There are reports that 5 North Korean officials, including Sr Advisor Kim Hyok Chol, were executed for "bringing embarrassment to Kim Jong Un" at the "Hanoi Summit"between the USA and North Korea. The source said the negotiators were, "won over by the American Imperialist to betray the Supreme Leader", Kim Jong Un. Although this kind of thing has been happening for decades in North Korea it is different this time. President Trump HAS to condemn this no matter how much he wants to cut a Nuke deal with North Korea. Kim Jong Un was actually looking like he was making progress as a World Leader. If this is true (its being reported by Reuters and Bloomberg among others) this is game over for now with "nice guy" negotiations.. and.. "Hit' em where it hurts..in the WALLET".. President Trump announced last night that if Mexico doesn't stop the flow of immigrants from Central America that make it to our border that he will put "escalating tariffs" on Mexican goods starting at 5%. (Yes, I know that's kind of aggressive after he just negotiated the USMCA trade deal with them.. which hasn't even been ratified in the USA, yet). The problem with tariffs is that the Drug Cartels control lots of cities and trade..and you can't collect tariffs on illegal drugs..It's not like they go through customs!! .. Also, my "sources" tell me Trump has the Department of Homeland Security ready to announce a policy that no asylum seekers are allowed to go through another country before entering America. If DHS makes this policy, Trump can send home all the Central Americans seeking asylum. Of course, there will be LAWSUITS to stop him.. and OF COURSE they will be in the Ninth District!! .. and.. You've all heard my position on Immigration. I am ALL FOR it. BUT, WE decide who comes in and how many and WE need to figure out how to take care of our Veterans and Homeless BEFORE spending Billions on Illegal Aliens. For those that are unaware, the homeless issue in Los Angeles has officially reached emergency levels. There are 50,000 people in LA camped out or just living outside on the sidewalk. HERE A doctor reports that a Police Officer has caught Typhoid Fever and that rodent borne tuberculosis is there andbubonic plague may already be there. Where are all you "Hollywood Types" that complain about Trump 24/7? This is happening in your OWN BACKYARD to fellow AMERICANS... and .. word out of the DNC land is that Bernie Sanders is ALREADY freaking out that the DNC is favoring Biden over him like they did with Hilary. I am not a Sanders fan but he 100% has a case. He should SUE all of them. He gets screwed.. (Now, I am not saying he can win.. but.. it really is stacked against him).. Wikileaks founder Julian Assange was, "too sick" to attend a video extradition hearing, according to his lawyers. A UN Special Rapporteur on Torture says that Assange shows "clear signs of degrading and inhumane treatment that are adding to his deteriorating health". I can't remember ONE thing the UN has gotten right in a few decades so I am not sure I believe their "Rapporteur". You think Assange is sick? or Sick of the idea he's going to JAIL for a LOOONNNGGG time?? ..and.. If you've got an extra million dollars or so laying around Ferrari might sell you a new SF90 Stradale. It's a "Super-Hybrid" and that goes 0-60 in 2.5 seconds and has 986 Horsepower. (for reference, the 2020 Porsche 911 has 443 Horsepower). HERE If you're a Billionaire I can see forking over the money.. but.. seriously.. where can you drive it? You can't drive 211 miles per hour on any US Roads.. ..and.. we need to come up with a new term.. (if there is one that I don't know about please email me) .. but, Trump tweeted yesterday without proofreading and had to delete immediately because the middle of it said, " ... I had NOTHING to do with the Russians helping me win the election..." AHAHAHHAH.. is there a term for "Premature Ejacu-tweeting"??? Do they sell a pill for that?? .. .SPORTS: NBA: The bookies DID know something. Raptors 118-109 over Golden State. Will it be different when Kevin Durant comes back? We'll have to wait a few days to find out.. GOLF: Ryan Moore leads after day one at the Memorial at -7. Spieth is one back at -6 .. and the judges at the National Spelling Bee need to be fired. There were 8..count' em EIGHT co-winners. Why? The Judges RAN OUT OF WORDS to ask them. C'mon guys, Really? You didn't plan for that? You couldn't use some of NEXT year's words? Or bust out the Internet and Google, "Words that are hard to spell"? .. ..CELEBRIDIOTS: Are you ready for a 72 Year Old, "RAMBO" ?? Well, ready or not, He's coming in September to theaters near you!! Sylvester Stallone released the trailer.. and you guessed it.. Lots of guns, knives, fire and fury ..... In Chicago, former Actor Jussie Smollett's file was unsealed and, of course, it showed EVERYTHING the Chicago PD said it would show. Texts and emails showing Smollett faked his attack. What I DIDN'T expect to see were drug deals. Smollett has texts showing him buying Ecstasy, pot, and cocaine and paying for it with Venmo. He is gonna be BROKE from all the lawsuits.. but. ...will he ever work again? Mel Gibson made a comeback.. Charlie Sheen SORT of did, too.. We'll see .... and YOUR boy singer/rapist R Kelly has been hit with ELEVEN more charges related to rape. He can't pay his child support how is he gonna pay lawyers?.. and .. Britney Spears fired off an Instagram post bashing all the people that say she is "done" or is a "wreck". Britney showed off some dance moves and a shot in the pool HERE Good for you, Brit. Screw the haters.. The one problem I DO have is that you TOTALLY copied my designs for my pool and Raj Tub. That looks EXACTLY like mine.. well.. except that Reese Witherspoon isn't in it.. (Call me Reese) ..
President Trump has turned the tariff gun on his southern neighbor, saying the U.S. will impose a 5% levy on "all goods coming into our country from Mexico" from June 10, which will "gradually increase until the Illegal Immigration problem is remedied." The shock tweet sent investors into safe haven assets, with gold climbing back above $1300/ounce, amid fears that another increase in tariffs could tip the U.S., and maybe the whole world, into recession. Along with a fall in global stocks, DJIA futures slid 283 points on the news, while the 10-year U.S. Treasury yield declined 7 bps to a fresh 20-month low of 2.16% and the Mexican peso slipped 2.8% against the dollar.
The fate of the updated USMCA trade deal was thrown into question after President Trump's Mexican tariff threat, making it unlikely that the new version of NAFTA will be ratified this year. Both Canada and Mexico have signaled they are ready to start the approval process, but Mexico may now feel that it's "forced to retaliate" despite being the U.S.'s largest trading partner. American officials have said 80,000 illegal immigrants are being held in custody, with an average of 4,500 arriving daily, overwhelming the ability of border patrol officials to handle them.
Investing sentiment was also dented by factory activity data from China, which posted a more-than-expected contraction during the month of May amid domestic headwinds and the ongoing U.S. trade dispute. The official manufacturing PMI fell to 49.4 from 50.1 in April, dropping below the critical 50 level that separates growth from contraction. The official non-manufacturing PMI for May was 54.3 - unchanged from the month before.
Italy faces a deadline today to explain its rising debt load, but the country is set to push back, citing near-zero inflation and global trade tensions for its rising debt-to-GDP ratio. As a consequence, the EU Commission will consider launching an excessive deficit procedure, which is likely to be proposed to the college of 28 commissioners on June 5. Deputy Prime Minister Matteo Salvini has also told his Five Star party he's ready to see the governing coalition collapse if he can't push through tax plans.
It's not too often that a company reports a billion-dollar quarterly loss, and on top of that, sees its shares rise 2%. "Our story is simple. We're the global player," Uber (NYSE:UBER) CEO Dara Khosrowshahi told analysts on a call following the first earnings release since its IPO. "Our job is to grow fast at scale and more efficiently for a long, long time." A statement that Uber will cut back on customer promotions and that marketing expenses as a proportion of revenue should decline soon was also well-received.
As Sprint (NYSE:S) and T-Mobile (NASDAQ:TMUS) look to offload Boost Mobile to get their $26B merger over the regulatory line, Amazon (NASDAQ:AMZN) has turned up as an interested buyer of the prepaid service. The deal, which could fetch up to $3B, would allow it to use New T-Mobile's wireless network for at least six years, Reuters reports. Amazon has a long history of exploring new ventures and has already been building experience by offering phone calls through its Echo Connect product.
The Trump administration is putting the finishing touches on a plan to return mortgage finance giants Fannie Mae (OTCQB:FNMA) and Freddie Mac (OTCQB:FMCC) to private shareholder ownership, WSJ reports. The proposal is expected to include a version of what has been called "recap and release," which would ensure the firms have adequate capital to absorb loan losses in a future housing slump and thus avoid needing another taxpayer-backed bailout. If carried out, the companies could return to a status similar to how they operated before the financial crisis.
WarnerMedia (NYSE:T), Sony Pictures (NYSE:SNE) and NBCUniversal (NASDAQ:CMCSA) have joined a growing number of major studios - including Disney (NYSE:DIS) and Netflix (NASDAQ:NFLX) - which are threatening to pull their productions out of Georgia should the state's fetal heartbeat bill go into effect. Known as the Hollywood of the South or Y'allywood, Georgia in recent years has become the country's third-largest production hub after Los Angeles and New York, thanks to tax credits of up to 30% it offers to movie and TV production companies. In 2018, the state reported some 92,000 jobs and an economic impact of more than $9B from film productions there.
What else is happening...
Contributor Rida Morwa discusses the Rule Of 72 and high dividend opportunities.
Intelligence sharing on the line in Huawei rift.
Thursday's Key Earnings
Costco (NASDAQ:COST) -1.5% AH with tariff threat pressuring prices. Dell (NYSE:DELL) -3.6% AH as China softness hit server business. Dollar General (NYSE:DG) +7.2% on strong same-store sales. Dollar Tree (NASDAQ:DLTR) +3.1% with plans to mitigate tariff risks. The Gap (NYSE:GPS) -13.3% AH cutting profit forecast for 2019. Uber (UBER) +1.9% AH on margin outlook, loses $1B in quarter. Ulta Beauty (NASDAQ:ULTA) -3% AH on comp sales miss. VMware (NYSE:VMW) -3.4% AH despite beats and buyback.
In Asia, Japan -1.6%. Hong Kong -0.8%. China -0.2%. India -0.3%. In Europe, at midday, London -1.2%. Paris -1.6%. Frankfurt -2%. Futures at 6:20, Dow -1.1%. S&P -1.2%. Nasdaq -1.5%. Crude -2.1% to $55.43. Gold +0.8% to $1303.30. Bitcoin -4.8% to $8333. Ten-year Treasury Yield -7 bps to 2.16%
Today's Economic Calendar
8:30 Personal Income and Outlays 9:15 Fed's Bostic: “Assessing the Global Economy: An Insider's Look” 9:45 Chicago PMI 10:00 Consumer Sentiment 12:00 PM Fed's Williams: "Monetary Policy Theory and Practice and the Lower Bound on Interest Rates" 1:00 PM Baker-Hughes Rig Count 3:00 PM Farm Prices
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