Written by Gary
The market is priced for a rate-cut tomorrow (SPY -0.03% flat). Trucking slowdown ahead of holiday season suggests consumer is faltering.
The Market in Perspective
Here are the headlines moving the markets. | |
Johnson & Johnson says new tests find no asbestos in FDA-tested baby powderJohnson & Johnson said on Tuesday that 15 new tests from the same bottle of its baby powder previously tested by the U.S. Food and Drug Administration found no asbestos. | |
Facebook sues Israel’s NSO Group over alleged WhatsApp hackFacebook Inc on Tuesday sued Israeli cyber surveillance firm NSO Group, alleging it hacked users of its messaging platform WhatsApp earlier this year. | |
Murray Energy files for bankruptcy as U.S. coal decline continuesMurray Energy Corp, one of the largest privately-held U.S. coal miners, whose founder is an outspoken supporter of President Donald Trump, became the latest in a string of coal companies to file for bankruptcy on Tuesday as generators shift to cleaner-burning natural gas and renewable energy. | |
Factbox: U.S. coal-fired power plants scheduled to shutU.S. power companies expect to retire or convert from coal to gas over 13,800 megawatts (MW) of coal-fired plants in 2019 after shutting over 13,300 MW in 2018, according to U.S. Energy Information Administration (EIA) and Thomson Reuters data. | |
Saudi Aramco aims to begin planned IPO on November 3: sourcesSaudi Aramco aims to announce the start of its initial public offering (IPO) on Nov. 3, three people with direct knowledge of the matter told Reuters, after delaying the deal earlier this month to give advisers time to secure cornerstone investors. | |
Uber says will not share electric bike rider data with Los AngelesUber Technologies Inc said it would not share real-time location data of its electric bike riders with the city of Los Angeles, saying it would violate their privacy. | |
U.S. telecoms supply chain rules under review at Commerce Department: officialRules to implement a White House executive order declaring a national emergency in the telecoms supply chain are “under consideration and review” at the Department of Commerce, an agency official said on Tuesday. | |
Bank of America to give employees special bonuses for 2019 performanceBank of America Corp will reward employees for the bank’s strong performance through special bonuses for the third straight year, according to an internal memo viewed by Reuters. | |
Fiat Chrysler, Peugeot owner PSA in talks to combine: WSJFiat Chrysler and Peugeot owner PSA are in talks to combine in a deal that could create a $50 billion automaker, the Wall Street Journal reported on Tuesday, citing sources. | |
Stocks Slide Ahead Of Fed Amid Trade-Fade, Brextension BounceStocks Slide Ahead Of Fed Amid Trade-Fade, Brextension Bounce The market is priced for a rate-cut tomorrow (94% odds and The Fed has never disappointed when priced this high)… | |
Majority Of American Students Want Wearing “Offensive” Halloween Costumes To Be PunishedMajority Of American Students Want Wearing “Offensive” Halloween Costumes To Be Punished Authored by Paul Joseph Watson via Summit News, More than half of American university students believe that wearing œoffensive Halloween costumes is not part of free expression and should œbe punished. | |
Trucking Slowdown Ahead Of Holiday Season Suggests Consumer Is FalteringTrucking Slowdown Ahead Of Holiday Season Suggests Consumer Is Faltering The trucking industry continues to decelerate into year-end at a time when it should be rocketing higher ahead of the holiday season. Old Dominion Freight Line reported 3Q19 earnings last Thursday and warned the domestic economy is slowing. The freight company reported revenue declines Y/Y for the quarter, which was the first drop since 2016. The rare decline in revenue from Old Dominion is a sign that the domestic economy is faltering, and it’s likely being led lower by deteriorating consumer demand. This means the manufacturing recession has successfully transmitted weakness into the consumer segment of the economy, which accounts for 70% of GDP. This comes at a time when Wall Street is betting on Federal Reserve easing and a healthy consumer to rebound the economy between 4Q19 and 1Q20. However, there’s a significant problem, for the Federal Reserve to be successful in a quick economic rebound, the latest interest rate cut cycle should’ve started when inflation turned lower in October 2018. Essentially this means the cut cycle, which began on July 2019, was way too late, at most a ten-month policy error, suggesting that stimulative cuts won’t filter into the economy until next summer. Monetary policy works in 12-month lags, so Wall Street’s optimism about an economic rebound in the near term will likely end in disappointment.Â
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Exposing The Market’s “Magic Show”Exposing The Market’s “Magic Show” Authored by Sven Henrich via NorthmanTrader.com, It’s that time again, the magic levitation show, but this one is a peculiar one. I talked a bit about it in Zombieland, but the continuation on the same path this week ahead of the Fed meeting is actually getting quite embarrassing as all pretense that markets are anything but a Fed subsidy program are being dropped. | |
SC order-hit telcos need a rescue: Here’s how govt can helpSC order-hit telcos need a rescue: Here’s how govt can helpAfter the last straw, the government must have the courage to face the accusation and still act. | |
A report picks holes in Infosys complaintA report picks holes in Infosys complaintICICI Securities said in a report that it did not find any irregularities in key data points shared by Infy. | |
How India can actually revive demandHow India can actually revive demandAs per reports, to push up the sagging consumption, the govt is mulling to cut the income tax. | |
How to use a ‘short squeeze’ to your advantage in the stock marketGood examples have been the shares of Beyond Meat and Tilray. | |
FireEye sales beat expectations but earnings slip, stock dips in late tradingFireEye Inc. reported increased quarterly sales and billings Tuesday afternoon, but profit slipped and shares fell more than 3% in late trading. | |
Key Words: Kanye West, with debt piling up, thanks God for $68 million tax refundKanye West has been making headlines lately for his Sunday Service, an invitation-only event that started earlier this year in which the rapper-turned-preacher performs with live musical accompaniment. Apparently, there are big profits in his piety. |
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