 | |  Good morning. Capitalism is best described by the term creative destruction, first described by economist Joseph Schumpeter. The term indicates that new technologies can replace old ones—possibly ones that seem entrenched and incapable of innovation.
Of course, not all new technologies work out. The Hyperloop, an attempt at faster, safer transportation funded by Elon Musk, just set a record 288 miles per hour in a recent test. However, some parts were lost along the way— a generous term for an explosion that occurred. This form of creative destruction is certainly both creative and destructive. We'll let someone else do the first human tests. | | | | | |
| | |  | DOW 27,350.07 | +0.66% | | | | S&P 3,005.57 | +0.69% | | | | NASDAQ 8,251.40 | +0.58% | | | | | *As of market close | | | • | Stocks headed slightly higher on Tuesday, as a debt ceiling crisis was averted and U.S-China trade talks were announced. | | | | • | Oil moved higher, while gold and cryptocurrencies dipped. Bitcoin fell under $10,000 again. | | | |
| | | Existing Home Sales Slow for 16th Straight Month | | 
| | Strong sign of a slowing economy. | | After rebounding in May, existing home sales were expected to slow in June, but they dropped more than expected. With an expectation of a 0.4 percent decline, existing home sales instead fell by 1.7 percent month over month.
With many economic indications such as job creation, rising wages, and record-high levels of wealth in the stock market, this 16th straight month of existing home sales declines indicates numerous challenges for the economy.
» FULL STORY | | | | |
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| | IMF Cuts Global Economic Outlook, but Upgrades U.S. | |  | | Global economy likely to see slow, if any, growth, outside pockets like U.S. | | The International Monetary Fund cut its global growth outlook even further on Tuesday. The IMF already had global growth rates at their lowest level since the financial crisis. This is the fourth time in a row that such expectations have been cut.
The IMF suggested that policy issues on trade and Brexit could weigh on a potential economic rebound, in line with suggestions from other key players in the global financial markets.
» FULL STORY | | | | |
| | Insider Activity: Fastenal (FAST) | |  | | Director adds to stake of industrial giant. | | Last week, director Michael Ancius picked up another 1,104 shares of Fastenal (FAST). The buy cost over $33,000 and increased his total stake by just over 5 percent.
This marks the first insider buy at the industrial company so far this year, after a number of sales by insiders at higher prices.
» FULL STORY | | | | |
| | | | Unusual Options Activity: BJ's Wholesale Club (BJ) |  | | Big bet on massive share rally by February. | | Shares of BJ's Wholesale Club (BJ) may be heading higher between now and February, 2020, 212 days away.
On Tuesday, over 2,000 contracts of the February $30 calls on the warehouse retailer were bought, against an open interest of 138, a 15-fold surge in volume. With shares around $24, it's a bet that shares will rally by $6, or 25 percent from here.
» FULL STORY | | | | |
| | • | Boris Johnson, who ran on Brexit by October 31st, wins the race to lead the U.K.'s Conservative Party and will become the next Prime Minister. | | | | • | Some speculate that a hard Brexit could put the British pound on parity with the U.S. dollar. | | | | • | As the U.S. sets a budget deal, defense stocks look like a solid winner. | | | | • | And Congress also looks towards banning Chinese-built buses and railcars on spy fears. | | | | • | In real estate, malls may be struggling, but airport retailers are doing great. | | | | • | And with its heavy mall footprint and changing consumer tastes, apparel chain Victoria's Secret looks out of favor with the market. | | | | • | In tech, Google pays $13 million settlement in Street View privacy case. | | | | • | And Facebook has failed to keep a safety promise for its Messenger Kids app. | | | | • | A charity lunch with Warren Buffett is delayed after Justin Sun, who paid $4.6 million, cites a health issue. | | | | • | In earnings, Coca-Cola (KO) surges after reporting an earnings beat and upping guidance for 2019. | | |
| | | | TOP | | | HAS | 9.953% | | | | SHW | 7.84% | | | | SWK | 7.18% | | | | HOG | 6.418% | | | | KO | 6.072% | | | | BOTTOM | | | PHM | 8.333% | | | | LW | 5.773% | | | | ZION | 5.306% | | | | WHR | 3.964% | | | | INCY | 3.916% | | | | |
| | Top Rated Financial Stocks |  | | | |
| | |  | | I'd be very, very careful about growing further the balance sheet of central banks…We are at a risk of creating an asset bubble | - UBS CEO Sergio Ermotti on central bankers looking to engage in monetary easing again  | |
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