Dow plunged 458 (finishing above the lows), decliners over advancers 4-1 & NAZ tumbled 193. The MLP index lost 1+ to 238 & the REIT index was off fractionally in the 328s. Junk bond funds only fluctuated & Treasuries crawled higher. Oil sank 1+ to the low 63s (more below) & gold shot up 18 to 1345 while stocks were being sold.
AMJ (Alerian MLP Index tracking fund)
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.7959369567721796)
The deepening rout in once high-flying technology shares sent US stocks tumbling to start Q2, as renewed presidential criticism of Amazon (AMZN) & retaliatory tariffs from China rattled markets. Treasuries & gold rose on haven demand. The S&P 500 Index had its lowest close in 5 months after sliding thru its average price for the past 200 days, a level of support that’s held in 3 prior bouts of selling. The index is now lower by more than 10% from its Jan record. The Index jumped to 23 (about double here it was in the "good old days"). The NAZ 100 lost about 3% as investors continued to offload some of the bull market's biggest gainers. AMZN, up 50% in the past year, sank after Pres Trump renewed his attack on the online retailer. Netflix (NFLX) slid as much as 6%, while chipmakers in the S&P 500 plunged more than 5% thanks to Intel's (INTC, a Dow stock) worst day in 2 years. Bonds erased declines & gold spiked higher as the equity selling picked up steam.
Stocks Sink on Tech Rout; Dow Falls More Than 2%
club.ino.com/trend/analysis/stock/AMZN?a_aid=CD3289&a_bid=6ae5b6f7
Amazon headed for biggest point drop ever
General Electric (GE, a troubled Dow stock) will sell certain information technology assets in its health care business to Veritas Capital for $1.05B in its latest step to “simplify” its business. The agreement is for the sale of its Enterprise Financial Management, Ambulatory Care Management & Workforce Management assets comprising GE Healthcare's Value-Based Care Division. The sale will enable GE “to further revitalize our product portfolio and pursue complementary acquisitions to better serve patients, providers and payers,” according to Jon Zimmerman, VP & general manager of GE's value-based care unit. The transaction is expected to close during Q3, subject to customary closing conditions & regulatory approvals. GE Healthcare is the $19B healthcare business of GE. The healthcare technology space has been a key focus for Veritas Capital, a private equity firm that invests in companies that provide critical products & services. The stocks fell 36¢.
If you would like to learn more about GE, click on this link:
club.ino.com/trend/analysis/stock/GE?a_aid=CD3289&a_bid=6ae5b6f7
A business conditions index for 9 Midwestern & Plains states surged again last month & the report said it's a sign of continued improvement in regional economic conditions. The Mid-America Business Conditions Index hit 62.1 in Mar, compared with 59.7 in Feb. The Jan figure was 57.3. 20% of the business supply managers who participated in the survey "reported rapidly expanding healthy economic growth in their area, while only 4 percent reported an economic downturn in their area," said Creighton University economist Ernie Goss, who oversees the survey. The survey results are compiled into a collection of indices ranging from zero to 100. Survey organizers say any score above 50 suggests growth in that factor & a score below that suggests decline. The survey covers Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma & South Dakota.
Brussels is preparing to crack down on social media companies who have been accused of spreading "fake news", issuing a stark warning that scandals such as the Facebook (FB) data leak threaten to "subvert our democratic systems." The European Commission fears that next year's elections to the European Parliament are vulnerable to mass eurosceptic online "disinformation." Its concern sharpened after a whistleblower alleged that Cambridge Analytica gathered personal information from up to 50m FB users & used it to target voters in the US presidential election. Cambridge Analytica has denied using FB data in its modelling. Julian King, European commissioner for security, is demanding a "clear game plan" for how social media companies can operate during sensitive election periods, starting with European Parliament polls in May 2019. A letter from Sir Julian to Mariya Gabriel, commissioner for the digital economy, calls for more transparency on the internal algorithms that internet platforms use to promote stories, limits on the "harvesting" of personal information for political purposes, & disclosure by tech companies of who funds "sponsored content" on their websites. Sir Julian proposes a "more binding approach" than self-regulation, including "clearly and carefully defined performance indicators." His proposals have backing from the other commissioners who are drawing up the EU's first policy on how to fight "online disinformation" to be published later this month. The Cambridge Analytica revelations have turbo-charged the debate, with EU officials pushing for stronger guidance on how platforms should behave to safeguard democracy. The "psychometric targeting activities" such as those of Cambridge Analytica, a data analysis company, are just a "preview of the profoundly disturbing effects such disinformation could have on the functioning of liberal democracies", Sir Julian wrote in the letter. "It is clear that the cyber-security threat we are facing is changing from one primarily targeting systems to one that is also increasingly about deploying cyber means to manipulate behaviour, deepen societal divides, subvert our democratic systems and raise questions about our democratic institutions," the letter adds. Brussels' warning comes as a number of EU member states are drawing up "anti-fake news laws" amid a host of allegations over Russian interference in European elections in the past year. France is preparing legislation to allow its judges to remove & block false viral content during national election campaigns. Emmanuel Macron, French pres, has railed against the "defamatory untruths" & "deceitful propaganda" of Kremlin-backed media organizations such as RT & Sputnik, which both have French-language websites. The stock fell 4.40 following major selling in the last few weeks.
If you would like to learn more about FB, click on this link:
club.ino.com/trend/analysis/stock/FB?a_aid=CD3289&a_bid=6ae5b6f7
EU plans to crack down on ‘fake news’ in social media
Oil prices fell 3% in thin trading, as the geopolitical concerns that underpinned last week's rally faded. Crude futures had risen in overnight trading, lifted by a drop in drilling activity in the US & concerns that DC could reintroduce sanctions against Iran, OPEC's 3rd-biggest oil producer. WTI crude futures ended down $1.93 (3%) at $63.01 a barrel, after finishing Q1 up 7.5%. Brent crude futures were down $1.59 (2.3%) at $67.75 per barrel, having nearly touched the contract's 2018 high of $71.28 last week. Tensions between Saudi Arabia & Iran, 2 of OPEC's top 3 crude producers, have somewhat receded, though traders were still covering bets that oil prices would fall heading into the long holiday weekend, analysts said.
US crude sinks 3%, settling at $63.01, as geopolitical anxiety that fueled a rally fades
Today was an awful day in the stock market. Good economic news, & the economy is doing very well, was overshadowed by negative stories which are worrisome to say the least. Apple (AAPL, a Dow & NAZ stock) is planning to start making its own chips (off 1+). That means Intel (INTC & a Dow stock) will lose a prime customer (down 3). FB has huge problems with its credibility. The US tariff story is going from bad the worse. The Dow has a dismal chart with no relief from more selling in sight (even though there was buying in the last hour of trading). It's next stop is sinking to 23K, not all that far away. The Dow is back to where it was in late Nov (on the way up)!! Ughh!!
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
The deepening rout in once high-flying technology shares sent US stocks tumbling to start Q2, as renewed presidential criticism of Amazon (AMZN) & retaliatory tariffs from China rattled markets. Treasuries & gold rose on haven demand. The S&P 500 Index had its lowest close in 5 months after sliding thru its average price for the past 200 days, a level of support that’s held in 3 prior bouts of selling. The index is now lower by more than 10% from its Jan record. The Index jumped to 23 (about double here it was in the "good old days"). The NAZ 100 lost about 3% as investors continued to offload some of the bull market's biggest gainers. AMZN, up 50% in the past year, sank after Pres Trump renewed his attack on the online retailer. Netflix (NFLX) slid as much as 6%, while chipmakers in the S&P 500 plunged more than 5% thanks to Intel's (INTC, a Dow stock) worst day in 2 years. Bonds erased declines & gold spiked higher as the equity selling picked up steam.
Stocks Sink on Tech Rout; Dow Falls More Than 2%
Shares of AMZN tumbled as Pres Trump renewed his attacks on the e-commerce giant. The
stock, headed for its largest point-loss ever after Trump said via Twitter that the company was
responsible for retailers shutting down across the country. This selloff comes after a tumultuous week for shares of the tech
giant. A report indicated that the pres was considering
changing its tax treatment & targeting the company for
anti-competitive practices. Over the past 5 days, shares lost more than 10%, while over the past month they are down 7%. The
White House said last week that while there were no specific policy
proposals on the table regarding AMZN at the time, it was always
considering ways to even out the playing field for American businesses. The stock plunged tumbled 75.
If you would like to learn more about AMZN, click on this link:club.ino.com/trend/analysis/stock/AMZN?a_aid=CD3289&a_bid=6ae5b6f7
Amazon headed for biggest point drop ever
White House Principal Deputy Press Secretary Raj Shah said Pres Trump's attacks on AMZN aren't personal. Trump
scorned the e-commerce giant again, his 3rd
attack within a week via Twitter, accusing them of taking
advantage of the Post Office & putting retailers out of business. “A
lot of these companies, internet based companies like amazon have grown
to tremendous size and taken advantage of parts of our laws and of our
system, whether it be the post office for shipping,” Shah said “An infrastructure that’s set up and really meant for mom and pop shops
and to help consumers and individuals -- it’s now supporting a very
massive business in Amazon as well as online sales taxes versus brick
and mortar retail taxes,” Shah added.
Trump targets all companies, not just Amazon
General Electric (GE, a troubled Dow stock) will sell certain information technology assets in its health care business to Veritas Capital for $1.05B in its latest step to “simplify” its business. The agreement is for the sale of its Enterprise Financial Management, Ambulatory Care Management & Workforce Management assets comprising GE Healthcare's Value-Based Care Division. The sale will enable GE “to further revitalize our product portfolio and pursue complementary acquisitions to better serve patients, providers and payers,” according to Jon Zimmerman, VP & general manager of GE's value-based care unit. The transaction is expected to close during Q3, subject to customary closing conditions & regulatory approvals. GE Healthcare is the $19B healthcare business of GE. The healthcare technology space has been a key focus for Veritas Capital, a private equity firm that invests in companies that provide critical products & services. The stocks fell 36¢.
club.ino.com/trend/analysis/stock/GE?a_aid=CD3289&a_bid=6ae5b6f7
GE to sell healthcare software assets for $1.05B
A business conditions index for 9 Midwestern & Plains states surged again last month & the report said it's a sign of continued improvement in regional economic conditions. The Mid-America Business Conditions Index hit 62.1 in Mar, compared with 59.7 in Feb. The Jan figure was 57.3. 20% of the business supply managers who participated in the survey "reported rapidly expanding healthy economic growth in their area, while only 4 percent reported an economic downturn in their area," said Creighton University economist Ernie Goss, who oversees the survey. The survey results are compiled into a collection of indices ranging from zero to 100. Survey organizers say any score above 50 suggests growth in that factor & a score below that suggests decline. The survey covers Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma & South Dakota.
Report: Midwest business conditions index rose again
Brussels is preparing to crack down on social media companies who have been accused of spreading "fake news", issuing a stark warning that scandals such as the Facebook (FB) data leak threaten to "subvert our democratic systems." The European Commission fears that next year's elections to the European Parliament are vulnerable to mass eurosceptic online "disinformation." Its concern sharpened after a whistleblower alleged that Cambridge Analytica gathered personal information from up to 50m FB users & used it to target voters in the US presidential election. Cambridge Analytica has denied using FB data in its modelling. Julian King, European commissioner for security, is demanding a "clear game plan" for how social media companies can operate during sensitive election periods, starting with European Parliament polls in May 2019. A letter from Sir Julian to Mariya Gabriel, commissioner for the digital economy, calls for more transparency on the internal algorithms that internet platforms use to promote stories, limits on the "harvesting" of personal information for political purposes, & disclosure by tech companies of who funds "sponsored content" on their websites. Sir Julian proposes a "more binding approach" than self-regulation, including "clearly and carefully defined performance indicators." His proposals have backing from the other commissioners who are drawing up the EU's first policy on how to fight "online disinformation" to be published later this month. The Cambridge Analytica revelations have turbo-charged the debate, with EU officials pushing for stronger guidance on how platforms should behave to safeguard democracy. The "psychometric targeting activities" such as those of Cambridge Analytica, a data analysis company, are just a "preview of the profoundly disturbing effects such disinformation could have on the functioning of liberal democracies", Sir Julian wrote in the letter. "It is clear that the cyber-security threat we are facing is changing from one primarily targeting systems to one that is also increasingly about deploying cyber means to manipulate behaviour, deepen societal divides, subvert our democratic systems and raise questions about our democratic institutions," the letter adds. Brussels' warning comes as a number of EU member states are drawing up "anti-fake news laws" amid a host of allegations over Russian interference in European elections in the past year. France is preparing legislation to allow its judges to remove & block false viral content during national election campaigns. Emmanuel Macron, French pres, has railed against the "defamatory untruths" & "deceitful propaganda" of Kremlin-backed media organizations such as RT & Sputnik, which both have French-language websites. The stock fell 4.40 following major selling in the last few weeks.
If you would like to learn more about FB, click on this link:
club.ino.com/trend/analysis/stock/FB?a_aid=CD3289&a_bid=6ae5b6f7
EU plans to crack down on ‘fake news’ in social media
Oil prices fell 3% in thin trading, as the geopolitical concerns that underpinned last week's rally faded. Crude futures had risen in overnight trading, lifted by a drop in drilling activity in the US & concerns that DC could reintroduce sanctions against Iran, OPEC's 3rd-biggest oil producer. WTI crude futures ended down $1.93 (3%) at $63.01 a barrel, after finishing Q1 up 7.5%. Brent crude futures were down $1.59 (2.3%) at $67.75 per barrel, having nearly touched the contract's 2018 high of $71.28 last week. Tensions between Saudi Arabia & Iran, 2 of OPEC's top 3 crude producers, have somewhat receded, though traders were still covering bets that oil prices would fall heading into the long holiday weekend, analysts said.
US crude sinks 3%, settling at $63.01, as geopolitical anxiety that fueled a rally fades
Today was an awful day in the stock market. Good economic news, & the economy is doing very well, was overshadowed by negative stories which are worrisome to say the least. Apple (AAPL, a Dow & NAZ stock) is planning to start making its own chips (off 1+). That means Intel (INTC & a Dow stock) will lose a prime customer (down 3). FB has huge problems with its credibility. The US tariff story is going from bad the worse. The Dow has a dismal chart with no relief from more selling in sight (even though there was buying in the last hour of trading). It's next stop is sinking to 23K, not all that far away. The Dow is back to where it was in late Nov (on the way up)!! Ughh!!
Dow Jones Industrials
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