08Nov2018 Market Close: Wall Street Ends Session Moderately In The Red, DOW Closes Up +0.05%, WTI Crude Trending Down Into The Mid 60 Handle

Disney beats profit, revenue estimates as consumers flock to parks, movies

Walt Disney Co reported fourth-quarter profit and revenue that beat analysts’ estimates, driven by the success of its Marvel sequel “Ant Man and the Wasp” and as more visitors flocked to its theme parks during the summer season.

Energy stocks lead S&P 500 lower

The S&P 500 closed lower on Thursday after a Federal Reserve statement, and energy stocks were the biggest drag as U.S. crude oil prices fell.

Fed leaves rates unchanged, says U.S. economy strong

The U.S. Federal Reserve held interest rates steady on Thursday but remained on track to keep gradually tightening borrowing costs, as it pointed to a healthy economy that was marred only by a dip in the growth of business investment.

Fed holds rates steady, sees economy on track

The U.S. Federal Reserve held interest rates steady on Thursday and said ongoing strong job gains and household spending had kept the economy on track.

Canada at odds with U.S. changes to text of trade deal: source

Canada is pushing back against U.S. attempts to change the text of their September trade pact and the issue may have to be referred to ministers to settle, a Canadian source with direct knowledge of the matter said on Thursday.

Virgin Atlantic could face pilots’ strike over benefits

Britain’s Virgin Atlantic could face industrial action from some of its pilots after a union representing over half of them said it is preparing to ballot members over strike action.

Virgin Atlantic could face pilots’ strike over benefits

Britain’s Virgin Atlantic could face industrial action from some of its pilots after a union representing over half of them said it is preparing to ballot members over strike action.

Still a ‘lot of work to do’ for VW after diesel scandal – U.S. compliance auditor

Volkswagen and an independent monitoring team still have “a lot of work to do” before the company’s compliance procedures can be certified after a $27 billion global emissions cheating scandal, Larry Thompson, an independent compliance auditor, said on Thursday.

Equities slip as Fed holds rates steady; dollar up

World equity markets declined on Thursday and were on track to snap a seven-session winning streak as U.S. stocks remained on the defensive while the U.S. dollar strengthened after the Federal Reserve kept interest rates unchanged.

Crude Carnage Continues As Fed Sparks Dollar Pop, Stock Drop

Hawk ‘Flawless Victory’ today…

For the second day in a row, the afternoon session in China saw notable selling and no rescue…

An early pop in Europe faded quickly leaving DAX unchanged on the week… (Spanish stocks are outperforming)

US Stocks, Gold, and bonds ended lower (in price) post-Fed, USD higher…

Goldman Warns “Margin Contraction Is Unlikely Without A Recession”

With Q3 earnings season winding down, it is safe to say that even though 3Q earnings came in sold, rising about 26% Y/Y, they are providing little support for the market. Companies that beat on both EPS and sales have seen scant rewards, while companies that missed have been viciously punished. The reason for this is Wall Street’s growing obsession with “peak earnings” which, in a time of stable revenues, means rising concerns about profit margins. Not surprisingly, Goldman’s chief equity strategist David Kostin dedicated his last Weekly Kickstart note to what companies laid out as the three main sources of margin pressure going into 2019, which were as follows: (1) increased tariff rates, (2) a tight labor market, and (3) rising debt costs.

Overnight, in a new note from David Kostin in which he explained why Goldman now expects decelerating EPS growth in the next two years, noting that he now “expects S&P 500 EPS growth will decelerate from 23% in 2018 to 6% in 2019 and 4% in 2020″…

… he focuses on the same, key variable, namely profit margins, and while he expects aggregate profit margins will plateau at 11.2% in 2019 and 2020, he – like Morgan Stanley last month – makes a notable warning: “History suggests that margin contraction is unlikely without …

Larry King: “CNN Stopped Doing News A Long Time Ago”

Ex-longtime CNN talk show host Larry King dropped a bomb on his former network of 25 years, telling Russian state-owned RT America that “CNN stopped doing news a long time ago.”

King’s comments came just one day before CNN White House correspondent Jim Acosta engaged in a verbal altercation with President Trump over a northbound Central American migrant caravan – batting a young White House intern’s arm away as he refused to relinquish the microphone.

“You know, CNN should be ashamed of itself having you working for them. You are a rude, terrible person,” said President Trump. “You shouldn’t be working for CNN,” adding “The way you treat Sarah Huckabee is horrible.”

Acosta’s White House credentials were pulled later that evening. White House spokeswoman Sarah Huckabee Sanders said:

“President Trump believes in a free press and expects and welcomes tough questions of him and his Administration. We will, however, never tolerate a reporter placing his hands on a young woman just trying to do her job as a White House intern…

Kellyanne Conway’s Husband Blasts Trump’s Interim AG Pick As “Unconstitutional, llegal”

Authored by Ronn Blitzer via LawAndCrime.com,

President Donald Trump’s pick for interim Attorney General, Matthew Whitaker, has been met with harsh opposition in the form of a New York Times op-ed co-authored by none other than George Conway. That’s right, the same Conway who is married to counselor to the president Kellyanne Conway and regularly trolls the president on Twitter.

The piece argues that Whitaker’s selection violates the Appointments Clause of the Constitution, a similar argument that Trump supporters have made about Robert Mueller’s appointment as Special Counsel. The other author of the op-ed just so happens to be Neal Katyal, who helped draft the regulations under which Mueller was appointed.

Their argument is based on the idea that the Attorney General is a “principal officer,” and therefore must …

08 November 2018 FOMC Meeting Statement: Federal Funds Rate Unchanged

Written by Steven Hansen

The Federal Open Market Committee (FOMC) – the board of directors of the Federal Reserve maintained the federal funds rate as expected, and stated:

…. while growth of business fixed investment has moderated from its rapid pace earlier in the year. ….

Overall the Fed appears to believe the economy was generally stronger since the last meeting.

Market Extra: The oil rout just became a bear market for U.S. crude

The U.S. crude oil benchmark enters a bear market Thursday as it continued a five-week selloff sparked by worries about rising supplies at home and abroad as well as global demand.

This state’s largest insurer just cut coverage to OxyContin

More than 115 people die from opioid overdoses every day in the U.S.

Market Extra: Investors speculate on return of crisis-era Build America infrastructure bonds under split Congress

With Democrats sweeping into the House in the midterm elections, municipal bond analysts are touting the comeback of crisis-era bonds as part of a broader infrastructure bill.