Written by Gary
Indexes fall off record highs, but set for weekly gains. The 3 major indexes gained 3% to 4% for the week (SPY -0.5%).
U.S. total weekly active drilling-rig count unchanged at 790: Baker Hughes
U.S. weekly active oil-rig count edges up by 1 to 676: Baker Hughes
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Boeing’s fraying 737 MAX suppliers see capacity crunchBoeing Co suppliers are shedding jobs and capacity to cope with a halt in 737 MAX output, but while that staves off chaos, aerospace executives worry the industry might be unable to ramp factories quickly enough when the plane wins approval to fly again. |
| Boeing supplier Spirit slashes dividend due to 737 MAX crisisSpirit AeroSystems Inc, Boeing Co’s largest supplier, said on Friday it would slash its quarterly dividend to just 1 cent per share as it grapples with the grounding of the planemaker’s 737 MAX jets. |
| More pain in store for Canadian marijuana companies after Aurora Cannabis, Tilray cut jobsInvestors are bracing for more job cuts and writedowns at Canadian cannabis producers before the industry stabilizes and becomes profitable, after two of the biggest weed companies, Aurora Cannabis and Tilray announced cost reductions this week. |
| Bank of America CEO Moynihan’s 2019 compensation remains unchanged at $26.5 millionBank of America Corp said on Friday that Chief Executive Officer Brian Moynihan’s 2019 compensation remained $26.5 million, the same as a year earlier. |
| Credit Suisse CEO Thiam toppled by espionage scandalTidjane Thiam has quit as Credit Suisse chief executive after a spying scandal that has hit the reputation of one of Europe’s largest banks and shocked Switzerland’s financial community. |
| Investor backing proved poison chalice for Credit Suisse CEOAs the chairman of Credit Suisse prepared for a crunch meeting of directors over the future of its chief executive, the vocal backing of a U.S. investor for Tidjane Thiam had unintended consequences, helping seal the ousted CEO’s fate. |
| Tightrope Thiam: comeback CEO stung by a spying scandalTidjane Thiam is unlikely to quietly retire after his abrupt exit as chief executive of Credit Suisse, some of those who have worked with him predict. |
| Stocks fall on fears China virus to slow growth, gold gainsGlobal equity markets and government debt yields slumped on Friday as growing concerns about the impact of the coronavirus on global growth overshadowed a strong U.S. jobs report that indicated an economy on pace to grow moderately. |
| Indexes fall off record highs, but set for weekly gainsWall Street pulled back from record levels on Friday after a four-day rally as investors digested a report showing U.S. job growth accelerated last month and braced for the next developments involving the coronavirus spread out of China. |
| Millions Of Chinese Mourn “Martyr” Doctor Punished For Coronavirus WarningsMillions Of Chinese Mourn “Martyr” Doctor Punished For Coronavirus Warnings Summary: Confirmed cases surpass 31k, deaths still at 638 Reporter says ‘real’ death toll could be closer to 20k German scientists say nCoV can survive for 9 days on surfaces Chinese quarantine expanded to Guangzhou; 400 million now on lockdown Singapore raises response level to Orange Hong Kong confirms case No. 25 Death of Dr. Li stokes demands for more free speech in China * * * Update: (1500ET): When the dust has settled and the novel coronavirus has finally died out, we can’t imagine how the World Health Organization will manage to revive its reputation. After repeatedly defending China as a beacon of “transparency” and model for other emerging economies, the death of Dr. Li stands as a rebuke to WHO head Dr. Tedros, who has kowtowed to China at every turn. Reuters reports that a cruise line has banned Chinese travelers. And Apple said it’s hoping to open its offices in China on Feb. 10, while it has extended the closure of its retail stores to Feb. 13. With markets closing in the red, Larry Kudlow took to Fox News to remind traders that the coronavirus outbreak is really China’s problem, saying that the outbreak will likely hurt China’s economy – bad. The outpouring of rage of Dr. Li’s death continued into the early hours of Saturday on the mainland, with the SCMP now reporting that it’s fueling demands for free speech. For many, h … |
| Global Stocks Soar To Record Highs As Unprecedented China Liquidity Trumps Pandemic-PanicGlobal Stocks Soar To Record Highs As Unprecedented China Liquidity Trumps Pandemic-Panic Despite 2020’s first weekly slump in the global economic surprise index (cough Germany cough) and the spreading deadly pandemic crushing global supply chains… |
| Vindman Fired: Anti-Trump Impeachment Witness Escorted Out Of The White HouseVindman Fired: Anti-Trump Impeachment Witness Escorted Out Of The White House Anti-Trump impeachment witness Lt. Col. Alexander Vindman has been fired and escorted out of the White House by security, according to his attorney. |
| “Political Retribution”: New York To Sue Trump Admin Over Suspension Of Global Entry Program“Political Retribution”: New York To Sue Trump Admin Over Suspension Of Global Entry Program New York state is suing the Trump administration over the Department of Homeland Security’s decision to ban New Yorkers from the Trusted Traveler Program in what Attorney General Letitia James called “political retribution” after the state passed a law blocking immigration officials from accessing DMV records. |
| Anil Ambani ordered to pay $100 million in 6 weeks by UK courtAnil Ambani ordered to pay $100 million in 6 weeks by UK courtThe lawsuit was filed by Chinese banks which argue that they provided a loan of $925 mn to RCom. |
| How to be richest 1% around the worldHow to be richest 1% around the worldThe top 1% covers a wide span, from professionals to billionaires with more wealth than many nations. |
| Can agriculture become a true wealth creator?Can agriculture become a true wealth creator?Budget has allocated Rs 2.83L cr for agriculture and allied activities, irrigation & rural development. |
| Economic Report: Consumer credit jumps in DecemberConsumer credit rose by $22.1 billion in December, the most in five months, the Federal Reserve said Friday. |
| Bond Report: 2-year Treasury books biggest weekly yield rise in more than 3 monthsU.S. Treasury yields slump Friday, but logged a weekly increase, even as the January employment report shows larger job gains than expected. |
| Tesla’s biggest bull stampedes to a $7,000 price targetAn investor famed for her call that Tesla shares could be worth as much as $4,000 in the next five years has just upped that target, significantly. |
Summary of Economic Releases this Week
Earnings Summary for Today
leading Stock Positions
Current Commodity Prices
Commodities are powered by Investing.com
Current Currency Crosses
The Forex Quotes are powered by Investing.com.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
