Afternoon Note
The market is under pressure from a number of headlines and speculation:
This sell off isn't about China sending a warning to the White House. It’s about Wall Street sending a warning to the White House.
That explains why agriculture names in general, and soybean producers in particular, aren't suffering much; although, the official word from China is that's the first place it would focus on retaliation. Meanwhile, companies that export to China are under significantly more pressure, even though there has been no official word on tariffs on their products.
Also, China stocks getting hit hard as well underscores the stakes are high on both sides of the Atlantic. China has tariffs on 19,500 items, and they are more onerous than American tariffs. I don't think they want to rumble or upset their own goal of greater prosperity.
Interestingly, soybean – related stocks have been firm all session, and in fact are mostly higher: MON -0.70% ADM unchanged BG unchanged |
Exporters and multination’s lower: CAT BA FDX |
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Chinese Names Hit, too: BABA -4.7% NTES -6.1% BIDU -6.1%
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Meanwhile, the House has passed a $1.3 trillion omnibus bill to keep the government open. It now goes to the Senate, were it will be met with many objections.
Over 50% of the stocks in the S&P are in correction mode, down 10% or more. The S&P is on pace for its 7th of 9 sessions lower and is currently down about 0.90%. The Dow has cut its losses in half, down around 1.0% and the Nasdaq is now down 0.81%.
Leadership is still lacking as one group tries to take the lead, it quickly fades. Yesterday, it looked like energy and/or financials might step up and lead the charge. Rising oil prices and yields were the catalyst. Today is a new day, and crude oil is down $0.75 (1.15%) to $64.40 and the 10-Year Treasury yield, which traded as high as 2.93% yesterday and as low as 2.80% today, is now trading at 2.84%.
Comments |
The overspending of our government continues to bankrupt our country. It seems apparent there is no legitimate difference between the vast majority of Republicans and Democrats. The fallacy of "public service" permeates those individuals we elect who have no desire other than to pad their own pockets. To me, what is most sad is the sacrifice of those who built this great country is being wasted on the altar of appeasement of the electorate. Our children and grandchildren will have to suffer the burden of our gluttony. Philip Morris on 3/22/2018 2:43:51 PM |
the market looks like the south end of a north bound mule WE HAVE SO MANY CROOKS IN GOVERNMENT IT IS DISGUSTING MCCONNELL SCHUMER RYAN AND PELOSI ALL BELONG IN JAIL ALONG WITH MUELLER COMEY BRENNAN CLAPPER OBAMA AND MCCABE I DONT KNOW IF THE FAT LADY IS SINGING BUT TODAY LOOKED LIKE TOTAL CAPITULATION ernest remus on 3/22/2018 4:13:43 PM |
Please Charles keep up the FAITH, & tell those guests on FBN, YES WE VOTERS UNDERSTAND PAIN, COSTS GO UP, TO FIX RENEGOTIATING TRADES. We have suffered pains, losses, & more ADDED EXPENSES, expenses for 8yrs with NO HELP. Finally PRES TRUMP will rip the bandaids OFF, to expose all the Grossly inadequate trade deals. We the VOTERS, have had Enough of the whiny , tender, elected & buissness people, saying it's too hard to fix ALL our massive unfair trade issues.. No it's Not. Rip , let some cry, then fix the ISSUES, renegotiating it all , & the build-up has caused more damage to USA CITIZENS , workers, pain sufffing , then the cure antiseptic nature, & Do it , it is the START. Always TRUTH, pride, to be successful in this life. Thanks Charles. What are your thoughts? Ed on 3/22/2018 4:48:32 PM |
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