Written by Gary
Stocks give up early gains today (SPY +0.06 flat) as investors questioned whether stimulus measures from the world’s central banks would deter slowing growth.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | U.S. states launch antitrust probe of big tech, Google ads in focusAttorneys general from 48 U.S. states, the District of Columbia and Puerto Rico have opened an antitrust probe into big tech companies that focuses on Alphabet’s Google , Texas Attorney General Ken Paxton formally announced on Monday. |
| Citigroup tempers net interest income guidanceCitigroup Inc said on Monday that it expects net interest income to be up between 3% and 4% for the year, compared with prior guidance of 4% growth. |
| S&P 500, Nasdaq edge down, pulling back with techThe S&P 500 and Nasdaq were down slightly in Monday afternoon trading, led by losses in technology shares, as the market pulled back following gains last week. |
| Elliott Management calls for AT&T shake-up as Trump piles onActivist investor Elliott Management Corp on Monday unveiled a $3.2 billion stake in AT&T Inc and urged the sprawling U.S. telecommunications and media conglomerate to end its acquisition spree and focus on improving its business. |
| Pompeo looking forward to completed U.S.-Japan trade deal at U.N. General AssemblyU.S. Secretary of State Mike Pompeo said on Monday he was looking forward to a completed U.S.-Japan trade agreement at the United Nations General Assembly in New York later this month. |
| Stocks give up early gains, pound hits 6-week highA gauge of global stocks gave up initial gains on Monday as investors questioned whether likely stimulus measures from the world’s central banks would be enough to deter slowing growth, while the pound hit a six-week high in choppy trading. |
| Apple may spark upgrade rush with new iPhones, tight pricingApple Inc could sell as many as 200 million of its latest iPhones from existing users upgrading their older devices and much of that demand will come from China despite an ongoing trade war, several Wall Street analysts said on Monday. |
| Big Ag wants a cut of booming fake-meat marketBunge Ltd, one the world’s biggest grain traders, recently disclosed the 1.6% stake it had purchased in the fast-growing fake-meat startup Beyond Meat. |
| Factbox: Big Tech faces growing number of federal, state probesSeveral U.S. state attorneys general are set to launch antitrust probes of large technology companies such as Alphabet’s Google and Facebook amid concerns that the companies have too much power and are harming users and stifling competition. |
| Quant Carnage Wrecks Tech As Small Caps Soar On Financial FrenzyQuant Carnage Wrecks Tech As Small Caps Soar On Financial Frenzy Market to momo-tilted quant funds today… Chinese mega caps were unchanged overnight but small cap tech was panic-bid… |
| The National Debt Is Now More Than Ten Times Annual Tax ReceiptsThe National Debt Is Now More Than Ten Times Annual Tax Receipts Authored by Ryan McMaken via The Mises Institute, Politicians from Alexandria Ocasio-Cortez to Dick Cheney are united in their agreement that deficits don’t matter. Of course, that’s exactly what a politician would say. Politicians score points by spending other people’s money, so naturally, they don’t want to hear anything about how prudence suggests it might be a good idea to not spend that extra 800 billion dollars they don’t have. |
| Millennials’ Trading Accounts Battered By Wrong-Way Bets On Uber, Pot StocksMillennials’ Trading Accounts Battered By Wrong-Way Bets On Uber, Pot Stocks Those millennials who weren’t scarred by the financial crisis and have subsequently been willing to risk their savings (what little they have) in the stock market haven’t established the best track record. Apps like Robinhood, which allows retail traders to sacrifice data privacy in exchange for free small-lot equity trades, offered a free introduction to speculation. Unfortunately, millennial traders have demonstrated a penchant to latch on to trends from bitcoin, to tech to pot stocks (like Canopy Growth). Like that old adage, often attributed to Warren Buffett, millennials have been encouraged to “invest in what you know.” |
| Consumer Credit Card Debt Explodes In July Despite Rates At 18-Year HighsConsumer Credit Card Debt Explodes In July Despite Rates At 18-Year Highs Something is not quite right here. Despite The Fed signaling rate-cuts as far as the eye can see, US credit-card interest rates have soared to the highest since 2001. And despite credit card rates being at 18-year highs, US revolving debt (largely made up of credit card debt) has exploded in July to its highest on record. |
| Why Apple is crucial for China in its trade war with the USWhy Apple is crucial for China in its trade war with the USThere are good reasons why China might prefer not to crack the whip too fiercely on the iPhone maker. |
| E(mpty)-wallet? Competition hits Paytm hardE(mpty)-wallet? Competition hits Paytm hardPaytm’s parent One97 Communications posted Rs 3,959.6 cr in net losses for fiscal year ending March 31. |
| India has a $150 bn plan to modernise forcesIndia has a $150 bn plan to modernise forcesGovt plans to procure a range of critical weapons, fighter jets, missiles, submarines and warships in 5-7 years. |
| Forecaster of the Month: Absolutely no economic reason for a recession, but ‘we’ll probably have one anyway’Lou Crandall, chief economist at Wrightson ICAP and the winner of MarketWatch’s Forecaster of the Month contest, says the economy is OK, but political risks could cause a recession by the end of next year. |
| The Margin: Texas man attacks the Wall Street bull with a banjoA tourist smashed the iconic œCharging Bull statue with the steel-fortified string instrument. |
| Trump Today: Trump applauds activist investor’s AT&T plan and attacks Republican rivalsPresident Donald Trump says he welcomed the involvement of an activist investor in AT&T, suggesting it could lead to a stop to what he routinely describes as œfake news from CNN. |
Summary of Economic Releases this Week
Earnings Summary for Today
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