Dow rose 12, advancers over a decliners 4-3 & NAZ added 4. The MLP index did little in the 269s & the REIT index was off pennies in the 345s. Junk bond funds crawled higher & Treasuries were sold, taking the yield on the 10 year Treasury up 3 basis points to 2.97%. Oil was little changed in the 65s & gold inched up 1 to 1303.
AMJ (Alerian MLP Index tracking fund)
Trump issues warning to trade partners over retaliatory tariffs
Pres Trump lashed out again at US allies, Canada & Europe on trade this AM. Trump, who is now in Singapore to meet with his North Korean counterpart, said "Fair Trade is now to be called Fool Trade if it is not Reciprocal," & called into question the trading relationship between his country & some of its closest allies. The pres also claimed that the US is responsible for most of the cost of the inter-gov military alliance, the North Atlantic Treaty Organization, to protect "the many of these same countries that rip us off on Trade." Trump has been lashing out at Canadian Prime Minister Trudeau since Sat after he refused to endorse the G-7 declaration calling for a reduction in various barriers to trade, including tariffs. He slammed Trudeau in a Twitter post for being "very dishonest & weak" after Trudeau had called the US tariffs "kind of insulting." White House economic advisor Larry Kudlow also accused Canada of making "polarizing" statements about US trade policy, & said Trump had to pull out of a joint statement because his Canadian counterpart had "stabbed us in the back." Trump has been accusing his country's closest allies, including Canada, of treating the US unfairly, a point that some experts said is not true. Trump had specifically singled out Canada's 270% tariff on dairy products for limiting American products' access to its northern neighbor. While Canada indeed imposes that sized tariff, the US has an overall goods & services trade surplus with Canada at $8.4B in 2017, according to Office of the US Trade Representative.
Ahead of meeting with North Korea, Trump keeps lashing out at allies Canada and Europe
Microsoft (MSFT), a Dow stock, unveiled a string of exclusive games for the Xbox console & the acquisition of 4 content studios, as it tries to regain lost ground against the competition. Yesterday at E3, the biggest gaming event of the year, the technology giant showcased 52 games, 18 of which will launch as exclusives, meaning they will not be available on rival consoles. Exclusives are crucial for consoles to differentiate their offering from rivals & MSFT in the past has been criticized for not having enough. It teased a game called "Halo Infinite" without giving a timeline for release. The first "Halo" game was released in 2001 & was a key reason for the success of the original Xbox. Other key exclusives include racing video game "Forza Horizon 4" & "Gears 5." MSFT also announced further investment in original games. It said that it was forming a new studio called "The Initiative" & announced the acquisition of UK-based Playground Games, the developer behind the "Forza" franchise. MSFT also signed letters of intent to acquire another 3 game studios. The stock lost 70¢.
If you would like to learn more about MSFT, click on this link:
club.ino.com/trend/analysis/stock/MSFT?a_aid=CD3289&a_bid=6ae5b6f7
Microsoft boosts focus on exclusive games for Xbox in battle with Sony PlayStation
Not much for stocks to do today, ahead of the summit tomorrow & the Fed meeting announcement on Wed. The Dow continues to slosh around in its sideways pattern, but the bulls are happy to see it's above the important 25K level. However trade war actions & reactions are very disturbing, to say the least.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
| CL=F | Crude Oil | 65.04 | -0.70 | -1.1% |
| GC=F | Gold | 1,303.80 | +1.10 | +0.1% |
Pres Trump warned trading partners not
to retaliate against US duties on steel & aluminum imports, before
departing from the Group of Seven summit in Quebec on Sat. “If they retaliate, they’re making a mistake,” Trump told reporters in a short but stern remark. The
pres met with leaders from Canada, Britain, Italy, France, Germany & Japan, where trade talks dominated the summit. Trump has
asked countries to end tariffs & trade barriers in his push for “fair
and reciprocal” trade. Trump’s administration
last week ended a 2-month exemption to steel & aluminum imports from
Mexico, Canada & the EU. Mexico slapped a 25% import
tariff on US steel products, as well as 20% on pork products, 25% on
bourbon & duties on other agricultural goods including cranberries.
Canada issued its own threat of tariffs, which don't go into effect
until Jul. Meanwhile, the EU, the world's
largest trading bloc, announced last week it would impose retaliatory
tariffs on the US beginning in Jul, over DC duties on steel & aluminum imports from Europe. The EU said it will impose the "rebalancing tariffs" on
about $3.3B (€2.8B) worth of US steel, bourbon,
agricultural products including sweet corn, orange juice, cranberries & certain clothing made of cotton.
Trump issues warning to trade partners over retaliatory tariffs
Pres Trump lashed out again at US allies, Canada & Europe on trade this AM. Trump, who is now in Singapore to meet with his North Korean counterpart, said "Fair Trade is now to be called Fool Trade if it is not Reciprocal," & called into question the trading relationship between his country & some of its closest allies. The pres also claimed that the US is responsible for most of the cost of the inter-gov military alliance, the North Atlantic Treaty Organization, to protect "the many of these same countries that rip us off on Trade." Trump has been lashing out at Canadian Prime Minister Trudeau since Sat after he refused to endorse the G-7 declaration calling for a reduction in various barriers to trade, including tariffs. He slammed Trudeau in a Twitter post for being "very dishonest & weak" after Trudeau had called the US tariffs "kind of insulting." White House economic advisor Larry Kudlow also accused Canada of making "polarizing" statements about US trade policy, & said Trump had to pull out of a joint statement because his Canadian counterpart had "stabbed us in the back." Trump has been accusing his country's closest allies, including Canada, of treating the US unfairly, a point that some experts said is not true. Trump had specifically singled out Canada's 270% tariff on dairy products for limiting American products' access to its northern neighbor. While Canada indeed imposes that sized tariff, the US has an overall goods & services trade surplus with Canada at $8.4B in 2017, according to Office of the US Trade Representative.
Ahead of meeting with North Korea, Trump keeps lashing out at allies Canada and Europe
Microsoft (MSFT), a Dow stock, unveiled a string of exclusive games for the Xbox console & the acquisition of 4 content studios, as it tries to regain lost ground against the competition. Yesterday at E3, the biggest gaming event of the year, the technology giant showcased 52 games, 18 of which will launch as exclusives, meaning they will not be available on rival consoles. Exclusives are crucial for consoles to differentiate their offering from rivals & MSFT in the past has been criticized for not having enough. It teased a game called "Halo Infinite" without giving a timeline for release. The first "Halo" game was released in 2001 & was a key reason for the success of the original Xbox. Other key exclusives include racing video game "Forza Horizon 4" & "Gears 5." MSFT also announced further investment in original games. It said that it was forming a new studio called "The Initiative" & announced the acquisition of UK-based Playground Games, the developer behind the "Forza" franchise. MSFT also signed letters of intent to acquire another 3 game studios. The stock lost 70¢.
If you would like to learn more about MSFT, click on this link:
club.ino.com/trend/analysis/stock/MSFT?a_aid=CD3289&a_bid=6ae5b6f7
Microsoft boosts focus on exclusive games for Xbox in battle with Sony PlayStation
Not much for stocks to do today, ahead of the summit tomorrow & the Fed meeting announcement on Wed. The Dow continues to slosh around in its sideways pattern, but the bulls are happy to see it's above the important 25K level. However trade war actions & reactions are very disturbing, to say the least.
Dow Jones Industrials
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