Dow dropped 190, decliners over advancers 4-3 & NAZ pulled back 37. The MLP index was steady at 147 & the REIT index fell 4+ to 371. Junk bond funds fluctuated & Treasuries were flattish. Oil went up to 49 & gold was off 3 to 1887.
AMJ (Alerian MLP index tracking fund)
|
|
The US is preparing to place dozens of Chinese companies, including Semiconductor Manufacturing International (SMIC) on a trade blacklist, citing national security concerns, Commerce Secretary Wilbur Ross said. The Commerce Dept will add about 80 companies, the majority of which are Chinese, to the entity list for national defense reasons. The firms will join the likes of Huawei on a list that denies them access to US technology. There are nearly 700 companies on the list, Ross said, 296 of which are Chinese & 150 of which are related to Huawei. SMIC will also be explicitly prohibited from acquiring technology to build chips with 10-nanometer circuits and smaller, Ross said. "What this is all about is these are companies that are tied to the People's Liberation Army," Ross added. He continued: "This has to do with is their access to very advanced semiconductor products." SMIC is the largest Chinese chip manufacturer & is a supplier to tech companies. Ross said the blacklist was necessary to "ensure that China, through its national champion SMIC, is not able to leverage U.S. technologies to enable indigenous advanced technology levels to support its destabilizing military activities." Chinese Foreign Ministry spokesman Wang Wenbin condemned the move during a briefing in Beijing. “We urge the U.S. to stop its wrongful activities cracking down on foreign companies," he said.
US to blacklist dozens of Chinese companies, Wilbur Ross says
Negotiations over another coronavirus relief package are poised to spill into the weekend as congressional leaders scramble to overcome last-minute policy disagreements & reach a bipartisan deal on $900B in emergency aid. Although congressional leaders are inching closer toward an agreement after months of stalemate, there remain some outstanding issues, such as how to structure a 2nd stimulus check & whether to install controls on the powers of the Federal Reserve. There are also disagreements over whether Federal Emergency Management Agency funds can be used for state & local gov assistance, which was a top priority for Dems. Lawmakers were trying to resolve these issues & pass bills in both chambers by tonight in order to use a must-pass spending bill as a vehicle for COVID relief efforts. Now, Congress may be forced to pass another stopgap measure to avoid a partial govt shutdown at midnight & give itself more time to negotiate a stimulus bill — a possibility that lawmakers have not ruled out. "We're going to stay right here until we are finished, even if that means working through the weekend, which is highly likely," Senate Majority Leader Mitch McConnell said yesterday on the Senate floor. "And if we need to further extend the Friday funding deadline before final legislation can pass in both chambers, I hope we will extend it for a very, very short window of time." If there is not a deal in place by today, the Senate's #2 Rep, John Thune, warned that some GOP lawmakers may block a temporary funding bill, triggering a partial weekend shutdown in order to keep the pressure on legislators. Still, despite some lingering dispute, the top 4 leaders have sounded more optimistic about the prospects of a deal than they have in months, although they've remained quiet about when they think it will happen.
Coronavirus relief talks could spill into weekend, Congress scrambles to strike deal
The US economy expanded again in Nov, according to a survey of leading indicators, but growth fell to the slowest pace in 5 months amid a record surge in coronavirus cases. The leading economic index (LEI) increased 0.6% last month, the Conference Board said. That was a bit better than the forecast. The index had risen 0.8% in Oct. The leading index was propelled higher by a decline in jobless claims, increased manufacturing orders & rising stock prices. Yet jobless claims have surged again in Dec & other key segments of the economy have weakened, which could lead to a decline in the leading index in Dec for the first time since May. The LEI is a weighted gauge of 10 indicators designed to signal business-cycle peaks & valleys. The US has suffered another blow from the record surge in coronavirus cases. Many cities & states have reimposed business restrictions & people are going out less to avoid catching the virus, especially with vaccines being rolled out. The economy is likely to rebound in the spring as more Americans get vaccinated, but the next month or 2 could be rough.
U.S. leading economic indicators point to slower growth
Those guys in DC are back to stumbling along & that indecisive is weighing on investors.Dow Jones Industrials
No comments:
Post a Comment