Written by Gary
The major indexes traded sideways along the unchanged line today (SPY -0.2%) as investors, worried about global growth prospects.
Todays S&P 500 Chart
The Market in Perspective
Here are the headlines moving the markets. | |
U.S. agency says Tesla safety claim goes beyond its analysisTesla Inc claimed its Model 3 electric car has the lowest risk of occupant injury of any vehicle in U.S. government tests, but the National Highway Traffic Safety Administration on Tuesday said the claim goes beyond the scope of its analysis. | |
P&G gets steel tariff exemption for Gillette, Venus razorsProcter & Gamble Co was informed on Tuesday that it is now exempt from the 25 percent U.S. tariff levied on imported Japanese and Swedish steel that is used in its Gillette and Venus razor blades, a company spokesman told Reuters. | |
Google unveils new Pixel phone, adds tablet in Apple challengeAlphabet Inc’s Google on Tuesday unveiled the third edition of its Pixel smartphone, a Google Home smart speaker with a display and its first tablet computer as it makes a come-from-behind push into hardware. | |
Wall St. stalls as global worries trounce materials stocksWall Street’s major indexes failed to make much progress on Tuesday as investors, worried about global growth prospects, fled from materials and industrials stocks. | |
At least two U.S. attorneys general investigating Google glitchAt least two U.S. states are investigating a breach at Alphabet Inc’s Google that may have exposed private profile data of at least 500,000 users to hundreds of external developers. | |
Activist investor Ackman unveils $900 million position in StarbucksWilliam Ackman said on Tuesday his hedge fund Pershing Square Capital Management has taken a roughly $900 million position in Starbucks Corp as he sees a chance for the world’s biggest coffee chain to reignite growth even as it struggles with stagnant sales in its home market. | |
Walmart Canada exploring possible sale of cannabis-based productsWalmart Inc’s Canadian unit said on Tuesday it is exploring the possibility of selling cannabis-based products, but has no immediate plans to get into the business. | |
Exclusive: EU privacy chief expects first round of fines under new law by year-endRegulators are set to exercise their new powers by handing out fines and even temporary bans on companies that breach a new EU privacy law, with the first round of sanctions expected by the end of the year, the bloc’s privacy chief said. | |
Google challenges record $5 billion EU antitrust fineAlphabet unit Google on Tuesday challenged a record 4.34-billion euro ($5 billion) fine imposed by European Union antitrust regulators three months ago for using its popular Android mobile operating system to thwart rivals. | |
Bonds Best Day In 7 Weeks Sparks US Equity ChaosIt appears the Bond Bears are in retreat… Asset-gatherers and commission-takers proclaimed China was stable again and in control after it managed a tiny rebound after Monday’s carnage… Europe managed a rebound… As Italian yields collapsed after early weakness on hope that a deficit deal could get done… | |
Free Trade Or More Central Planning? Ron Paul Slams NAFTA 2.0Authored by Ron Paul via The Ron Paul Institute for Peace & Prosperity, Last week the United States, Mexico, and Canada agreed to replace the North American Free Trade Agreement (NAFTA) with a new United States-Mexico-Canada Agreement (USMCA). Sadly, instead of replacing NAFTA’s managed trade with true free trade, the new USMCA expands government’s control over trade. For example, under the USMCA’s “rules of origin,” at least 75 percent of a car’s parts must be from the US, Canada, or Mexico in order to avoid tariffs. This is protectionism designed to raise prices of cars using materials from outside North America. The USMCA also requires that 40 to 45 percent of an automobile’s content be made by workers earning at least 16 dollars per hour. Like all government-set wages, this requirement will increase prices and decrease employment. The USMCA also requires Mexico to pass legislation recognizing the “right of collective bargaining.” In other … | |
These Are The Top 20 Hedge Fund Long And Short PositionsFollowing yesterday’s report that “hedge fund darling” stocks were slammed the hardest during last week selloff, we decided to take a look at which sectors are most exposed to hedge fund ownership. Conveniently, overnight BofA’s Savita Subramanian put together her latest analysis looking at “what your neighbors are doing”, i.e., where active fund managers are most concentrated. Even better, the analyst was retroactively adjusted to reflect the latest industry reclassification which broke out the brand new Communications Services sector. What BofA found is that Communication Services is not only overweight by large cap active managers (relative weight of 1.29x), but is more crowded than any other sector, and is also near a record overweight vs. its history (based on data since 2008), which is one reason for the bank’s underweight weighing on the sector. Meanwhile, as a result of the sector split, managers’ relative exposure to Tech has dropped from 1.16x pre-GICS change to 1.08x (similar positioning to Health Care), as crowded stocks such as Facebook (FB: 1.50x) and Alphabet (GOOGL/GOOG: 1.49x/1.61x) have moved into the Communication Services. But el … | |
NYT Claims Trump Campaign (Almost) Colluded With Israeli SpiesIt’s been 24-48 hours since the ‘deep state’-media lost their battle over Kavanaugh’s SCOTUS confirmation, so it makes sense that the narrative should quickly flip to something else to throw shade on President Trump. The New York Times stepped up to the plate with a story that had everything needed for the next news cycle – a Trump campaign staff member involved in collusion with a third party that is linked to a foreign government… oh and meeting at Trump Tower. There’s just one thing (well three): the ‘colluding’ nation is allegedly Israel (not Russia), the plans were not acted upon, and lawyers claim none of this actually happened. The NYT Story begins with a great Deep State headline – Rick Gates Sought Online Manipulation Plans From Israeli Intelligence Firm for Trump Campaign How can you not be intrigued? The report is simple in its claims, | |
Hope Floats for Offshore Oil DrillersThe merger of Ensco and Rowan makes sense, but the rally in their shares so far this year is premature because there is no sign of improving rates for their rigs this year or next, despite higher crude prices. | |
Disney’s Magical Money KingdomBeating the crowds at Disney World early is going to cost you. | |
Trump Today: Trump Today: President praises Haley and says second North Korea summit being set upPresident Donald Trump accepted the resignation of U.S. ambassador to the United Nations Nikki Haley on Tuesday, as he was expected to announce allowing more ethanol in gasoline and said he was weighing locations for a second North Korea summit. | |
A VC-backed startup thinks it can take a fresh approach to rent-to-ownA San Francisco-based startup called Divvy Homes has been backed with millions of dollars from Andreessen Horowitz in a belief that the rent-to-own model can succeed if done right. | |
America’s youngest working generation could become an economic powerhouseIf all the 16- to 24-year-olds who don’t work or attend school joined the workforce, their combined economic power would be worth billions. |
Summary of Economic Releases this Week
Earnings Summary for Today
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