Written by Gary
US stocks slump closing moderately lower (SPY -0.5%). Small caps close down almost 1.5% and Oracle shares fall after revenue misses analyst estimates.
Todays S&P 500 Chart
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Oracle first-quarter revenue up 1 percentBusiness software maker Oracle Corp reported a 1 percent rise in quarterly revenue on Monday, helped by growth in its cloud services and license support business. |
| Coke eyes cannabis-infused drink marketCoca-Cola Co is closely watching the fast-growing marijuana drinks market for a possible entry that would expand the world’s largest soft drink maker’s ambitions further away from sugary sodas. |
| 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 Inc . |
| Trade tensions weigh on Wall StreetU.S. stocks fell on Monday, led by declines in technology and consumer discretionary stocks, as investors looked to President Donald Trump’s announcement regarding tariffs on $200 billion of Chinese imports. |
| U.S. review of CVS deal for Aetna may end soon: sourceThe U.S. Justice Department’s antitrust review of CVS Health Corp’s planned purchase of Aetna Inc may conclude soon, a source familiar with the review said on Monday. |
| 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. |
| China paper warns it won’t play defense on trade as Trump lauds tariffsChina will not be content to only play defense in an escalating trade war with the United States, a widely read Chinese tabloid warned, as U.S. President Donald Trump was expected to announce new tariffs on $200 billion in Chinese goods as early as Monday. |
| Trump says he will announce decision on China tariffs after market closeU.S. President Donald Trump said on Monday he would announce his latest plan for China tariffs after the markets close, with expectations he would levy about $200 billion worth of Chinese imports. |
| Trump economic adviser says U.S. wants serious trade talks with ChinaThe United States is ready to negotiate a trade deal with China whenever Beijing is prepared for serious talks that will reduce tariffs and eliminate non-tariff trade barriers, top White House economic adviser Larry Kudlow said on Monday. |
| Trump On Kavanaugh: “If It Takes A Little Delay It’ll Take A Little Delay”President Trump on Monday said that he is open to the Senate Judiciary Committee delaying the confirmation of Supreme Court nominee Brett Kavanaugh until decades-old allegations of sexual assault can be heard. “I want the American people to be happy because they’re getting somebody that is great. I want him to go in at the absolute highest level. And I think to do that you have to go through this. If it takes a little delay it’ll take a little delay … I’m sure it will work out very well,” said Trump. Trump was dismissive over whether Kavanaugh should withdraw his nomination, calling it a “ridiculous question.”
Meanwhile, Trump counselor Kellyanne Conway said that the President as well as members of the Senate Judiciary Committee say that Blasey Ford – who says she has passed a polygraph test, “will be heard.” “So, let me make very clear … I have spoken with the president. I have spoken with Senator Graham and others. This woman will be heard,” Conway told Fox and Friends. In response to the new allegation, Senate Majority Leader Mitch McConnell said “Now they choose to introduce this allegation. Not through the standard bipartisan process. Not by advising the judiciary committee colleagues and committee staff through proper channels. Oh, but by leaking it to the press.” |
| Tariff Tantrum Sparks Tech Wreck, Dollar Dump, Bonds & Bullion BidWhile stock investors were cruising at top speed, they seem surprised that they didn’t see the trade tariff bump in the road… Chinese stocks slumped once again overnight…
With CHINEXT (China’s tech/small cap index), plumbing new lows since August 2014…
Mixed bag in Europe with DAX (trade fears) lagging and Italy best… |
| Middle Class Income Hits All Time High, Poverty Rate Declines, But…The median middle-class US household earned an inflation-adjusted $61,372 last year – an increase of 1.8% over 2016 and an all-time high as it blew through the previous record set in 1999, according to a Wednesday release by the US Census Bureau. The percentage of people in poverty, meanwhile, dropped slightly from 12.7% to 12.3% – the third consecutive decline.
Inflation adjusted median household income for Hispanic Americans, meanwhile, increased 3.7% between 2016 and 2017 – reaching its highest level on record as well at $50,486, tweet … |
| The Looming Existential Crisis For PayPalAuthored by Omid Melekan via Medium.com, A few years ago, PayPal made a splash by announcing that its users would be able to use the service to withdraw funds from Coinbase. It also put up a web page dedicated to extolling the virtues of blockchain technology. Crypto enthusiasts should look back on this moment with fondness, as it was a rare act of support from a payments industry famous for doing the exact opposite. PayPal shareholders on the other hand should consider that moment with lament, as that was the moment when their company put its stamp of approval on the technology that will soon eliminate its reason for existence.
Of all the major companies in the cross-hairs of the BEEStMoD juggernaut, PayPal and fellow payment companies like Adyen and Transf … |
| Need money advice? Ask your clueless friends first, study findsA new study suggests two people who don’t have a lot of money-management experience can still make sound financial decisions. |
| Enjoy Coke — and the money it might make for marijuana investorsCannabis companies are striking deals with large beverage companies, a catalyst for marijuana stocks. |
| Outside the Box: Ex-CitiMortgage CEO: 3 things I learned from the 2008 Great Financial CrisisResponsible lending, leadership, and risk-control are key to averting another meltdown, writes Sanjiv Das. |
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