Written by Gary
The DOW closed at its highest level, a new record (SPY flat). Volume near anemic levels, investors not interested in buying.
The Market in Perspective
Here are the headlines moving the markets. | |
![]() | S&P 500 closes flat as earnings season startsThe benchmark S&P 500 index ended little changed in a choppy session on Monday after Citigroup Inc kicked off the second-quarter earnings season with a mixed report. |
![]() | Amazon rivals ride on Prime Day marketing as protests unfoldAmazon.com Inc’s Prime Day is now a major marketing opportunity and shopping event in the annual calendar for other U.S. retail companies, rivaling the Thanksgiving holiday’s Black Friday as a driver of sales. |
![]() | Trump sees slowing Chinese growth pressuring Beijing on tradeU.S. President Donald Trump on Monday seized on slowing economic growth in China as evidence that U.S. tariffs were having “a major effect” and warned that Washington could pile on more pressure as bilateral trade talks sputtered along. |
![]() | Oil prices down on dwindling storm impact, Chinese economic dataOil prices sank about 1% on Monday on signs that the impact of a tropical storm on U.S. Gulf Coast production and refining would be short-lived, while Chinese economic data dimmed the crude demand outlook. |
![]() | Opioid ‘kingpin’ J&J fueled epidemic, Oklahoma argues at trial’s endLawyers for the state of Oklahoma on Monday compared Johnson & Johnson to a drug cartel leader as they sought to hold the drugmaker responsible for fueling the U.S. opioid epidemic in the first trial to result from lawsuits over the crisis. |
![]() | U.S., Chinese officials to discuss trade in phone call this week: MnuchinU.S. Treasury Secretary Steven Mnuchin on Monday told reporters he expects to have another telephone call with Chinese officials this week as part of resumed discussions about a trade agreement. |
![]() | China data supports stocks as U.S. earnings season beginsA gauge of global stocks edged higher on Monday after economic data from China came in as expected, although stocks on Wall Street slipped as financials showed some weakness in the wake of Citigroup’s earnings report. |
![]() | Symantec ends talks to sell to Broadcom over price: sourcesCybersecurity company Symantec Corp has walked away from negotiations to sell itself to chipmaker Broadcom Inc over price disagreements, people familiar with the matter said on Monday. |
![]() | Exclusive: Canada set to postpone Huawei 5G decision to after vote, given sour ties with China – sourcesCanada is likely to postpone a decision on whether to allow China’s Huawei Technologies Co Ltd to supply 5G network equipment until after the October federal election, given increasingly strained relations with Beijing, say three well-placed sources. |
![]() | EU Agrees To Sanction Turkey For Drilling In Cypriot WatersA surprisingly muscular response beyond mere threatening rhetoric out of the European Union over Turkey’s violations of Cypriot territorial waters related to offshore drilling operations: the EU has agreed to bring financial and political sanctions against Turkey after repeat warnings of the past weeks.
“The conclusions on Turkey have been adopted and they will be made public in the coming hours,” the EU’s foreign policy chief Federica Mogherini told reporters following a meeting of foreign ministers. |
![]() | Bonds, Bitcoin, & Bullion Bid As Small Cap Lag Reaches 10-Year HighThere’s a dip… Chinese stocks were broadly higher overnight led by a panic bid in tech-heavy ChiNext… |
![]() | A Drastic Re-Organization Of Everyday Life In America LoomsAuthored by James Howard Kunstler via Kunstler.com, What Looms Behind Don’t hold your breath waiting for a coherent pre-election debate about the mother-of-all-issues facing this republic, namely, that we can’t afford the living arrangements Americans think of as “normal” anymore. This quandary has stalked us since the millennium turned. It thunders through all the activities of daily life, and the tensions emanating from it are so agonizing and difficult to face that our politics have deflected off into the kind of hysteria spawned by bad dreams. As the great Wendell Berry pointed out years ago, this is about the nation’s home economics: energy and resources in, production out, surplus wealth saved. America had a brush with reality in 2008 when all the distortions of our home economics came together and whapped the country between the eyes with a two-by-four. Our energy-in was faltering. US oil production had fallen to a new low of under 4 million barrels a day and we were importing around 15 million. We papered over the problem with borrowed money in ever-larger amounts. This dynamic prompted ever riskier work-arounds on Wall Street, especially “innovations” in securitized debt, which invited criminal shenanigans. It blew up badly. Wealth vaporized. Industries collapsed. Homes and jobs were lost. Lives ruined. The fairy-tale narrative since then is that technology rode to the rescue. The shale oil miracle “solved” the energy-in problem. Sure seems like it. But lots of things aren’t what they seem to be. Shale oil was a neat stunt. Turns out you can produce a helluva lot of it by paying more to pull it out the ground than you get from selling it. You can goose the process nicely by paying for it with borrowed money. And so it ha … |
![]() | Dirty Tesla: “15 Pounds” Of Dirt Trapped In Model 3 Continues To Reveal Stunning Design FlawBack in March, we revealed how pro-Tesla blogs identified a substantial design flaw with Elon Musk’s Model 3. The Model 3, which became infamous for having its bumpers fall off, was found to have a design flaw in its underbody that causes the car to trap and retain dirt, water and sand from roadways, according to electrek, who in March published an article detailing the flaw. The blog pointed out that Tesla has “often been accused of designing cars for the Californian climate” and that water, dirt and sand used to de-ice roads in colder climates are susceptible to getting trapped in the underbody of Model 3 cars. Posted in Feburary, Eric Bolduc, who owns a body shop in Quebec found significant amounts of sand and dirt accumulating in the underbody panel at the back of every Model 3 he has worked on so far. There’s even a striking video of him removing sand and dirt stuck inside of a Model 3 before working on the car. The video shows him approach the vehicle, repeatedly tap the underbody of the vehicle with a mallet, and then watch what appears to be an avalanche of sand and dirt fall out from a Model 3 on a lift. This mechanic has worked on about 25 Model 3 vehicles and he says that he always finds about 10 to 20 pounds of sand and dirt stuck in the panel, due to what he believes is a lack of proper drainage. In one case, he extracted over 35 pounds of dirt from the underbody of a Model 3. He believes that the dirt is coming from behind one of the wheels. Another video detailing the design flaw was published on July 2nd by |
![]() | Credit market’s reality is hitting Indian realty really hardCredit market’s reality is hitting Indian realty really hardDevelopers are at risk of going belly-up as mounting stress in the nation’s credit market has dried up funding. |
![]() | Why low inflation should worry the govtWhy low inflation should worry the govtAn economy with moderately high inflation “signals growing consumption and spurs investment”. |
![]() | Thought WhatsApp was safe? Think againThought WhatsApp was safe? Think againResearchers say hackers can manipulate the images and audio files that you receive on these platforms. |
![]() | Big Tech can expect another grilling on Capitol HillExecutives from Alphabet Inc., Amazon.com Inc., Apple Inc., and Facebook Inc. should brace for tough questions around antitrust as federal probes gain steam. |
![]() | The New York Post: Area 51 assault not a real threat, explains organizer, who says the goal of the event plan was ‘thumbsy uppies’A planned event called “Storm Area 51, They Can’t Stop All of Us” appeared on Facebook earlier this month, urging alien enthusiasts everywhere to gather for a history-making mission. |
![]() | Key Words: Disney heiress ‘livid’ after going to one of her family’s theme parks undercoverAbigail Disney said distressed workers told her about “foraging for food in other people’s garbage.” |
Summary of Economic Releases this Week
Earnings Summary for Today
leading Stock Positions
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