Written by Gary
Futures point to rebound on yesterday’s DOW’s 600-point slide (SPY +1.0%). A slew of upbeat earnings reports since yesterday’s close have contributed to this morning’s rally in the futures market.
Here is the current market situation from CNN Money | |
 | European markets are mixed today. The CAC 40 is up 1.25% while the DAX gains 0.35%. The FTSE 100 is off 0.02%. |
Looking at the last three columns (below), the first one (Actual), is what was reported this morning. The second column (Forecast) is what analysts had forecast and the third column is the previous report. Full calendar HERE.
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | Belgium picks Lockheed’s F-35 over Eurofighter on priceBelgium said on Thursday it had chosen Lockheed Martin’s F-35 stealth jets over the Eurofighter Typhoon to replace its aging F-16s, in a widely-anticipated decision, saying the pick came down to price. |
| Twitter ad sales surge in third quarter, shares jumpTwitter Inc posted revenue and profit ahead of Wall Street estimates on Thursday, as higher advertising sales offset a drop in monthly users to push the company’s shares up nearly 12 percent before the opening bell. |
| Exclusive: Continental AG sees third-quarter adjusted operating profit at around 770 million eurosContinental AG expects to report a decline in third-quarter adjusted operating profit to around 770 million euros ($878 million) from 1.09 billion euros, according to the auto supplier’s finance chief Wolfgang Schaefer. |
| Europe attempts comeback after world stocks routed againEurope attempted a rebound on Thursday, after Wall Street’s worst day since 2011 and heavy losses in Asia put global stocks on course for their worst month since the financial crisis. |
| American Airlines profit halves on higher fuel costsAmerican Airlines quarterly profit nearly halved on Thursday, hurt by higher fuel costs and the impact of Hurricane Florence that forced it to cancel about 2,100 flights in September. |
| Saudis trumpet $56 billion deals as conference ends amid partial boycottSaudi Arabia said it signed $56 billion of deals at an investment conference this week and expected the United States to remain a key business partner despite a partial boycott of the event over the killing of Saudi journalist Jamal Khashoggi. |
| Raytheon beats profit estimates, raises full-year forecastDefense contractor Raytheon Co beat analysts’ estimates for third-quarter profit on Thursday and raised its full-year forecast, helped by sales of missiles and cybersecurity services. |
| Cathay Pacific shares slide to nine-year low as data leak rattles investorsShares of Cathay Pacific Airways Ltd slid nearly 7 percent to a nine-year low on Thursday after it said data of about 9.4 million passengers of Cathay and its unit, Hong Kong Dragon Airlines Ltd, had been accessed without authorization. |
| ConocoPhillips tops profit estimates, raises 2018 spendingConocoPhillips quarterly profit topped analysts’ estimates on Thursday, benefiting from a recovery in oil prices that also helped it raise 2018 capital expenditure forecast. |
| Watch Live: Mario Draghi Explains How EU Will Survive Without ECB Rescuing ItalyHaving confirmed that The ECB’s bond-buying-bailout will end in December, and subtley suggested that The ECB won’t buy BTPs unless Salvini et al. come to heel, we look forward to hearing how Draghi will stand idly by as BTPs spreads reach 400bps and infect the rest of the EU…
Watch live (press conference due to start at 0830ET)… |
| Trump Blasts Media: “False And Inaccurate” Reporting Causing “Anger We See Today”Was CNN President Jeff Zucker really hoping that President Trump would read his statement accusing the president of inspiring this week’s flurry of suspected attempted mail bombings and think ‘gee, maybe he’s right – maybe I should tone it down’?” We doubt it. And just as Zucker had probably intended, the CNN chief’s inflammatory statement blaming Trump’s “attacks on the media” for inspiring the bombings has only inspired more “attacks on the media.” After Trump demanded that the media stop “the endless hostility and oftentimes false attacks” during a rally in Mosinee, Wisconsin last night, the president has followed up his claims with a tweet Thursday morning saying “a lot of the anger we see” in the US today is caused by the “purposefully false and inaccurate” reporting in the mainstream press.
And now watch as Zucker & Co. turn around and accuse Trump of being monstrously insensitive to the fact that CNN suffered a “bomb threat” and the president has only continued to attack them. Continuing with his attacks on the media, in another tweet sent Thursday, Trump lashed out at |
| The #MAGA Stock Market Trendline Is BrokenAuthored by Jesse Colombo via RealInvestmentAdvice.com, It was another red day in the markets with the Dow dropping 608.01 points or 2.41% and the S&P 500 dropping 84.59 points or 3.09%, which means that both indices are now down for the year. As someone who is warning about a dangerous stock market bubble (please watch my presentation to learn more), market behavior like this makes me very concerned. Even more concerning is the fact that the major U.S. stock indices have broken below their important uptrend lines that have formed in early-2016. These uptrend lines have guided the U.S. stock market higher for the past couple years during the phase of the stock market bubble that occurred after President Donald Trump won the election (hence why I call it the “#MAGA [‘Make America Great Again’] trendline.” The breakdown of this trendline signifies a very important change of trend. Today’s sell-off caused the S&P 500 to break below its uptrend line that began in early-2016. For further confirmation, I want to see if the index stays beneath this level by the close of trading on Friday. The next major technical support and price target to watch is the 2,550 to 2,600 support zone that formed at the lows earlier this year. |
| ECB To End QE In December, Will Keep Rates Unchanged “As Long As Necessary”In a statement that was a virtual replica from September, the ECB announced it was keeping its three key rates unchanged (main refinancing operations: 0.00%, marginal lending facility: 0.25%; deposit facility: -0.40%), that it will end its LSAP QE program at the end of December however “subject to incoming data confirming the medium-term inflation outlook”, that it will reinvest the principal payments from maturing securities purchased “for an extended period of time” and that in keeping with its prior forward guidance, “rates will remain at their present levels at least through the summer of 2019, and in any case for as long as necessary to ensure the continued sustained convergence of inflation to levels that are below, but close to, 2% over the medium term.” In short, no surprises, even though as Bloomberg notes, the ECB still says it “anticipates” to end new QE purchases in December, while some analysts had suggested the Governing Council might tweak the language to make the commitment stronger. Not yet. Full statement below:
|
| Goldilocks Economy Could Be a Bear for StocksThe environment that the Federal Reserve envisions for the economy wouldn’t be all that friendly for stocks. |
| Don’t Bid on eBay Just YetPayPal results suggest eBay’s recent marketplace growth spurt may be short lived. |
| Eurozone Squabbles Are a Problem for Stocks, Not BondsNews of the eurozone’s demise is exaggerated, but that may not offer much comfort to stock investors. |
| Outside the Box: Suze Orman missed the point of retirement, and that’s why she went back to workThe question for early retirees is: “To what am I dedicating my freedom?” |
| Economic Report: New-home sales plunge to a near two-year low as housing picture deterioratesThe housing market is clearly taking a turn for the worse, as sales of newly-constructed homes fell off a cliff in September. |
| Outside the Box: Social Security benefits too low? It’s mostly your own faultEarly retirement rules have encouraged workers to permanently lower their own benefit checks. “Expanding” Social Security is the wrong issue. |
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:
