25Sep2018 Midday Update: Wall Street Stocks Have Gone From Negative To Positive, DOW Up 32 Points, Energy Gains Offset By Facebook, Chip Stocks, WTI Slips Into The 71 Handle

Here is the current market situation from CNN Money

North and South American markets are mixed today. The IPC is up 0.45% while the S&P 500 gains 0.05%. The Bovespa is off 0.27%.

Canada not making concessions needed for a NAFTA deal, says U.S.

Canada is not making concessions needed to reach a deal with the United States for a trilateral NAFTA pact and is running out of time before Washington proceeds with a Mexico-only agreement, a top U.S. official said on Tuesday.

Canada’s PM sees possibility to build on U.S.-Mexico NAFTA deal

Canadian Prime Minister Justin Trudeau on Tuesday took a cautious line over talks to update NAFTA, saying he saw a possibility that Canada could build on a bilateral deal that the United States and Mexico have already agreed.

Oil price above $80 lifts stocks, rate hikes expected

World shares climbed on Tuesday as oil prices above $80 a barrel lifted U.S. energy stocks and as some central banks were expected to raise interest rates, spurring investors to look beyond the latest round of U.S.-China tariffs.

Wall Street flat as energy gains offset by Facebook, chip stocks

The three main U.S. stock indexes were little changed on Tuesday, as energy stocks gained with oil prices hitting a four-year high, offsetting losses in Facebook and chipmakers.

Oil extends rally as Trump reiterates commitment to Iran sanctions

Crude oil prices shot to a fresh four-year high on Tuesday, rallying as U.S. President Donald Trump spoke heatedly about Iran ahead of U.S. sanctions on the country’s crude exports and bolstered by the apparent reluctance of OPEC and Russia to raise output to offset the potential hit to global supply.

Uber can force drivers into arbitration: U.S. appeals court

A federal appeals court on Tuesday granted Uber Technologies Inc’s request that drivers be required to use arbitration to pursue claims made in three lawsuits that they were misclassified as independent contractors rather than employees.

Japan-U.S. shared broad understanding over trade: Japan economy minister

Japan and the United States have reached a broad understanding over how to promote bilateral trade and may announce specifics on Wednesday, Economy Minister Toshimitsu Motegi was quoted as saying after meeting U.S. Trade Representative Robert Lighthizer.

Denmark bolsters defenses against wider Danske Bank risks

Denmark has bolstered defenses against shocks to its financial system after a risk-assessment body said the sector’s stability could be threatened by the Danske Bank money laundering scandal.

Goldman trading executive Bash-Polley to depart at year-end: memo

Stacy Bash-Polley, who plays a key role with clients in Goldman Sachs Group Inc’s trading business, plans to retire at year-end, according to an internal memo sent on Tuesday.

Kavanaugh’s Fate Rests With Moderate GOP Senator Susan Collins

Assuming the nation moves beyond hazy recollections of groping, dick wagging and college gangbangs, the fate of Supreme Court nominee Brett Kavanaugh will rest in the hands of Senator Susan Collins (R-ME), a moderate conservative poised to “make or break Brett Kavanaugh’s chance at becoming a Supreme Court justice,” reports The Hill.

In particular, several Senate colleagues of Collins’ are waiting for her to announce her stance on Kavanaugh before announcing their own positions – while Senate Democratic leader Chuck Schumer (NY) has asked that centrists within his caucus “keep their powder dry on Kavanaugh” until they know where Republicans stand.

Senate Republican aides think that Sen. Lisa Murkowski (R-Alaska) will likely vote the same way as Collins, who thus far has played a more vocal role in the debate over Kavanaugh. -The Hill

“We’re talking about a jury of one: Susan Collins,” said a senior GOP aide to The Hill, who gave Collins a “51 percent chance” of voting for Kavaugh. The aide added …

Trump Rejects Globalism In UN Speech, Slams Iran, Emphasizes “America First”

President Trump’s second address to the UN General Assembly didn’t include any bombshell revelations (like last year’s speech where Trump threatened North Korea with nuclear annihilation and referred to Kim Jong Un as ‘Little Rocket Man’), but it was just as much of a repudiation of the global order that the UN represents. In a speech that rejected internationalism and embraced the nationalist populism that Trump has long championed, Trump blasted “the ideology of globalism” and multinational organizations like the UN that he said infringe on national sovereignty. During the speech, Trump urged other nations to look out for themselves and their own interests – and allow the US to do the same.

“I honor every nation to pursue its own customs, beliefs and traditions. The United States will not tell you how to live or work or worship,” Mr. Trump said. “We only ask that you honor our sovereignty in return.

In a speech that lasted roughly 30 minutes, Trump vowed that the US would “not be taken advantage of any longer” and slammed both its friends and foes for taking advantage of the US’s defense spending and its trading largess.

Here are key takeaways courtesy of Bloomberg:

US pressure on Iran only going to increase, with oil sanctions coming in November.

Trump sees his “principled realism” in foreign policy paying big dividends since he took office, particularly on North Korea.

James points out that this speech was studded with messages for his domestic audience, on foreign aid, on higher gas prices, on immigration.

The US appears to be planning to overhaul foreign aid Trump praised Xi Jinping, but signaled he won’t back down on going after China on tariffs.

One country not mentioned at all really: Russia

And here’s an expanded summary of all the main points, courtesy of

“I Don’t Give A Shit If It’s A Crime”: Fourth Veritas Video Reveals IRS Still Targeting Conservatives

James O’Keefe just dropped the fourth installment in his series exposing the corruption and bias in the ‘deep state’. This report features two Internal Revenue Service (IRS) officials who candidly discuss the IRS’s unfair treatment of conservative non-profit groups.

The two officials in the report are Thomas Sheehy, an IRS tax examiner and member of the Austin Democratic Socialists of America in Texas, and Jerry Semasek, an IRS attorney in Washington, DC.

Via ProjectVeritas.com,

Flagrantly Targeting Conservative Groups

Sheehy boasts about and appears to justify former disgraced IRS Commissioner John Koskinen, who was mired in scandal for losing tens of thousands of emails regarding the Lois …

UN Audience Laughs When Trump Lists His Accomplishments

In an awkward moment for president Trump, the audience of world leaders at the United Nations gathered to listen to Trump’s speech laughed when the US President boasted of his accomplishment during his time in office.

“In less than two years, my administration has accomplished more than any administration in the history of our country,” Trump said, opening his address to the U.N. General Assembly. At that moment, a wave of chuckling and laughter spread across the audience, with the the laughs only growing louder when Trump said “so true.”

Trump smiled and paused, then responded: “I didn’t expect that reaction but that’s OK.”

Donald Trump: “My administration has accomplished more than almost any administration in the history of this country”

US President’s opening remarks raise muted laughs as he addresses UN General Assembly in New York https://t.co/g0QdKS5FWa pic.twitter.com/JOnfvvGn99

— BBC News (World) (@BBCWorld) September 25, 2018

Trump was highlighting his domestic achievements, including tax cuts and his push to build a wall along the U.S.-Mexico border, before addressing his foreign policy goals.

In One Chart: Why stock investors should be wary of consumer confidence at an 18-year high

U.S. consumers are feeling very good about the economy, but history suggests that could lead to their feeling disappointed about where things go from here.

Trump Today: President praises North Korea, rips Iran in speech to U.N.

President Donald Trump on Tuesday blasted the Iranian regime in a speech at the United Nations, while he praised North Korea’s leader and also took another swipe at the Organization of the Petroleum Exporting Countries.

The Ratings Game: Facebook stock faces ‘meaningful pressure’ after Instagram co-founders jump ship

Facebook shares slump after JPMorgan analyst Doug Anmuth says the departures of Instagram’s co-founders were not only “surprising,” but also “concerning” for investors.