Written by Gary
Dow closes back above 26,000 (SPY +1.2%). DOW rallies more than 300 points to start off new quarter on strong US and China data.
The Market in Perspective
Here are the headlines moving the markets. | |
Oil rises to 2019 highs as demand outlook improvesOil climbed about 2 percent to new 2019 highs on Monday, with Brent crude touching $69 a barrel, after positive signs for the global economy and tighter supplies drove both benchmarks’ largest first-quarter gains in nearly a decade. | |
Tesla will pay $31,000 to settle U.S. EPA hazardous waste claimsTesla Inc will pay a $31,000 penalty and purchase $55,000 in emergency response equipment for a California city under a settlement reached with the Environmental Protection Agency over federal hazardous waste violations at its automotive factory, the government said Monday. | |
Lyft gives up debut gains on second day of tradingShares of Lyft Inc crashed through the ride-hailing company’s initial public offering price on just their second day of trading, tumbling as much as 10.5 percent and matching the speed at which Facebook Inc gave up its IPO price following its botched offering nearly seven years ago. | |
Uber’s Kalanick, directors win dismissal of investor lawsuitTravis Kalanick, the co-founder of ride-hailing company Uber, and the company’s directors won the dismissal of an investor lawsuit that sought to hold them liable for a fight over trade secrets that slowed Uber’s push into autonomous vehicles. | |
Upbeat China, U.S. manufacturing data push Wall Street higherU.S. stocks rallied on Monday, starting off the new quarter on a strong note, as upbeat manufacturing numbers from the United States and China eased worries about slowing global growth. | |
‘Impossible’ meatless patty gets Burger King Whopper testVegetarian burgers may finally be getting the recognition they need to go mainstream. On Monday Burger King and Silicon Valley startup Impossible Foods announced the rollout of the Impossible Whopper in 59 stores in and around St. Louis, Missouri. | |
U.S. to probe thousands of fires connected to Kia, Hyundai vehiclesThe top U.S. auto safety regulator said on Monday it will open an investigation into 3 million Hyundai Motor Co and Kia Motors Corp vehicles after reviewing reports of more than 3,000 fires that injured over 100 people. | |
Manufacturing rebound, trade hopes lift stocksGlobal stocks rallied on Monday, building on their best quarterly performance since 2010, as investors cheered upbeat factory activity data in China and the United States and signs of progress on the U.S.-China trade front. | |
Exclusive: Renault alerts prosecutors to Oman dealer payments in Ghosn eraRenault has alerted French prosecutors to payments made to a Renault-Nissan business partner in Oman under former Chief Executive Carlos Ghosn, two sources told Reuters. | |
China “Green Shoots” Spark Global Optimism Despite US Retail ApocalyftChina’s manufacturing PMI surged overnight back above 50, “proving” that all that stimulus hype has finally fixed the Chinese economy – sparking stock and commodity buying worldwide as a reflation-fest sent bond yields reeling higher. There’s just one thing… we’ve seen these PMI ‘green shoots’ a few times before in the last decade… < … | |
Kroger Shares Slide As Whole Foods Slashes Prices On Hundreds Of ItemsJust days after the Fed’s preferred inflation gauge disappointed once again in its reading for January, Amazon has handed Jerome Powell another excuse to keep interest rates on hold – or maybe even, as investors keep insisting, consider a cut. Not long after it reported that Amazon’s Whole Foods would be raising prices on certain items at the insistence of vendors, who are struggling with higher transportation costs, the Wall Street Journal has returned with another Amazon “scoop”, this time reporting the exact opposite: The grocer once derided as “Whole Paycheck” will be cutting prices on hundreds of items in what WSJ described as “some of the broadest [price cuts] since Amazon bought Whole Foods for nearly $14 billion in 2017.” Citing internal WF documents, WSJ said the cuts would be implemented on Wednesday at the 480 stores, as competition between grocery chains heats up. The average discount was reportedly around 20%.
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Trump Considers “Immigration Czar” To Coordinate Border Policy Across AgenciesThe Trump administration is floating the idea of hiring a “border” or “immigration” czar who would coordinate executive policies across several federal agencies, according to TPM, citing three anonymous sources familiar with the discussions. Two candidates are reportedly under consideration; Former Kansas Secretary of State Kris Kobach and former Virginia Attorney General Ken Cuccinelli – both of whom have strong conservative views on immigration. | |
Peter Schiff: This Is Permanent Debt Monetization, A Dollar Collapse Is NextIn his most recent media appearance, Peter Schiff blasts the mainstream financial media and Fed policies, which he believes to be inflating the “biggest bubble yet”. Schiff appeared on the Quoth the Raven Podcast on Sunday and spent an hour and a half explaining his case as to why the United States is heading to a currency crisis. Schiff On the Financial Media Schiff led off talking about why he doesn’t get any mainstream financial media attention anymore, partly responding to recent comments by CNBC contributor Guy Adami that Schiff was “bad for TV”.
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February 2019 Construction Spending Year-over-Year Growth Improves But Inflation Adjusted Growth Is In ContractionWritten by Steven Hansen The headlines say construction improved month-over-month. Our analysis shows the rolling averages improved. | |
Trump Today: Trump Today: President calls on Democrats to help fix asylum system as he repeats border threatPresident Donald Trump on Monday called on Democrats to help reform the U.S. asylum system as he repeated a threat to close the U.S.-Mexico border over undocumented immigration. | |
Economic Report: U.S. manufacturing rebounds in March, ISM index showsThe Institute for Supply Management said Monday its factory index rose to 55.3 in March after hitting a two-year low in February. | |
Toast fetches $2.7 billion valuation as payments fervor continuesRestaurant-technology company Toast announces a new funding round, nearly doubling its private-market valuation in less than a year and underscoring a general enthusiasm for software-focused names in the payments space. |
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