Financial Markets and Economy
Five Things You Need to Know to Start Your Day (Bloomberg)
Danger of selloff in U.S. stocks grows, South Africa cut to junk, and Trump's health-care bill is not dead yet. Here are some of the things people in markets are talking about today.
Oil prices rebound as traders eye U.S. supply data (Market Watch)
Oil prices moved higher in choppy trade on Tuesday, but with investors jittery ahead of U.S. supply data later in the day.
Asian Stocks Dragged Lower by Japan as Yen Continues to Rise (Bloomberg)
A positive start to the second quarter for Asian equities was cut short as Japanese stocks led declines on a day when many other markets in the region were shut for holidays.
European Stocks Little Changed as Carmakers Slide, Miners Rise (Bloomberg)
European stocks were little changed after their biggest decline in two weeks, with investors awaiting economic data and minutes from the Federal Reserve’s last meeting.
U.S. trade deficit drops 10% in February (Market Watch)
he U.S. trade deficit sank almost 10% in February, aided by an increase in exports to a 26-month high and a plunge in imports of autos and cell phones.
Pound Falls for Second Day as Stops Hit, Construction Slows (Bloomberg)
The pound declined for a second day against the dollar, tumbling 48 pips in four minutes as stops were hit below $1.2450, as data showed further signs of slowing in the U.K. economy.
Venezuela Credit Dashboard: Default Risk Spikes as Payment Looms (Bloomberg)
Traders boosted their bets on a Venezuela default as state oil company known as PDVSA faces a $2 billion bond payment next week.
Renewables shatter records as coal production drops to 1978 levels (Think Progress)
Renewable power keeps shattering records in the United States and around the world. Meanwhile, U.S. coal production has fallen to its lowest level since 1978, according to statistics from the federal Energy Information Administration (EIA).
Robert Shiller warns against dumping stocks because of the high 'CAPE' ratio (Yahoo Finance)
One of the most closely-watched measures of stock market value appears to be predicting imminent trouble. However, it may be a huge money-losing mistake to actually dump stocks based on its signal.
Oil Traders Drain Hidden Caribbean Hoards as OPEC Cuts Bite (Bloomberg)
During the oil price rout, islands in the Caribbean were exhibit A for the longest-lasting glut in three decades, with millions of barrels stored there. Now, that oil is flowing again, a sign the market is rebalancing.
Crunch Time For Trump On China Trade (Forbes)
For President Donald Trump, it’s finally put up or shut up time on China’s trade with the United States.
Trump is scheduled to meet with Chinese President Xi Jinping on Thursday and Friday at his Mar-a-Lago resort in Florida.
US Consumers' Spending Flat in March, at $100 (Gallup)
Americans' daily self-reports of spending averaged $100 in March, about the same as the $101 average in February. This is the highest spending estimate for any March in Gallup's tracking since 2008, topping the $89 from March 2013 and 2016.
GDPNow Bumps First Quarter GDP Estimate to 1.2% Following ISM Report: A Mistake? (MishTalk)
The ISM came out with a rosy assessment of the economy today, noting 17 out of the 18 industries reported growth in March. New orders were up in 18 out of 18.
A Look at Home Price Data Around the Country (Bespoke)
The most recent monthly Case Shiller home price data came out last week, and below we’ve created a number of charts and tables allowing you to see how real estate prices are doing across the US.
2017 Retail Bankruptcies Soar To 'Great Recession' Highs (Zero Hedge)
As U.S. equity markets continue their march back toward all-time highs, courtesy of the latest BTFD binge trade, at least one 'small' segment of the U.S. economy does not seem to be participating in the rally as 9 brick-and-mortar retailers have already filed for bankruptcy protection in 1Q 2017 alone.
New York Fed's Dudley Admits Fed-Inspired Student Debt Bubble Is Headwind For Economy (Zero Hedge)
Having confessed to the fact that Fed "forecasts" are as useless as any other guess (and not commitments), NY Fed's Bill Dudley admitted this morning that the Fed-inspired student-loan bubble is a debt overhang that both inhibits home ownership and is a headwind to economic growth.
JPMorgan: "This Market Is Supported By The Trump And Fed Puts: Buy The Dip" (Zero Hedge)
With the S&P having traded as high as 2,400 last month, which is also JPM's year end price target, and having dipped a modest 3% since then peak to trought, some traders were worried if this is finally the start of the inevitable correction that has evaded stocks for so long.
American Infrastructure: Big Ideas From Visionary Thinkers (TIME)
TIME asked leading designers, entrepreneurs, architects and other big thinkers to share their great hope for American infrastructure. They came back with plans for today — and moonshots for tomorrow.
Insider Selling Hit Six-Year Highs As Retail Investors Rushed Into Stocks (Zero Hedge)
Earlier we showed that when looking at asset returns in the first quarter, there were hardly any underperformers while positive returns were generous across virtuall all asset classes.
Companies
BorgWarner Invests $10 Million in a Silicon Valley Venture Fund (The Wall Street Journal)
BorgWarner Inc., the automotive powertrain supplier, is investing $10 million in a Silicon Valley venture-capital fund to get a better read on advances in vehicle-propulsion technology.
First Advertiser Drops Bill O'Reilly: Mercedes Says It's 'Reassigned' Ads From Fox News Show (Forbes)
Hyundai announced that it, too, would relocate future ads the car company had planned to air during The O'Reilly Factor. (The company doesn't currently have any spots running during O'Reilly's show, but had already bought ones for future airings.)
A $12 billion startup you've probably never heard wants to cure baldness and smooth out your wrinkles (Business Insider)
The San Diego-based company has attracted $300 million in funding and a heady valuation thanks to a pipeline of what could be revolutionary treatments to regenerate hair, skin, bones, and joints.
In Elon They Trust: Loyal Tesla Shareholders Push Its Market Value Past Ford's (Forbes)
A day after Tesla reported its best quarterly production and delivery results in company history, shares of Elon Musk’s clean transportation and power company shot up to their highest since its public listing and boosted the company’s market value beyond that of vastly larger Ford Motor Co.
Elon Musk taunts short sellers as they lose $488 million on a big day for Tesla's stock (Business Insider)
Tesla CEO Elon Musk is going after the shorts.
Musk tweeted, "Stormy weather in Shortville …" on Monday, in an apparent jab at traders who shorted the stock, or bet that it would fall.
Why These Wall Street Titans May Be Tripping Over Themselves to Buy Shares of Dying Sears (The Street)
It's only a matter of time before Sears Holdings Corp. (SHLD) goes bust.
Wall Street knows it. Sears knows it. But does Fairholme Capital Management and Sears' embattled CEO Eddie Lampert know it?
Tesla surpasses Ford as stock zooms to record (Market Watch)
A record run for Tesla Inc. shares Monday tipped the electric-car maker to surpass Ford Motor Co. in market capitalization and become the No. 2 car company in the U.S.
Marissa Mayer Out Of Combined AOL+Yahoo Company Called "Oath" (Zero Hedge)
While not surprising – her departure had been floated previously – moments ago ReCode confirmed that Yahoo CEO Marissa Mayer "will not be continuing with the new company that was announced today prematurely in a tweet by AOL CEO Tim Armstrong today."
Technology
Will the stellar Samsung Galaxy S8 kill Apple’s stock rally? (Market Watch)
Samsung last week introduced its new flagship smartphone, the Galaxy S8, after being forced to withdraw the previous model from the market because battery defects caused them to occasionally overheat and combust or explode.
If you drop your phone and the screen shatters, you usually have two options: get it repaired or replace the phone entirely.
Chemists at the University of California, Riverside, have invented what could become a third option: a phone screen material that can heal itself.
Google hopes license sharing will stop Android patent trolls (Engadget)
With over 4,000 different devices released in the last year alone, the Android ecosystem is massive. That kind of scale can lead to a lot of copyright confusion and patent squabbling on the platform, which Google would probably like to avoid in the future.
Sony's slow-mo friendly Xperia XZs goes on sale this week (Engadget)
As smartphones have evolved to basically all look the same, manufacturers have been keen to capitalize on gimmicks to entice customers. Sony didn't buck that trend with the forthcoming, monolithic Xperia XZs and its rear camera that's capable of shooting at 960 frames per-second.
Politics
Revised Trust Allows Donald Trump to Withdraw Funds Without Public Disclosure (The Wall Street Journal)
President Donald Trump can draw money from his business empire as its trustees see fit without disclosing it publicly, according to a revised version of his trust, a change that ethics experts say blurs the lines between the Trump Organization and his administration.
The Pences' Prophylactic Approach to Infidelity (Bloomberg)
I’m not sure what lesson I’m supposed to take away from the Washington Post’s revelation that Mike Pence does not dine with women alone, nor attend events where alcohol is served unless his wife is present.
Putin Derangement Syndrome Arrives (Rolling Stone)
So Michael Flynn, who was Donald Trump's national security adviser before he got busted talking out of school to Russia's ambassador, has reportedly offered to testify in exchange for immunity.
Resist, insist, persist, enlist: Women becoming more politically engaged since Trump’s win (BillMoyers.com)
In one of her first public appearances since she lost the presidential election, Hillary Clinton took to the stage at a San Francisco conference for businesswomen on Tuesday, encouraging women to “get in the arena” and run for higher office.
Don’t be fooled by Trump’s National Park Service photo-op (Think Progress)
President Donald Trump, whose budget proposal would slash the Department of the Interior budget by $1.6 billion, would like to be congratulated for donating his first quarter presidential salary of $78,333 to the National Park Service.
The totally phony Susan Rice story, explained (Think Progress)
Conservatives are seizing on a report that former national security advisor Susan Rice requested the identity of anonymous people named in intelligence reports, claiming that it provides evidence for President Trump’s false claim that Trump Tower was wiretapped.
Trump’s in trouble: Republicans may face a massive wave during the 2018 midterms (Salon)
The Democratic Party has a lot riding on the 2018 midterm elections — and the early polling for President Donald Trump should provide its leaders with hope.
SEC Pick Communicated With Thiel, Mercer Before Nomination (Bloomberg)
Jay Clayton, the deals lawyer nominated to lead the U.S. Securities and Exchange Commission, said he had “substantive” communications with several wealthy backers of then-President-elect Donald Trump before he was offered the job in January.
Spare the indignation: Voice of America has never been independent (Columbia Journalism Review)
THERE’S BEEN A LOT OF SPECULATION—and no small amount of hysteria—about what President Trump may do with Voice of America and its parent federal agency, the Broadcasting Board of Governors.
What Brexit Means (CFR Backgrounders)
For decades, the United Kingdom has had an ambivalent and sometimes contentious relationship with the European Union. London has kept its distance from Brussels's authority by negotiating opt-outs from some of the EU's central policies, including the common euro currency and the border-free Schengen area.
Cities sick of Trump kleptocracy push for impeachment (Think Progress)
While Republicans in Congress continue to drag their feet on official investigations of President Donald Trump’s numerous conflicts of interest and alleged Russian connections, some U.S. cities aren’t holding back.
Russia condemns US over 'absurd' response to Mosul civilian deaths (CNN)
Russia is stepping up its criticism of US military action in Iraq — calling Pentagon comments about civilian casualties in Mosul "absurd."
Health and Biotech
Mylan hit with new class action lawsuit over EpiPen pricing (Reuters)
Mylan NV (MYL.O) has been hit with a new proposed class action lawsuit over the price of its EpiPen allergy treatment, which shot up to more than $600 for a two-pack of the device from less than $100 in 2007.
Life on the Home Planet
Contractor Gets $477 Million Contract to Repair L Train Tunnel in NYC (The Wall Street Journal)
The Metropolitan Transportation Authority board voted Monday to approve a $477 million contract for work to repair New York City’s L train tunnel, a major project that will close the tunnel between Manhattan and Brooklyn for 15 months.
An Oklahoma prosecutor said Monday no charges would be filed against a 23-year-old man who fatally shot three teenage intruders in his home, but that the woman who drove them there was being charged with first-degree murder.
