tyb and good morning
Morning Market Report
Some Headlines
GM, Ford Slip (pre-market trading) as U.S. Auto Sector Hit by Trump's Mexico Threat
https://www.bloomberg.com//news/articles/2019-05-31/gm-ford-slip-as-u-s-auto-sector-hit-by-trump-s-mexico-threat?
2-year Treasury yield slumps to 2% after Trump wields tariff threat against Mexico
https://www.marketwatch.com/story/2-year-treasury-yield-slumps-to-2-after-trump-wields-tariff-threat-against-mexico-2019-05-31?
German Yields Set New Sub-Zero Record as Haven Seekers Rush In
https://www.bloomberg.com//news/articles/2019-05-31/german-yields-set-new-sub-zero-record-as-haven-seekers-rush-in?
Makets and US Futures drop after POTUS bombshell on tariffs.
edited for gas-lighting bullshit from ZH
very unusual for this to habben on the last day of trading but I see how they realize its a friday and will only last for one day-system is throwing a fit still-the economic problems we have had for years are being addressed and the inequality they have produced is a reason for anyone to sell stocks?….If you do not see what is and has been going on with these reactions…..
Dow below 25,000 and the S&P below its 200 DMA, will break the S&P's unbroken monthly streak in 2019, with May set for the first monthly loss since the December rout. In fact, May will be the third worst month since the US downgrade in August 2011.
POTUS announced the decision on Twitter late Thursday, catching markets completely by surprise.
and how long was it that Obrador signaled he wanted a meeting?-a few hours if that.
After POTUS' announcement, investor mood hit pitch black when China's May manufacturing PMI printed not only below expectations, but below the lowest expectation, raising questions about the effectiveness of Beijing’s stimulus steps.
Nikkei is at three month low…
With markets tumbling, traders flooded into the safety of bond market and the dollar, with yields on the 10-year Treasury note quickly fell to a fresh 20-month low of 2.17%, while the dollar jumped 1.7% on the Mexican peso. In the US, all Treasury tenors from 2Y to 5Y were now trading below 2.0%, while the 3M-10Y was inverted as much as 21bps. Bonds extended their bull run with 10-year Treasury yields now down a steep 33 basis points for the month and decisively below the overnight funds rate. Such an inversion of the yield curve has presaged enough recessions in the past that investors are wagering the Fed will be forced to ease policy just as “insurance”.
See Cap#3-told ya a few weeks ago when the FRB lowered the discount rate, this si what accelerated the drop as the trade negotiations were and have been in the same state weeks prior.
Another silver lining: investors clearly felt encouraged that opening a new front in the trade wars would pressure central banks everywhere to consider new stimulus. On Thursday, Fed Vice Chair Richard Clarida said the central bank would act if inflation stays too low or global and financial risks endanger the economic outlook.
Pepe puts it at even money to habben at September meeting-perhaps sooner.
Market Snapshot
S&P 500 futures down 1.1% to 2,759.25
STOXX Europe 600 down 1% to 368.54
MXAP down 0.04% to 152.22
MXAPJ up 0.2% to 498.43
Nikkei down 1.6% to 20,601.19
Topix down 1.3% to 1,512.28
Hang Seng Index down 0.8% to 26,901.09
Shanghai Composite down 0.2% to
2,898.70
Sensex down 0.3% to 39,707.10
Australia S&P/ASX 200 up 0.07% to
6,396.85
Kospi up 0.1% to 2,041.74
German 10Y yield fell 2.7 bps to -0.202%
Euro up 0.2% to $1.1148
Italian 10Y yield rose 1.4 bps to 2.283%
Spanish 10Y yield fell 1.8 bps to 0.746%
Brent futures down 3.3% to $64.70/bbl
Gold spot up 0.7% to $1,297.30
U.S. Dollar Index down 0.1% to 98.00
US Event Calendar-Data, decent amount of it today.
8:30am: Personal Income, est. 0.3%, prior
0.1%;
Personal Spending, est. 0.2%, prior 0.9%
8:30am: PCE Deflator MoM, est. 0.3%, prior
0.2%; PCE Deflator YoY, est. 1.6%, prior
1.5%
9:45am: MNI Chicago PMI, est. 54, prior
52.6
10am: U. of Mich. Sentiment, est. 101.5,
prior 102.4; Current Conditions, prior 112.4;
Expectations, prior 96d
Away from the data the Fed’s Visco is due to speak this morning while this afternoon the Fed’s Bostic is due to moderate a discussion on the global economy, while the Fed’s Williams speaks this evening on the topic of monetary policy theory and practice. Expect the fallout from the latest tariff announcement to be the big talking point however.
https://www.zerohedge.com/news/2019-05-31/global-markets-routed-after-trump-tariff-bombshell-bund-yields-crater-record-low
https://www.bloomberg.com/markets/stocks/futures
https://www.dailyfx.com/crude-oil
>What if Tiresias is right?
>>6635821 California Dems propose resolution linking Israel Gov't to Pittsburgh synagogue massacre
why not the one in Poway?
notable
U.S. inflation picks up in April, spending slows
WASHINGTON (Reuters) - U.S. consumer prices increased in April, which could support the Federal Reserve’s contention that recent low inflation readings were transitory and allow the central bank to keep interest rates unchanged for a while.
The Commerce Department said on Friday its personal consumption expenditures (PCE) price index increased 0.3% last month after rising 0.2% in March. That lifted the annual increase in the PCE price index to 1.5% from 1.4% in March.
Excluding the volatile food and energy components, the PCE price index gained 0.2% last month after edging up 0.1% in March. In the 12 months through April, the so-called core PCE price index increased 1.6% after rising 1.5% in March.
The core PCE index is the Fed’s preferred inflation measure. It hit the U.S. central bank’s 2% inflation target in March 2018 for the first time since April 2012.
Persistently tame inflation together with slowing economic growth have led to calls, including from President Donald Trump, for the Fed to cut rates. Fed Chairman Jerome Powell has maintained the soft readings “may wind up being transient.” The Fed this month kept rates unchanged and signaled little inclination to adjust monetary policy anytime soon.
A much weaker inflation pulse than initially thought in the first quarter had led economists to anticipate a moderation in the annual core PCE price index in April.
The government also reported on Friday that consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.3% as consumers spent less on services, including household electricity and gas.
Data for March was revised up to show consumer spending jumping 1.1%, the biggest increase since August 2009, instead of the previously reported 0.9% rise. Economists polled by Reuters had forecast consumer spending would advance 0.2% in April.
When adjusted for inflation, consumer spending was unchanged in April. This so-called real consumer spending rose 0.9% in March.
The weak real consumer spending reading in April suggests slower economic growth in the second quarter.
Consumer spending increased at a 1.3% annualized rate in the first quarter, the slowest in a year. The overall economy grew at a 3.1% rate last quarter, flattered by the volatile exports, inventory and defense components. Growth estimates for the April-June quarter are below a 2.0% rate.
Personal income rose 0.5% in April after ticking up 0.1% in March. Savings increased to $990.3 billion in April from $963.7 billion in March.
https://www.reuters.com/article/us-usa-economy-spending/u-s-inflation-picks-up-in-april-spending-slows-idUSKCN1T11IU?il=0
This buyer is also a member of the BOD at Netflix-has been from the start.
Also another direct officer of Zillow on BOD too-and also on the BOD from the start.
The first one is via Technology Crossover Ventures.
https://www.bloomberg.com/research/stocks/private/board.asp?privcapId=32012
https://www.secform4.com/insider-trading/1617640.htm
on a side note, they list "Reed" Hastings real name now. Did not for the longest time.
Hastings was born in Boston, Massachusetts, the son of Joan Amory (Loomis) and Wilmot Reed Hastings. His maternal great-grandfather was attorney, financier, scientist, inventor and philanthropist Alfred Lee Loomis. He attended Buckingham Browne & Nichols School in Cambridge, Massachusetts.
He entered Marine Corps officer training through their Platoon Leader Class and spent the summer of 1981 in Officer Candidate School at Marine Corps Base Quantico.
He did not complete the training and never commissioned into the Marine Corps, choosing instead to pursue service in the Peace Corps.
After graduating from Bowdoin College, Hastings joined the Peace Corps "out of a combination of service and adventure", and went to teach high school math in Swaziland from 1983 to 1985. He credits part of his entrepreneurial spirit to his time in the Peace Corps. "Once you have hitchhiked across Africa with ten bucks in your pocket, starting a business doesn't seem too intimidating."
After returning from the Peace Corps, Hastings went on to attend Stanford University. He graduated in 1988 with a master's degree in computer science.
Hastings' first job was at Adaptive Technology, where he invented a tool for debugging software. He met Audrey MacLean in 1990 when she was CEO at Adaptive Corp. "From her, I learned the value of focus. I learned it is better to do one product well than two products in a mediocre way," says Hastings.
Hastings left Adaptive Technology in 1991 to found his first company, Pure Software, which produced products to troubleshoot software. The rapidly growing company soon proved challenging for Hastings as he lacked managerial experience. He stated he had trouble managing with a rapid headcount growth. His engineering background didn't prepare him for the challenges of being a CEO and he asked his board to replace him, stating he was losing confidence. The board refused, and Hastings says he learned to be a businessman. Pure Software was taken public by Morgan Stanley in 1995.
In 1996, Pure Software announced a merger with Atria Software. The merger integrated Pure Software's programs for detecting bugs in software with Atria's tools to manage development of complex software. Hastings' goal in the merger was to unify the two companies' sales forces. The Wall Street Journal reported that there were problems integrating the sales forces of Pure Software and Atria after the head salesmen for both Pure and Atria left following the merger.
In 1997, the combined company, Pure Atria, was acquired by Rational Software, which triggered a 42% drop in both companies' stocks after the deal was announced. Hastings was appointed Chief Technical Officer of the combined companies and left soon after the acquisition. After Pure Software, Hastings spent two years thinking about how to avoid similar problems at his next startup.
https://en.wikipedia.org/wiki/Reed_Hastings
fairly certain that Pure software was a C_A project but can't be certain.
his father has a very interdasting background as well.
Alfred Lee Loomis (November 4, 1887 – August 11, 1975) was an American attorney, investment banker, philanthropist, scientist, physicist, inventor of the LORAN Long Range Navigation System, and a lifelong patron of scientific research. He established the Loomis Laboratory in Tuxedo Park, New York, and his role in the development of radar and the atomic bomb contributed to the Allied victory in World War II. He invented the Aberdeen Chronograph for measuring muzzle velocities, contributed significantly (perhaps critically, according to Luis Alvarez) to the development of a ground-controlled approach technology for aircraft, and participated in preliminary meetings of the Manhattan Project.
Loomis also made contributions to biological instrumentation. Working with Edmund Newton Harvey he co-invented the microscope centrifuge,and pioneered techniques for electroencephalography. In 1937, he discovered the sleep K-complex brainwave.
https://en.wikipedia.org/wiki/Alfred_Lee_Loomis
sorry it's his maternal great grandfather
=Medicines Company Director buys $2.96m in shares-May 29-30
Cap#1 today's filing, Cap#2,3 recent.
The Medicines Company is a global bio-pharmaceutical company. The Company is focused on advancing the treatment of acute and intensive care patients through the delivery of medicines to the hospital marketplace around the world. It markets Angiomax (bivalirudin), Ionsys (fentanyl iontophoretic transdermal system), Minocin (minocycline) for injection and Orbactiv (oritavancin). It also has a pipeline of products in development, including Carbavance, inclisiran and MDCO-700. Carbavance is used for the treatment of hospitalized patients with gram-negative bacterial infections. Inclisiran is used for the treatment of hypercholesterolemia. MDCO-700 includes sedative-hypnotic, which is used to induce and maintain sedation for procedural care and general anesthesia for surgical care. In addition to these products and products in development, it has a portfolio of generic drugs.
Number of employees : 170 people.
https://www.marketscreener.com/THE-MEDICINES-COMPANY-9984/company/
Former Purdue boss named CEO at The Medicines Company
Mark Timney has been named as the new chief executive of The Medicines Company (Nasdaq: MDCO).
Mr Timney was most recently chief executive of privately-held US drugmaker Purdue Pharma, the company behind the prescription opioid Oxycontin (oxycodone), and was previously with US drug giant Merck & Co (NYSE: MRK).
https://www.thepharmaletter.com/article/former-purdue-boss-named-ceo-at-the-medicines-company
https://www.secform4.com/insider-trading/1113481.htm
I know that anon. Speaking to the company.
thought that afterwards, my apology. tendency for some in here to say what they think the OP knows.