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Robert Iger to step down as Walt Disney CEO
(Reuters) - Walt Disney Co (DIS.N) on Tuesday said Robert Iger will step down as chief executive officer and will continue in the role of chairman.
The company named Bob Chapek as the chief executive officer effective immediately. Chapek has most recently served as the chairman of Disney Parks, Experiences and Products.
https://www.reuters.com/article/us-walt-disney-ceo/robert-iger-to-step-down-as-walt-disney-ceo-idUSKBN20J2NV
US Market Report-while the POTUS is away…the clowns play-edition
-this is an amalgamation of several sources-links below-edited for the usual doomer bullshit-
The big movement was in the bond market. All down at records lows. Volumes across the board were up and well past daily averages except the *SP500 (there is a message here-you figure it out)
DJI Avg. Volume: 271,709,180 Today: 510,900,461
NASDAQ Avg. Volume: 2,337,328,032 Today: 3,074,073,645
*SP500 Avg. Volume: 3,600,682,131 Today: 3,118,451,025
begin quoted articles- bold is addition
Year-to-date, gold and bonds are up around 7.5%, stocks are down around 5%. Nasdaq briefly touched unchanged on the year, all the other majors are now red for the year. All European majors are now red for the year. Nasdaq broke below 9,000 and The Dow tested down to almost a 26k handle. ll major US equity indices tumbled through critical technical support levels. Dow and Russell 2000 broke below their 200DMA, Nasdaq well below its 50DMA, and S&P below its 100DMA.
They did however if this is your only indication of what to do and when…you have missed the boat since the start of last year.
The number of NYSE-traded stocks that retreated in the past two days has been the highest of the almost 12-year bull market… and worst breadth since Sept 2000. This was The Dow's biggest 2-day drop since VIXmageddon in Feb 2018. VIX exploded higher again, pushing above 30 for the first time since Dec 2018.
Look up VIX termination event-here is a start
https://seekingalpha.com/instablog/16243802-alpha-gen-capital/5110766-xiv-goes-bust-predicted
The big banks have been clubbed like baby seals, crashing over 10% in the last 3 days-as they should be, lying sacks of shit they are. Treasury yields were down around 5bps across the curve..30Y Yields extended the decline at record lows, trading with a 1.78% handle! And the 10Y Yield just broke to a new record low at 1.3055%. The yield curve continued to flatten dramatically. The short-end is now pricing in 2.5 rate-cuts by the end of 2020…
MMMMMMMMMKAY!!!!
This is wut is killing the system-lower rates. The FOMC will almost certainly lower rates so that the system "catches up" to the actual realty of the how theh Bond market dictates where rates go-NOT THE FEDERAL RESERVE-they are just muh delivery boi.
The move has been made and telegraphed. See Cap#4 for the most current CME Fedwatch odds for the coming March Meeting of the FOMC.
Commodities were all lower today (gold outperformed, but still fell), despite a weaker dollar. Gold managed to get back above the Friday close but was lower on the day. And WTI tumbled below $50. We also note that Europe and US are notably underperforming China since the Covid-19 crisis began to make headlines. It is clear someone - cough, Xi, cough - doesn't want their stock market going down..
And China's resurgence is all about leverage - outstanding margin debt rose to a four-year high of 1.1 trillion yuan ($157 billion), according to data compiled by Bloomberg… that won't end well!
https://www.zerohedge.com/markets/bloodbath
Some news after the market close…
Branson's Virgin Galactic posts quarterly loss of $73 million
https://www.reuters.com/article/us-virgin-galactic-results/bransons-virgin-galactic-posts-quarterly-loss-of-73-million-idUSKBN20J2NP
Mallinckrodt agrees to $1.6 bln opioid settlement, unit to seek bankruptcy
https://www.reuters.com/article/us-mallinckrodt-settlement-opioid/mallinckrodt-agrees-to-1-6-bln-opioid-settlement-unit-to-seek-bankruptcy-idUSKBN20J1KM
Chevron Sends London Traders Home on Coronavirus Concern
https://www.bloomberg.com//news/articles/2020-02-25/chevron-sends-its-london-traders-home-on-coronavirus-concern
https://www.marketwatch.com/investing/bond/tmubmusd30y
>He is all over Netflix'.