Written by Gary
A slide in Apple and Amazon has led the SP 500 and Nasdaq lower today (SPY -0.3%) on expectations that Trump was to go ahead with new tariffs.
Here is the current market situation from CNN Money | |
North and South American markets are mixed. The Bovespa is higher by 0.97%, while the S&P 500 is leading the IPC lower. They are down 0.31% and 0.19% respectively. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
Amazon investigating claims of employees leaking data for bribesAmazon.com Inc said on Monday it was investigating suspected internal leaks of confidential information by its employees for bribes to remove fake reviews and other seller scams from its website. | |
Saudi’s PIF invests more than $1 billion in electric carmaker Lucid MotorsSaudi Arabia’s Public Investment Fund (PIF) has agreed to invest more than $1 billion in Lucid Motors, adding to the emerging competition facing U.S. electric vehicle maker Tesla . | |
JD.com CEO, under investigation for rape allegation, skips China forumThe CEO of Chinese e-commerce giant JD.com , Richard Liu, will no longer appear at a high-profile state-run tech forum in Shanghai this week that he had earlier been scheduled to attend. | |
Apple, Amazon lead Wall Street lower as tariffs loomA slide in Apple and Amazon led the S&P 500 and Nasdaq indexes lower on Monday on expectations that President Donald Trump was about to go ahead with new tariffs on $200 billion of Chinese goods and that Beijing would retaliate. | |
Activist ValueAct raises stake in Horizon DiscoveryActivist hedge fund ValueAct Capital has nearly doubled its stake in Horizon Discovery Group , buying an additional 7.5 million shares from Woodford Investment Management. | |
New U.S. tariff threat on Chinese goods hits stocks, dollarA gauge of global equity markets eased and the dollar slipped on Monday as investors took a dim view of an expected new round of tariffs from Washington on Chinese goods, which would escalate a simmering U.S.-Sino dispute over trade. | |
Oil steady as Iran sanction fears face U.S.-China trade tensionsOil prices were little changed on Monday as market participants weighed potential supply cuts from U.S. sanctions on Iran with deepening trade tensions between the United States and China that could dent global crude demand. | |
Musk says Tesla now in ‘delivery logistics hell’The focus on Tesla Inc’s battle to ramp up production swung to concerns over logistics and distribution on Monday, after Chief Executive Officer Elon Musk acknowledged there were delivery bottlenecks and promised to swiftly iron out the delays. | |
UPS to hire about 100,000 workers for holiday seasonUnited Parcel Service Inc would hire about 100,000 temporary employees for the crucial holiday season beginning in November, the U.S. package delivery company said on Monday. | |
“Inaccessible” North Carolina Nuclear Plant Declares “Unusual Event” During Storm-Driven “Hot Shutdown”Duke Energy’s Brunswick nuclear plant, about 30 miles south of Wilmington, has declared a state of emergency as the 1,200-acre complex remains cut off by flood waters and and is inaccessible to outside personnel. Just as we warned a week ago, The News & Observer reports, at this time, no one can come in and relieve the Duke Energy workers and NRC “storm riders” who have been on site for days, NRC spokesman Joey Ledford said. And it would not be possible to evacuate the 10-mile emergency evacuation zone around the site if a higher level of emergency were declared.
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40% Of Venezuela Stores Go Bust After 3,000% Minimum Wage HikeThe “dream” of socialism has once again collided with the realities of economics, after nearly 40% of stores in Venezuela have been forced to close following a mandated 3,000% increase in minimum wages by the Maduro government, according to the Miami Herald, citing the National Council of Commerce and Services of Venezuela. Beginning this week, 7 million Venezuelan employees were to be guaranteed 1,800 bolivars a month – around $20 USD on the black market.
Further complicating the situation are price caps on goods sold in stores – which are now selling below cost, and can … | |
Elliott: “An Economic Recovery Based Around High Debt Is Really No Recovery At All”Authored by Larry Elliott via The Guardian, As a profession, economists are absolutely hopeless at forecasting recessions. That is true not only in the years before a severe downturn. It happens when the storm is about to break. Back in 2008, the Bank of England failed to predict the biggest postwar slump in the UK’s history even after it had started. This less than impressive record should act as a cautionary note in the current circumstances when the 10th anniversary of the collapse of Lehman Brothers has generated a thriving cottage industry devoted to predicting when the next crisis will occur. The honest answer is that nobody really knows. Meteorology has improved in the past 40 years, economic forecasting has not. When a weather forecaster says a hurricane is imminent, the public does well to take notice. When an economic forecaster gives a similar warning, the chances are that it is already too late. This might be about to change. Just as satellite technology has made weather forecasting far more accurate, so machine-learning algorithms could bring economic forecasting into the 21st century. Rickard Nyman and Paul Ormerod have compared economic forecasting by humans and machines in both the US and the UK, and come up with some stark conclusions. At the start of 2008 the survey of professional forecasters in the US failed to predict that within a year their country would be in a deep recession. Had US policymakers relied on machine-learning algorith … | |
Nunes: House Intel To Release 70 Transcripts From Trump-Russia ProbeThe House Intelligence Committee will release transcripts and documents for approximately 70 witness interviews conducted during their investigation into Russian meddling in the 2016 US election. “We believe that the depositions that we took, I think for nearly about 70 people those need to be published, and they need to be published I think before the election,” Nunes told Fox News’s “Sunday Morning Futures.” “By published I mean put out for the American people to review, so that they can see the work that we did and they can see all of the people that were interviewed by us, and there are answers to those questions. I think full transparency is in order here so I expect to make those available from our committee to the American public here in the next few weeks,” Nunes continued. That said, around a quarter of the interviews may contain classified information and would need to be approved for release and declassified by the diretor of national intelligence, Dan Coats. Nunes says this process “would only take a matter of days.”
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Market Extra: Are the FAANG stocks about to collapse under their own weight?History suggests the quintet of tech and internet-related companies’ share of overall market cap might not be sustainable. | |
Futures Movers: Oil tries to find its footing as supply and demand risks clashOil futures waver between losses and gains, supported by the threat of disruptions to supply from U.S. sanctions on Iranian oil, but also pressured by the potential for lower global demand on the heels of U.S.-China trade tensions. | |
It’s never too late to save for retirement — but you’ll regret it if you wait too long5 ways to balance spending today with saving for the future. |
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