Written by Gary
A warning from Beijing that it stands ready to respond in-kind to any U.S. tariff hikes kept a lid on stocks. Dow edged up 0.01%, the S&P 500 lost 0.16%, while the Nasdaq Composite fell 0.26%. European stocks had gains. WTI crude rose 1.2%, settling at $62.12, after surprise drop in US crude stockpiles. Brent crude oil futures rose $0.49, or 0.7%, to $70.37. Spot gold rose 0.4% to $1,289.09, hitting a 3-week high during the session. The 10-year treasury yield recovered slightly to 2.48% after yesterday’s plunge.
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The Market in Perspective
Here are the headlines moving the markets. | |
Huawei CFO to seek extradition stay citing Trump commentsHuawei’s chief financial officer intends to seek a stay on extradition proceedings in part based on statements by President Donald Trump about the case, which her lawyers say disqualifies the United States from pursuing the matter in Canada. | |
Under pressure from Trump, GM in talks to sell idled Ohio plantUnder pressure from President Donald Trump, General Motors Co said on Wednesday it was in talks to sell an idled northeast Ohio plant to a cash-strapped electric truck-building company. | |
Parks push Disney earnings past Wall Street estimatesWalt Disney Co’s theme parks lifted quarterly earnings past Wall Street targets on Wednesday, helping offset big investments to support the media and entertainment company’s bid to draw audiences to streaming media. | |
Automakers expect White House to delay decision on auto tariffs: sourcesAutomakers expect U.S. President Donald Trump to delay a decision due next week on whether to impose steep tariffs on imported cars and auto parts on national security grounds for up to six months as talks continue with the European Union and Japan. | |
Intel shares sink as executives give three-year outlookIntel Corp shares declined 2.5 percent after executives gave their three-year outlook at an investor day on the company’s Santa Clara, California campus. | |
Wall St. falls as investors cautious on trade; Intel slidesThe benchmark S&P 500 fell on Wednesday for the third day in a row as investors remained cautious about the latest developments on U.S.-China trade talks even after hopeful comments from the White House regarding an eventual agreement. | |
Exclusive: China backtracked on almost all aspects of U.S. trade deal – sourcesThe diplomatic cable from Beijing arrived in Washington late on Friday night, with systematic edits to a nearly 150-page draft trade agreement that would blow up months of negotiations between the world’s two largest economies, according to three U.S. government sources and three private sector sources briefed on the talks. | |
Uber drivers go on strike in London and New York ahead of IPO, early protests sparseUber drivers in London and New York started a series of multi-city strikes on Wednesday to protest the disparity between gig-economy conditions and the sums that investors are likely to make in Friday’s blockbuster stock market debut. | |
Google debuts privacy controls, principles at I/O eventAlphabet Inc’s Google business on Tuesday announced new privacy controls for its services, including “Incognito mode” for Google Maps, and published new privacy commitments for its hardware, showing how increased public scrutiny is forcing greater transparency in Silicon Valley. | |
House Judiciary Committee Votes To Hold Barr In Contempt Over Unredacted Mueller ReportIn a move that came as no surprise, the Democratic controlled House Judiciary Committee on Wednesday voted to hold Attorney General William Barr in contempt for his refusal to hand over an unredacted copy of the Mueller report. | |
On The Brink Of An Apocalyptic War With Iran, And Most Americans Don’t Seem To CareAuthored by Michael Snyder via The End of The American Dream blog, This is the closest that the U.S. has been to a war with Iran in decades, and yet most Americans are either clueless or they don’t seem to believe that it could actually happen. | |
Ugly Close Erases Early Stock Gains As Algos Chase Trade Headlines All DayA day full of hope, and in the end… Chinese markets started off weak but that drop was met with a wall of National Team buying, only to see more selling pressure stocks lower into the afternoon session close… | |
Trump Bans Trade In Iranian Metals, Seeking To Crush EconomyAre we perhaps finally getting some clarity on where the latest US blustering on Iran is actually headed? On the one year anniversary of the Trump administration pulling out of the Iran nuclear deal (JCPOA), the president issued new statements affirming the deal is “broken beyond repair” and placed new sanctions on Iran’s industrial metals sector. The newly announced sanctions seeks to prevent countries from importing Iranian iron, steel, aluminum, and copper exports, targeting a sector that makes up 10% of Iran’s export economy. Yet simultaneously, White House special envoy for Iran Brian Hook stressed to reporters that the US is not seeking war with Iran, but it remains that “any Iranian attack against the United States or allies will be met with force.” | |
Trump vs. Putin and XiWritten by Frank Li President Trump has obviously been attempting to play Russia against China, without seemingly to know the profound truth: Putin hates America and admires China. In this post, I will show the silliness behind this attempt by comparing Trump with Putin and Xi, from speeches to everything else dot-dot-dot | |
May 6, 2019 – Intermediate-Term Weather Report – Stagnant PatternWritten by Sig Silber We are getting ready to transition to Summer. In the short term, it seems like most of the Nothern Tier will be warmer and drier than normal with most of the Southern Tier being cooler and wetter. Because of two High-Pressure areas in the Atlantic, the pattern will tend to be reversed to some extent closer to the East Coast. We also discuss El Nino and how it is in its final phase – and will mostly likely be gone within a few months. | |
NewsWatch: Here are the stocks to buy if an all-out U.S.-China trade-war erupts, says GoldmanAs uncertainty over the outcome of Sino-American trade talks grows, so does the possibility of a longer-than-expected negotiations or an all-out trade war, strategists at Goldman Sachs are providing some timely trading strategies. | |
Disney earnings beat, but movie revenue drops ahead of ‘Endgame’ windfallWalt Disney Co. handily beat earnings expectations even after stripping out big gains from an acquisition, but revenue in the core movie and television businesses came in a bit lighter than projections Wednesday. | |
Outside the Box: The U.S. stock market’s uptrend has been shattered, according to technical analysisThe S&P 500 Index has rejected new highs, says Sven Henrich. |
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