of impending doom, whether brought on by the Starks themselves, devastating multi-year, cold weather, or something far more ominous north of the Wall. At least since Soviet economist Nikolai Kondratieff wrote The Major Economic Cycles in 1925, recessions have been associated with winter weather. Although Kondratieff’s theories contained as much fantasy as Game of Thrones, using seasons as an analogy for the stages of a business cycle is intuitive. If spring represents recovery, and summer the peak of economic growth, then the U.S. economy may well be in autumn. All should be as wary as the subjects of Westeros (the realm of focus in Game of Thrones). Why Winter is Coming Few mainstream economists currently foresee a recession. They cite “strong” (a new-found, favorite term in Federal Open Market Committee minutes) economic statistics, a “healthy” … | |
Brazil Central Bank Intervenes As Real Crashes Near Record LowsThe bloodbath in Argentina and Turkey is evident in Brazil also where Bloomberg reports that the central bank just intervened for the first time since June 22. BCB reportedly intervened at 4.20 “to provide liquidity” adding that intervention intensity and frequency will depend on the market. The BCB also attempted to provide some confidence by reaffirming that monetary policy is not directly linked to recent market shocks. For now, the Real has stabilized. Additionally, BCB will also offer an additional 30,000 FX swap contracts in a … | |
DOJ Sides With Asian-Americans Against Harvard In Landmark Affirmative Action LawsuitThe Department of Justice on Thursday lent its support to Asian-American students suing Harvard University over “personal rating” affirmative action policies they claim are discriminatory – a case with far-reaching consequences for reversing Obama-era policies “to promote diverse educational settings,” reports the Wall Street Journal.
The 37-page DOJ brief filed on Thursday concludes that Harvard violated the law with the “personal rating” system, and that it has failed to demonstrate how its use of the system is narrowly tailored to suit a competing interest. “Harvard acknowledges that it voluntarily uses race as a factor in deciding whether to offer certain … | |
July 2018 Headline Personal Income And Spending Little ChangedWritten by Steven Hansen The headline data this month shows continued good month-over-month growth in income and spending. | |
Here’s exactly what time to get on the road to beat Labor Day trafficSome 35 million drivers will be on the road, traveling 50 miles or more for the holiday weekend. | |
Caroline Baum: Trump’s exasperating ignorance on tradeTrade is a voluntary exchange for mutual benefit — not a zero-sum game like Donald Trump thinks | |
Market Extra: Labor Day: Which markets are closed?Labor Day in the U.S. is Sept. 3, and although financial markets will observe regular hours on Friday to wrap up trading in August, most trading platforms will be shuttered Monday. |
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