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https://www.howestreet.com/2024/04/stock-markets-appear-to-be-in-correction-territory-mark-leibovit/


Nasdaq, S&P 500 Extend Losing Streaks To Five Days - BUT THE SIXTH DAY IS COMING WITH THE POST MARKET NEWS ISRAEL/IRAN

After once again failing to sustain an early upward move, stocks came under pressure over the course of the trading session on Thursday. The major averages pulled back well off their highs of the session, with the Nasdaq and the S&P 500 ending the day in negative territory.

Reflecting weakness in the tech sector, the Nasdaq slid 81.87 points or 0.5 percent to 15,601.50, while the S&P 500 dipped 11.09 points or 0.2 percent to 5,011.12. The narrower Dow bucked the downtrend, inching up 22.07 points or 0.1 percent to 37,775.38

With the downturn on the day, the Nasdaq and the S&P 500 extended their losing streaks to five days, falling to their lowest closing levels in almost two months.

The early strength on Wall Street partly reflected bargain hunting, as traders looked to pick up stocks at relatively reduced levels following recent weakness.

However, as with other recent rebound attempts, buying interest waned over the course of the session amid ongoing concerns about the outlook for interest rates.

Potentially adding to the interest rate worries, the Philadelphia Federal Reserve released a report showing a considerable acceleration in the pace of growth in regional manufacturing activity in the month of April.

The Philly Fed said its diffusion index for current general activity jumped to 15.5 in April from 3.2 in March, with a positive reading indicating growth. Economists had expected the index to edge down to 1.5.

Notably, the report also said the prices paid index surged to 23.0 in April from 3.7 in May, reaching its highest reading since December 2023.

Quincy Krosby, Chief Global Strategist for LPL Financial, said the spike by the prices paid index supports "the Fed's concerns regarding inflationary pressures stalling in its downward trajectory."

The Labor Department also released a report showing first-time claims for U.S. unemployment benefits remained flat in the week ended April 13th.

The report said initial jobless claims came in at 212,000, unchanged from the previous week's revised level. Economists had expected jobless claims to rise to 215,000 from the 211,000 originally reported for the previous week.

"Jobless claims remain well below levels that would signal a major slowdown in job growth," said Nancy Vanden Houten, Lead U.S. Economist at Oxford Economics.

She added, "A strong labor market gives the Federal Reserve the room to put off rate cuts until inflation gets back on a sustainable path to 2%."

Meanwhile, the National Association of Realtors released a report showing a sharp pullback by existing home sales in the U.S. in the month March.

NAR said existing home sales plunged by 4.3 percent to an annual rate of 4.19 million in March after surging by 9.5 percent to a rate of 4.38 million in February. Economists had expected existing home sales to slump to a rate of 4.20 million.

Semiconductor stocks came under pressure over the course of the session, dragging the Philadelphia Semiconductor Index down by 1.7 percent to its lowest closing level in almost two months.

U.S.-listed shares of Taiwan Semiconductor Manufacturing (TSM) have tumbled by 4.9 percent even though the chipmaker reported better than expected first quarter results.

Considerable weakness also emerged among biotechnology stocks, with the NYSE Arca Biotechnology Index falling by 1.6 percent to its lowest closing level in well over four months.

Software, computer hardware and oil producer stocks also moved to the downside on the day, while significant strength remained visible among airline stocks.

Alaska Air (ALK) soared by 4.0 percent after reporting a narrower than expected first quarter loss on revenues that exceeded analyst estimates.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher on Thursday. China's Shanghai Composite Index inched up by 0.1 percent and Japan's Nikkei 225 Index rose by 0.3 percent, while South Korea's Kospi surged by 2.0 percent.

The major European markets also moved to the upside on the day. While the French CAC 40 Index climbed by 0.5 percent, the U.K.'s FTSE 100 Index and the German DAX Index both rose by 0.4 percent.

In the bond market, treasuries once again came under pressure following the rebound seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, jumped 6.2 basis points to 4.647 percent

Looking Ahead

Amid a lack of major U.S. economic news, the reaction to the latest corporate earnings news may drive trading on Friday.

Streaming giant Netflix (NFLX) is among the companies releasing their quarterly results after the close of today's trading, while credit card giant America Express (AXP) is among the companies due to report their results before the start of trading on Friday.

 


The stock market is headed for a hard 'reset' that could take years to recover from, CIO says -Business Insider

 

by Jennifer Sor

chartStocks have been in the midst of a long bull market, but there are signs that it's finally going to run out of steam and will inevitably be followed by a bear market and a difficult "reset," according to Chris Vermeulen,CIO of Technical Traders.

In an interview with Bloomberg, the investment chief pointed to the recent run-up in defensive assets, like precious metals, energy stocks, and industrial stocks. Those areas all typically do well in the late stage of a bull market, which is inevitably followed by a bear market or a "financial reset," Vermeulen said.

Investors are likely heading into another bear market, similar to the ones that followed the dot-com bubble and the 2008 financial crisis, he predicted. That could end up sparking painful stock losses for investors, with people seeing their wealth decline as much as 30%-50% over the next year, he warned.

"I think we're coming into a major market top, more or less a financial reset," Vermeulen said Tuesday. "It's short-term, temporarily painful. But we need markets to reset. We need regular pullbacks and corrections in order for the market to keep going up."

That reset could also come with a recession, Vermeulen said, with industrial stocks in particular signaling a slowdown for the economy. While the sector has done well in recent months, buyers of industrial goods typically upgrade their equipment at the end of an economic growth cycle, due to "huge delays" between slowing business and orders for new machinery.

"They don't realize we're coming to the end of a growth cycle, and the music is about to stop," Vermeulen said of US firms. "Industrial stocks have just continued to muscle their way higher. They're hitting all-time highs, and that is a sign that we're going to see these companies eventually start to slow down."

 


BRICS: JP Morgan Issues Major US Financial Warning -Watcher.Guru

by Vinod Dsouza

Leading investment bank JP Morgan has issued a major financial warning that could affect the US economy this year. The CEO Jamie Dimon told investors on Monday that he believes the US economy will be affected by forces from outside of America. The JP Morgan CEO explained that he worries about geopolitical events including the Russia-Ukraine war, the Israel-Palestine conflict, and the BRICS de-dollarization agenda to create an economic risk on the US markets.

“These significant and somewhat unprecedented forces cause us to remain cautious,” said JP Morgan CEO Dimon.

Dimon stressed that America’s global leadership is being challenged by developing countries including the SCO bloc, ASEAN group, and BRICS. The CEO of JP Morgan said that while BRICS and other countries are looking to uproot the US dollar, the polarized electorate in America is causing further division. He called the development a “great crisis” that threatens free Western enterprises.

The comments from Dimon were made in the Annual Shareholder Letter this year. “America’s global leadership role is being challenged outside by other nations and inside by our polarized electorate,” he said. The JP Morgan head hinted that BRICS will not be the only alliance that kick-starts the de-dollarization agenda. He urged that the US must put aside all differences and work closely with developing countries.


The President's Working Group on Financial Markets

known colloquially as the Plunge Protection Team, or "(PPT)" was created by Executive Order 12631,[1] signed on March 18, 1988, by United States President Ronald Reagan.

As established by the executive order, the Working Group has three purposes and functions:

"(a) Recognizing the goals of enhancing the integrity, efficiency, orderliness, and competitiveness of our Nation's financial markets and maintaining investor confidence, the Working Group shall identify and consider:

(1) the major issues raised by the numerous studies on the events in the financial markets surrounding October 19, 1987, and any of those recommendations that have the potential to achieve the goals noted above; and
(2) the actions, including governmental actions under existing laws and regulations (such as policy coordination and contingency planning), that are appropriate to carry out these recommendations.
(b) The Working Group shall consult, as appropriate, with representatives of the various exchanges, clearinghouses, self-regulatory bodies, and with major market participants to determine private sector solutions wherever possible.
(c) The Working Group shall report to the President initially within 60 days (and periodically thereafter) on its progress and, if appropriate, its views on any recommended legislative changes."

Plunge Protection Team
"Plunge Protection Team" was originally the headline for an article in The Washington Post on February 23, 1997, and has since been used by some as an informal term to refer to the Working Group. Initially, the term was used to express the opinion that the Working Group was being used to prop up the stock markets during downturns.[5 Financial writers for British newspapers The Observer and The Daily Telegraph, along with U.S. Congressman Ron Paul, writers Kevin Phillips (who claims "no personal firsthand knowledge" and John Crudele,[8] have charged the Working Group with going beyond their legal mandate.[failed verification] Charles Biderman, head of TrimTabs Investment Research, which tracks money flow in the equities market, suspected that following the 2008 financial crisis the Federal Reserve or U.S. government was supporting the stock market. He stated that "If the money to boost stock prices did not come from the traditional players, it had to have come from somewhere else" and "Why not support the stock market as well? Moreover, several officials have suggested the government should support stock prices."

In August 2005, Sprott Asset Management released a report that argued that there is little doubt that the PPT intervened to protect the stock market.[10] However, these articles usually refer to the Working Group using moral suasion to attempt to convince banks to buy stock index futures.

Former Federal Reserve Board member Robert Heller, in the Wall Street Journal, opined that "Instead of flooding the entire economy with liquidity, and thereby increasing the danger of inflation, the Fed could support the stock market directly by buying market averages in the futures market, thereby stabilizing the market as a whole." Author Kevin Phillips wrote in his 2008 book Bad Money that while he had no interest "in becoming a conspiracy investigator", he nevertheless drew the conclusion that "some kind of high-level decision seems to have been reached in Washington to loosely institutionalize a rescue mechanism for the stock market akin to that pursued...to safeguard major U.S. banks from exposure to domestic and foreign loan and currency crises." Phillips infers that the simplest way for the Working Group to intervene in market plunges would be through buying stock market index futures contracts, either in cooperation with major banks or through trading desks at the U.S. Treasury or Federal Reserve.

 What is the Plunge Protection Team?

(PPT) is an informal term for the Working Group on Financial Markets. The working group was created in 1988 by then U.S President Ronald Reagan following the infamous October 1987 Black Monday crash. It was formed to re-establish consumer confidence and take steps to achieve economic and market stability in the aftermath of the market crash. The U.S president consults with the team during times of economic uncertainty and turbulence in the markets.

The Working Group on Financial Markets’ informal name “Plunge Protection Team” was coined and popularized by The Washington Post in 1997.

What does the Plunge Protection Team Do?

The Plunge Protection Team was initially formed to advise the president and regulatory agencies on countering the negative impacts of the stock market crash of 1987. However, the team has continued to report to various presidents since that stock market crash and has met various U.S presidents on important financial matters over the years.

The team was believed to be behind the rally in the stock market shortly after a hefty drop in the Dow Jones Industrial Average (DJIA) on February 05, 2018. As per some market observers, after the plunge, the market made a smart recovery in the following days, which may have been a result of heavy buying by the Plunge Protection Team.

Who is on the plunge protection team?

The PPT several top government economic and financial officials. The Secretary of the Treasury heads the group, while the Chair of the Board of Governors of the Federal Reserve, the Chair of the Commodity Futures Trading Commission, and the Chair of the Securities and Exchange Commission, are also part of the team.

Why is the PPT secretive?

The Plunge Protection Team’s meetings or activities aren’t covered by the media, which gives rise to speculations and conspiracy theories about the team. The probable reason behind the secretive nature of its activities is that it reports only to the president. Some observers opine that the team’s role is not only limited to giving recommendations to the president; rather, the team intervenes in the market and artificially props up stock prices.

Critics claim that the members connive with big banks and profit from stock markets by carrying out trades on different stock exchanges when prices decline. They then artificially prop up the prices as part of their market stabilization efforts and profit from their transactions.

When does/have the PPT meet?

Although very little has come out in the mainstream media about the group’s activities, there have been some instances when the team’s meetings were reported. For example, in 1999, the team proposed to congress to incorporate some changes in the derivatives markets regulations. The last reported meeting of the group, at the time of this writing in June 2022, was in December 2018 when Treasury Secretary Steven Mnuchin headed the teleconference with the group’s members. Representatives from the Federal Deposit Insurance Corporation and the Comptroller of the Currency also attended the meeting.

Before the teleconference that took place on December 24, 2018, the S&P 500 and the DJIA had been under pressure for the whole month. But after Christmas, the DJIA and the S&P 500 both recovered and reversed most of the losses in the next few days. Conspiracy theorists attribute the recovery and gains in the indices to the intervention by the Plunge Protection Team.

Final Thoughts

The Working Group on Financial Markets serves an important function: to advise the president on financial markets and economic affairs. Because the exact nature of the group’s activities or recommendations haven't been made public, some critics of the group blame the group for market intervention and artificially propping up stocks’ prices. However, some market observers believe that the team’s quiet activities are excused as it reports directly to the president.


The Exchange Stabilization Fund protects the FED.   

We already know the FED is lying that raising interest rates will reduce price inflation. The Exchange Stabilization Fund (ESF) is an emergency reserve account that can be used by the U.S. Department of Treasury to mitigate instability in various financial sectors, including credit, securities, and foreign exchange markets. The U.S. Exchange Stabilization Fund was established at the Treasury Department by a provision in the Gold Reserve Act of 1934.

https://en.wikipedia.org/wiki/Exchange_Stabilization_Fund


Gold market manipulation: Why, how, and how long? (2021 edition)

https://gata.org/node/20925


https://tinyurl.com/2rd9wv52


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