Written by Gary
The SP 500 and the DOW closed flat (SPY Flat) and the Nasdaq edged higher in light trading. Investors reacted to the possibility that a new Canada-U.S. trade agreement could miss a deadline heading into the Labor Day weekend.
Todays S&P 500 Chart
The Market in Perspective
Here are the headlines moving the markets. | |
Canada, U.S. break up NAFTA talks, Trump’s comment sours moodCanada and the United States ended talks on Friday to update the North American Free Trade Agreement in a mood soured by President Donald Trump’s comments that a pact would be on U.S. terms while Ottawa stood firm against signing “just any deal.” | |
U.S. says to move ahead with Mexico trade pact, keep talking with CanadaPresident Donald Trump told the U.S. Congress on Friday he plans to sign a trade deal with Mexico in 90 days, which Canada could join “if it is willing,” Trump’s top trade official said on Friday. | |
Ackman says plans to stick with Chipotle after trimming holdingBillionaire investor William Ackman, whose hedge fund is posting double-digit returns largely thanks to gains in Chipotle Mexican Grill shares, said on Friday he expects to stay a long-term investor even after he sold some of the shares. | |
U.S.-Canada trade talks conclude with no deal: Wall Street JournalTalks between the United States and Canada aimed at reaching a deal to revamp the North American Free Trade Agreement ended on Friday with no agreement, the Wall Street Journal reported, citing unnamed sources. | |
Trump says Canada has been taking advantage of U.S. on tradeU.S. President Donald Trump said on Friday that Canada had taken advantage of the United States on trade, as talks between the two countries, who are seeking to revamp the North American Free Trade Agreement, soured sharply. | |
U.S.-Canada trade talks conclude: Canadian officialU.S. and Canadian officials have concluded a days-long round of talks on the North American Free Trade Agreement, a Canadian official said on Friday. | |
S&P 500, Dow lose ground as trade talks hit snagThe S&P 500 and the Dow were down and the Nasdaq edged higher in light trading on Friday as investors reacted to the possibility that a new Canada-U.S. trade agreement could miss a deadline heading into the Labor Day weekend. | |
Exclusive: Third Point seeks to tap Campbell Soup board challengers – sourcesActivist investor Daniel Loeb’s hedge fund Third Point LLC is speaking to consumer industry executives as it seeks to fill a slate of nominees to challenge Campbell Soup Co’s board of directors, according to people familiar with the matter. | |
United Continental raises fees for checked bags on certain routesUnited Continental Holdings Inc on Friday increased its checked bag fees on routes to and from North America, the Caribbean and Central America, the company said, as it grapples with rising fuel costs. | |
Nasdaq Surges To Best August Since 2000, Bonds Bid As EM CollapsesThe US stock market seems distracted from bonds, FX, the yield curve, macro data, and geopolitics… so here is a distraction for the distraction watchers… It seems August was “buy all the things” month as bonds and stocks both rallied notably… and once again it was all about China… Especially buy US stocks – because US data has been so awesome!! (US Macro Surprize index is down 6 of the 8 months of this year) | |
US, Canada Trade Talks Conclude With No Agreement, To Resume Next WeekSummary: In an anticlimatic conclusion to the week’s top trade event, talks between the U.S. and Canada ended Friday without a deal on a new North American Free Trade Agreement, but the two parties were said to have made “some progress” and discussions are expected to continue next week. The Trump administration had given Canada until Friday to join a preliminary deal it reached earlier in the week with Mexico or risk being left out. Canadian Foreign Affairs Minister Chrystia Freeland is expected to brief reporters at 4:30 p.m. local time on Friday at the Canadian Embassy in Washington. She has been in Washington since Tuesday in an accelerated push to reach an agreement with the U.S. over revamping Nafta, after the US reached a bilateral deal with Mexico on Monday. According to the Wall Street Journal, the Trump administration will notify Congress on Friday that it’ll proceed with changes to Nafta with Mexico, and that it remains open to continuing negotiations with Canada. * * * Update 2: As we noted earlier, Trump’s “hard” Friday deadline was really rather soft, and as Bloomberg reports, the trade talks will resume next Wednesday. *U.S.-CANADA NAFTA TALKS SAID TO RESUME NEXT WEDNESDAY But there was good news according to Reuters: NAFTA TALKS SAID TO HAVE MADE SOME PROGRESS ON CORE ISSUES And USTR Lighhizer confirms that talks “were constructive” and will continue, and the intention is to sign a trade agreement in 90 days. USTR LIGHTHIZER SAYS TRADE TALKS WILL CONTINUE WITH CANADA LIGHTHIZER SAYS CANADA TRADE TALKS CONSTRUCTIVE, MADE PROGRESS U.S. TRADE REPRESENTATIVE SAYS INTENTION WOULD BE TO SIGN TRADE AGREEMENT IN 90 DAYS: RTRS Meanwhile as the | |
First Delivery Through China’s ‘Petroyuan’ Oil Futures Set For SeptemberAuthored by Tsvetana Paraskova via Oilprice.com, In the first physical settlement of the Chinese yuan-denominated oil futures contract, five companies will deliver a total of 600,000 barrels of Middle Eastern crude grades to buyers of the September futures contract that began trading in Shanghai in March, Reutersreported on Wednesday, citing five people with knowledge of the plans. China’s crude oil futures launched in March, with crude set for delivery in September, the first month which the Shanghai International Energy Exchange (INE) designated for deliveries in order to allow the contract to develop and accumulate volumes for physical delivery. The deliverability, the volume, and smooth process will be key to China fulfilling its ambition to have the yuan-priced oil futures contract become a maj … | |
Brazilian Real Soars On Speculation Lula Will Be Barred From Running For PresidentAfter tumbling just shy of all time lows on Thursday, dropping as low as 4.21 against the dollar, the Brazilian real and local assets have surged on hopes jailed leftist presidential candidate Lula, who is the undisputed leader in the polls ahead of Brazil’s presidential election, will be barred by Brazil’s highest electoral court from attempting a comeback to the nation’s top job despite a lengthy prison sentence. The court, known as the TSE, is set to rule on the legality of Lula’s presidential candidacy at a special session in Brasilia. They may also rule on whether or not he can partake in free television and radio campaigns. According to Bloomberg, deliberations started at 2.30 pm Brasilia time, and an announcement is imminent.
Lula, who had a 20 point lead ahead of his closest challenger far-right candidate Jair Bolsonaro, and is the most influential political figure in Brazil’s recent history, has been in jail since April after an appeals court confirmed a sentence for corruption and money laundering. The TSE will consider the country’s “clean slate” law, which determines that people with criminal conviction … | |
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. | |
What NOT to buy on Labor Day weekendWith Black Friday just around the corner, holding off on certain purchases could be a smart move. | |
In One Chart: Brace yourself: This is how much America’s 1% has savedNew data reveal how much Americans in each income bracket have put away for a rainy day. |
Summary of Economic Releases this Week
Earnings Summary for Today
leading Stock Positions
Current Commodity Prices
Commodities are powered by Investing.com
Current Currency Crosses
The Forex Quotes are powered by Investing.com.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated: